A bill to rescind certain budget authority recommended in the message of the President of November 26, 1974 (H. Doc. 93-398) as modified by the message of the President of January 30, 1975 (H. Doc. 94-39) and in the communication of the Comptroller General of November 6, 1974 (H. Doc. 93-391), transmitted pursuant to the Impoundment Control Act of 1974.

Makes rescissions of budget authority recommended in specified messages of the President to the Congress and in a specified communication of the Comptroller General.

Rescinds in the amount of $21,212,940 appropriations provided to carry into effect the provisions of the Water Bank Act.

Rescinds $41,000,000 for operation and maintenance of the Army for 1975; $27,500,000 for operation and maintenance of the Navy; $5,000,000 for operation and maintenance of the Marine Corps; $40,000,000 for operation and maintenance of the Air Force; $3,800,000 for specified defense agencies; $1,800,000 for the Army Reserve; $1,100,000 for the Navy Reserve; $400,000 for the Air Force Reserve; $1,400,000 for the Army National Guard; $500,000 for the Air National Guard; $5,700,000 for Army aircraft procurement; and $152,500,0090 for Air Force aircraft procurement.

Rescinds the unobligated balance of funds appropriated under a specified section of the 1968 Housing and Urban Development Act. Rescinds specific amounts for fiscal year 1975 for specific programs of the Department of Agriculture, the Department of Health, Education, and Welfare, the Department of State, the Department of Justice, the Department of Commerce, the Department of the Treasury, and for the Executive Office of the President and the Federal Buildings Fund.