Expedited Rescissions Act of 1999

[AI summary unavailable — showing source text] Expedited Rescissions Act of 1999 - Amends the Congressional Budget and Impoundment Control Act of 1974 to authorize the President to propose the rescission of any budget authority provided in an appropriation Act or repeal of any targeted tax benefit provided in any revenue Act. Permits the President, if proposing a rescission of budget authority, to propose to reduce the appropriate discretionary spending limit set forth in the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) by an amount that does not exceed the proposed rescission. Authorizes the President to transmit a draft bill to Congress with such a proposal that clearly identifies the budget authority proposed to be rescinded or the targeted tax benefit to be repealed. Sets forth procedures for the identification of targeted tax benefits. Establishes expedited procedures in the Senate and the House of Representatives for consideration of the draft bill. Makes any amount of budget authority proposed to be rescinded available for obligation on the day after the date either House rejects such bill. Provides that any targeted tax benefit proposed for repeal shall not be deemed repealed unl…