Here is an interesting piece on the constitutionality of it.
http://www.politico.com/news/stories/0310/34508.html
The most interesting part of the article to me. More Hypocrisy
"Any challenge likely would be based on two Supreme Court rulings, one in 1983 and the other in 1998, in which the court held that there is only one way to enact a law under the Constitution: it must be passed by both houses of Congress and signed by the president.
In the more recent of the two rulings, a 1998 decision striking down the line-item veto, the court specifically said that the bills approved by both houses must contain the “the same text.” Rep. Louise Slaughter (D-N.Y.), for whom the procedure under consideration by House Democrats is now named, and Speaker Nancy Pelosi (D-Calif.) filed amicus briefs arguing for the result the court reached in the line-item veto case."