Economy in Government and Spending Reform Act

Economy in Government and Spending Reform Act - Title I: Authorizations of Budget Authority - Terminates all budget authority for an unspecified or indefinate number of years except such as apply to trust funds effective October 1, 1980. Limits budget authority for new programs to four years but in no case longer than the original budget authority period plus one year.

Prohibits the authorization of budget authority for more than one fiscal year for a program or activity for which new budget authority has not been authorized for any prior fiscal year; (2) for more than two fiscal years for a program or activity for which new budget authority has been authorized for only one prior fiscal year; or (3) for a program or activity for which new budget authority has been authorized for less than four prior fiscal years, unless a program control review has been conducted, and a report submitted thereon, as required by this Act.

Prohibits the changing of any trust fund or permanent budget authority without first conducting a program control review of such activity as provided for by this Act.

Makes this title effective on the first day of the first session of the Ninety-fifth Congress.

Title II: Early Elimination of Inactive and Duplicative Programs - Requires the Comptroller General to study all Federal programs and identify for the Congress those which are inactive or duplicative. Requires Congressional committees to give the Comptroller General's report prompt consideration with a view toward eliminating such programs.

Title III: Program Control Review - Requires that not less than every fourth year each standing Congressional committee conduct a review of each program within its jurisdiction to study the feasability of alternative programs, study the impact of such programs on other programs and on the economy, consider the elimination or consolidation of such programs, and study the regulations issued and the personnel levels necessary to carry out such programs. Requires that if such committee recommends the continuation of such progran, it state its reasons.

Requires the Comptroller General to give to any committee conducting such review a cost-benefit analysis of the program being reviewed and other material, such as the results of past audits, which will aid such committee in its review. Requires the head of the agency which administers a program being reviewed to report to such reviewing committee analyzing the effectiveness of such program.

Title IV: Continuing Review and Evaluation - Requires the Comptroller General to conduct audits of programs he has found deficient at least every six months until he determines that the deficiency has been corrected. Directs the Comptroller General to appraise Congress of the results of such audits.

Amends the Budget and Accounting Act of 1921 to require that the budget transmitted pursuant to such Act include a description of the achievement of the objectives for the past fiscal year and the goals for the coming fiscal year of each program included in such budget.

Title V: Truth in Government Accounting - Requires the Secretary of the Treasury to prepare an annual consolidated financial statement for the United States based on accrual accounting procedures and including all programs of the United States Government.

Title VI: Disclosure on the Face of Bills and Resolutions of the Projected Costs of Actions Proposed Therein - Requires, effective October 1, 1977, that all bills and joint resolutions introduced in either House of Congress indicate the amounts estimated to be the direct and indirect costs likely to be incurred or the direct and indirect savings likely to be achieved in carrying out the provisions of such bills or joint resolutions in the fiscal year in which they are introduced or received and in each of the five fiscal years following such fiscal year, or for the authorized duration of any programs authorized by such bills or joint resolutions if less than five years, except that in the case of measures affecting revenue, the fiscal note shall state only the estimate of the change in revenues for a one-year period. Requires the agency responsible for carrying out the provisions of such resolution or bills to prepare such fiscal note.

Title VII: Miscellaneous - States that specified provisions of this Act are enacted as an exercise of the rulemaking power of Congress. Recognizes the right of either House of Congress to change such rules.