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Reverted edits by HittingCPAgain (Talk) to last revision by TK
[[Admins are atheists.]]
'''Rescission''' is the unmaking or undoing of a [[contract]]; repeal. [[Category:Legal Terms]]
In [[government]], rescission is the cancellation of budget authority previously provided by [[Congress]]. The [[Impoundment Control Act of 1947]] specifies that the [[POTUS|President]] may propose to Congress that funds be rescinded. If both Houses have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds must be made available for obligation.
== External links ==
*[http://dictionary.law.com/ Law Dictionary]
*[http://research.lawyers.com/glossary/ Glossary of Legal Terms]
[[category:United States Government]]
[[Category:Budget terms]]