Intergovernmental Antirecession Assistance Act

Intergovernmental Anti-recession Asssistance Act - Title I: Amends the Public Works Employment Act of 1976 to extend for eight calendar quarters beginning October 1, 1978, the authority of the Secretary of the Treasury to make payments to States and local governments to stimulate economic recovery. Suspends such assistance if the national rate of unemployment is less than six percent for two consecutive quarters.

Title II: Supplementary Fiscal Assistance - Supplementary Fiscal Assistance Act - Authorizes a new program of financial assistance to State and local governments with unemployment rates above six percent at times when the national unemployment rate is between five and six percent. Requires that such payments be used to maintain basic services to persons in the area served by the government.