National Committee on Fiscal Responsibility and Reform Act of 2021 This bill establishes the National Committee on Fiscal Responsibility and Reform to make recommendations to reduce the budget deficit by at least $3.25 trillion over FY2021-FY2031. The committee must be established as a joint select committee of Congress and consist of 12 Members of Congress appointed by specified members of the congressional leadership. The specific functions of the committee are to investigate policies to improve the fiscal situation in the medium term; achieve fiscal sustainability over the long run; propose legislation designed to balance the budget, excluding interest payments on the debt, by 2031; and issue a final report to Congress. Congress must use specified expedited legislative procedures to consider legislation that is approved by at least eight members of the committee.