Deficit Reduction Act of 1993

Deficit Reduction Act of 1993 - Amends the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) to set the aggregate amount of required outlay reductions for: (1) FY 1993 at $25 million; (2) FY 1994 at the amount necessary to bring the outlay level to 95 percent of the Office of Management and Budget (OMB) baseline for such fiscal year; and (3) FY 1995 at the amount necessary to bring the outlay level to 90 percent of such baseline.

Bases the OMB baseline for FY 1994 and 1995 on FY 1993 enacted appropriations less 1993 sequestrations.

Requires an across-the-board sequestration to carry out the required outlay reductions. Exempts social security, interest on the debt, Medicare payments, and Head Start from sequestration.

Authorizes the President to exempt any account from sequestration or provide for a lower uniform percentage reduction than would otherwise apply if such percentage reduction is increased for non-exempt accounts (subject to limitation).