Line Item Veto Act

Line Item Veto Act - Amends the Congressional Budget and Impoundment Control Act of 1974 to grant the President an additional method of rescinding budget authority.

Allows 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 or the repeal of any tax expenditure in any revenue Act.

Requires that such special message be transmitted not later than seven days after the President approves the appropriation bill or revenue Act and be accompanied by a draft bill or joint resolution that would, if enacted, rescind the budget authority proposed to be rescinded or repeal that tax expenditure. Sets forth House and Senate procedures for the expedited consideration of such proposals.