H.R.689: To amend the Congressional Budget and Impoundment Control Act of 1974 to provide for the expedited consideration of certain proposed rescissions of budget authority.

To amend the Congressional Budget and Impoundment Control Act of 1974 to provide for the expedited consideration of certain proposed rescissions of budget authority. 1/24/2007--Introduced. Legislative Line Item Veto Act of 2007 - Amends the Congressional Budget and Impoundment Control Act of 1974 to authorize the President to propose the cancellation (line item veto) of any dollar amount of discretionary budget authority, item of direct spending, limited tariff benefit, or targeted tax benefit. Sets forth requirements for the President's transmittal to Congress of a special message regarding a proposed cancellation. Dedicates any cancellation only to deficit reduction or increase of a surplus. Provides for adjustment of: (1) committee allocations resulting from such rescission; and (2) applicable limits, as appropriate, under the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act). Sets forth procedures for [...]

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