To amend the Impoundment Control Act of 1974 to provide that a rescission of budget authority proposed by the President takes effect unless Congress specifically adopts a joint resolution disapproving the proposed rescission.

Amends the Impoundment Control Act of 1974 to require the President to transmit any message proposing a rescission of budget authority to the Congress within three days after enactment of the law providing the budget authority in question. Effects any such proposed rescission unless the Congress, within 45 days, completes action on legislation disapproving the proposal. Prohibits funds made available for obligation by such congressional veto from inclusion in subsequent rescission proposals.