Defense Cost Overrun Control Act of 1981

Defense Cost Overrun Control Act of 1981 - Directs the Secretary of the military department concerned to designate the program manager for each major defense system reported in the Selected Acquisition Report. Requires each manager to report to the Secretary quarterly on the total program acquisition unit cost for the defense system and the unit acquisition cost for system with 1982 authorizations. Requires the program manager to report to the Secretary when the total program acquisition unit cost or the current unit acquisition cost exceed the amount stated in the Selected Acquisition Report by more than 15 percent. Directs the Secretary to report to the appropriate committees of Congress within 30 days of the program manager's notice of specified overruns on such systems. Prohibits the obligation of additional funds without such report.

Directs the Secretary of Defense to certify to Congress within 60 days of the original Secretary's determination of overrun if the system is essential to national security and should continue to be funded despite an overrun of more than 25 percent. Prohibits the obligation of additional funds without such certification.