Emergency Jobs Now Act - Amends the Budget Control Act of 2011 to rename the Joint Select Committee on Deficit Reduction as the Joint Select Committee on Emergency Job Creation and Deficit Reduction.
Requires the Joint Committee to recommend legislative language to: (1) enact emergency jobs legislation that will create an additional three million jobs during each of calendar years 2012 and 2013, thereby reducing unemployment rates over the short-term and long-term; and (2) reduce the deficit by at least $1.5 trillion over FY2014-FY2021, as under current law.
Prescribes legislative procedures for expedited consideration in both chambers of the Joint Committee's recommendations.
Amends the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) to repeal the discretionary spending limits (spending caps) on new budget authority for security and nonsecurity categories for FY2012-FY2013, including those for: (1) continuing disability reviews and redeterminations under the Social Security Act, (2) the health care fraud abuse control program at the Department of Health and Human Services (HHS), and (3) disaster relief funding.
Amends the Budget Control Act of 2011 to increase the public debt limit by an amount equal to the new budget authority provided in any emergency jobs legislation approved by the Joint Committee and enacted into law.