Title: PAID Act
Policy area: Economics and Public Finance

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
The bill also requires the rescinded funds to be used for deficit reduction.

[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[H.R. 7699 Introduced in House (IH)]

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117th CONGRESS
  2d Session
                                H. R. 7699

To rescind certain amounts appropriated under the American Rescue Plan 
                  Act of 2021, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              May 10, 2022

Mr. Carter of Georgia (for himself, Mr. Perry, Mr. Mullin, Mr. Higgins 
   of Louisiana, Mrs. Boebert, Ms. Mace, Mr. Norman, Mr. Posey, Mr. 
  Gohmert, and Mr. Donalds) introduced the following bill; which was 
 referred to the Committee on Oversight and Reform, and in addition to 
       the Committees on Financial Services, Transportation and 
 Infrastructure, and Foreign Affairs, for a period to be subsequently 
   determined by the Speaker, in each case for consideration of such 
 provisions as fall within the jurisdiction of the committee concerned

_______________________________________________________________________

                                 A BILL


 
To rescind certain amounts appropriated under the American Rescue Plan 
                  Act of 2021, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Paying America's Inflationary Debts 
Act'' or the ``PAID Act''.

SEC. 2. RESCISSION OF CERTAIN AMERICAN RESCUE PLAN ACT OF 2021 FUNDS.

    (a) 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as ``ARPA'') are hereby rescinded:
            (1) 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.
            (2) Emergency rental assistance under section 3201 of ARPA.
            (3) State small business credit initiative under the State 
        Small Business Credit Initiative Act of 2010, as amended by 
        section 3301 of ARPA.
            (4) Federal Transit Administration grants under section 
        3401 ARPA.
            (5) Coronavirus Capital Projects Fund under section 604 of 
        the Social Security Act, as added by section 9901 of ARPA.
            (6) Global response funds under section 10003 of ARPA.
    (b) 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.
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