II 112th CONGRESS 1st Session S. 391 IN THE SENATE OF THE UNITED STATES February 17, 2011 Mr. Moran introduced the following bill; which was read twice and 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 Act or the 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Effective on the date of the enactment of this section, there are rescinded all unobligated balances of the discretionary appropriations made available by division A of the American Recovery and Reinvestment Act of 2009 (Public Law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All appropriations rescinded in subsection (a) shall be deposited in the general fund of the Treasury and used for Federal budget deficit reduction.