Fox News' Major Garrett has learned that President Obama will send his own version of a line-item veto bill to Congress Monday.

The Reduce Unnecessary Spending Act of 2010 would grant Mr. Obama the authority to request a series of cuts in just-passed spending bills, which congress would have to vote up or down on as a package, with no changes. Additionally, members would have limited time to debate the cuts.

Under this new so-called "expedited rescission authority," the president would have to submit his "rescissions," or changes to appropriations bills, within 45 congressional working days of when the bills are passed.

President Obama has often stated his desire to cut spending in the federal government, even using his administration's own practices as an example, but House Republican Leader John Boehner (R-OH) says Mr. Obama doesn't need to create a new spending cut power; he's already got it.

"We’re pleased President Obama is interested in demonstrating fiscal discipline, but he already has the authority to force Congress to consider spending cuts immediately and Republicans have been inviting him to use it for months," he said in a statement reacting to the president's proposal.

"With our national debt nearing $13 trillion and Democrats on the verge of adding another $200 billion to the deficit, why can’t we start cutting wasteful Washington spending right now...?" Boehner posed.

Mr. Obama's new rescission authority, officials say, would work in concert with his current authority.

It was Democrats who defeated similar legislation under President Bush three years ago. Now that a member of their party is in the White House, it's not yet clear whether they'll change their minds.

If granted, Mr. Obama's rescission power would be less flexible than the more targeted line-item veto power given to President Clinton but struck down by the Supreme Court.