Common Sense Budget Act of 2007 - Requires certain reductions in amounts appropriated for FY2008 for specified Department of Defense (DOD) and Department of Energy (DOE) programs. Makes amounts from such reductions available for: (1) modernization of school facilities; (2) the State Children's Health Insurance Program (SCHIP) under title XXI of the Social Security Act; (3) adult and dislocated worker employment and training activities; (4) programs to increase energy efficiency and conservation and increase investment in sustainable and renewable energy alternatives; (5) sustainable development and humanitarian assistance programs to alleviate global poverty, illiteracy, unemployment, disease, and disaster; (6) homeland security safeguard improvements; (7) deficit reduction; and (8) veterans health care.