President's Fifth Special Message for Fiscal Year 1978

The President's fifth special message for fiscal year 1978 pursuant to the Impoundment Control Act of 1974 proposed three new rescissions of budget authority totaling $55.3 million and six new deferrals affecting $1,517.1 million in budget authority. The rescissions involved funds appropriated to the President, the Department of State, and the Federal Home Loan Bank Board. The deferrals of budget authority involved: the Department of Agriculture; the Department of Commerce; the Panama Canal Zone Government; and the Department of Health, Education, and Welfare. The message also included revisions to seven previously proposed deferrals involving: the Department of Justice, the Department of Labor, the Department of Transportation, the Department of the Treasury, the National Science Foundation, and the U.S. Information Agency. Based on the current legislative calendar, the 45-day period during which funds may be withheld pending congressional consideration of a rescission bill will end April 3, 1978.