The President appeared on TV today saying he's asking Congress to pass a law giving him the line item veto. Reagan asked for it, too. Then the Rep. Congress gave it to Clinton in 1996 and courts overturned, saying it was unconstitutional, for only Congress controls the spending/has power to spend. Line item veto was taken away, right before Bush became President.
So IMHO Bush is asking Congress to pass a law that's unconstitutional, though he said he "thought" it was re-written now so that it would pass the court and be constitutional. So who wrote this law? Gonzales, Cheney, Rove? I heard one discussion saying it would have to be made an amendment to the Constitution - and would take 2/3 votes by Congress and states.
Is Bush just now trying to look fiscally responsible? Well, he's 5 years late. It must be an election year gimmick so Repubs. can say they "tried." More smoke and mirrors. This is the most spending Congress in the history of the U.S. Republicans are borrowing and spending us into oblivion. It's obscene. It's so reckless we have to sell American assets to cover our borrowing.