The legislation aims to rescind unobligated COVID-19 relief funds and certain infrastructure funds.
The purpose of the rescissions is to offset the cost of supplemental foreign assistance for fiscal year 2024.
The unobligated balances of COVID-19 relief funds will be rescinded, limited to the total amount appropriated under specific supplemental appropriations acts related to Israel, Ukraine, and the Indo-Pacific.
COVID-19 relief funds are defined as those appropriated by various acts, including the Coronavirus Preparedness and Response Supplemental Appropriations Act, the CARES Act, and the American Rescue Plan Act.
Unobligated funds from specific infrastructure programs, including the Education Stabilization Fund and various programs under title 23 of the United States Code, will also be rescinded.