Deficit Reduction and Budget Reform Act of 2010

Deficit Reduction and Budget Reform Act of 2010 - Amends the Congressional Budget Act of 1974 (CBA) to require joint budget resolutions signed by the President instead of the concurrent resolutions now required (which do not have to be signed by the President). Revises accordingly the congressional procedures for considering budget resolutions.

Prescribes procedures for: (1) expedited consideration in each chamber of a presidential veto of a joint budget resolution; and (2) revision of a joint budget resolution already enacted.

Makes provisional continuing appropriations in the event that any regular appropriation bill for a fiscal year (or, if applicable, for each fiscal year in a biennium) does not become law before the beginning of such fiscal year, or a joint resolution making continuing appropriations is not in effect. (Thus prevents federal government shutdown.)

Requires biennial budget resolutions, appropriations Acts, and government strategic and performance plans instead of annual ones.

Amends the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) to define the total level of discretionary spending for all non-security discretionary spending programs, projects, and activities to mean, in any fiscal year through FY2020 in which there is a deficit, an amount of nonsecurity discretionary spending outlays not exceeding the levels for FY2008 as adjusted for inflation. (Thus holds all nonsecurity discretionary spending through FY2020 at FY2008 levels.) Excludes from such definition spending for: (1) the Department of Defense (DOD); (2) the Department of Veterans Affairs (VA); (3) homeland security activities; and (4) Department of State intelligence related activities.

Prescribes administrative procedures for sequestration reports with respect to discretionary spending limits.

Amends the CBA with respect to spending limit enforcement mechanisms.

Amends the Gramm-Rudman-Hollings Act to prescribe administrative and legislative procedures for spending reduction orders.

Legislative Line-Item Veto Act of 2009 - Amends the Congressional Budget and Impoundment Control Act of 1974 to authorize the President to propose to Congress the cancellation (line item veto) of any dollar amount of discretionary budget authority, item of direct spending, a limited tariff, or targeted tax benefit.

Prescribes procedures for expedited consideration of legislation to approve such a proposal.

Authorizes the President to: (1) withhold discretionary budget authority temporarily from obligation; or (2) suspend temporarily direct spending, a limited tariff, or a targeted tax benefit.

Dedicates all related spending reductions to deficit reduction.

Amends Rule XIII (Calendars and Committee Reports), Rule X (Organization of Committees), and Rule XXI (Restrictions on Certain Bills) of the Rules of the House to prescribe procedures for consideration of rescission measures.

Establishes a Joint Committee on Deficit Reduction.

Requires the Government Accountability Office (GAO) and Congressional Budget Office (CBO) to report to the Joint Committee recommendations for biennial budget deficit reduction legislation.

States that any increase in revenues or reduced spending in a federal trust fund resulting from legislation: (1) shall not be counted for offsetting revenues, receipts, or discretionary spending under the CBA or the Statutory Pay-As-You-Go (PAYGO) Act of 2010; and (2) shall only be used for the purposes of the federal trust as provided by law.