Definition
A legislative act canceling previously appropriated funds before they're spent. Congress taking back money it already said agencies could have—buyer's remorse with constitutional authority.
Example Usage
The president proposed a rescission package cutting $15 billion in spending, though Congress rarely approves such requests.
Origin
From Latin 'rescindere' (to cut back), entering budget terminology in the 20th century
Fun Fact
The 1974 Impoundment Control Act requires congressional approval for rescissions within 45 days, or the funds must be released—preventing unilateral executive spending cuts.
Source: Federal budget and appropriations law
Related Terms
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See “rescission” in Corporate Speak, Gen-Z Slang, Pirate Speak, and more.
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