Smarter Approach to Nuclear Expenditures Act - Prohibits using funds appropriated to the Department of Defense (DOD) for FY2013 or thereafter: (1) to arm a B-2 or B-52 aircraft with a nuclear weapon; (2) for the research, development, test, and evaluation (RDT&E) or procurement of a long-range penetrating bomber aircraft; (3) to make the F-35 Joint Strike Fighter aircraft capable of carrying nuclear weapons; or (4) for the B61 or W78 life extension program.
Requires that, beginning in FY2013, the Navy shall include no more than eight operational ballistic-missile submarines available for deployment.
Prohibits the use of DOD funds: (1) for FY2013-FY2023 to procure an SSBN-X submarine, and (2) for FY2024 and thereafter to procure more than eight such submarines.
Prohibits using DOD funds for FY2013 or thereafter: (1) to maintain more than 200 intercontinental ballistic missiles (ICBMs), (2) to maintain more than 250 submarine-launched ballistic missiles, (3) for the RDT&E or procurement of a new ICBM, or (4) for the medium extended air defense system.
Prohibits using DOD or Department of Energy (DOE) funds for FY2013 or thereafter for: (1) the mixed oxide fuel fabrication facility project, (2) the chemistry and metallurgy research replacement nuclear facility, and (3) the uranium processing facility at the Y-12 National Security Complex.
Requires an initial and subsequent annual reports from the Secretaries of Defense and Energy to Congress outlining their respective plans to carry out the requirements of this Act.
Directs the President to submit annually to Congress a comprehensive accounting by the Director of the Office of Management and Budget (OMB) of the amounts obligated or expended by the federal government for each nuclear weapon and related nuclear program during the fiscal year covered by the report and the life cycle of such weapon or program.