Whenever the President determines that all or part of any budget authority will not be required to carry out the full objectives or scope of programs for which it is provided or that such budget authority should be rescinded for fiscal policy or other reasons (including the termination of authorized projects or activities for which budget authority has been provided), or whenever all or part of budget authority provided for only one fiscal year is to be reserved from obligation for such fiscal year, the President shall transmit to both Houses of Congress a special message specifying—
(1)the amount of budget authority which he proposes to be rescinded or which is to be so reserved;
(2)any account, department, or establishment of the Government to which such budget authority is available for obligation, and the specific project or governmental functions involved;
(3)the reasons why the budget authority should be rescinded or is to be so reserved;
(4)to the maximum extent practicable, the estimated fiscal, economic, and budgetary effect of the proposed rescission or of the reservation; and
(5)all facts, circumstances, and considerations relating to or bearing upon the proposed rescission or the reservation and the decision to effect the proposed rescission or the reservation, and to the maximum extent practicable, the estimated effect of the proposed rescission or the reservation upon the objects, purposes, and programs for which the budget authority is provided.
(b) Requirement to make available for obligation
Any amount of budget authority proposed to be rescinded or that is to be reserved as set forth in such special message shall be made available for obligation unless, within the prescribed 45-day period, the Congress has completed action on a rescission bill rescinding all or part of the amount proposed to be rescinded or that is to be reserved. Funds made available for obligation under this procedure may not be proposed for rescission again.
Section was formerly classified to section
1402 of Title
31 prior to the general revision and enactment of Title 31, Money and Finance, by Pub. L. 97–258, § 1,Sept. 13, 1982, 96 Stat. 877.
1987—Subsec. (b). Pub. L. 100–119inserted at end “Funds made available for obligation under this procedure may not be proposed for rescission again.”
The table below lists the classification updates, since Jan. 3, 2012, for this section. Updates to a broader range of sections may be found at the update page for containing chapter, title, etc.
The most recent Classification Table update that we have noticed was Tuesday, August 13, 2013
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Statutes at Large
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