Difference between revisions of "Rescission"
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*[http://research.lawyers.com/glossary/ Glossary of Legal Terms] | *[http://research.lawyers.com/glossary/ Glossary of Legal Terms] | ||
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Latest revision as of 12:42, July 12, 2016
Rescission is the unmaking or undoing of a contract; repeal.
In government, rescission is the cancellation of budget authority previously provided by Congress. The Impoundment Control Act of 1947 specifies that the President may propose to Congress that funds be rescinded. If both Houses have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds must be made available for obligation.