Maximizing America's Prosperity Act of 2011 - Amends the Balanced Budget and Emergency Deficit Control Act of 1995 (Gramm-Rudman-Hollings Act) to require: (1) the Office of Management and Budget (OMB) to prepare a report comparing projected total spending in such Act and the total spending limits (for FY2013-FY2021 and ensuing fiscal years), to be included in the President's annual budget; and (2) the Congressional Budget Office (CBO) to prepare a similar report and include it in the CBO annual baseline and reestimate of the President's budget.
Requires the reports to be included in spending reduction orders.
Requires a specified reduction each fiscal year for unfunded federal mandates.
Amends the Congressional Budget Act of 1974 (CBA) to set aside for emergencies 1% of new budget authority and outlays allocated to the Committees on Appropriations for the first fiscal year of a concurrent budget resolution.
Amends the Gramm-Rudman-Hollings Act to prescribe requirements for CBO and OMB sequestration preview reports regarding discretionary and total spending limits.
Prescribes administrative procedures for spending reduction orders. Exempts from such orders: (1) payments for net interest, (2) obligated balances of budget authority carried over from prior fiscal years, (3) federal obligations required to be paid under the U.S. Constitution or legally contractual obligations, and (4) intragovernmental transfers.
Prohibits funding for a presidentially designated emergency program from being subjected to sequestration or counted for purposes of calculating a sequester.
Requires the President's annual budget to be in compliance with the statutory cap on total federal spending.
Requires the President's budget to include a plan to ensure that: (1) the Old Age Survivors Disability Insurance (OASDI) and Hospital Insurance (HI) Trust Funds will not be exhausted during the 75-year projection period, and (2) the trust fund ratios will not be declining at the end of such period if the report from the Actuaries indicates a shortfall in them.
Requires the President's budget also to prioritize non-exempt spending by ranking all federal programs, projects, and activities in five categories from the most essential, to essential, to somewhat essential, to less essential, to least essential, with not less than 12% of total non-exempt spending falling into any one category.
Amends the CBA to make it out of order in both chambers to consider any concurrent budget resolution that sets forth total federal outlays for any fiscal year in excess of those specified in this Act.
Legislative Line-Item Reduction Act of 2011 - Amends the Congressional Budget and Impoundment Control Act of 1974 to authorize the President to propose to Congress the rescission (line item reduction) of dollar amounts of discretionary budget authority and items of direct spending.
Dedicates all related spending reductions to deficit reduction.
Prescribes procedures for expedited consideration of legislation to approve such a proposal.
Authorizes the President to: (1) withhold discretionary budget authority temporarily from obligation, or (2) suspend temporarily direct spending.
Makes specified provisional (automatic) continuing appropriations in the event that any regular appropriation bill for a fiscal year does not become law before the beginning of such fiscal year, or a joint resolution making continuing appropriations is not in effect. (Thus prevents federal government shutdown.)
Amends the Social Security Act to require annual Social Security account statements to individuals to include: (1) estimated present value of taxes and benefits with respect to Social Security and Medicare, and (2) projected deficit-financed OASDI and Medicare benefits as a percentage of individual lifetime earnings.
Amends the CBA to require CBO spending and revenue estimates to include the effect on interest and on the federal debt.
Federal Sunset Act of 2011 - Establishes the Federal Agency Sunset Commission to: (1) submit to Congress a schedule for its review, at least once every 12 years, of each agency with a view to its possible abolishment; (2) review the efficiency and public need for each agency using specified criteria; (3) recommend whether each agency should be abolished or reorganized; and (4) report to Congress on all legislation introduced that would establish a new agency or a new program to be carried out by an existing agency.
Directs the Comptroller General and the Director of the Congressional Budget Office, in cooperation with the Director of the Congressional Research Service (CRS), to prepare an inventory of federal programs within each agency for the purpose of advising and assisting Congress and the Commission in carrying out the requirements of this Act.
Requires amounts appropriated to carry out this Act to be offset by a reduction in amounts appropriated to carry out other agencies' programs.