  We present an SMT-based symbolic model checking algorithm for safety
verification of recursive programs. The algorithm is modular and analyzes
procedures individually. Unlike other SMT-based approaches, it maintains both
"over-" and "under-approximations" of procedure summaries. Under-approximations
are used to analyze procedure calls without inlining. Over-approximations are
used to block infeasible counterexamples and detect convergence to a proof. We
show that for programs and properties over a decidable theory, the algorithm is
guaranteed to find a counterexample, if one exists. However, efficiency depends
on an oracle for quantifier elimination (QE). For Boolean Programs, the
algorithm is a polynomial decision procedure, matching the worst-case bounds of
the best BDD-based algorithms. For Linear Arithmetic (integers and rationals),
we give an efficient instantiation of the algorithm by applying QE "lazily". We
use existing interpolation techniques to over-approximate QE and introduce
"Model Based Projection" to under-approximate QE. Empirical evaluation on
SV-COMP benchmarks shows that our algorithm improves significantly on the
state-of-the-art.
