SMART Act

Spending Money Accountably to Rebuild After Tragedy Act or SMART Act - Provides a 5% rescission in the: (1) budget authority provided (or obligation limitation imposed) for FY2006 for each discretionary account in each FY2006 appropriations Act (except any FY2005 supplemental appropriation Act, the Department of Homeland Security Appropriations Act, 2006, and the Department of Defense Appropriations Act); (2) budget authority provided in any advance appropriation for FY2006 for such account in any prior fiscal year appropriations Act; and (3) contract authority provided in FY2006 for any program subject to a limitation contained in this joint resolution.

Permits the President to except certain programs, projects and accounts, in whole or in part, from such rescission; provided however, that such exceptions do not, in the aggregate, exceed 1% of the overall amount rescinded.

Prohibits the FY2006 cost of living adjustments in the statutory pay system of federal employees. Allows such adjustment for federal law enforcement officers.

Provides for a two-year: (1) delay of implementation of the Medicare part D prescription drug benefit under title XVIII (Medicare) of the Social Security Act (SSA); and (2) extension of the Medicare prescription drug discount card and the transitional assistance program. Increases the transitional assistance for such period.

Amends SSA to accelerate the income-related reduction in Medicare part B (Supplementary Medical Insurance Benefits for Aged and Disabled) premium subsidy.

Repeals the authorization for funding for high priority projects programs provided in the Safe, Accountable, Flexible, Efficient Transportation Equity Act: A Legacy for Users (SAFETEA-LU). Rescinds any such unobligated balances as well as other unobligated balances of funds authorized by SAFETEA-LU for specified programs.

Reduces the obligation ceiling for: (1) federal-aid highway and highway safety construction programs, with specified exceptions; and (2) contract authority for certain transportation research programs. Rescinds any unused obligation limitation for certain high priority projects.

Commission on the Accountability and Review of Federal Agencies Act - Establishes the Commission on the Accountability and Review of Federal Agencies to: (1) evaluate executive agencies and their programs; and (2) submit to Congress a plan recommending any realignments or eliminations.