Directs the President, in the absence of a declaration of war or a specific statutory authorization (currently, only in the absence of a declaration of war), to submit a written report to Congress within 48 hours when the Armed Forces are introduced into hostilities or foreign nations under specified circumstances and requires that such report include the circumstances necessitating the introduction, the constitutional and legislative authority under which such introduction took place, and the estimated scope and duration of the hostilities or involvement.

Repeals an existing framework under which the President is required to terminate, within 60 days, subject to a possible 30-day extension, any use of Armed Forces with respect to which the President has submitted (or is required to submit) a report concerning the introduction of Armed Forces into hostilities in the absence of a declaration of war, unless: (1) Congress declares war or enacts specific authorization, (2) extends the 60-day period, or (3) is physically unable to meet as a result of an armed attack upon the United States. Strikes provisions concerning congressional action to remove Armed Forces engaged in hostilities without a declaration of war or specific statutory authorization.

Replaces such framework with a process that prohibits funds available for the Armed Forces from being obligated or expended for introducing the Armed Forces into hostilities, or into situations where imminent involvement in hostilities is clearly indicated, in the absence of: (1) a declaration of war; (2) specific statutory authorization; or (3) a national emergency created by an attack or imminent threat of attack upon the United States, its territories or possessions, or the Armed Forces.