A bill to place a limitation on expenditures and net lending for the fiscal year ending June 30, 1974, and to establish a procedure for executing such limitation.

Title I: Limits net lending during fiscal year 1974 to $267,000,000,000.

Authorizes the President to reserve from expenditures and net lending or other appropriations or obligations such amounts as may be necessary to effectuate the provisions of this title.

Title II: Requires the President within 10 days after the impoundment of any funds to transmit to the Senate and House a special message detailing his actions. Outlines the procedure to be used in transmitting such special meassage to the Senate, House, Comptroller General and to the Federal Register for publication.

Title III: Provides that the provisions of this title are enacted by Congress as an exercise of the rulemaking powers of the Senate and House of Representatives.

Requires a concurrent resolution to be acted upon by both Houses in order to approve an impounding of funds. Outlines special rules with respect to the concurrent resolution to consider the special message of the President.