House Republicans Introduce Rescission Bill
House Majority Leader Kevin McCarthy, R-Calif., and nine Republican colleagues introduced the Spending Cuts to Expired and Unnecessary Programs Act (H.R. 3) Wednesday, a bill that would rescind $15.4 billion in federal budget authority. Included in what the legislation would take is $151 million from the 2018 allocations for the Capital Magnet Fund, $41 million from the U.S. Department of Housing and Urban Development Public Housing Capital Fund and $40 million from the United States Department of Agriculture Section 521 Rural Rental Assistance program. Congress has 45 days to act on rescission proposals and during that time the funds are impounded and federal agencies can’t spend them. Hear more in this week’s Tax Credit Tuesday podcast.