Canceling Unspent COVID Funds to Reduce National Deficit.
This bill aims to cancel unused federal money previously allocated through major COVID-19 relief packages, such as the CARES Act and the American Rescue Plan. These funds, which have not yet been committed or spent, will be redirected to the Treasury solely for the purpose of reducing the national debt. The President retains the power to waive the cancellation for specific programs deemed essential for national security.
Key points
Unspent funds from major COVID-19 relief laws are canceled (rescinded).
The canceled money will be used exclusively to reduce the national budget deficit.
The President can prevent the cancellation of funds necessary for national security programs.
Status:
Placed on Calendar
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