Forgotten Funds Act
Sponsored By: Representative Schweikert, David [R-AZ-1]
Introduced
Summary
Permanently rescinds unobligated discretionary balances from fiscal year 2021 and earlier. It would require those canceled funds to be deposited into the Treasury general fund and used only to reduce the federal deficit.
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- Federal agencies: Would lose access to any unobligated discretionary funds made available for FY2021 and prior years, eliminating those carryover balances for agency use.
- Federal finances: The amounts rescinded would be transferred into the Treasury's general fund and designated solely for deficit reduction, redirecting prior-year unspent discretionary money to the federal ledger.
*If enacted, the bill would lower the federal deficit by directing prior-year unobligated discretionary balances into the Treasury general fund.*
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Bill Overview
Analyzed Economic Effects
1 provisions identified: 0 benefits, 0 costs, 1 mixed.
Pull back unspent federal program funds
If enacted, this would pull back unspent money from past discretionary budgets (fiscal year 2021 and earlier). Those funds would be permanently canceled and deposited into the Treasury's general fund. The money would be used only to reduce the federal deficit. It would take effect at enactment, with no phase-ins, exemptions, or alternative uses. The effect on agencies and services would depend on how much is still unspent at that time.
Sponsors & CoSponsors
Sponsor
Schweikert, David [R-AZ-1]
AZ • R
Cosponsors
There are no cosponsors for this bill.
Roll Call Votes
No roll call votes available for this bill.
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