Proposing an amendment to the Constitution of the United States authorizing the President to disapprove or reduce items of appropriation.

Constitutional Amendment - Authorizes the President to reduce or disapprove any item of appropriation in any Act or joint resolution, except any item of appropriation for the legislative branch.

Declares that if legislation is approved by the President, any item of appropriation contained therein which is not reduced or disapproved shall become law.

Requires the President to return with his or her objections any item of appropriation reduced or disapproved to the chamber in which the legislation containing such item originated.

Allows Congress, in the manner prescribed under the U.S. Constitution, to reconsider such item.

Provides that only a majority vote of each chamber shall be required to approve an item which has been disapproved or to restore an item which has been reduced by the President to the original amount contained in the legislation.