I 112th CONGRESS 1st Session H. R. 620 IN THE HOUSE OF REPRESENTATIVES February 10, 2011 Mr. Duffy (for himself, Mrs. Bachmann, Mr. Chaffetz, Mr. McClintock, Mr. Schock, Mr. Yoder, Mr. Labrador, Mr. Ribble, Mr. Duncan of South Carolina, Mr. Farenthold, Mr. Huizenga of Michigan, Mr. West, Mr. Mulvaney, Mr. Denham, Mr. Rokita, Mr. Shimkus, Mr. Heck, Mr. Gosar, Mr. Dold, Mr. Gowdy, and Mr. Wilson of South Carolina) introduced the following bill; which was referred to the Committee on Appropriations A BILL To rescind unobligated stimulus funds and require that such funds be used for Federal budget deficit reduction.

1.

Short title

This Act may be cited as the Recovering Excessive Stimulus Expenditures for Taxpayers (RESET) Act.

2.

Rescission of unobligated stimulus funds

(a)

Rescission of unobligated stimulus funds

Effective on the date of the enactment of this section, there are rescinded all unobligated balances of the discretionary appropriations made available by division A of the American Recovery and Reinvestment Act of 2009 (Public Law 111–5). (b)

Use for deficit reduction

All appropriations rescinded in subsection (a) shall be deposited in the general fund of the Treasury and used for Federal budget deficit reduction.