A bill to ensure effective Congressional oversight of overseas military base support carried out by NATO host countries for the United Sates as payments-in-kind for release of United States overseas military facilities to such countries and to reduce the deficit.

Expresses the sense of the Congress that the President should intensify his efforts to recover from governments of North Atlantic Treaty Organization (NATO) countries the value of improvements (buildings, roads, etc.) made to U.S. military installations in such countries which are closed and turned over to such countries due to U.S. defense spending reductions. Amends the National Defense Authorization Act for Fiscal Year 1992 to require the President, before entering into negotiations with such countries for payments-in-kind for the value of such improvements, to provide written notice of such intentions to the defense subcommittees of the Senate and House Appropriations Committees. (Currently, only notice to the congressional defense committees is required.) Increases the required contents of such notice. Directs the President, prior to such an agreement being entered into by the Secretary of Defense, to: (1) submit to the Congress a request for rescission of appropriations for overseas base support with respect to such installation; (2) recommend to the Congress a reduction in the request for overseas base support in the amount of the value of the improvements; or (3) a combination of the above actions. Requires the total amount of reductions to be no less than the fair market value of the improvements to be released to the host country. Provides limitations to the Secretary in accepting payments-in-kind under this Act.