Deficit Reduction Act of 2009

[AI summary unavailable — showing source text] Deficit Reduction Act of 2009 - Amends the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) to redefine, for FY2011-FY2019, discretionary spending limits (spending caps) for new budget authority and outlays to mean the baseline, minus any emergency spending, for the preceding fiscal year as adjusted for inflation and (as under current law) as adjusted in strict conformance with such Act. Revises sequestration requirements for enforcement of discretionary spending limits. Requires the Office of Management and Budget (OMB) to conduct such a sequestration to eliminate a budget year breach. Eliminates specific formula requirements for adjustments to discretionary spending limits for: (1) highways; (2) continuing disability reviews for the Social Security Administration (SSA); (3) allowances for the International Monetary Fund (IMF); (4) specified allowances for international arrearages; (5) the earned income tax credit (EITC) compliance initiative; (6) Department of Health and Human Services (HHS) adoption incentive payments; and (7) conservation. Prescribes an adjustment to discretionary spending limits for overseas contingency operations related t…