A bill to amend the Impoundment Control Act of 1974 to reform the deferral procedures.

Amends the Impoundment Control Act of 1974 to require any proposed budget deferral to specify a date on which the budget authority shall be released for obligation. Prohibits any amount of the authority to be withheld from obligation after such date. Requires such date to be no later than the earlier of: (1) the end of the fiscal year or the date on which the authority must be released to assure its prudent obligation, if the authority expires at the end of the fiscal year in which the deferral is proposed; and (2) 365 days after the special message proposing the deferral is transmitted to the Congress or the date on which the authority must be released to assure its prudent obligation, if the authority is available for more than one fiscal year. Deems any budget deferral not meeting such requirements to be a budget rescission as determined by the Comptroller General within five days after the proposed deferral is transmitted to the Congress.

Prohibits more than one proposed deferral of budget authority available for more than one fiscal year.

Requires budget authority proposed to be deferred to be made available for obligation if a joint resolution disapproving such deferral is enacted.

Directs the President to include with any special message to the Congress proposing to reserve budget authority the same information required to be included with a proposed budget deferral. Requires the Comptroller General, within five days after such transmittal, to determine whether the proposed reservation: (1) meets statutorily prescribed requirements; and (2) proposes to withhold or delay the obligation or expenditure of budget authority in a manner which imposes the management and administration of the authority without diverging from the purposes of the Congress in making such authority available. Requires the proposal to be treated as a deferral if it does meet such standards and as a rescission if it does not.