Federal SB2187 mandates that unaccepted federal grant funds from states and local governments be rescinded and used for deficit reduction.

Federal SB2187, also known as the Pay Down the Debt Act, requires that if a state or local government does not accept federal grant funds, the amount of the grant must be rescinded from the applicable appropriation account. These rescinded funds are then deposited into the general fund of the Treasury for the sole purpose of deficit reduction. This bill aims to ensure that federal funds are not left unutilized and are instead directed towards reducing the national debt.

Federal SB2187 mandates that unaccepted federal grant funds from states and local governments be rescinded and used for deficit reduction.

Federal SB2187, also known as the Pay Down the Debt Act, requires that if a state or local government does not accept federal grant funds, the amount of the grant must be rescinded from the applicable appropriation account. These rescinded funds are then deposited into the general fund of the Treasury for the sole purpose of deficit reduction. This bill aims to ensure that federal funds are not left unutilized and are instead directed towards reducing the national debt.