Impoundment Control Act

Impoundment Control Act - Title I: Impoundment Control Procedures - Requires the President to notify the Congress whenever he, the Director of the Office of Management and Budget, the head of any department or agency of the United States, or any officer or employee of the United States, impounds, orders the impounding, or permits the impounding of budget authority. Provides a procedure under which the Senate and the House of Representatives may approve the impounding action, in whole or in part, or require the President, the Director of the Office of Management and Budget, the department or agency of the United States, or the officer or employee of the United States, to cease such action, in whole or in part, as directed by Congress.

Title II: Ceiling on Fiscal Year 1974 Expenditures - Provides that expenditures and net lending during the fiscal year ending June 30, 1974, under the budget of the United States Government, shall not exceed $286,000,000,000.