Constitutional Amendment - Authorizes the President to reduce or disapprove appropriations in any bill, order, resolution, or vote, which is presented to the President.
Declares that any legislation that the President approves and signs after such amendment shall become law as so modified.
Requires the President to return those portions of the legislation that contain reduced or disapproved appropriations with objections to the chamber where such legislation originated.
Allows Congress to consider separately any reduced or disapproved appropriations in the manner prescribed under the U.S. Constitution for bills disapproved by the President.