S. 3166: Returning Unspent COVID Funds Act

This bill, titled the Returning Unspent COVID Funds Act, proposes to rescind unspent funds that were allocated for various COVID-19 relief programs established under several pieces of legislation. It aims to reduce the federal deficit by reclaiming these funds. The specific funding sources referenced include:

• The American Rescue Plan Act of 2021
• Division M or N of the Consolidated Appropriations Act, 2021
• The Paycheck Protection Program and Health Care Enhancement Act
• The CARES Act
• The Families First Coronavirus Response Act
• The Coronavirus Preparedness and Response Supplemental Appropriations Act of 2020

According to the bill:

• The unobligated balances of the funds mentioned will be rescinded upon the bill's enactment.
• However, there is a provision allowing the President to waive the rescission for specific accounts or programs if he submits a notice to Congress within 60 days of the bill’s enactment.
• Any funds that are rescinded will be deposited into the general fund of the Treasury and can only be used for reducing the federal deficit.

Overall, the objective of this legislation is to reclaim unused COVID-19 relief funds and direct them towards reducing the national debt.

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