Vote on a motion to proceed with a bill that repeals $40 billion in unspent funds, suspends certain regulations for a period of 1 year, and extends appropriations for highway and transportation programs until September 30, 2013.

• Repeals $40 billion of all appropriated discretionary funds that remain unspent on the effective date of this act (Sec. 701).

• Extends appropriations from the Highway Trust Fund for projects and programs of the Federal Highway Administration from March 31, 2012 until September 30, 2013 (Sec. 201).

• Extends public transportation appropriations from March 31, 2012 until September 30, 2013 (Sec. 201).

• Appropriates $235 million for fiscal years 2012 and 2013 for surface transportation-related projects and programs (Sec. 301).

• Repeals, for a period of 1 year, all covered regulations (Sec. 603).

• Defines "covered regulation" as a regulation that (Sec. 602):
• Increases costs on businesses in a manner which will have an "adverse effect" on job creation, job retention, productivity, competitiveness, or "efficient" functioning of the economy;
• Has an annual effect on the economy of $100 million or more;
• "Adversely affects" in a "material way" certain factors including, but not limited to, the economy, productivity, competition, jobs, the environment, or State, local, or tribal governments or communities;
• Creates a "serious inconsistency" with an action taken or planned by another agency;
• "Materially" alters the budgetary impact of grants or loan programs;
• Raises novel legal or policy issues; and
• Did not take effect before September 1, 2011.

• Requires Congress to review and approve, via the enactment of a joint resolution of approval, all rules drafted by federal agencies (Sec. 801).