Government Economy and Spending Reform Act

Government Economy and Spending Reform Act - Title I: Authorization of New Budget Authority - Terminates on specified dates budget authority for all Government insurance, and Federal employee retirement and disability programs which are funded by trust funds.

Declares out of order in either the Senate or the House of Representatives any legislation which authorizes new budget authority not in compliance with this Act.

Requires the Committees on Appropriations and the Committees on the Budget of both Houses of Congress to identify each program's functional and subfunctional category, the Committees having legislative jurisdiction over such program, and whether such program operates under permanent authorizations and budget authority.

Makes the budget termination provisions of this Act effective on the first day of the 96th Congress.

Title II: Early Elimination of Inactive and Duplicate Programs - Requires the Comptroller General of the United States to identify for Congress any programs which have duplicate objectives or for which no outlays have been made for the last two fiscal years. Directs the standing committees of both Houses to consider such programs and report recommendations on such programs before March 15, 1979, if possible.

Title III: Quadrennial Program Review and Evaluation - Sets forth a timetable for reviewing the budget of a Government program.

Requires review by standing committees of the Congress every four years of each program's cost, effectiveness, and the extent to which such program duplicates or is similar to any other program. States that such review shall include a comprehensive evaluation of the merits of such program to determine if it warrants continuation. Requires justification of any recommendation to fund any program which has objectives similar to or the same as another program's objectives.

Directs the Comptroller General and the Congressional Budget Office to provide Congress with information and analysis of programs being reviewed under this Act. Requires the President to similarly review the merits of continuing programs contained in the annual Budget and to report the finding of such review prior to transmitting the Budget to Congress.

Title IV: Continuing Review and Evaluation - Directs the Comptroller General to report to Congress the result of any audit which shows a substantial deficiency in achievement of the objectives of any Government program. Requires subsequent audits, a report of which must be submitted to Congress, to determine if such deficiency has been eliminated.

Title V: Miscellaneous - States that those provisions of this Act which direct the operation of either House are enacted as an exercise of the rulemaking power of such House and recognizes the right of either House to change such rules.