II 112th CONGRESS 1st Session S. 726 IN THE SENATE OF THE UNITED STATES April 5, 2011 Mr. Rubio introduced the following bill; which was read twice and referred to the Committee on the Budget A BILL To rescind $45 billion of unobligated discretionary appropriations, and for other purposes.

1.

Short title

This Act may be cited as the Decrease Spending Now Act.

2.

Rescission of unobligated discretionary appropriations

(a)

In general

Of the unobligated balances of discretionary appropriations on the date of enactment of this Act, $45,000,000,000 is rescinded. (b)

Implementation

(1)

In general

The Director of the Office of Management and Budget shall determine which appropriation accounts the rescission under subsection (a) shall apply to and the amount that each such account shall be reduced by pursuant to such rescission. (2)

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Secretary of the Treasury and Congress listing the accounts reduced by the rescission in subsection (a) and the amounts rescinded from each such account. (c)

Exceptions

The rescission under subsection (a) shall not apply to the Department of Defense, the Department of Veterans Affairs, or the Social Security Administration.