Federal Workforce Reduction Through Attrition Act - Requires the Office of Management and Budget (OMB) to ensure that the total number of federal employees in each calendar quarter after the enactment of this Act does not exceed the applicable maximum for such quarter, as determined under this Act. Sets forth a formula for determining the applicable maximum based upon 90% of the total number of federal employees as of September 30, 2012.

Requires that compliance with such workforce limitation be made through attrition, or through both attrition and a freeze on appointments if the total number of federal employees exceeds the applicable maximum for a quarter. Allows the President to waive such workforce limitation with respect to any individual appointment if the President determines that such appointment is necessary due to: (1) a state of war or for reasons of national security; or (2) an extraordinary emergency threatening life, health, safety, or property.

Requires OMB to continuously monitor all agencies to determine whether the workforce limitation required by this Act has been met.