Requires an analysis by: (1) the Congressional Budget Office (CBO) of an estimated savings in budget authority or outlays resulting from such rescission; and (2) the Joint Committee on Taxation of an estimated savings resulting from repeal of targeted tax benefits.

Requires any rescinded budget authority, items of direct spending, or targeted tax benefit to be dedicated only to deficit reduction, and not to be used as an offset for other spending increases or revenue reductions.

Provides for adjustment of: (1) committee allocations resulting from such rescission; and (2) applicable limits, as appropriate, under this Act.

Sets forth procedures for expedited congressional consideration of a proposed rescission.

Requires: (1) the President to issue an order fully implementing without change all sequestrations required by the Office of Management and Budget (OMB) in its Final Sequestration Report; and (2) the Government Accountability Office (GAO) to report to Congress and the President on the order's compliance with this Act.

Prescribes requirements for discretionary sequestration reports by OMB and GAO, discretionary spending and maximum deficit limits, federal tax gap initiative, executive and legislative branch sequestration procedures, and congressional response to low economic growth.

Provides adjustments in such discretionary spending limits for: (1) the Global War on Terrorism overseas; (2) U.S. forces in such War; (3) addressing deficiencies at Walter Reed Army Medical Center for injured individuals resulting from such War; (4) continuing disability reviews and Supplemental Security Income (SSI) redeterminations for the Social Security Administration; (5) health care fraud and abuse; and (6) unemployment insurance improper payment reviews.

Authorizes the President to exempt military personnel accounts from sequestration or provide a lower uniform percentage reduction.

Prohibits the President's budget from exceeding the maximum deficit amount for any fiscal year.

Requires biennial budget resolutions, appropriations Acts, and government strategic and performance plans.

Establishes the National Commission on Entitlement Solvency and the Commission on Congressional Budgetary Accountability and Review of Federal Agencies.

Amends the Congressional Budget Act of 1974 to revise budget resolution requirements.

Authorizes the chairman of the Committee on the Budget to notify the Senate of a Medicare funding warning. Makes it out of order to consider any legislation that would cause any increase in direct spending, net of proposals to change direct spending receipts, or revenues contained in the measure if the Senate has been notified of such warning for two consecutive calendar years.

Makes it out of order in the Senate to consider legislation that includes a federal income tax rate increase.

Requires the concurrent resolution on the budget, for any year when the CBO projects an on-budget deficit (excluding Social Security) for the budget year or any subsequent fiscal year, except in specified circumstances, to: (1) reduce on-budget deficits relative to the CBO projections and put the budget on a path to achieve on-budget balance within five years; and (2) include provisions to protect Social Security and facilitate deficit reduction, other than reducing Social Security benefits.

Requires the CBO to prepare an estimate for legislation reported from committee (except measures within the jurisdiction of the Committee on Appropriations) on whether the measure would cause a net increase in direct spending exceeding $5 billion in any of the four 10-year periods between FY2016-FY2055.

Sets forth provisions avoiding Pay-As-You-Go points of order in the Senate against consideration of appropriations legislation.

Provides for such Pay-As-You-Go points of order in certain circumstances.