Well, the fundamental difference from the line-item veto is that it does not require a supermajority to reject the idea of the President. It requires a majority of both Houses--both Houses have to have a majority vote in favor of the President's position. Therefore, either House can strike down the President's position. So you retain-- we, the Congress--the power of the purse.
Discussing the differences between the line-item veto and congressional authority.
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