Legislative Line Item Veto Act of 2006 - Amends the Congressional Budget and Impoundment Control Act of 1974 to authorize the President to propose the rescission of any dollar amount of discretionary budget authority or the rescission, in whole or in part, of any item of direct spending.
Sets forth requirements for the President's transmittal to Congress of a special message regarding a proposed rescission.
Requires any rescinded budget authority or items of direct spending to be dedicated only to deficit reduction, and not to be used as an offset for other spending increases.
Provides for adjustment of: (1) committee allocations resulting from such rescission; and (3) applicable limits, as appropriate, under the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act).
Sets forth procedures for expedited congressional consideration of a proposed rescission.