An amendment to require the President to present to Congress by January 15, 1982 a report on plans to rescind $8 billion of the funds provided in titles I (procurement), II (research, development, test, and evaluation), and III (operation and maintenance). The savings are to be due to a) the funds being not required to carry out the full objectives of the programs, b) elimination of waste, fraud, abuse, and mismanagement. The bill also requires a report on measures taken and projected to eliminate waste, fraud, abuse, and mismanagement from the Comptroller General.