Line Item Veto Act

Line Item Veto Act - Amends the Congressional Budget and Impoundment Control Act of 1974 to authorize the President to cancel in whole any dollar amount of discretionary budget authority, any item of new direct spending, or any limited tax benefit signed into law, if the President: (1) determines that such cancellation will reduce the Federal budget deficit and will not impair essential Government functions or harm the national interest; and (2) notifies the Congress of any such cancellation within five calendar days after enactment of the law providing such amount, item, or benefit. Requires the President, in identifying cancellations, to consider legislative histories and information referenced in law. Provides that the President's authority shall not apply to any cancellation contained in an enacted disapproval bill (a bill or joint resolution of prescribed language which only disapproves one or more cancellations contained in a special message transmitted by the President). Directs the President, for each law from which a cancellation has been made, to transmit to the Congress a single special message identifying the amounts, items, and benefits cancelled and setting forth: (1) the President's determinations under this Act; (2) the reasons for the cancellation; (3) the estimated fiscal, economic, budgetary, and program effects; (4) the adjustments to discretionary spending limits and effects upon the sequestration procedures; and (5) with respect to the cancellation of any such amount or item, information on the affected Government entities, States, and congressional districts. Requires such special message to be transmitted to the House of Representatives and the Senate within five days after enactment of the law to which the cancellation applies. Makes any such cancellation effective on the date the special message is received in the House and Senate. Makes such cancellations that are disapproved by an enacted disapproval bill null and void. Requires the Office of Management and Budget to: (1) estimate the reduction in Federal budget authority and outlays that result from such a cancellation, including reductions to discretionary spending limits for each fiscal year; (2) estimate the deficit decrease that will result from such cancellation; and (3) reduce the Federal spending caps by the amount of such estimated reduction (after the expiration of the time period for congressional consideration of a disapproval bill, plus ten days). Requires the Director of the Congressional Budget Office to submit to the Senate and House Budget Committees an estimate of the reduction in budget authority and outlays resulting from a cancellation for each outyear. Outlines procedures and provides 30 days for the expedited congressional consideration of disapproval bills for cancellations in special messages received from the President. Defines a "limited tax benefit" as: (1) any revenue-losing provision which provides a Federal tax deduction, credit, exclusion, or preference to 100 or fewer beneficiaries; and (2) any Federal tax provision change which provides temporary or permanent transitional relief for ten or fewer beneficiaries. Specifies exceptions. Directs the Joint Committee on Taxation (JCT) to: (1) review any revenue or reconciliation bill or joint resolution which includes any amendment to the Internal Revenue Code (IRC) that is being prepared by a conference committee; (2) identify whether such bill or resolution contains any limited tax benefit; and (3) provide to the conference committee a statement identifying any limited tax benefit. Allows any revenue or reconciliation bill or joint resolution that amends the IRC and is reported by a conference committee to include as a separate section the information contained in the statement of the JCT. Limits the President's benefit cancellation authority to those benefits that are identified in such a statement or that meet the definition under this Act. Prohibits the judicial review of the identification of a limited tax benefit in a conference report. Provides for: (1) expedited review by the U.S. District Court for the District of Columbia of an action brought by a Member of Congress or an adversely affected individual on the ground that any provision of this Act violates the Constitution; (2) review of an order of such Court by appeal directly to the Supreme Court; and (3) expedited disposition of such matter by the Supreme Court. Makes this Act effective on the earlier of: (1) the day after the enactment of an Act to provide for a seven-year plan for deficit reduction and to achieve a balanced Federal budget; or (2) January 1, 1997. Terminates this Act on or after January 1, 2005.

