Arms Race Moratorium Act

Arms Race Moratorium Act - Expresses the sense of the Congress that the President should immediately communicate to the Soviet Union the willingness of the United States to enter into a mutual United States - Soviet Union moratorium on the flight testing and deployment of new ballistic missiles and anti-satellite weapons and the testing of nuclear warheads. Prohibits spending or obligating any U.S. funds for the flight testing or deployment of new ballistic missiles, the flight testing against objects in space or the deployment of anti-satellite weapons, or the testing of nuclear warheads if, within 90 days of enactment of this Act, the President has not made such a communication with the Soviet Union and, within such period, the Soviet Union communicates to the President that at the end of the 90 days the Soviet Union will observe a mutual United States - Soviet Union moratorium on such testing and deployment.

Authorizes U.S. funding for such testing and deployment if, after the beginning of the moratorium, the President certifies to Congress that the Soviet Union has conducted a test or deployed a missile or anti-satellite weapon or tested a nuclear warhead inconsistent with the moratorium. Requires the President, as part of such certification, to submit to Congress an unclassified report summarizing the basis for the certification and a classified report describing in detail the basis for the certification.

Directs the President to report annually to the Congress: (1) on the progress in negotiating nuclear arms control agreements with the Soviet Union; (2) on whether the President believes that continuation of the moratorium is in the best national security interests of the United States. Authorizes Congress, if the President states that continuation of the moratorium is not in the best national security interests of the United States, to enact a joint resolution which terminates the moratorium and permits funds, to be used for testing and deployment.