Constitutional Amendment - Permits the President to reduce or disapprove any item of appropriation in any Act or joint resolution, except an item of appropriation for the legislative branch. Requires the President to return with his objections any item of appropriation reduced or disapproved to the House in which the bill originated. Subjects such bills to the same proceedings as other bills disapproved by the President, except that only a majority vote of each House shall be required to approve an item which has been disapproved or to restore an item reduced by the President to its original amount.