Restraining Emergency War Spending Act This bill establishes (1) a statutory definition for emergency war funding , and (2) a budget point of order that may be raised in the Senate against legislation that provides new funding for a contingency operation that does not meet the requirements for emergency war funding. Funding for Overseas Contingency Operations (OCO) is exempt from discretionary spending limits. If this point of order is successfully raised against a provision that provides OCO funding that does not meet the requirements for emergency war spending, the bill requires the provision to be stricken from the legislation and prohibits it from being offered as a floor amendment.