Spending Cap Act of 2011

[AI summary unavailable — showing source text] Spending Cap Act of 2011 - Expresses the sense of Congress that it should enact comprehensive tax reform that lowers marginal rates, broadens the base, and simplifies the tax code to increase economic growth while generating revenues that are in line with the historical average of 18% of Gross Domestic Product (GDP). Amends the Congressional Budget Act of 1974 (CBA) to establish the discretionary spending limits for FY2012-FY2021 for defense and nondefense categories. Authorizes the Chairman of the Senate Committee on the Budget to adjust such discretionary spending limits, budgetary aggregates in the most recently adopted concurrent budget resolution, and CBA committee allocations if a bill or joint resolution is reported making appropriations for FY2012-FY2017 that provides funding for overseas deployments and activities undertaken as a result of a declaration of war or congressional authorization of force. Limits such adjustments. Makes it out of order in both chambers to consider any legislation that includes any provision that would cause total on-budget mandatory spending to exceed specified discretionary spending limits. Exempts from such limits the mandatory components of: …