Difference between revisions of "Rescission"
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(New page: 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 The Impoundment Control Act of 1947 specifies that the President may propose to Congress that funds be rescinded.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 b...) |
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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 The Impoundment Control Act of 1947 specifies that the President may propose to Congress that funds be rescinded.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. | ||
| + | [[category:US Government]] | ||
Revision as of 03:47, July 15, 2007
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 The Impoundment Control Act of 1947 specifies that the President may propose to Congress that funds be rescinded.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.