A bill to provide the President with enhanced rescission authority at such time as the debt of the United States Government held by the public exceeds $2,378,000,000,000.

Amends the Impoundment Control Act of 1974 to authorize the President, whenever the U.S. Government debt is $2,378,000,000,000 or more, to transmit to the Congress a message proposing a rescission of all or part of the budget authority provided in a bill or resolution. Effects any such proposed rescission unless the Congress, within 45 days, completes action on a resolution disapproving it.