Veto Wasteful Spending and Protect Taxpayers Act of 2010

Veto Wasteful Spending and Protect Taxpayers Act of 2010 - Amends the Congressional Budget and Impoundment Control Act of 1974 to authorize the President to suspend and propose for cancellation (line item veto) any dollar amount of discretionary budget authority, item of new direct spending, or limited tax benefit.

Prohibits such items from being proposed for suspension and cancellation more than once.

Authorizes the President to transmit to Congress up to two special messages suspending and proposing the cancellation of items, including a draft bill that, if enacted would only cancel the items included.

Requires the special message to include: (1) a determination, for every item, that such cancellation will reduce the federal budget deficit, not impair any essential government functions, and not harm the national interest; (2) any federal account, department, or establishment for which budget authority was to have been available for obligation and the specific project or governmental functions involved; (3) the specific states and congressional districts, if any, affected by the cancellation; and (4) the total number of cancellations imposed during the current session of Congress on such states and congressional districts.

Sets forth procedures for expedited congressional consideration of a proposed cancellation.