President Gains Power to Cancel Spending and Tax Benefits
This act grants the President the power to cancel specific budget spending, direct spending programs, or targeted tax benefits that have already been enacted. The goal is to reduce the budget deficit. Congress will have an expedited process to vote on these proposed cancellations.
Key points
The President can propose canceling specific amounts of budget authority, direct spending, or targeted tax benefits within 30 days of their enactment.
Canceled funds must be used solely for deficit reduction or increasing the surplus.
Congress will follow an expedited procedure to vote on cancellation proposals, without the possibility of amendments.
The President can temporarily suspend spending or tax benefits for 30 days before Congress votes on their cancellation.
The act is set to expire on October 1, 2031.
Status:
Introduced
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