WASHINGTON (CN) - President Barack Obama said he will not rescind $363 million in unobligated funds made available from his 2009 Recovery Act because the money will allow executive agencies to continue with projects vital to the national interest.
Government agencies that will not have to pay funds back include the Department of Defense, $104 million for military construction; the Department of Energy, $96 million for the Innovative Technology Loan Guarantee Program; the Social Security Administration, $148 million; and the Small Business Administration, $15 million for its Surety Bond Guarantees Revolving Fund.
The Recovery Act, which was amended by the Dodd-Frank Wall Street Reform and Consumer Protection Act, allows the president to rescind unobligated funds, which are returned to the General Fund of the U.S. Treasury where they are used for deficit reduction and cannot be used to offset other spending increases or revenue reduction.
The president has "determined that it is not in the best interest of the nation" to rescind the listed funds, and will waive the repayment requirements.
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