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Full Text of this Amendment

SA 425. Mr. RUBIO submitted an amendment intended to be proposed by him to the bill S. 782, to amend the Public Works and Economic Development Act of 1965 to reauthorize that Act, and for other purposes; which was ordered to lie on the table; as follows:

At the end of the bill, insert the following:
(a) Short Title.--This section may be cited as the "Decrease Spending Now Act".
(b) Rescission of Unobligated Discretionary Appropriations.--
(1) IN GENERAL.--Of the unobligated balances of discretionary appropriations on the date of enactment of this Act, $45,000,000,000 is rescinded.
(A) IN GENERAL.--The Director of the Office of Management and Budget shall determine which appropriation accounts the rescission under paragraph (1) shall apply to and the amount that each such account shall be reduced by pursuant to such rescission.
(B) REPORT.--Not later than 60 days after the date of the enactment of this Act, the Director of the Office of Management and Budget shall submit a report to the Secretary of the Treasury and Congress listing the accounts reduced by the rescission in paragraph (1) and the amounts rescinded from each such account.
(3) EXCEPTIONS.--The rescission under paragraph (1) shall not apply to the Department of Defense, the Department of Veterans Affairs, or the Social Security Administration.

(As printed in the Congressional Record for the Senate on Jun 8, 2011.)