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

Provides that the Congressional Budget and Impoundment Control Act of 1974 is temporarily amended to authorize the President to reduce expenditures and net lending during fiscal year 1975, under the Budget of the United States Government, to not more than $295,000,000,000.

Directs the President to transmit, within 30 days, to the House of Representatives and the Senate a message specifying the reductions of budget expenditures and net lending for each major department and agency of the Government. States that in making reductions, the President shall not reduce the expenditures and net lending of any major department and agency by more than 20 percent of the sum requested in the budget for the fiscal year unless expressly approved by the Congress.

Provides that the proposal submitted by the President pursuant to this Act shall become law in thirty days following its submission to the Congress unless prior to such date the Congress by concurrent resolution disapproves of or modifies all or part of such proposal.