H.R. 7699, Paying America’s Inflationary Debts Act
Summary
H.R. 7699, the Paying America’s Inflationary Debts Act (PAID Act), introduced in the House of Representatives on May 10, 2022 by Mr. Carter of Georgia and other members and referred to the Committee on Oversight and Reform, among others. The bill would rescind certain amounts appropriated under the American Rescue Plan Act of 2021. It rescinds the total unobligated balance of funds under listed accounts, including emergency rental assistance and the Coronavirus Capital Projects Fund, and directs that rescinded amounts be deposited into the general fund of the Treasury for the sole purpose of deficit reduction.
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Cite this document
“H.R. 7699, Paying America’s Inflationary Debts Act.”
Original at www.govinfo.gov. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/bills-bills-117hr7699ih-bills-117hr7699ih/
, SHA-256 02263a5f909f93a3d822fdc9e03883e1fc8fb345ab55344292a38333bfb1c2bd.Full text
I
117TH CONGRESS
2D SESSION
H. R. 7699
To rescind certain amounts appropriated under the American Rescue Plan
Act of 2021, and for other purposes.
IN THE HOUSE OF REPRESENTATIVES
MAY 10, 2022
Mr. CARTER of Georgia (for himself, Mr. PERRY, Mr. MULLIN, Mr. HIGGINS
of Louisiana, Mrs. BOEBERT, Ms. MACE, Mr. NORMAN, Mr. POSEY, Mr.
GOHMERT, and Mr. DONALDS) introduced the following bill; which was
referred to the Committee on Oversight and Reform, and in addition to
the Committees on Financial Services, Transportation and Infrastructure,
and Foreign Affairs, for a period to be subsequently determined by the
Speaker, in each case for consideration of such provisions as fall within
the jurisdiction of the committee concerned
A BILL
To rescind certain amounts appropriated under the American
Rescue Plan Act of 2021, and for other purposes.
1 Be it enacted by the Senate and House of Representa-
2 tives of the United States of America in Congress assembled,
3 SECTION 1. SHORT TITLE.
4 This Act may be cited as the ‘‘Paying America’s In-
5 flationary Debts Act’’ or the ‘‘PAID Act’’.
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1 SEC. 2. RESCISSION OF CERTAIN AMERICAN RESCUE PLAN
2 ACT OF 2021 FUNDS.
3 (a) IN GENERAL.—The total unobligated balance of
4 funds available under the following accounts and programs
5 established by the American Rescue Plan Act of 2021
6 (Public Law 117–2; in this section referred to as
7 ‘‘ARPA’’) are hereby rescinded:
8 (1) Fund for State, territories, tribal, and local
9 governments under section 602 or 603 of the Social
10 Security Act, as added by section 9901 of ARPA.
11 (2) Emergency rental assistance under section
12 3201 of ARPA.
13 (3) State small business credit initiative under
14 the State Small Business Credit Initiative Act of
15 2010, as amended by section 3301 of ARPA.
16 (4) Federal Transit Administration grants
17 under section 3401 ARPA.
18 (5) Coronavirus Capital Projects Fund under
19 section 604 of the Social Security Act, as added by
20 section 9901 of ARPA.
21 (6) Global response funds under section 10003
22 of ARPA.
23 (b) DEFICIT REDUCTION.—Any amounts rescinded
24 under subsection (a) shall be deposited into the general
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1 fund of the Treasury and be used for the sole purpose
2 of deficit reduction.
Æ
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