Spending Reduction Act of 2010 - Amends the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) to establish nonsecurity discretionary category spending limits (spending caps) for FY2011-FY2015.
Defines "nonsecurity discretionary category" as all discretionary appropriations except budget accounts within major functional category (050) National Defense, (150) International Affairs, (700) Veterans Benefits and Services, and the National Nuclear Security Administration (NNSA) within major functional category (270) Energy, and any appropriations for the Department of Homeland Security (DHS).
Repeals the termination date for Pay-As-You-Go (PAYGO) enforcement mechanisms under such Act (thus making them permanent).
Declares that, if for any fiscal year, legislation making appropriations for discretionary accounts includes a designation for emergency requirements, such measure may not be considered in either chamber as passed or agreed to unless by a vote of at least two-thirds of the Members.