A bill to provide for joint action by the executive and legislative branches to limit outlays from budget authority for the fiscal year 1975.

Provides that, within 40 days after enactment of this Act, the President shall submit to Congress recommendations for reductions in budget authority and other measures which he deems sufficient to limit budget outlays during fiscal year 1975 to $300,000,000,000. States that the President's recommendations shall be limited to proposed rescissions and deferrals pursuant to the Impoundment Control Act of 1974.