A bill to amend title X of the Congressional Budget and Impoundment Control Act of 1974 to provide the President with a modified authority to rescind or reserve budget authority while preserving congressional control over the budget process.

Amends the Congressional Budget and Impoundment Control Act of 1974 to revise the procedure for the rescission or reservation of budget authority by the President. Requires the Congress to approve or disapprove a bill providing for the rescission or reservation of budget authority as proposed by the President in a special message transmitted to the Congress, within a forty-five day period after receiving such message.