A bill to amend the Impoundment Control Act of 1974 respecting the rescission of budget authority.

Amends the Impoundment Control Act of 1974 to redefine the term 'rescission resolution' to mean a concurrent resolution (not, as currently, a bill or resolution which actually rescinds funds) which only expresses the disapproval of the Congress of a proposed rescission of budget authority set forth in a special message transmitted by the President.

Provides that any amount of budget authority proposed to be rescinded or reserved shall be made available for obligation if, within the prescribed 45- day period, Congress passes a rescission resolution disapproving such proposed rescission or reservation (currently, permits obligation of the funds in question unless Congress, within the 45 day period, completes action on a bill rescinding or reserving such funds).