Federal Spending Control Act

Federal Spending Control Act - Title I: Joint Committee on Federal Spending; Annual Expenditure Ceilings - Establishes a joint committee of the Congress which shall be known as the Joint Committee on Federal Spending. Sets forth the membership and powers of the joint committee. States that upon the submission of the Budget by the President for each fiscal year (beginning with the fiscal year ending June 30, 1975), the joint committee shall promptly review the Budget (including estimates of revenue receipts) and receive testimony from the executive branch and other interested parties concerning the impact of the submitted Budget, if adopted, on the state of the economy of the United States and existing economic problems. Provides that the joint committee shall report the results of such review and shall recommend a limit on the total amount of outlays to be made during such fiscal year.

Provides that not later than March 1 of each year (commencing in 1974), the members of the joint committee who are Members of the Senate shall report to the Senate, and the members of the joint committee who are Members of the House of Representatives shall report to the House, by concurrent resolution, the recommendation of the joint committee specifying a limit on the total amount of outlays to be made during the ensuing fiscal year.

States that after the Senate and House of Representatives have agreed to a concurrent resolution specifying a limit on the total amount of outlays to be made during a fiscal year, the amount so specified shall be effective for purposes of this Act unless the two Houses subsequently agree, by a two-third vote of the Members of each House present and voting (a quorum being present), to a concurrent resolution with respect to such fiscal year specifying a different amount.

States that it shall not be in order in either the Senate or the House of Representatives to consider any measure providing new obligational authority for any fiscal year (beginning with the fiscal year ending June 30, 1975) until the two Houses have agreed to a concurrent resolution specifying a limit on the total amount of outlays to be made during such fiscal year.

Title II: Presidential Authority - States that the President shall, in accordance with this Act, reserve from expenditure and net lending, from appropriations or other obligational authority otherwise available, such amounts as may be necessary to keep outlays during each fiscal year (beginning with the fiscal year ending June 30, 1975) within the limit prescribed for such year under title I of this Act.

Limits the power of the President to reserve funds in specified fields of legislation.

States that, no amount specified in any appropriation, or any activity, program or item within such appropriation, may be reduced by more than 10 percent.