Requires the Director of the Office of Management and Budget (OMB), not later than 150 days after the enactment of this Act, to coordinate with the heads of federal agencies to: (1) use available administrative authority to eliminate, consolidate, or streamline federal programs and agencies with duplicative and overlapping missions as identified in the February 2012 Government Accountability Office (GAO) report entitled "Opportunities to Reduce Duplication, Overlap and Fragmentation, Achieve Savings, and Enhance Revenue" and the March 2011 GAO report entitled "Opportunities to Reduce Potential Duplication in Government Programs, Save Tax Dollars, and Enhance Revenue" and apply any savings towards deficit reduction; (2) report to Congress any legislative changes required to further eliminate, consolidate, or streamline such programs and agencies; (3) determine the total cost savings to each agency from the implementation of this Act; and (4) rescind from appropriate accounts the greater of $10 billion or the total amount of such cost savings.