Balancing Our Obligations for the Long-Term Act of 2011

[AI summary unavailable — showing source text] Balancing Our Obligations for the Long-Term Act of 2011 - Amends the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) to establish for FY2030-FY2050: (1) direct spending limits, and (2) total spending 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. Prescribes and/or revises requirements for discretionary, 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, and Relief Acts (20-1895-0-1-808); and (4) intragovernmental transfers. Modifies and/or repeals certain mandatory general and special sequestration rules. Amends the Act to establish th…