Congressional Accountability and Line Item Veto Act of 2007 - Amends the Congressional Budget and Impoundment Control Act of 1974 to authorize the President to propose the repeal of any congressional earmark or the cancellation (line item veto) of any limited tariff benefit or targeted tax benefit.
Sets forth requirements for the President's transmittal to Congress of a special message regarding a proposed repeal or cancellation.
Dedicates any repeal or 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 expedited congressional consideration of a proposed rescission.
Expresses the sense of Congress that no President or any executive branch official should condition the inclusion or exclusion, or threaten to condition the inclusion or exclusion, of any proposed repeal or cancellation in any special message under this Act upon any vote cast or to be cast by any Member of either chamber.