SECTION 1. EXPEDITED CONSIDERATION OF CERTAIN PROPOSED RESCISSIONS AND 
              TARGETED TAX BENEFITS.

    (a) In General.--Section 1012 of the Congressional Budget and 
Impoundment Control Act of 1974 (2 U.S.C. 683) is amended to read as 
follows:

       ``expedited consideration of certain proposed rescissions

    ``Sec. 1012. (a) Proposed Rescission of Budget Authority or Repeal 
of Targeted Tax Benefits.--The President may propose, at the time and 
in the manner provided in subsection (b), the rescission of any budget 
authority provided in an appropriation Act or repeal of any targeted 
tax benefit provided in any revenue Act. Funds made available for 
obligation under this procedure may not be proposed for rescission 
again under this section.
    ``(b) Transmittal of Special Message.--
            ``(1) The President may transmit to Congress a special 
        message proposing to rescind amounts of budget authority or to 
        repeal any targeted tax benefit and include with with that 
        special message a draft bill that, if enacted, would only 
        rescind that budget authority or repeal that targeted tax 
        benefit. That bill shall clearly identify the amount of budget 
        authority that is proposed to be rescinded for each program, 
        project, or activity to which that budget authority relates or 
        the targeted tax benefit proposed to be repealed, as the case 
        may be. It shall include a Deficit Reduction Account. The 
        President may place in the Deficit Reduction Account an amount 
        not to exceed the total rescissions in that bill. A targeted 
        tax benefit may only be proposed to be repealed under this 
        section during the 20-calendar-day period (excluding Saturdays, 
        Sundays, and legal holidays) commencing on the day after the 
        date of enactment of the provision proposed to be repealed.
            ``(2) In the case of an appropriation Act that includes 
        accounts within the jurisdiction of more than one subcommittee 
        of the Committee on Appropriations, the President in proposing 
        to rescind budget authority under this section shall send a 
        separate special message and accompanying draft bill for 
        accounts within the jurisdiction of each such subcommittee.
            ``(3) Each special message shall specify, with respect to 
        the budget authority proposed to be rescinded, the following--
                    ``(A) the amount of budget authority which he 
                proposes to be rescinded;
                    ``(B) any account, department, or establishment of 
                the Government to which such budget authority is 
                available for obligation, and the specific project or 
                governmental functions involved;
                    ``(C) the reasons why the budget authority should 
                be rescinded;
                    ``(D) to the maximum extent practicable, the 
                estimated fiscal, economic, and budgetary effect 
                (including the effect on outlays and receipts in each 
                fiscal year) of the proposed rescission; and
                    ``(E) all facts, circumstances, and considerations 
                relating to or bearing upon the proposed rescission and 
                the decision to effect the proposed rescission, and to 
                the maximum extent practicable, the estimated effect of 
                the proposed rescission upon the objects, purposes, and 
                programs for which the budget authority is provided.
        Each special message shall specify, with respect to the 
        proposed repeal of targeted tax benefits, the information 
        required by subparagraphs (C), (D), and (E), as it relates to 
        the proposed repeal.
    ``(c) Procedures for Expedited Consideration.--
            ``(1)(A) Before the close of the second legislative day of 
        the House of Representatives after the date of receipt of a 
        special message transmitted to Congress under subsection (b), 
        the majority leader or minority leader of the House of 
Representatives shall introduce (by request) the draft bill 
accompanying that special message. If the bill is not introduced as 
provided in the preceding sentence, then, on the third legislative day 
of the House of Representatives after the date of receipt of that 
special message, any Member of that House may introduce the bill.
            ``(B) The bill shall be referred to the Committee on 
        Appropriations or the Committee on Ways and Means of the House 
        of Representatives, as applicable. The committee shall report 
        the bill without substantive revision and with or without 
        recommendation. The bill shall be reported not later than the 
        seventh legislative day of that House after the date of receipt 
        of that special message. If that committee fails to report the 
        bill within that period, that committee shall be automatically 
        discharged from consideration of the bill, and the bill shall 
        be placed on the appropriate calendar.
            ``(C)(i) During consideration under this paragraph, any 
        Member of the House of Representatives may move to strike any 
        proposed rescission or rescissions of budget authority or any 
        proposed repeal of a target tax benefit, as applicable, if 
        supported by 49 other Members.
            ``(ii) It shall not be in order for a Member of the House 
        of Representatives to move to strike any proposed rescission 
        under clause (i) unless the amendment reduces the appropriate 
        Deficit Reduction Account if the program, project, or account 
        to which the proposed rescission applies was identified in the 
        Deficit Reduction Account in the special message under 
        subsection (b).
