Guaranteed Spending Cut Act of 1994

TABLE OF CONTENTS:

Title I: Reform of Baseline Budget

Title II: Changes in Discretionary Spending Limits

Title III: Expedited Rescissions and Targeted Tax Benefits

Title IV: Treatment of Emergency Spending

Common Cents Budget Reform Act of 1994 - Title I: Elimination of Baseline Budgeting - Baseline Budgeting Reform Act of 1994 - Amends the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings) with respect to the baseline to remove requirements for inflation adjustments, except for purposes of adjusting discretionary spending limits. Removes the requirement that adjustments made for expiring housing contracts be sequential and cumulative.

Requires the President's budget to include: (1) estimated expenditures and appropriations for the current year; (2) new budget authority in budget outlay comparisons; and (3) a certain comparison of levels of estimated expenditures and proposed appropriations that includes the proposed increase or decrease in spending in percentage terms.

Amends the Congressional Budget Act of 1974 to make conforming changes to the development of the concurrent resolution on the budget.

Amends the Congressional Budget Act of 1974 to require the Congressional Budget Office to include in reports to budget committees certain current year comparisons and a table on sources of spending growth under current law in total mandatory spending for the budget year and the ensuing four fiscal years.

Requires the Director of the Congressional Budget Office to report annually to the Congress on all programs and activities with permanent or indefinite spending authority or those programs for which budget authority is not provided for in advance by appropriation Acts.

Title II: Changes in Discretionary Spending Limits - Guaranteed Spending Cut Act of 1994 - Reduces discretionary spending limits for new budget authority for any fiscal year by the amount in the Deficit Reduction Account.

Requires each appropriation or rescission bill to contain a Deficit Reduction Account containing amounts resulting from reduced spending.

Title III: Expedited Rescissions and Targeted Tax Benefits - Modified Line Item Veto/Expedited Rescission Act of 1994 - Amends the Congressional Budget and Impoundment Control Act of 1974 to provide for the expedited consideration of proposed rescissions of budget authority or repeals of targeted tax benefits.

Title IV: Treatment of Emergency Spending - Emergency Appropriations Integrity Act of 1994 - Limits emergency appropriations and legislation to the matter of emergency. Allows such a statute to contain rescissions of budget authority or provisions that reduce spending.

Makes it out of order in the House of Representatives or the Senate to consider any bill or joint resolution containing an emergency designation, if the legislation provides an appropriation for any other item or matter.