Deficit Reduction and Effective Legislative Line Item Veto Act of 2006

[AI summary unavailable — showing source text] Deficit Reduction and Effective Legislative Line Item Veto Act of 2006 - Amends the Congressional Budget and Impoundment Control Act of 1974 (CBICA) to authorize the President to propose the cancellation (line item veto) of any dollar amount of discretionary budget authority or targeted tax benefit within 10 days after its enactment. Dedicates any cancellation only to deficit reduction or increase of a surplus. Provides for adjustment of: (1) committee allocations resulting from such rescission; and (2) applicable limits, as appropriate, under the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act). Sets forth procedures for expedited congressional consideration of a proposed rescission. Authorizes the President temporarily to: (1) withhold discretionary budget authority (including emergency spending); and (2) suspend implementation of any targeted tax benefit proposed to be repealed. Amends the Gramm-Rudman-Hollings Act to extend: (1) pay-as-you-go requirements through FY2011; and (2) certain expiring provisions through FY2016. Amends Rule XXIII (Code of Official Conduct) of the House to prohibit a Member from conditioning the inclusion in any leg…