Line Item Veto Act - Grants the President legislative line item veto rescission authority. Authorizes the President to rescind all or part of any discretionary budget authority or veto any targeted tax benefit if the President determines that such rescission: (1) would help reduce the Federal budget deficit; (2) will not impair any essential Government functions; and (3) will not harm the national interest. Requires the President to notify the Congress of such a rescission or veto by special message after enactment of an appropriation Act providing such budget authority or a revenue or reconciliation Act containing a targeted tax benefit. Allows the President in each special message to propose to reduce the appropriate discretionary spending limit by an amount that does not exceed the total amount of discretionary budget authority rescinded by that message. Requires the President to submit a separate special message for each appropriation Act and for each revenue or reconciliation Act. Makes such a rescission effective unless the Congress enacts a rescission-receipts disapproval bill. Describes: (1) information to be included in the President's message; and (2) procedures to govern consideration of rescission-receipts disapproval legislation in the Senate and the House of Representatives. Requires the Comptroller General, beginning January 6, 1996, and annually thereafter, to report to the Congress on: (1) a list of each proposed presidential rescission of discretionary budget authority and veto of a targeted tax benefit submitted through special messages for the fiscal year ending during the preceding calendar year, together with their dollar value, and an indication of whether each rescission of discretionary budget authority or veto of a targeted tax benefit was accepted or rejected by Congress; (2) the total number of proposed presidential rescissions of discretionary budget authority and vetoes of a targeted tax benefit submitted through special messages for the fiscal year ending during the preceding calendar year, together with their total dollar value; (3) the total number of presidential rescissions of discretionary budget authority or vetoes of a targeted tax benefit submitted through special messages for the fiscal year ending during the preceding calendar year and approved by Congress, together with their total dollar value; (4) a list of rescissions of discretionary budget authority initiated by Congress for the fiscal year ending during the preceding calendar year, together with their dollar value, and an indication of whether each such rescission was accepted or rejected by Congress; (5) the total number of rescissions of discretionary budget authority initiated and accepted by Congress for the fiscal year ending during the preceding calendar year, together with their total dollar value; and (6) a summary of the information provided by paragraphs (2), (3), and (5) for each of the ten fiscal years ending before the fiscal year during this calendar year. Provides an expedited judicial review process for provisions of this Act.

Separate Enrollment and Line Item Veto Act of 1995 - Prohibits the Committee on Appropriations of either the House of Representatives or the Senate from reporting an appropriation measure that fails to contain the level of detail on the allocation of an item of appropriation proposed by that House as set forth in the accompanying committee report. Prohibits a congressional committee from reporting an authorization measure that contains new direct spending or new targeted tax benefits unless such measure presents such items separately and the accompanying committee report contains the necessary level of detail. Prohibits the filing of conference reports on appropriations measures that fail to contain the level of detail on the allocation of an item as set forth in the statement of managers accompanying such reports. (Sec. 3) Allows the waiver or appeal of such prohibitions by a three-fifths vote of the appropriate House. (Sec. 4) Requires separate enrollment of each item of appropriation or authorization in measures passed by both Houses in identical form. Provides for congressional consideration of such bills. (Sec. 6) Provides for expedited judicial review of provisions of this Act in the U.S. District Court for the District of Columbia and appeals to the Supreme Court of the United States. (Sec. 7) Amends the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) and the Congressional Budget Act of 1974 to restrict the inclusion of nonemergency spending proposals in emergency spending legislation. Allows such proposals to contain rescissions of budget authority or provisions that reduce direct spending. (Sec. 8) Requires savings from rescissions bills to be used for deficit reduction. (Sec. 9) Requires the President to submit legislation for the periodic review, reauthorization, and sunset of tax expenditures with the FY 1997 budget. Requires the inclusion in the budget beginning with FY 1999 of a performance plan for measuring the overall effectiveness of tax expenditures, including a schedule for periodically assessing the effects of specific tax expenditures in achieving performance goals. Directs the Director of the Office of Management and Budget to include as a pilot project the periodic analyses of such goals and the relationship between tax expenditures and spending programs. Amends the Congressional Budget Act of 1974 to prohibit consideration in the House and the Senate of legislation that contains a tax expenditure unless the expenditure terminates not later than ten years after the date of its enactment. (Sec. 10) Makes this Act effective from the date of its enactment until September 30, 2000.

Legislative Line Item Veto Act of 1995 - Amends the Congressional Budget and Impoundment Control Act of 1974 to grant the President legislative line item veto rescission authority. Authorizes the President to rescind all or part of any budget authority, if the President determines that such rescission: (1) would help balance the Federal budget, reduce the Federal budget deficit, or reduce the public debt; (2) will not impair any essential Government functions; and (3) will not harm the national interest. Makes such a rescission effective unless the Congress, during a review period, enacts a rescission disapproval bill. Sets forth procedures to ensure deficit reduction if Congress fails to disapprove a rescission of discretionary spending within such review period. Describes: (1) information to be included in the President's message; and (2) procedures to govern consideration of rescission disapproval legislation.

Legislative Line Item Veto Act of 1995 - Amends the Congressional Budget and Impoundment Control Act of 1974 to grant the President legislative line item veto rescission authority. Authorizes the President to rescind all or part of any budget authority, if the President determines that such rescission: (1) would help balance the Federal budget, reduce the Federal budget deficit, or reduce the public debt; (2) will not impair any essential Government functions; and (3) will not harm the national interest. Makes such a rescission effective unless the Congress, during a review period, enacts a rescission disapproval bill.