Section 1 Short title
This Act may be cited as the “Paying America’s Inflationary Debts Act” or the “PAID Act”.
Paying America’s Inflationary Debts Act
A BILL
To rescind certain amounts appropriated under the American Rescue Plan Act of 2021, and for other purposes.
Sec. 2 Rescission of certain American Rescue Plan Act of 2021 funds
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by the American Rescue Plan Act of 2021 (Public Law 117–2; in this section referred to as “ARPA”) are hereby rescinded:
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.
Emergency rental assistance under section 3201 of ARPA.
State small business credit initiative under the State Small Business Credit Initiative Act of 2010, as amended by section 3301 of ARPA.
Federal Transit Administration grants under section 3401 ARPA.
Coronavirus Capital Projects Fund under section 604 of the Social Security Act, as added by section 9901 of ARPA.
Global response funds under section 10003 of ARPA.
Deficit reduction— Any amounts rescinded under subsection (a) shall be deposited into the general fund of the Treasury and be used for the sole purpose of deficit reduction.