Spending Reduction Act of 2011

[AI summary unavailable — showing source text] Spending Reduction Act of 2011 - Amends the Continuing Appropriations Act, 2011 (CAA of 2011) to reduce FY2011 appropriations for nonsecurity discretionary spending to FY2008 levels. Requires funding at the lower amount of any project or activity whose FY2008 level is higher than the amount provided in appropriations Acts for FY2010. Continues discretionary spending at the current rate for operations specified in the security-related appropriations Acts for FY2010 listed in the CAA of 2011, including the rate specified in Division E of the Consolidated Appropriations Act, 2010. Amends the Balanced Budget and Emergency Deficit Control Act of 1985(Gramm-Rudman-Hollings) to: (1) modify the formula used to estimate the baseline, (2) eliminate automatic increases for inflation, and (3) extend through FY2021 the spending limits (spending caps) for the nondefense discretionary category in new budget authority. Rescinds all unobligated balances of the discretionary appropriations made available by division A of the American Recovery and Reinvestment Act of 2009 (ARRA). Repeals ARRA stimulus authority with respect to: (1) assistance for unemployed workers and struggling families, (2) premiu…