Truth in Spending Act of 2012 - Requires the President's annual budget request to Congress to include the most recent reports of the Director of the Office of Management and Budget (OMB) regarding the difference between the actual costs and the estimated costs of direct spending legislation, including proposed legislative language, if any, in such reports.
Requires OMB to submit annually for inclusion in the President's budget request reports (with follow-up reports every five fiscal years) on the total estimated cost and total actual cost of direct spending legislation for the then budget year and four outyears.
Requires the President, within seven days after receiving an OMB report, to submit proposed legislative language, if any, set forth in the report to both chambers.
Prescribes the procedure for fast track consideration of the legislation in both chambers.
Prohibits the budgetary effects of such legislation from being entered on either PAYGO scorecard under the Statutory Pay-As-You-Go Act of 2010.