Stop Over Spending Act of 2006

Stop Over Spending Act of 2006 - Legislative Line Item Veto Act of 2006 - Amends the Congressional Budget and Impoundment Control Act of 1974 to authorize the President to transmit annually to Congress a maximum of four special messages that propose to rescind dollar amounts of discretionary budget authority, items of direct spending, and targeted tax benefits.

Requires an analysis by: (1) the Congressional Budget Office (CBO) of an estimated savings in budget authority or outlays resulting from such rescission; and (2) the Joint Committee on Taxation of an estimated savings resulting from repeal of targeted tax benefits.

Requires any rescinded budget authority, items of direct spending, or targeted tax benefit to be dedicated only to deficit reduction, and not to be used as an offset for other spending increases or revenue reductions.

Provides for adjustment of: (1) committee allocations resulting from such rescission; and (2) applicable limits, as appropriate, under this Act.

Sets forth procedures for expedited congressional consideration of a proposed rescission.

Requires the: (1) President to issue an order fully implementing without change all sequestrations required by the Office of Management and Budget (OMB) in its Final Sequestration Report; and (2) the Government Accountability Office (GAO) to report to Congress and the President on the order's compliance with this Act.

Prescribes requirements for discretionary sequestration reports by OMB and GAO, discretionary spending and maximum deficit limits, a federal tax gap initiative, executive and legislative branch sequestration procedures, and congressional response to low economic growth.

Prohibits the President's budget from exceeding the maximum deficit amount for any fiscal year.

Requires biennial budget resolutions, appropriations Acts, and government strategic and performance plans.

Defines the budget biennium.

Establishes the National Commission on Entitlement Solvency and the Commission on Congressional Budgetary Accountability and Review of Federal Agencies.

Provides for expedited congressional consideration of the appropriate Commission's recommendations for legislative action or agency reform proposals.

Amends the Congressional Budget Act of 1974 to revise budget resolution requirements.

Authorizes the chairman of the Committee on the Budget to notify the Senate of a Medicare funding warning. Makes it out of order to consider any legislation that would cause any increase in direct spending, net of proposals to change direct spending receipts, or revenues contained in the measure if the Senate has been notified of such warning for two consecutive calendar years.