Program Assessment and Results Act - Amends the Federal law provisions concerning the budget and fiscal, budget, and program information to require the Director of the Office of Management and Budget to assess, jointly with Federal agencies, each program of such agencies at least once every five fiscal years. Instructs the Director to develop criteria for identifying programs to be assessed each fiscal year.
Requires the results of such assessments to be submitted in a report to Congress at the same time the President submits the next Federal budget.
Sunsets the above provisions after September 30, 2013.
Requires the head of each agency to submit to the Director of the Office of Management and Budget and to the Congress a strategic plan for program activities not later than September 30 of each year following a year in which an election for President occurs, beginning September 30, 2005.