Continuing Appropriations Rescission Act of 1988 - Allows the President to rescind all or part of an item of appropriation contained in a continuing appropriations bill or joint resolution. Requires the President, before effecting such rescission, to transmit a report to both Houses of the Congress specifying: (1) the item and amount of appropriation which is proposed to be rescinded; (2) the Government entity to which the item of appropriation is available for obligation and the project or governmental function involved; (3) the reasons why the item of appropriation should be rescinded; (4) the estimated fiscal, economic, and budgetary effect of the proposed rescission; and (5) all facts, circumstances, and considerations relating to the proposed rescission.
Allows the Congress to enact legislation disapproving the proposed rescission.
Prohibits the President from rescinding items of appropriation for the judicial and legislative branches.
Introduced in Senate
Read twice and referred jointly to the Committees on Budget; Governmental Affairs pursuant to the order of of August 4, 1977 with instructions that if one Committee reports, the other Committee has thirty days of continuous session to report or be discharged.
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