SMART Act

[AI summary unavailable — showing source text] 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from such rescission; provided however, that such exceptions do not, in the aggregate, exceed 1% of the overall amount rescinded.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 …