A bill to authorize the President to reduce Federal expenditures for fiscal year 1975 to $295 billion.

Authorizes the President to reduce Federal expenditures for fiscal year 1975 to $295,000,000,000.

Provides that in making reductions in amounts appropriated in order to reduce budget outlays to such amount, the President shall not reduce the amount of an item of appropriation: (1) if that appropriation does not exceed an amount equal to 95 percent of the sum requested in the budget for that fiscal year, unless (A) the President transmits a special message to Congress stating that he proposes to reduce the amount appropriated for such item and the sum by which that appropriation is to be reduced, and (B) neither House of Congress passes a resolution, during thirty calendar days of continuous session occurring immediately after transmittal of the message, stating in substance that it disapproves the reduction; and (2) in the case of any other item of appropriation, by more than 15 percent of the amount appropriated.