Congressional Budget and Impoundment Control Act of 1974
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The Congressional Budget and Impoundment Control Act of 1974 is a U.S. federal law passed by the United States Congress specifying that the President may propose to Congress that funds be rescinded. If both the Senate and the House of Representatives have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds being withheld must be made available for obligation.
In addition, the act reforms the United States budget process to create a unified process that consolidated the various congressional committees that were responsible for some aspect of the budget before.
The act has been amended several times, especially through provisions in the Balanced Budget and Emergency Deficit Control Act of 1985 and the Budget Enforcement Act of 1990. The original 1974 legislation, however, remains the basic blueprint for budget procedures today.
External link
- Evolution Of The Budget Process -- Congressional Budget and Impoundment Control Act of 1974 (http://www.house.gov/rules/jcoc2y.htm)