Cutting Unnecessary Regulatory Burdens Act This bill generally requires agencies to repeal at least two rules before promulgating a major rule (i.e., a rule with a significant economic impact, cost to consumers, or adverse effects on competition). Further, unless required by law, an agency may not issue a rule that exceeds the total cost of the rules to be repealed without approval by the Office of Management and Budget. These requirements do not apply to major rules related to agency procedures, the Armed Forces, national security, or foreign affairs.