A bill to amend the Impoundment Control Act of 1974 to permit the Congress by concurrent resolution to disapprove any rescission proposed by the President, and thereby to make the funds involved immediately available without waiting for the expiration of the 45-day period during which such rescission otherwise would be effective.

Provides that the Congress, under the Impoundment Control Act of 1974, may by concurrent resolution disapprove in whole or in part any proposed rescission or reservation of budget authority set forth in a special message at any time prior to the expiration of the prescribed 45-day period. Stipulates, that in the event of such disapproval, the rescission or reservation shall cease immediately to the extend disapproved.

Declares that the effect of such disapproval shall be to make available for immediate obligation the budget authority involved, and shall preclude the President or any other Federal officer or employee from causing such budget authority to be unobligated pending congressional action with respect to any subsequent proposed rescission or reservation set forth in a special message.