Saving Taxpayers’ Money and Paying America’s Debt Act
Source: Congress.gov ·
233 words in original text
What This Bill Does
This bill directs the government to take back unused federal money that was set aside under the American Rescue Plan Act of 2021. The unused money would be returned to the Treasury (the government's main account) to help reduce the deficit (the amount the government overspends each year).
Who It Affects
Not specified in bill text
Key Provisions
- The government must rescind (cancel) all unobligated balances (money set aside but not yet spent) from the American Rescue Plan Act of 2021 on the date this law takes effect (Sec. 2)
- The rescinded money shall be deposited into the general fund of the Treasury for the sole purpose of deficit reduction (Sec. 2)
What Changes
If this bill becomes law, any money from the American Rescue Plan Act of 2021 that has not yet been spent will be taken back and added to the Treasury's general fund instead of being available for spending on the program's original purposes.
Important Definitions
- Unobligated balance: money that was set aside for spending but has not yet been committed or spent
- Deficit reduction: using money to pay down the difference between what the government spends and what it collects in taxes
Effective Date
On the date of enactment of this Act (Sec. 2)
Important: This plain English summary was generated by AI and is provided for informational purposes only.
It is not legal advice. Always consult the official bill text on Congress.gov
or a qualified attorney for legal matters.