Today, U.S. Sen. Saxby Chambliss (R-GA) co-sponsored S.379, the Decrease Spending Now Act, which would require the Obama administration to cut $45 billion in unused taxpayer dollars sitting in federal coffers. If enacted, this legislation would require the director of the Office of Management and Budget (OMB) to rescind funds from unobligated balances of discretionary appropriations and report to Congress and the secretary of the Treasury on these efforts within 60 days.
The legislation, introduced by Sen. Marco Rubio (R-FL), would not affect discretionary funds for the departments of Defense and Veterans Affairs and the Social Security Administration.
"We are in the middle of a fiscal crisis, and we must use every tool available to pay down our out-of-control debt and deficit," said Chambliss. "Let's correct past mistakes by rescinding unspent money and using it to pay down the debt before someone in Washington finds a way to spend it again."
The bill's Senate co-sponsors include Sens. Kelly Ayotte (R-NH), Roy Blunt (R-MO), Ron Johnson (R-WI), Mike Lee (R-UT), John McCain (R-AZ), Jim Risch (R-ID), John Thune (R-SD), Johnny Isakson (R-GA), and David Vitter (R-LA).
The bill is also endorsed by the National Taxpayers Union.