This bill rescinds certain unobligated funds that were provided to address COVID-19 and requires the funds to be used for deficit reduction.
Specifically, the bill rescinds unobligated funds that were provided by
the American Rescue Plan Act of 2021; Divisions M and N of the Consolidated Appropriations Act, 2021; the Paycheck Protection Program and Health Care Enhancement Act; the Coronavirus Aid, Relief, and Economic Security Act (CARES Act); the Families First Coronavirus Response Act; and the Coronavirus Preparedness and Response Supplemental Appropriations Act, 2020. Funds rescinded by this bill must remain in the Treasury to be used for the sole purpose of deficit reduction.
The bill allows the President to waive the required rescission for an account or program if a notice waiving the rescission for the account or program is submitted to the House Budget Committee and the Senate Finance Committee no later than 60 days after the enactment of this bill.