Line-Item Rescission Act of 1987

Line-Item Rescission Act of 1987 - Amends the Congressional Budget and Impoundment Control Act of 1974 to allow the President to transmit to both Houses of the Congress, for expedited consideration, one or more special messages proposing to rescind all or part of any item of budget authority provided in an appropriation bill.

Sets forth required contents of such special message. Requires that such special message be transmitted on the same calendar day the President approves the appropriation bill and be accompanied by a draft bill or joint resolution that would, if enacted, rescind the budget authority proposed to be rescinded.

Sets forth House and Senate procedures for the expedited consideration of such a proposal. Requires the item of budget authority proposed to be rescinded to be made available for obligation unless both Houses adopt the bill rescinding such item within 60 days.