Wasteful Defense Spending Reduction Act of 2016

Wasteful Defense Spending Reduction Act of 2016 The bill establishes the Wasteful Defense Spending Reduction Commission, which shall: (1) review and make recommendations for the termination of Department of Defense (DOD) procurement programs, and (2) submit a schedule for the termination of each program identified. DOD: (1) may not terminate such a program unless a joint resolution approving such termination is enacted, and (2) shall carry out an approved termination in accordance with the schedule submitted by the commission. The commission shall terminate on December 31, 2017. This bill requires that any amounts remaining from funds appropriated for the commission or any program terminated pursuant to this bill be deobligated, rescinded, and returned to the Treasury for deficit reduction.