Based on the two-level squaring construction of the Reed-Muller code, a bounded-distance decoding algorithm for the Nordstrom-Robinson code is given. This algorithm involves 199 real operations, which is less than one half of the computational complexity of the known maximum-likelihood decoding algorithms for this code. The algorithm also has exactly the same effective error coefficient as the maximum-likelihood decoding, so that its performance is only degraded by a negligible amount.