The Forgotten Funds Act takes back unused government money from past budgets and uses it to pay down the national debt. This helps the government manage its finances better.
Forgotten Funds Act This bill rescinds the unobligated balances of discretionary appropriations that were provided for FY2021 or any previous fiscal year. It also requires the rescinded funds to be deposited into the Treasury for the sole purpose of deficit reduction.
1. This bill cancels unused government funds from previous years. 2. The canceled funds will be used to reduce the federal budget deficit. 3. It specifically targets discretionary appropriations from fiscal year 2021 and earlier. 4. The bill aims to improve the government's financial situation.
This bill affects taxpayers by potentially improving the overall financial health of the government.