Schweikert Reintroduces Bill Rescinding Unused Federal Funds

Representative David Schweikert (R-AZ) has reintroduced legislation requiring the rescission of unused federal funds back to the Treasury.

Specifically, Rep. Schweikert's Forgotten Funds Act addresses a longstanding issue regarding government spending: taxpayer money is received, but it is not obligated, meaning it is not committed by any contract or other legally binding agreement.

In other words, an estimated $1.42 trillion in available, unobligated discretionary funds is just sitting there.

"We're borrowing over $6 billion every day while over $1.4 trillion in borrowed federal funds sits idle. This is indefensible," The Arizona Congressman said in his press release, adding, "The Forgotten Funds Act is about basic fiscal discipline. Untouched funding should be returned to the Treasury, not sitting in an account we're paying interest on."

Additionally, Schweikert noted that "We're on track to borrow $22 trillion over the next decade. Interest payments alone could consume 30% of all U.S. tax receipts within nine years. Every tenth of a percentage point increase in interest rates adds $300 billion in costs. If we don't rein in reckless fiscal habits now, the bond markets will do it for us."

In late January, the Arizona Congressman introduced the Debt Explanation Before Taxwriters (DEBT) Act, which requires the Secretary of the Treasury to appear before Congress and explain the "extraordinary measures" it has taken to continue spending while preventing the United States from defaulting on its debt and how those measures will be reversed.

Later in March, Schweikert discussed the prospects of achieving a balanced budget with the Forum for Fiscal Responsibility, saying it would be ideal, yet "the math is so difficult right now."

"This year, the federal government will spend $7.2 trillion, and we will take in five," said Schweikert, further explaining how the government will spend $86 trillion over the next ten years, "and all we are trying to do is cut $2 trillion."