Idaho Congressman Mike Simpson today cosponsored H.R. 6403, the American Recovery and Reinvestment Rescission Act. H.R. 6403 will rescind all remaining unobligated stimulus dollars left from the $282 billion in discretionary spending that was originally appropriated in the stimulus bill. 

“During a time when the national debt is nearly $14 trillion, this is unacceptable and the American people are demanding a stop to federal spending,” said Simpson. “This legislation is the first step toward reducing the deficit. It is vital that we pass this bill as soon as possible.”

Much of the discretionary stimulus funding has already been distributed to specific programs, with most of it dispersed to projects that failed to create jobs. According to the Congressional Budget Office (CBO), there is currently $12 billion in unobligated funds available for rescission.  Congress has the opportunity to end this wasteful spending and return the remaining billions in taxpayer funds back to the Treasury for deficit reduction. 

“On November 2, Americans made history and sent a strong message to Congress. The wasteful spending has to stop and the deficit has to be reduced. Returning the unspent stimulus money back to the Treasury is the first step to rebuilding our economy,” said Simpson.

H.R. 6403 was referred to the House Appropriations Committee, the House Transportation and Infrastructure Committee, and the House Oversight and Government Reform Committee. Republicans hope to quickly move the bill to the floor for a vote so it can be sent to the President for a signature by the end of this session.