Difference between revisions of "Rescission"
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| − | [[ | + | '''Rescission''' is the unmaking or undoing of a [[contract]]; repeal. [[Category:Legal Terms]] |
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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 The [[Impoundment Control Act of 1947]] specifies that the [[POTUS|President]] may propose to Congress that funds be rescinded.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. | ||
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| + | == External links == | ||
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| + | *[http://dictionary.law.com/ Law Dictionary] | ||
| + | *[http://research.lawyers.com/glossary/ Glossary of Legal Terms] | ||
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| + | [[category:United States Government]] | ||
| + | [[Category:Budget terms]] | ||
Revision as of 00:51, August 23, 2010
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 The Impoundment Control Act of 1947 specifies that the President may propose to Congress that funds be rescinded.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.