To reduce Federal spending in several programs.

[AI summary unavailable — showing source text] TABLE OF CONTENTS: Title I: Defense Title II: Other Discretionary Accounts Title III: Entitlements Title I: Defense - Directs the Secretary of Defense to reduce: (1) by FY 2004 the Department of Defense (DOD) strategic nuclear force to include a maximum of 300 Minuteman III intercontinental ballistic missiles; and (2) DOD theater missile defense programs by terminating the Navy sea-based area theater missile defense system, the Army Medium Extended Air Defense System, the Air Force airborne laser for destruction of missiles system, and the Space and Missile Tracking System. (Sec. 102) Prohibits funds from being appropriated to DOD for fiscal years after 1998 for the production of Trident II (D-5) missiles for the Navy. Requires the Secretary to retire eight Trident I submarines during FY 2001 through 2004. (Sec. 103) Prohibits funds from being appropriated to DOD for fiscal years after 1998 for: (1) assistance to Israel for development of the Arrow missile; and (2) research, development, test, and evaluation or for procurement for the Marine Corps V-22 Osprey aircraft program. (Sec. 105) Requires the Secretary to retire 20 Air Force KC-135E aircraft during each of FY 1999 through 2…