Constitutional Amendment - Authorizes the President to make a line item veto of any appropriation in any bill, order, resolution, or vote presented for signature into law.
Declares that any legislation the President approves and signs, after being amended with a line item veto, 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 House where such legislation originated.
Authorizes Congress to separately consider any reduced or disapproved appropriations in the manner prescribed under section 7 of Article I for vetoed bills.