Family Budget Protection Act of 2005

Family Budget Protection Act of 2005 - Amends the Congressional Budget Act of 1974 to eliminate the May 15 deadline for consideration of annual appropriations measures. Requires annual joint (currently, concurrent) budget resolutions signed by the President.

Provides for an amendment to change the statutory limit on the public debt.

Requires consideration of budget-related legislation before the budget resolution becomes law.

Provides expedited procedures for presidential vetoes of joint budget resolutions.

Provides for establishment of a reserve fund for emergencies.

Requires: (1) biennial (currently, annual) budget resolutions; (2) biennial appropriations Acts; and (3) biennial government strategic and performance plans.

Provides spending caps on the growth of entitlements and mandatory budget outlays. Excludes from such limitation until FY2008 direct spending programs and direct spending under part D (relating to the Voluntary Prescription Drug Benefit Program) of title XVIII (Health Insurance for the Aged and Disabled) under the Social Security Act (SSA) or spending under part C of such title (relating to the Medicare+Choice Program) that is attributable to such part D. Exempts benefits payable under title II (Old Age, Survivors and Disability Insurance) of SSA, Tier 1 railroad retirement benefits, and benefits payable under part A of title XVIII (relating to Hospital Insurance Benefits for the Aged and Disabled) of SSA and part C of such title (relating to the Medicare+Choice program) from required reductions under the Balanced Budget and Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act), along with specified government accounts and activities. Provides other exceptions, limitations, and special rules with respect to sequestration exemptions.

Directs the Chairman of the House and Senate Committees on the Budget each to maintain a Budget Protection Mandatory Account and a Budget Protection Discretionary Account.

Amends the Congressional Budget Act of 1974 to require: (1) an analysis of long-term unfunded obligations in the President's budget submission; and (2) long-term unfunded obligation analyses by the Congressional Budget Office (CBO).

Makes it out of order to consider legislation, if upon enactment, it would increase the long-term unfunded obligation of the Old Age, Survivors and Disability Insurance (OASDI) as defined in the CBA.

Freezes at current levels spending authority for each unearned entitlement and high-cost discretionary spending program unless such spending authority is reauthorized after the enactment of this Act.

Establishes the Commission to Eliminate Waste, Fraud, and Abuse.

Provides for accrual funding of the: (1) Civil Service Retirement and Disability Fund; (2) Central Intelligence Agency Retirement and Disability System; and (3) Foreign Service Retirement and Disability System.

Establishes in the Treasury: (1) the Public Health Service Commissioned Corps Retirement Fund; (2) the National Oceanic and Atmospheric Administration Commissioned Officer Corps Retirement Fund; and (3) the Coast Guard Military Retirement Fund.

Changes the name of the Department of Defense Medicare-Eligible Retiree Health Care Fund to Uniformed Services Health Care Fund (thus, providing health care programs for all uniformed service retirees, under certain conditions). (Currently, such programs are for Department of Defense Medicare-eligible beneficiaries.)

Decreases the limit on the public debt from $6.4 trillion to $4.393 trillion.

Repeals rule XXVII of the House of Representatives (the Gephardt Rule, relating to mandatory adjustment of the statutory limit on the public debt to conform to a budget resolution).

Prohibits consideration of extraneous appropriations in omnibus appropriations measures.