H.R. 7699 · 117th Congress
PAID Act
- Stage
- In committee
- Sponsor
- Buddy Carter
- Introduced
- 2022-05-10
- Latest action
- 2022-05-11 · Referred to the Subcommittee on Highways and Transit.
Summary
Paying America's Inflationary Debts Act or the PAID Act
This bill rescinds specified unobligated funds that were provided by the American Rescue Plan Act of 2021, which was enacted to address the impact of COVID-19 on the economy, public health, state and local governments, individuals, and businesses.
Specifically, the bill rescinds specified funds that were provided for
state, territorial, local, and tribal governments; emergency rental assistance; the State Small Business Credit Initiative; Federal Transit Administration grants; the Coronavirus Capital Projects Fund; and global health activities and programs. The bill also requires the rescinded funds to be used for deficit reduction.