Identifying and Eliminating Wasteful Programs Act This bill requires each federal agency to compile a list of unnecessary programs. Specifically, each agency must compile a list of such programs, based on guidance provided by the Office of Management and Budget, that are unnecessary, defunct, or duplicative federal programs; another agency could administer more effectively; or could operate more effectively if the program or activity were consolidated with other programs or activities. Additionally, the President must include the list of identified programs or program activities in the annual budget submitted to Congress. An agency may submit to Congress recommendations for statutory changes to eliminate or consolidate programs or program activities identified in the list.