Rep. Tom Price (R., Ga.) discussed the Decrease Spending Now Act he introduced alongside Sen. Marco Rubio (R., Fla.), which would require the Obama administration to cut $45 billion in unused taxpayer dollars that's sitting in federal coffers, Wednesday on Fox News.
"We've identified $45 billion," Price said. "That is what is called rescission money. That is money that has already been appropriated, along with Senator Rubio, and it's just sitting in pots across the federal government in different agencies, energy, education and transportation. Unused money. What we ought to do is just take that back and allow it to buy down part of the deficit."
The money accounts for more than half of the automatic $85 billion in budget cuts when the sequester deadline hits March 1.
"This is money that has been authorized and appropriated, and then either the project ends or it came in under cost, surprise, surprise," Price said. "It's just sitting there. It's on paper, but that makes it so you can use it for deficit reduction."
