Legislative Line Item Rescission Act

Legislative Line Item Rescission Act - Amends the Congressional Budget and Impoundment Control Act of 1974 to authorize the President to propose to the Congress the cancellation of any budget item (or repeal of any targeted tax benefit) provided in an appropriations Act.

Authorizes the President to transmit a draft bill to the Congress with such a proposal that clearly identifies the budget items proposed to be cancelled.

Requires the reduction of discretionary spending limits and the adjustment of certain balances (with respect to repeals of targeted tax benefits) and committee allocations not later than five days after the date of enactment of a bill containing cancellations of budget items.

Establishes expedited procedures in the Senate and the House of Representatives for consideration of such bill.

Grants the President the authority to direct that any budget item proposed to be cancelled in the special message not be available for obligation or take effect for a period not to exceed 45 calendar days from the date the President transmits such message. Excludes from the definition of "budget item" any amount to fund direct spending programs and the administrative expenses of social security. Includes a targeted tax benefit in such definition.

Repeals the Line Item Veto Act.