Emergency Spending Control Act of 2007 - Amends the Congressional Budget Act of 1974 (CBA) to revise the contents of the annual concurrent resolution on the budget (eliminating certain matters in an effort to keep such resolution to one page).
Requires the report accompanying the budget resolution to include: (1) new budget authority and outlays for each major functional category, based on allocations of the total levels set forth in the resolution; and (2) with respect to each major functional category, an estimate of total new budget authority and total outlays, with the estimates divided between discretionary and direct (currently, mandatory) spending amounts.
Allows reconciliation directives to be included in the report.
Modifies the President's budget request to Congress to eliminate most current requirements and include only: (1) totals of new budget authority and outlays; (2) total federal revenues and the amount, if any, by which their aggregate level should be increased or decreased by bills and resolutions to be reported by the appropriate committees; (3) the surplus or deficit in the budget; (4) subtotals of new budget authority and outlays for nondefense and defense discretionary spending, direct spending (excluding interest), interest, and emergencies (for the reserve fund and for military operations in the Act); (5) the public debt; and (6) as a separately delineated statement, the levels required in (1) through (5) for at least each of the four ensuing fiscal years.
Repeals sequestration requirements of the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) regarding: (1) adjustments for emergency appropriations (except those covering agricultural crop disaster assistance); (2) emergency legislation; and (3) the scope of estimates of such legislation.
Eliminates adjustments of appropriations designated as emergency requirements under the CBA.
Amends the Congressional Budget and Impoundment Control Act of 1974 to define "emergency" as an unanticipated situation that requires new budget authority and outlays (or new budget authority and the outlays flowing therefrom) for the prevention or mitigation of, or response to, loss of life or property, or a threat to national security.
Amends the CBA to set forth requirements with respect to: (1) the President's budget request for reserve funds for emergencies; (2) treatment of emergency legislation to fund both nonmilitary emergencies and certain military operations; and (3) committee notification of any emergency legislation.
Prohibits floor amendments to amendments reported by the Committee on the Budget (or from the consideration of which the Committee has been discharged) with respect to legislation for emergency reserve funds for certain military operations.
Requires congressional summary budget scorekeeping reports to include an up-to-date tabulation of amounts remaining in the reserve fund for emergencies.