H.R. 3785: Forgotten Funds Act

The "Forgotten Funds Act" aims to rescind certain unobligated discretionary appropriations from the U.S. federal budget, specifically for the fiscal year 2021 and previous years. Here’s a breakdown of what the bill would do:

1. Short Title

The bill is officially titled the "Forgotten Funds Act."

2. Rescission of Unobligated Funds

(a) Rescission of Unobligated Funds

The bill mandates the permanent cancellation of unobligated balances from discretionary appropriations that were allocated for fiscal year 2021 and prior years. Essentially, this means that any money that has been set aside in the budget but not yet spent will be taken back.

(b) Use for Deficit Reduction

Any funds that are rescinded under the above provision are required to be deposited into the general fund of the U.S. Treasury. The purpose of this action is specifically to contribute to reducing the federal budget deficit, which refers to the gap that occurs when the government's expenditures exceed its revenues.

Implications

This legislation aims to streamline government spending by eliminating unused funds and addressing the national debt by reallocating these funds towards deficit reduction. The act focuses on ensuring that funds that could have remained idle are instead used to mitigate fiscal shortfalls.

Relevant Companies

None found