Emergency Spending Accountability Act

Requires the OMB Director to issue multi-year sequestration orders that offset emergency spending by producing outlay savings equal to one-fifth of the emergency amount each year for five years. Sets rules for how those sequestrations are applied, exempts certain mandatory programs (like Social Security, Medicare, many defense and VA accounts), defines what counts as "emergency spending," and forces committees and the House to supply detailed justifications showing proposed emergency spending meets statutory emergency definitions.