The Spending Safeguard Act would require the Office of Management and Budget to place spending caps on federal direct spending programs that lack a specific authorized funding level in law. The caps would be set at 120 percent of a program's estimated six-year cost for defense, health, income security, and veterans benefits programs, and 110 percent for all other programs. The Director of OMB would maintain public scorecards tracking spending against these limits, with the Treasury Department reporting monthly spending data and OMB issuing biannual reports to Congress. If a program reaches its spending cap, agencies would be prohibited from obligating new funds to that program after a 30-day notice period, and federal agencies must inform program participants that their benefits could be affected by this limitation. The bill exempts Medicare and Social Security from these requirements and requires no new appropriations to implement.