This bill — the Spending Cuts to Expired and Unnecessary Programs Act — would rescind about $14.7 billion in unused budget authority from previous fiscal years. “Unused budget authority” means that the funds are sitting idle in agency accounts and are unable to be legally spent without a new authorization from Congress or will go unused because a program is dormant (which is why such funds are often used as offsets for new spending). A breakdown of the larger rescissions in this bill can be found below.
This bill would rescind:
$5.1 billion from the Children’s Health Insurance Fund that was allocated in 2015 but has gone unused as the ability to transfer the funds to states expired on September 30, 2017. As a result, the CBO estimates this will have no impact on CHIP enrollment.
$4.3 billion from the Dept. of Energy’s (DOE) Advanced Technology Vehicles Manufacturing Loan Program. This would effectively eliminate the program, which has only produced five loans since its creation in 2007.
$1.9 billion from the Child Enrollment Contingency Fund, of which there was $2.4 billion available on March 23, 2018 as no states are expected to need a contingency fund payment in 2018.
$800 million from the Centers for Medicare and Medicaid Innovation account that’s leftover from previous authorizations and in excess of what’s needed for fiscal years 2018 and 2019.
$499 million from the Dept. of Agriculture's Farm Security and Rural Investment Programs account, which had a balance of $1.5 billion on October 1, 2017. This rescission would include $356 million in balances for programs that weren't extended in 2014, and $144 million in balances from FY2014 through FY2017.
$220 million from the Dept. of Health and Human Service’s (HHS) Nonrecurring Expenses Fund, which had $510 million available on October 1, 2017.
$160 million from the DOE’s Title 17 Innovative Technology Loan Guarantee Program which would eliminate the program, as it has only made three loan guarantees related to a single project since its inception.
$141 million from the Treasury Dept.’s Capital Magnet Fund which provides funding to housing nonprofits and Community Development Financial Institutions to finance affordable housing projects, which is inconsistent with the administration’s policies.
$132 million from the Railroad Retirement Board’s Railroad Unemployment Insurance Extended Benefits Payments account as the program expired at the end of 2012 and the remaining funds are no longer needed.
$106 million from the Dept. of Justice’s (DOJ) Assets Forfeiture Fund, which totaled $1.3 billion on October 1, 2017 which aren’t needed to carry out the program in FY2018.