Common Sense Budgeting Act - Amends the Congressional Budget Act of 1974 to make it out of order to consider in either chamber any legislation that would exceed specified discretionary spending limits.
Sets discretionary spending limits for FY2010-FY2014.
Permits waiver or suspension of such prohibition, or successful appeals from rulings of the Chair in the Senate only: (1) by an affirmative vote of two-thirds (67) of the Senate; or (2) in the case of the defense budget authority, a declaration of war by Congress.
Makes it out of order in the Senate to consider any direct spending or revenue legislation that would increase the on-budget deficit or cause an on-budget deficit for: (1) the current fiscal year; (2) the budget year; or (3) 5 to 10 ensuing fiscal years after the current fiscal year.