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A rescission of $126,212,000 in budget authority available to the Navy for its Patrol Hydrofoil Missile Program (R77-14) was proposed in the President's 12th special message for fiscal year 1977 (May 18, 1977). Congress failed to complete action on the rescission bill within the statutory 45-day period of continuous congressional session following the day the proposal was received. As a result, the funds have been apportioned by the Office of Management and Budget to the Department of Defense and are available for obligation.

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