King’s Historic Vote Cuts $15 Billion in Wasteful Federal Spending
H.R. 3 is the largest rescissions package in history of the Impoundment Control Act.
Washington, D.C.- Congressman Steve King released the following statement after voting in favor of H.R. 3, the Spending Cuts to Expired and Unnecessary Programs Act. The legislation cuts approximately $15 billion in unspent federal funds that have previously been appropriated. Under the authority granted to him by the Congressional Budget and Impoundment Control Act of 1974 (ICA), President Trump submitted a request to eliminate these funds to Congress on May 8. The legislation passed the House of Representatives on a vote of 210-206.
“I am a fiscal conservative who believes our budget will only be great again when our budget is balanced again,” said King. “That’s why I was pleased to cast a historic vote for the President’s requested $15 billion in rescissions, the largest rescissions package ever submitted to Congress under the Congressional Budget and Impoundment Control Act. This is a good first step towards reclaiming fiscal sanity, and it is a powerful reminder than Congress is obligated not only to cut spending but also to revisit and safeguard the taxpayer’s previously appropriated money.”
Rescissions are reductions of funding previously provided for in law. H.R. 3’s nearly $15 billion rescissions package is the largest in the history of the ICA. In some instances, funding identified for elimination by President Trump for has been sitting idle in accounts for years.
The magnitude of these historic spending cuts is apparent when one considers the history of successful rescission proposals. From 1974 to 2000, Congress approved a total of $25 billion in rescission requests. Today’s package included rescissions of over $14.7 billion all by itself.