Expenditure Control Act

Expenditure Control Act - Provides that, after the submission of the budget of the United States Government by the President for each fiscal year, the Congress shall, by law, prescribe a limit on the total amount of outlays (including net lending) to be made by the United States Government during such fiscal year.

States that, except for major disaster or other emergency legislation submitted by the President, it shall not be in order, in either the Senate or the House of Representatives, to consider any bill or joint resolution providing new obligational authority for any fiscal year prior to the date of the enactment of such an outlay prescribing a limit on the total amount of outlays to be made during the fiscal year.

Requires the President to reserve from expenditure, from new obligational authority or other obligational authority otherwise available, such amount as may be necessary to keey outlays during a fiscal year within the limit on the total amount of outlays prescribed by law for that fiscal year.