Family Budget Protection Act of 2004 - Amends the Congressional Budget Act of 1974 to eliminate the May 15 deadline for consideration of annual appropriations measures. Requires annual joint (currently, concurrent) budget resolutions signed by the President.
Provides for an amendment to change the statutory limit on the public debt.
Requires consideration of budget-related legislation before the budget resolution becomes law.
Sets forth provisions regarding the establishment of a reserve fund for emergencies.
Requires: (1) biennial (currently, annual) budget resolutions; (2) biennial appropriations Acts; and (3) biennial Government strategic and performance plans.
Provides spending caps on the growth of entitlements and mandatory budget outlays. Excludes benefits payable under title II (Old Age, Survivors and Disability Insurance) of the Social Security Act (SSA), Tier 1 railroad retirement benefits, and benefits payable under part A of title XVIII (relating to part A Medicare hospital insurance benefits) of SSA and part C of such title (relating to the Medicare Advantage program) from required reductions under the Gramm-Rudman-Hollings Act, along with specified Government accounts and activities. Provides other exceptions, limitations, and special rules with respect to sequestration exemptions.
Directs the Chairman to maintain the Family Budget Protection Mandatory Account and the Family Budget Protection Discretionary Account.
Freezes at current levels spending authority for each unearned entitlement, high-cost discretionary spending program, and authorized and unauthorized discretionary spending programs.
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; and (3) Foreign Service Retirement and Disability System.
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 $6.4 trillion to $4.393 trillion.
Prohibits consideration of extraneous appropriations in omnibus appropriations measures.