From the Congressional Glossary – Including Legislative and Budget Terms Budgetary Reserves photo credit: Marine Corps Archives & Special Collections Portions of budgetary resources set aside (withheld through apportionment) by the Office of Management and Budget (OMB) by authority of the Antideficiency Act (31 U.S.C. § 1512) solely to provide for contingencies or to effect … Read more
From the Congressional Glossary – Including Legislative and Budget Terms Rescission Panel 1: The History of the 1921 and 1974 Budget Acts Rescission: Cancellation of budget authority previously provided by Congress. Legislation enacted by Congress that cancels the availability of budget authority previously enacted before the authority would otherwise expire. The Impoundment Control … Read more
From the Congressional Glossary – Including Legislative and Budget Terms Line Item Veto (Item Veto) photo credit: Jordi Payà Whenever the president signs a bill or joint resolution, the president may cancel in whole (1) any dollar amount of discretionary budget authority, (2) any item of new direct spending, and (3) certain limited tax benefits. … Read more