Protection Against Wasteful Spending Act of 2014 - Requires the head of a federal agency to: (1) implement in each of fiscal years 2014-2020 all of the recommendations of the agency's inspector general (IG) regarding wasteful and excessive spending, or duplicative programs causing wasteful and excessive spending, except for any recommendation that would violate an existing law; and (2) report to Congress on such implementation.
Prohibits an agency that fails to implement an IG recommendation in a timely manner from obligating funds for: (1) convention or seminar attendance and international or domestic travel by any politically-appointed official, or (2) any bonus or salary increase for such official.
Directs that such funds that are prohibited from being obligated and amounts saved by the implementation of IG recommendations be credited or transferred equally to: (1) the Highway Trust Fund, and (2) the Administrator of the Environmental Protection Agency (EPA) for capitalization grants for state water pollution control revolving funds under the Clean Water Act.