Spending Reduction Act

Spending Reduction Act - Establishes the Spending Reduction Commission to propose cost savings and changes in law to achieve at least $45 billion of budget outlay reductions for the budget year and each outyear until a balanced budget is reached. Subjects such reductions to the following guidelines: (1) elimination of redundant and outdated programs, including those whose missions can be accomplished by the private sector; (2) reduction of programs with excessive administrative costs or that can be consolidated with other programs; (3) elimination of programs that provide subsidies that benefit narrow special interest groups at the expense of the national interest; and (4) reduction or elimination of programs that have low priority in meeting a national interest criterion.

Sets forth the procedure for implementation of the Commission's recommendations by the Office of Management and Budget, the President, and the Congress.

Makes budget outlay reductions permanent.

Requires the Comptroller General to make a compliance report on this Act at the end of each congressional session.