Deficit Reduction and Budget Reform Act of 2011

Deficit Reduction and Budget Reform Act of 2011 - 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 specified provisional continuing appropriations in the event that any regular appropriation bill 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 this restriction any 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 2011 - 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.

Establishes a Debt Buyback Fund in the Treasury.

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.

Amends the Statutory Pay-As-You-Go Act of 2010 to revise Senate procedures for consideration of emergency designations requirements in PAYGO Acts.

Amends the Federal Credit Reform Act of 1990 to prescribe treatment of the purchase of stock, equity, capital, or debt instruments, or the option to purchase any such assets, of a private or publicly-traded company or any enterprise under federal conservatorship.

Treats as a CLASS funding warning a determination in two consecutive annual reports of the Board of Trustees of the CLASS Independence Fund established under the Public Health Service Act that the Fund is not projected to be actuarially sound over the 75-year period addressed in each such report.

Requires the President to submit to Congress proposed legislation to respond to such warning, unless during the year of the warning, legislation is enacted which makes the Fund actuarially sound for the 75-year period involved. Expresses the sense of Congress that such legislation submitted in a year should be designed to make the Fund actuarially sound for such period. Prescribes congressional procedures for considering such legislation.

Amends the Medicare Prescription Drug, Improvement, and Modernization Act of 2003 to state that any determination with respect to the inclusion in the annual reports of Medicare trustees of information on the status of the Medicare trust funds shall be made as if the provisions of, and amendments made by, the Patient Protection and Affordable Care Act and the Health Care and Education Reconciliation Act of 2010 had not been enacted. (Thus modifies the Medicare cost containment trigger.)