Spending Control Act of 2004

[AI summary unavailable — showing source text] Spending Control Act of 2004 - Amends the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) to establish for FY 2005 through 2009 unspecified discretionary spending limits (spending caps) for the general purpose discretionary category in new budget authority and outlays. Provides that, in any of such fiscal years, discretionary advance appropriations provided in appropriation Acts in excess of an unspecified amount shall be counted against the discretionary spending limits for the fiscal year for which the appropriation Act containing the advance appropriation is enacted. Extends PAY-AS-YOU-GO requirements through FY 2009 to provide for an offsetting sequestration for direct spending (currently, direct spending and receipts) legislation that is enacted before October 1, 2009, that causes a net increase in direct spending (currently, net deficit increase). Modifies the formula used to calculate the amount of direct spending increase to exclude receipts. Provides, under specified conditions, for an adjustment in the discretionary spending limit for FY 2005 for supplemental appropriations related to the global war on terrorism. Makes revisions to th…