Second Look at Wasteful Spending Act of 2009 - Amends the Congressional Budget and Impoundment Control Act of 1974 to authorize the President to transmit annually to Congress a maximum of four special messages that propose to rescind dollar amounts of discretionary budget authority, items of direct spending, and targeted tax benefits.
Requires an analysis by: (1) the Congressional Budget Office (CBO) of an estimated savings in budget authority or outlays resulting from any such rescission; and (2) the Joint Committee on Taxation of an estimated savings resulting from repeal of targeted tax benefits.
Requires any rescinded budget authority, items of direct spending, or targeted tax benefit to be dedicated only to deficit reduction, and not to be used as an offset for other spending increases or revenue reductions.
Provides for adjustment of: (1) committee allocations resulting from such rescission; and (2) applicable limits, as appropriate, under this Act.
Sets forth procedures for expedited congressional consideration of a proposed rescission.