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The Pay it Back Later Act

September 21, 2010

Title XIII of HR 4173, the Dodd-Frank Wall Street Reform and Consumer Protection Act, is called the Pay it Back Act. And it is truly interesting.

The stimulus bill, HR 1, is revised as follows:

Original bill – SEC. 1603. All funds appropriated in this Act shall remain available for obligation until September 30, 2010, unless expressly provided otherwise in this Act.

Revised wording – SEC. 1603. (a)In General – All funds appropriated in this Act shall remain available for obligation until September 30, 2010, unless expressly provided otherwise in this Act.

(b) Repayment of Unobligated Funds- Any discretionary appropriations made available in this division that have not been obligated as of December 31, 2012, are hereby rescinded, and such amounts shall be deposited in the General Fund of the Treasury where such amounts shall be–

(1) dedicated for the sole purpose of deficit reduction; and

(2) prohibited from use as an offset for other spending increases or revenue reductions.

(c) Presidential Waiver Authority-

(1) IN GENERAL- The President may waive the requirements under subsection (b), if the President determines that it is not in the best interest of the Nation to rescind a specific unobligated amount after December 31, 2012.

(2) REQUESTS- The head of an executive agency may also apply to the President for a waiver from the requirements under subsection (b).

Basically this means they extended the deadline in which stimulus money had to be used by over 2 years, threw a fuzzy “In General” statement to cover all the funds, and gave the President authorization to ignore the deadline.

As of 6/30/2010, only $220 billion(can’t believe I am using the word “only” when talking billions) have been awarded to the states, of which $86 billion has been received.  The government is not doing its job in spending our money, they need to pick it up!

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