Deficit Control Act of 2004 - Amends the Congressional Budget Act of 1974 to require annual joint (currently, concurrent) budget resolutions signed by the President.
Sets forth provisions regarding the establishment of a reserve fund for emergencies. Eliminates inflation adjustments.
Amends the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) to provide spending caps on the growth of entitlements and mandatory budget outlays. Excludes from such limits any benefits payable under title XVIII (Medicare) of the Social Security Act (SSA) (as well as old age, survivors, and disability insurance under SSA title II and Tier 1 railroad retirement benefits, as under current law), along with specified Government accounts and activities (including existing exemptions). Revises other existing exceptions, limitations, and special rules with respect to sequestration exemptions, removing Medicare benefits from the current list.
Sets limits on discretionary spending programs for FY 2006 through FY 2014, specifying such limits each fiscal year for the nondefense category. Provides for points of order against any increase in such limits.
Establishes a procedure for enhanced and expedited consideration by Congress of rescissions proposed by the President.
Establishes the Commission to Eliminate Waste, Fraud, and Abuse.
Provides for accrual funding of the: (1) Civil Service Retirement and Disability Fund; (2) Central Intelligence Agency Retirement and Disability System; (3) Foreign Service Retirement and Disability System; and (4) post-retirement health benefits costs for Federal employees.
Establishes in the Treasury: (1) the Public Health Service Commissioned Corps Retirement Fund; (2) the National Oceanic and Atmospheric Administration Commissioned Officer Corps Retirement System; and (3) the Coast Guard Military Retirement Fund.
Changes the name of the Department of Defense Medicare-Eligible Retiree Health Care Fund to Uniformed Services Health Care Fund (thus, providing health care programs for all uniformed service retirees, under certain conditions). (Currently, such programs are for Department of Defense Medicare-eligible beneficiaries).
Decreases the limit on the public debt from $7.384 trillion to $4.393 trillion.
Amends the Gramm-Rudman-Hollings Act to extend: (1) certain budget enforcement requirements through FY 2014; (2) PAYGO requirements through FY 2018; and (3) PAYGO requirements through FY 2014 to provide for an offsetting sequestration for direct spending and receipts legislation enacted before October 1, 2014, that causes a net deficit increase.
Declares that the term "receipts legislation" does not include provisions of a bill or joint resolution amending the Internal Revenue Code that increases the deficit, if the amount of deficit increase does not exceed for any fiscal year covered by such resolution the amount by which the aggregate level of Federal revenues should be decreased under it.