Constellation-X will obtain for the first time high quality X-ray spectra for all classes of X-ray sources, over a wide range of luminosity and distance. It is the second priority in the National Academy of Sciences Decadal survey in the major space based missions category (after JWST). Over the past few years, NASA budgets for SMD have been significantly reduced relative to earlier projections. Reduced funding has produced delays in starting Con-X, resulting in increased estimates for end-to-end costs primarily due to schedule slips, increased launch costs, and inflation. In this context of constrained resources and potentially escalating costs, the Constellation-X project team has assessed options to simplify the mission while retaining the capabilities required to achieve the core science requirements. The mission has been optimized from requiring two Atlas V launchers and four spacecraft, to one Atlas V launch and a single spacecraft. As part of this the instrument complement has been simplified and the number of reflectors in the optics reduced. This "Con-X lite" mission meets the key science requirements articulated in the decadal survey. The details of this new configuration will be presented.