Federal Spending Control Act of 1981

Federal Spending Control Act of 1981 - Amends the Congressional Budget Act of 1974 to make it out of order in either the Senate or the House of Representatives to consider any bill or resolution or amendment which: (1) authorizes the enactment of new budget authority for a program for a period of more than four fiscal years or for an indefinite period; or (2) provides new budget authority for a program for any fiscal year beginning after two years after the effective date of this Act, unless the provision of such new budget authority is specifically authorized by law.

Provides for a waiver of such prohibition if any committee of the Senate determines that an authorization of the enactment of new budget authority for a period in excess of four fiscal years is necessary to accomplish the purposes for which such authorization is made.

Applies such prohibition to bills and resolutions which would extend authorizations existing on the effective date of this Act, if such extentions would provide new budget authority for any fiscal year beginning five years after such effective date. Sets forth specific exceptions to such prohibition. Allows a waiver of such prohibition if the Senate Committee on Appropriations determines that such provisions should not apply to a bill or resolution providing new budget authority for a particular program and reports a resolution to the Senate providing for such a waiver.

Sets forth the procedures for the consideration of such waiver resolutions in the Senate.