This bill would create a new process allowing the President to propose rescissions, or cancellations, of federal spending and certain tax benefits within ten days of Congress passing any appropriations or spending law. Under the expedited procedure, the President would submit a special message to Congress identifying the specific funding, spending programs, or tax provisions to be eliminated and could temporarily withhold that money while Congress considers an approval bill. Congress would have strict timelines to act, with committees required to report within three legislative days and floor votes limited to just two hours of debate in the House and ten hours in the Senate, with no amendments allowed. If Congress does not approve the rescission within 30 days, the withheld funds would be released and the original spending would proceed. Any money successfully rescinded would be dedicated to deficit reduction. This legislation essentially grants the President a form of line-item veto power that previous Congresses have considered and rejected, as it would shift significant budget control from Congress to the executive branch.