Status of Budget Authority

The President's sixth special message for fiscal year 1981 proposed three rescissions totaling $128 million in budget authority. The funds had been appropriated to the Department of the Interior, the Department of the Treasury, and the National Consumer Cooperative Bank. Sections of the Impoundment Control Act require that funds proposed for rescission be made available for obligation unless Congress acts on the proposal within 45 days. The 45-day period ended May 10, 1981 for these rescission proposals. Accordingly, the budget authority was apportioned to the agencies involved.