No...maybe. Maybe just a little one, since Congress has the ability quibble over line items, but the executive has to accept or reject it as a whole, so when Congress spends a few billion dollars on a de facto jobs program by ordering six new ships that the Navy doesn't even want (which actually happened in the FY06 budget), the president's choice is to accept the extra billions Congress tacks on, or shut down the entire government (as I recall Clinton did...which I supported.)
And although it would provide an effective check to Congressional budgetary stupidity, don't think for a minute I'm advocating the line-item veto. I'm not. The solution isn't to give the executive power to quibble over line items with Congress, the solution is for Congress to stop adding stupid sh-- to the budget. As long as Congress can keep padding the budget line-item by line-item but the executive has to address it as a whole, Congress has to take the lion's share of the blame.
Except that in practical terms, the budget the White House sends over is little more than a set of suggestions compiled into a wish-list. It has about the same authority as one. The budget isn't a budget until Congress gets done with it. That has nothing to do with partisanship, that's simply how things work.