Mandatory Spending Control Act of 2004 - Amends the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) to extend PAY-AS-YOU-GO requirements through FY 2009 to provide for an offsetting sequestration for direct spending (currently, direct spending and receipts) legislation that is enacted before October 1, 2009, that causes a net increase in direct spending (currently, net deficit increase).
Excludes from Congressional Budget Office and Office of Management and Budget estimates certain extending provisions in the Economic Growth and Tax Relief Reconciliation Act of 2001 and the Jobs and Growth Tax Relief Reconciliation Act of 2003.
Extends PAY-AS-YOU-GO requirements through FY 2013.