Difference between revisions of "Rescission"
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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 The [[Impoundment Control Act of 1947]] specifies that the [[POTUS|President]] may propose to Congress that funds be rescinded.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. | 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 The [[Impoundment Control Act of 1947]] specifies that the [[POTUS|President]] may propose to Congress that funds be rescinded.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. | ||
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== External links == | == External links == | ||
*[http://dictionary.law.com/ Law Dictionary] | *[http://dictionary.law.com/ Law Dictionary] | ||
*[http://research.lawyers.com/glossary/ Glossary of Legal Terms] | *[http://research.lawyers.com/glossary/ Glossary of Legal Terms] | ||
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| + | [[category:United States Government]] | ||
| + | [[Category:Budget terms]] | ||
Revision as of 19:23, October 7, 2008
Rescission is the unmaking or undoing of a contract; repeal.
In government, rescission is the cancellation of budget authority previously provided by Congress. The Impoundment Control Act of 1947 specifies that the President may propose to Congress that funds be rescinded.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.