Spending Control Act of 2011

[AI summary unavailable — showing source text] Spending Control Act of 2011 - Amends the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) to establish for FY2013-FY2021: (1) direct spending limits, (2) total spending limits, and (3) deficit limits. Prescribes certain deficit control mechanisms (sequestration and reduction orders) for such period. Requires the Office of Management and Budget (OMB) and the Congressional Budget Office (CBO) to: (1) determine common scorekeeping guidelines, and (2) prepare estimates in conformance with such guidelines. Requires OMB and CBO each to make annual comparisons for the current and the ten ensuing fiscal years of projected total deficits and specified deficit limits. Repeals the Statutory Pay-As-You-Go Act of 2010. Prescribes and/or revises requirements for direct, total, and deficit sequestration preview and final reports. Eliminates Pay-As-You-Go reports. Adds the following programs and activities to the list exempted from sequestration orders: (1) obligated balances of budget authority carried over from prior fiscal years; (2) federal obligations required to be paid under the U.S. Constitution or legally contractual obligations; (3) Claims, Judgments…