Proposed Rescission by Department of Commerce of Unobligated Emergency Steel Guarantee Loan Program Appropriation, B-302335, January 15, 2004
B-302335, Jan 15, 2004
You asked whether the unobligated balance of the Program's appropriation is available to the Department for that purpose. We conclude that the Program's appropriation is not available to the Department for purposes of the $100 million rescission. Congress found that "a strong steel industry is necessary to the adequate defense preparedness of the United States" and that industry problems were causing a decline in the willingness of private institutions to loan money to U.S. steel companies. There is appropriated $140. 000 is appropriated to the Department of Commerce. 000 are rescinded."). That within 30 days after the date of enactment of this section the Secretary of Commerce shall submit to the Committees on Appropriations of the House of Representatives and the Senate a report specifying the amount of each rescission made pursuant to this section."). /5/ DISCUSSION At issue here is whether unobligated Program funds are "unobligated balances available to the Department of Commerce" for rescission.