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Title XIII: 13.4 Stimulus Funds Not Accepted or Obligated by States to be Deposited in Treasury Department’s General Fund

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13.4 Stimulus Funds Not Accepted or Obligated by States to be Deposited in Treasury Department's General Fund

 

 


13.4.    Stimulus Funds Not Accepted or Obligated by States to be Deposited in Treasury's General Fund.  If funds provided to a state under American Recovery and Reinvestment Act ("ARRA") are not accepted by the Governor or by the State legislature, the funds will be rescinded and placed in the General Fund of the Treasury.  Once in the General Fund, they will be used for the sole purpose of deficit reduction and may not be used as an offset for other spending increases or revenue reductions.  Further, Title XIII provides that if the head of an executive agency withdraws or recaptures any ARRA funds not obligated by a State to a local government or for a specific purpose, then those funds shall be rescinded and deposited in the General Fund of the Treasury for the sole purpose of deficit reduction and may not be used as an offset for other spending increases or revenue reductions.  Similarly, Title XIII provides that any discretionary ARRA appropriations that have not been obligated as of December 31, 2012 shall be rescinded and such amounts shall be deposited in the General Fund of the Treasury for the sole purpose of deficit reduction and may not be used as an offset for other spending increases or revenue reductions.  The President may waive the preceding provision if he determines that it is not in the best interest of the Nation to rescind a specific unobligated amount. [§1306]