This legislation aims to rescind unobligated balances from several major COVID-19 relief packages, including the American Rescue Plan Act of 2021 , the CARES Act , and the Paycheck Protection Program and Health Care Enhancement Act . The primary purpose of reclaiming these unspent federal funds is to reduce the national deficit. The bill includes a provision allowing the President to waive these rescissions for specific accounts or programs if a national security justification is provided to Congress within 60 days of the Act's enactment. All funds successfully rescinded will be deposited into the general fund of the Treasury, explicitly designated for the sole purpose of federal deficit reduction.