Bill summaries are authored by CRS.

Shown Here:
Passed House amended (07/14/1994)

Amends the Congressional Budget and Impoundment Control Act of 1974 to allow the President to transmit to both Houses of the Congress, for expedited consideration, one or more special messages proposing to rescind amounts of budget authority or to repeal any targeted tax benefit provided in a revenue Act.

Requires that such special message be accompanied by a draft bill or joint resolution that would, if enacted, only rescind the budget authority or repeal the targeted tax benefit Requires such bill to include a Deficit Reduction Account. Allows the President to place rescinded amounts in such Account.

Sets forth House and Senate procedures for the expedited consideration of such a proposal.