A bill to rescind certain budget authority recommended in the message of the President of May 18, 1977 (H. Doc. 95-158), transmitted pursuant to the Impoundment Control Act of 1974.

Rescinds the budget authority recommended in the message of the President of May 18, 1977 (H. Doc. 95-158), namely: (1) $87,212,000 of the funds appropriated for the patrol hydrofoil missile program under the Department of Defense Appropriation Act, 1975; and (2) $39,000,000 of the funds appropriated for the completion of the second PHM patrol hydrofoil missile ship under the Department of Defense Appropriation Act, 1975.