By Erik Wasson - 02/08/12 05:50 PM EST
The bill allows the president, within 45 days of the passage of an appropriations bill, to request that specific funding be canceled. The request would receive an up-or-down vote in Congress.
A true line-item veto was found unconstitutional by the Supreme Court in the 1990s.
Opponents of the bill argue that it tips the balance of power too heavily in favor of the White House, weakening Congress.
Appropriators have said that annual negotiations with the White House on spending bills will be altered as members fear that their spending priorities will be retaliated against by the White House after a spending bill becomes law.