Returning Unspent COVID Funds Act

The Returning Unspent COVID Funds Act would rescind unobligated (unspent) funds that were appropriated through six major COVID-19 relief packages passed between 2020 and 2021, including the CARES Act, the American Rescue Plan Act, and several other coronavirus response bills. These reclaimed funds would be returned to the Treasury and could only be used for deficit reduction purposes.

The bill includes a provision allowing the President to waive the rescission for specific accounts or programs by submitting a notice to the House Budget Committee and Senate Finance Committee within 60 days of the bill's enactment. This means the President could protect certain COVID-related programs or accounts from having their unspent funds reclaimed if deemed necessary.

If enacted, this bill would reduce the amount of COVID-relief money available for ongoing pandemic-related programs and initiatives, with those funds instead applied to paying down the national debt. The practical impact would depend on which programs still have unobligated balances and whether the President exercises waiver authority for any of them.