One Percent Spending Reduction Act of 2011 - Amends the Balance Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) to establish the aggregate projected outlay (outlay cap) (less net interest payments) for FY2012 at $3.382 billion, less 1%.
Reduces each outlay cap for FY2013-FY2017 by 1% of the previous fiscal year's outlay cap.
Requires the outlay cap for FY2018 and each subsequent fiscal year to be 18% of the gross domestic product (GDP) for that fiscal year as estimated by the Office of Management and Budget (OMB).
Prohibits the outlay caps from being less than those for the preceding fiscal year for FY2019 and any ensuing fiscal year.
Requires a sequestration by OMB within 45 days after the beginning of a fiscal year to eliminate any excess outlay amount.
Prescribes requirements for Congressional Budget Office (CBO) and OMB sequestration preview reports and an OMB final sequestration report, accompanied by a presidential order detailing uniform spending reductions equal to the excess outlay amount.
Requires the House and the Senate budget committees to report a resolution directing the committees of their respective chambers to change existing law to achieve the spending reductions outlined in the OMB August 20 report to meet the outlay limits, if a sequestration is projected.
States that if, after November 15, a bill resulting in outlays for the current fiscal year is enacted that causes excess outlays, the excess outlays for the next fiscal year shall be increased by the amount or amounts of that breach.
Repeals provisions of the Gramm-Rudman-Hollings Act terminating Pay-As-You-Go (PAYGO) enforcement mechanisms under such Act.
Amends the Congressional Budget Act of 1974 to make it out of order in both chambers to consider any bill, joint resolution, amendment, or conference report that includes any provision that would cause the most recently reported, current outlay limits in the Gramm-Rudman-Hollings Act to be exceeded. Prescribes procedures for waiver or suspension of this rule.