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
From the Congressional Glossary – Including Legislative and Budget Terms Impoundments photo credit: oddsock Any action taken by the executive branch that delays or precludes the obligation or expenditure of budget authority appropriated by Congress. The Congressional Budget and Impoundment Control Act of 1974 was enacted after frequent use of impoundments by President Richard Nixon. … Read more
From the Congressional Glossary – Including Legislative and Budget Terms Monthly Treasury Statement (MTS) photo credit: Daquella manera A summary statement prepared from agency accounting reports and issued by the Department of the Treasury (Treasury). The MTS presents the receipts, outlays, resulting budget surplus or deficit, and federal debt for the month and the fiscal … Read more