Baseline Reform Act of 1994

Baseline Reform Act of 1994 - Amends the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) to declare that the estimated budget outlays submitted to the Congress by the President each year shall not include an inflation adjustment for programs and activities subject to discretionary appropriations.

Requires the President's budget to include: (1) estimated expenditures and appropriations for the current year; and (2) a certain comparison of levels of estimated expenditures and proposed appropriations that includes the proposed increase or decrease in spending in percentage terms.

Amends the Congressional Budget Act of 1974 to make conforming changes to the development of the concurrent resolution on the budget. Declares that: (1) the starting point for any deliberations in the Committee on the Budget of each House on the budget resolution for the next fiscal year shall be the estimated level of outlays for the current year in each function and subfunction; and (2) any increases or decreases in the congressional budget for the next fiscal year shall be from such estimated levels.

Requires the Congressional Budget Office (CBO) to include in reports to budget committees certain current year comparisons and a table on sources of spending growth under current law in total mandatory spending for the budget year and the ensuing four fiscal years.

Requires the CBO to include in cost estimates of pending legislation a comparison of prior year spending levels to current year levels.

Requires the Comptroller General to report annually to the Congress all programs and activities with permanent appropriations or that fall within a specified definition of spending authority.