Proposing an amendment to the Constitution of the United States to authorize the President to reduce or disapprove any appropriation or authorization of new direct spending in any bill presented by Congress.

Constitutional Amendment - Authorizes the President to reduce or disapprove any appropriation or authorization of new direct spending in any bill, order, resolution, or vote presented to him or her. Declares that any such legislation shall become law as so modified after the President signs it.

Directs the President to return those portions of the legislation that contain reduced or disapproved appropriations or disapproved authorization of new direct spending with objections to the chamber where such legislation originated. Allows Congress to consider such portions separately in the manner prescribed under the Constitution for bills disapproved by the President.