![]() ![]() Funds that are not eventually obligated are returned for other government uses. There are deadlines for making these commitments and they could span years. The $500 billion or so in available relief resources that have not been obligated may not end up being spent by agencies. That's because government agencies such as the Small Business Administration and the Department of Labor go through a process of legally committing to a portion of allotted funding, which is known as "obligating." They then start to actually spend it. It can often take time for the total pot of funds to make its way to the American people, budget experts say. Personal Loans for 670 Credit Score or Lower ![]() Personal Loans for 580 Credit Score or Lower The President's FY 2024 budget proposed $3 trillion of deficit reduction and the recent House-passed bill included nearly $5 trillion – both sides should now work together to find common ground and recovering unspent COVID funds is a welcomed place to start.Best Debt Consolidation Loans for Bad Credit Lawmakers must prioritize raising the debt limit to avoid dangerous economic consequences, but also have an opportunity to use the negotiations to put in place fiscal reforms to address our high and rising national debt. Sources: Congressional Budget Office and Committee for a Responsible Federal Budget. Other Department of Health and Human ServicesĬommunity Development Financial Institution Fundįood Supply Chain and Agriculture Pandemic Response ![]() Pandemic Health and Social Services Emergency Fund Savings From Rescinding Unobligated COVID Relief Funds Federal Funding Rolling back funds for tenant-based rental assistance, an account overseen by the Department of Housing and Urban Development, would reduce FY 2023 budget authority by $2 billion and ten-year outlays by $2 billion, while rescinding Emergency Rental Assistance funds, overseen by the Treasury, would reduce FY 2023 BA by $3.1 billion and ten-year outlays by less than $50 million. Another $2.6 billion of savings would come from rescinding unused transit grants and $2.1 billion from highway infrastructure grants. Of the total outlay savings, nearly half of the reduction would come from rescinding Department of Health and Human Services funds intended to support health services and supplies, as well as salaries and other program management expenses. In other words, CBO believes that roughly half of the unobligated balances will ultimately be spent if not rescinded. These balances remain even as the public health emergency has officially ended and more than two years have passed since the American Rescue Plan was enacted.Īccording to CBO, rescinding these unobligated balances would reduce Fiscal Year (FY) 2023 budget authority (BA) by about $56 billion and would reduce ten-year outlays by nearly $30 billion. While most of the remaining funds are either already obligated to be spent or else never will, the Congressional Budget Office (CBO) has identified over $50 billion of unobligated balances that would be rescinded under the House-passed Limit, Save, Grow Act. Policymakers approved nearly $6 trillion of COVID relief funds through legislative action, of which at least $5.6 trillion has been spent according to our interactive COVID Money Tracker tool. As policymakers negotiate a deal to raise the debt ceiling and reduce deficits, reports suggest that rescinding remaining COVID relief funds may be an area where both sides can agree. ![]()
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