Section 1012, as Enacted
Part B—Congressional Consideration of Proposed Rescissions, Reservations, and Deferrals of Budget Authority
Rescission of budget authority
Sec. 1012. (a) Transmittal of Special Message.—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to carry out the full objectives or scope of programs for which it is provided or that such budget authority should be rescinded for fiscal policy or other reasons (including the termination of authorized projects or activities for which budget authority has been provided), or whenever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(1) the amount of budget authority which he proposes to be rescinded or which is to be so reserved;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(3) the reasons why the budget authority should be rescinded or is to be so reserved;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(b) Requirement to Make Available for Obligation.—Any amount of budget authority proposed to be rescinded or that is to be reserved as set forth in such special message shall be made available for obligation unless, within the prescribed 4:5-day period, the Congress has completed action on a rescission bill rescinding all or part of the amount proposed to be rescinded or that is to be reserved.
DESCRIPTION OF SECTION FROM JOINT STATEMENT ON THE CONFERENCE COMMITTEE
The Committee on the Budget of the House issued a committee print setting froth an explanatory statement of the managers of the committee of conference on H.R. 7130, the bill which was enacted as the Congressional Budget and Impoundment Control Act of 1974.It included a single description for the Impoundment Control Act of 1974 (title X of that law). Please see the Explanatory Statement of Managers of the Title X of the Impoundment Control Act of 1974 for this description.
[Joint Explanatory Statement on the Committee of Conference on H.R. 7130; (Committee Print), Committee on the Budget, House of Representatives, 93d Congress, 2d Session, Washington D.C. 1975.]
This section is classified to the U.S. Code at 2 U.S.C. 683. It 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.
LEGISLATIVE HISTORY NOTES
Pub. L. 93–344, §1012, July 12, 1974, 88 Stat. 333. The Congressional Budget and Impoundment Control Act of 1974 enacted this section into law.
REVISION OF TITLE 31 OF THE U.S. CODE
Most of the Congressional Budget Act of 1974 was classified to Title 31 of the U.S. Code but has since been transferred either to title 2 (The Congress) or to a revised Title 31. See the following for more information:
- Pub. L. 97–258, §1, Sept. 13, 1982, 96 Stat. 877
- Title 31 Revision and Codification Law of 1982
- Revision of Title 31
- Table on the House Law Revision Counsel Website.
[BCR § 184A]