117 HR 7699 IH: Paying America’s Inflationary Debts Act U.S. House of Representatives 2022-05-10 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

I117th CONGRESS2d SessionH. R. 7699IN THE HOUSE OF REPRESENTATIVESMay 10, 2022Mr. Carter of Georgia (for himself, Mr. Perry, Mr. Mullin, Mr. Higgins of Louisiana, Mrs. Boebert, Ms. Mace, Mr. Norman, Mr. Posey, Mr. Gohmert, and Mr. Donalds) introduced the following bill; which was referred to the Committee on Oversight and Reform, and in addition to the Committees on Financial Services, Transportation and Infrastructure, and Foreign Affairs, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concernedA BILLTo rescind certain amounts appropriated under the American Rescue Plan Act of 2021, and for other purposes.

1.

Short title

This Act may be cited as the Paying America’s Inflationary Debts Act or the PAID Act.

2.

Rescission of certain American Rescue Plan Act of 2021 funds

(a)

In general

The total unobligated balance of funds available under the following accounts and programs established by the American Rescue Plan Act of 2021 (Public Law 117–2; in this section referred to as ARPA) are hereby rescinded:(1)Fund for State, territories, tribal, and local governments under section 602 or 603 of the Social Security Act, as added by section 9901 of ARPA.(2)Emergency rental assistance under section 3201 of ARPA.(3)State small business credit initiative under the State Small Business Credit Initiative Act of 2010, as amended by section 3301 of ARPA.(4)Federal Transit Administration grants under section 3401 ARPA.(5)Coronavirus Capital Projects Fund under section 604 of the Social Security Act, as added by section 9901 of ARPA.(6)Global response funds under section 10003 of ARPA.(b)

Deficit reduction

Any amounts rescinded under subsection (a) shall be deposited into the general fund of the Treasury and be used for the sole purpose of deficit reduction.