Contractors and Federal Spending Accountability Act of 2008

Contractors and Federal Spending Accountability Act of 2008 - Requires the Administrator of General Services to establish and maintain on a General Services Administration (GSA) website for use by officials of all federal agencies a database of information regarding the integrity and performance of persons awarded federal contracts and grants.

Requires the database to include information on such persons for the last five years regarding: (1) any civil, criminal, or administrative proceeding resulting in payment of a monetary fine, penalty, reimbursement, restitution, damages, or settlement of $5,000 or more to the federal or a state government; and (2) each contract and grant terminated due to default; (3) each suspension and debarment; (4) each federal and state administrative agreement signed in a proceeding that could have led to a criminal conviction or a finding of liability; and (5) each federal determination that such a person is not a responsible source under the Office of Federal Procurement Policy Act. Requires disclosure of such information by applicants for grants or contracts exceeding the simplified acquisition threshold.

Requires the Administrator to require: (1) notification of any covered person when information relevant to the person is entered into the database; and (2) an opportunity for such person to append comments to such information.

Requires agency officials to: (1) review such database prior to awarding a contract or grant; and (2) document why a prospective awardee against whom a judgment or conviction for similar offences has been rendered more than once within any three-year period is considered presently responsible.

Sets forth the role of the Interagency Committee on Debarment and Suspension, including to: (1) determine the agency responsible for initiating proceedings; (2) facilitate cooperative efforts among agencies in the suspension and debarment system; and (3) report to Congress on improvements to and each agency's activities in such system.

Allows federal agencies, commissions, or organizations not currently participating in the federal suspension and debarment system to participate.

Requires the Administrator to report to Congress on all databases that include information about federal contracting and grants and on creating a centralized federal contracting and grant database.