Lincoln Chafee: “I would challenge those who argue that the President already has sufficient authority to rescind unwanted spending…”

“I would challenge those who argue that the President already has sufficient authority to rescind unwanted spending items. The opposite is true. The rescission authority vested in the President today barely works at all. In the overwhelming number of cases, Presidential rescission orders are ignored by Congress, and the subject funds are ultimately obligated. In fact, since the rescission authority was established in 1974, Congress has only given approval to $23.7 billion of the $74 billion Presidential rescission requests. In other words two-thirds of the rescission requests died a quiet death. By requiring Congress to affirmatively disapprove rescissions, this legislation would transform the present 'paper tiger' into a functional tool for reducing and eliminating: Special interest spending items in appropriations bills; expansions of existing, or establishing of new, entitlements; and tax expenditures which benefit narrow groups of taxpayers.”