Deficit Reduction Implementation Act - Authorizes a Senator or Member of the House of Representatives, by February 29, 2012, to introduce a bipartisan deficit reduction bill that: (1) has a specified minimum number of sponsors in the Senate and in the House who caucus with Democrats and who caucus with Republicans; (2) states as its purpose to reduce the deficit by a goal of $4 trillion, but at least $1.5 trillion between FY2012-FY2021; and (3) specifies that it is being introduced pursuant to this Act.
Prescribes legislative procedures for considering such a bill.