Word: vetoes
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While the majority of Congressmen are opposed to the line item veto, there are a few, including Sen. Edward M. Kennedy (D.-Mass.) and Sen. Joe Biden (D.-Del.), who feel that the authority is a legitimate way to reduce the deficit...
Although the power has never been granted to the president, the item veto is commonly used in the United States. Forty-three states give governors item veto authority, and Congress has, in the past, granted the authority to the governors of many American overseas territories...
...logic behind a line item veto is simple. By putting the entire federal budget into a single omnibus spending package, which the president must ratify in its entirety or veto (thereby shutting down the complete federal bureaucracy), legislators can insert a number of pork-barrel expenditures to please their constituents and improve their re-election chances. That is simply the nature of the legislative beast...
...president exercised item veto power, it is unlikely that legislators would override the veto and openly support such ridiculous expenditures on their...
While a line item veto may work on the state level, it is highly unlikely that a president would ever get to use it on the federal level. Constitutional amendments are extremely rare, and there is far from a consensus in support of the item veto...