Guam War Restitution Act - Amends the Organic Act of Guam to set forth award and benefit eligibility requirements for living Guamanians, or the heirs or next of kin of deceased Guamanians, who suffered a compensable injury during the occupation of Guam in World War II.

Defines "compensable injury" as: (1) death; (2) personal injury; or (3) forced labor, forced march, or internment.

Establishes the Guam Trust Fund and the Guam Trust Fund Commission. Authorizes the Commission to make disbursements from the Fund to: (1) make awards available to Guamanians who personally received the compensable injury, or to their heirs or next of kin in claims for death; (2) make benefits (including scholarships, medical expenses, or first-time home ownership grants) available to Guamanians who are heirs or next of kin of the decedent Guamanian who received the compensable injury that is the basis for a claim if the claim is for a compensable injury other than death; (3) sponsor research and public educational activities to commemorate the events surrounding the wartime experiences and losses of the Guamanian people; and (4) pay the Commission's administrative expenses.

Authorizes appropriations.

Directs the President to submit to the Congress a list of recommended spending cuts or other measures that would provide, over the next five years, enough savings to carry out this Act.