            ``(D) A vote on final passage of the bill shall be taken in 
        the House of Representatives on or before the close of the 10th 
        legislative day of that House after the date of the 
        introduction of the bill in that House. If the bill is passed, 
        the Clerk of the House of Representatives shall cause the bill 
        to be engrossed, certified, and transmitted to the Senate 
        within one calendar day of the day on which the bill is passed.
            ``(2)(A) A motion in the House of Representatives to 
        proceed to the consideration of a bill under this section shall 
        be highly privileged and not debatable. An amendment to the 
motion shall not be in order, nor shall it be in order to move to 
reconsider the vote by which the motion is agreed to or disagreed to.
            ``(B) Debate in the House of Representatives on a bill 
        under this section shall not exceed 4 hours, which shall be 
        divided equally between those favoring and those opposing the 
        bill. A motion further to limit debate shall not be debatable. 
        It shall not be in order to move to recommit a bill under this 
        section or to move to reconsider the vote by which the bill is 
        agreed to or disagreed to.
            ``(C) Appeals from decisions of the Chair relating to the 
        application of the Rules of the House of Representatives to the 
        procedure relating to a bill under this section shall be 
        decided without debate.
            ``(D) Except to the extent specifically provided in the 
        preceding provisions of this subsection, consideration of a 
        bill under this section shall be governed by the Rules of the 
        House of Representatives. It shall not be in order in the House 
        of Representatives to consider any rescission bill introduced 
        pursuant to the provisions of this section under a suspension 
        of the rules or under a special rule.
            ``(3)(A) A bill transmitted to the Senate pursuant to 
        paragraph (1)(D) shall be referred to its Committee on 
        Appropriations or Committee on Finance, as applicable. That 
        committee shall report the bill without substantive revision 
        and with or without recommendation. The bill shall be reported 
        not later than the seventh legislative day of the Senate after 
        it receives the bill. A committee failing to report the bill 
        within such period shall be automatically discharged from 
        consideration of the bill, and the bill shall be placed upon 
        the appropriate calendar.
            ``(B)(i) During consideration under this paragraph, any 
        Member of the Senate may move to strike any proposed rescission 
        or rescissions of budget authority or any proposed repeal of a 
        targeted tax benefit, as applicable, if supported by 14 other 
        Members.
            ``(ii) It shall not be in order for a Member of the House 
        or Senate to move to strike any proposed rescission under 
        clause (i) unless the amendment reduces the appropriate Deficit 
        Reduction Account (pursuant to section 314) if the program, 
        project, or account to which the proposed rescission applies 
        was identified in the Deficit Reduction Account in the special 
        message under subsection (b).
            ``(4)(A) A motion in the Senate to proceed to the 
        consideration of a bill under this section shall be privileged 
        and not debatable. An amendment to the motion shall not be in 
        order, nor shall it be in order to move to reconsider the vote 
        by which the motion is agreed to or disagreed to.
            ``(B) Debate in the Senate on a bill under this section, 
        and all debatable motions and appeals in connection therewith, 
        (including debate pursuant to subparagraph (C)), shall not 
        exceed 10 hours. The time shall be equally divided between, and 
        controlled by, the majority leader and the minority leader or 
        their designees.
            ``(C) Debate in the Senate on any debatable motion or 
        appeal in connection with a bill under this section shall be 
        limited to not more than 1 hour, to be equally divided between, 
        and controlled by, the mover and the manager of the bill, 
        except that in the event the manager of the bill is in favor of 
        any such motion or appeal, the time in opposition thereto, 
        shall be controlled by the minority leader or his designee. 
        Such leaders, or either of them, may, from time under their 
        control on the passage of a bill, allot additional time to any 
        Senator during the consideration of any debatable motion or 
        appeal.
            ``(D) A motion in the Senate to further limit debate on a 
        bill under this section is not debatable. A motion to recommit 
        a bill under this section is not in order.
    ``(d) Amendments and Divisions Prohibited.--Except as otherwise 
provided by this section, no amendment to a bill considered under this 
section shall be in order in either the House of Representatives or the 
Senate. It shall not be in order to demand a division of the question 
in the House of Representatives (or in a Committee of the Whole) or in 
the Senate. No motion to suspend the application of this subsection 
shall be in order in either House, nor shall it be in order in either 
House to suspend the application of this subsection by unanimous 
consent.
    ``(e) Requirement To Make Available for Obligation.--(1) Any amount 
of budget authority proposed to be rescinded in a special message 
transmitted to Congress under subsection (b) shall be made available 
for obligation on the day after the date on which either House rejects 
the bill transmitted with that special message.
    ``(2) Any targeted tax benefit proposed to be repealed under this 
section as set forth in a special message transmitted to Congress under 
subsection (b) shall be deemed repealed unless, during the period 
described in that subsection, either House rejects the bill transmitted 
with that special message.
