Outlay Scheduling and Reporting Act of 1981

Outlay Scheduling and Reporting Act of 1981 - Amends the Congressional Budget Act of 1974 to require the Director of the Office of Management and Budget, for each Federal department or establishment with a total amount of budget and spending authority in excess of $50,000,000 for any fiscal year, to prepare a schedule of anticipated outlays by such department or establishment for each month of such fiscal year. Requires the Director to submit such schedule to specified Congressional committees and to the Director of the Congressional Budget Office.

Requires the head of each department or establishment, within 15 days after the close of each fiscal quarter, to submit a report to the Committees on Appropriations of the Senate and the House specifying: (1) the total amount of outlays during the preceding quarter; (2) the percentage of total available budget or spending authority for the fiscal year which such total constitutes; and (3) any differences in the total made from the schedule of outlays submitted pursuant to this Act.

Requires the head of a department or establishment, if upon a determination that the total fiscal year outlays of such department or establishment will exceed by a specified percentage the total amount of outlays specified in the submitted schedule, to submit a revised schedule of outlays for the remainder of such fiscal year to the Committees on Appropriations of the Senate and the House.

Prohibits a department or establishment from making outlays in accordance with such revised schedule if either of the Appropriations Committees, within 30 days after receipt, adopts a resolution disapproving such schedule.

Requires the Director of the Congressional Budget Office, within ten days after receiving any schedules or reports under this Act, to provide a report on their implications for congressional fiscal policies to specified Congressional committees.

Prohibits the obligation of appropriations made available to a department or establishment under any Act in a manner that would cause the obligations of such department or establishment to exceed 35 percent for the last quarter of any fiscal year or 15 percent for any month in such last quarter. Permits a waiver of such requirement if necessary to avoid a serious disruption in carrying out any program or activity.

Requires the Director of the Office of Management and Budget to keep the Committees on the Budget of the Senate and the House fully informed of actions taken to carry out such obligation limitation requirements, including the terms and justification of any waiver granted. Directs the Director, within 15 days after the close of each fiscal year, to submit a report to such committees and to the Comptroller General on the results and impact of such requirements. Requires the Comptroller General to review promptly each such report and submit to such Committees an analysis and any appropriate recommendations.