Legislative Line Item Veto Act of 1992

Legislative Line Item Veto Act of 1992 - Amends the Congressional Budget and Impoundment Control Act of 1974 to grant the President legislative line item veto rescission authority. Authorizes the President to rescind all or part of any budget authority if the President determines that such rescission: (1) would help balance the Federal budget, reduce the Federal budget deficit, or reduce the public debt; (2) will not impair any essential Government functions; (3) will not harm the national interest; and (4) will directly contribute to the purpose of this Act of limiting discretionary spending in FY 1993. Requires the President to notify the Congress of such a rescission by special message not later than 20 calendar days after enactment of appropriations legislation for FY 1993.

Makes such a rescission effective unless the Congress, during a review period of 20 calendar days, enacts a rescission disapproval bill.

Describes: (1) information to be included in the President's message; and (2) procedures to govern consideration of rescission disapproval legislation in the Senate and the House of Representatives.