    ``(f) Definitions.--For purposes of this section--
            ``(1) the term `appropriation Act' means any general or 
        special appropriation Act, and any Act or joint resolution 
        making supplemental, deficiency, or continuing appropriations;
            ``(2) the term `legislative day' means, with respect to 
        either House of Congress, any day of session; and
            ``(3) The term `targeted tax benefit' means any provision 
        which has the practical effect of providing a benefit in the 
        form of a different treatment to a particular taxpayer or a 
        limited class of taxpayers, whether or not such provision is 
        limited by its terms to a particular taxpayer or a class of 
        taxpayers. Such term does not include any benefit provided to a 
        class of taxpayers distinguished on the basis of general 
        demographic conditions such as income, number of dependents, or 
        marital status.''.
    (b) Exercise of Rulemaking Powers.--Section 904 of the 
Congressional Budget Act of 1974 (2 U.S.C. 621 note) is amended--
            (1) in subsection (a), by striking ``and 1017'' and 
        inserting ``1012, and 1017''; and
            (2) in subsection (d), by striking ``section 1017'' and 
        inserting ``sections 1012 and 1017''.
    (c) Conforming Amendments.--
            (1) Section 1011 of the Congressional Budget Act of 1974 (2 
        U.S.C. 682(5)) is amended by repealing paragraphs (3) and (5) 
        and by redesignating paragraph (4) as paragraph (3).
            (2) Section 1014 of such Act (2 U.S.C. 685) is amended--
                    (A) in subsection (b)(1), by striking ``or the 
                reservation''; and
                    (B) in subsection (e)(1), by striking ``or a 
                reservation'' and by striking ``or each such 
                reservation''.
            (3) Section 1015(a) of such Act (2 U.S.C. 686) is amended 
        by striking ``is to establish a reserve or'', by striking ``the 
        establishment of such a reserve or'', and by striking ``reserve 
        or'' each other place it appears.
            (4) Section 1017 of such Act (2 U.S.C. 687) is amended--
                    (A) in subsection (a), by striking ``rescission 
                bill introduced with respect to a special message or'';
                    (B) in subsection (b)(1), by striking ``rescission 
                bill or'', by striking ``bill or'' the second place it 
                appears, by striking ``rescission bill with respect to 
                the same special message or'', and by striking ``, and 
                the case may be,'';
                    (C) in subsection (b)(2), by striking ``bill or'' 
                each place it appears;
                    (D) in subsection (c), by striking ``rescission'' 
                each place it appears and by striking ``bill or'' each 
                place it appears;
                    (E) in subsection (d)(1), by striking ``rescission 
                bill or'' and by striking ``, and all amendments 
                thereto (in the case of a rescission bill)'';
                    (F) in subsection (d)(2)--
                            (i) by striking the first sentence;
                            (ii) by amending the second sentence to 
                        read as follows: ``Debate on any debatable 
                        motion or appeal in connection with an 
                        impoundment resolution shall be limited to 1 
                        hour, to be equally divided between, and 
                        controlled by, the mover and the manager of the 
                        resolution, except that in the event that the 
                        manager of the resolution is in favor of any 
                        such motion or appeal, the time in opposition 
                        thereto shall be controlled by the minority 
                        leader or his designee.'';
                            (iii) by striking the third sentence; and
                            (iv) in the fourth sentence, by striking 
                        ``rescission bill or'' and by striking 
                        ``amendment, debatable motion,'' and by 
                        inserting ``debatable motion'';
                    (G) in paragraph (d)(3), by striking the second and 
                third sentences; and
                    (H) by striking paragraphs (4), (5), (6), and (7) 
                of paragraph (d).
    (d) Clerical Amendments.--The item relating to section 1012 in the 
table of sections for subpart B of title X of the Congressional Budget 
and Impoundment Control Act of 1974 is amended to read as follows:

``Sec. 1012. Expedited consideration of certain proposed rescissions 
                            and targeted tax benefits.''.
Amends the Congressional Budget and Impoundment Control Act of 1974 to replace provisions regarding the rescission of budget authority with those authorizing the President to propose the rescission of any budget authority provided in an appropriation Act or repeal of any targeted tax benefit provided in any revenue Act. 
Authorizes the President to transmit a draft bill to the Congress with such a proposal that clearly identifies the budget authority proposed to be rescinded or the targeted tax benefit to be repealed. Includes within such bill a Deficit Reduction Account.  Permits the President to place in the Account an amount not to exceed total rescissions in the bill. 
Establishes expedited procedures in the Senate and the House of Representatives for consideration of such bill. 
Makes any amount of budget authority proposed to be rescinded available for obligation on the day after the date either House rejects such bill.  Deems any targeted tax benefit proposed for repeal to be repealed unless either House rejects such bill during a prescribed time frame.
To amend the Congressional Budget and Impoundment Control Act of 1974 to provide for the expedited consideration of certain proposed rescissions of budget authority.