Amendment in the nature of a substitute extends rescission procedures to Presidential proposals to repeal "targeted tax benefits" in revenue bills; provides that 50 House Members can request a vote on a motion to strike an individual rescission from the President's proposed rescission package; provides that the special rescission procedures established by the substitute are permanent; applies the special rescission procedures proposed by the President to any time during the year; does not apply the expedited consideration procedures to alternative rescission packages proposed by the Appropriations Committees; and specifies that the President has the option of earmarking savings from proposed rescissions for deficit reduction.