A bill to provide for joint action by the executive and legislative branches to limit outlays from budget authority for the fiscal year 1975.

Provides that, within 40 days after the enactment of this Act, the President shall submit to Congress recommendations, limited only under this Act to proposed rescissions and deferrals of budget authority pursuant to the Impoundment Control Act of 1974, or proposals for changes in existing law, or both, which recommendations he deems sufficient to limit budget outlays by the United States Government, during fiscal year 1975, to $295,000,000,000.