Spending Control Act of 2011- Establishes the Grace Commission II to conduct a review of cost control in the federal government every two years with respect to improving management and reducing costs. Directs the Commission to conduct in-depth studies to evaluate potential improvements in the operations of executive agencies and to develop recommendations regarding: (1) opportunities for increased efficiency and reduced costs that can be realized by executive action or legislation, (2) areas where managerial accountability can be enhanced and administrative control can be improved, (3) opportunities for managerial improvements over the short and long terms, (4) specific areas where further study can be justified by potential savings, and (5) ways to reduce governmental expenditures and indebtedness and improve personnel management.
Requires the Commission to submit final reports within 18 months after enactment of this Act and every two years thereafter until it submits its third final report. Requires such reports to contain the Commission's findings, conclusions, and recommendations for legislative and administrative actions and proposed legislation to carry out those recommendations. Sets forth congressional procedures for considering such legislation.