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Welcome to The Hill’s Business & Economy newsletter
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Business & Economy
Business & Economy
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The Big Story
What to know about Trump’s ‘pocket rescission’
President Trump is using a tool known as a “pocket rescission” to cut roughly $5 billion in congressionally approved funding, sparking bipartisan pushback.
The rare move, which Trump announced in a letter sent to Speaker Mike Johnson (R-La.) late Thursday, is the latest step by Trump and his team to test the bounds of presidential authority and root out what officials say is wasteful spending that does not align with the president’s agenda.
The Impoundment Control Act (ICA) lays out rules governing the rescissions process.
It allows the administration to temporarily withhold funding for 45 days while Congress considers the rescissions request. If lawmakers opt not to approve the request, the funds must be released.
But a pocket rescission is when the president sends the same type of request to Congress within 45 days of the end of the fiscal year on Sept. 30.
The request is made close to that fiscal year deadline so the funding is essentially paused until it runs out at the end of the year, regardless of congressional action.
A federal judge on Friday weighed President Trump’s attempted ouster of Federal Reserve board of governors member Lisa Cook, acknowledging that the case raises “important questions” that courts may not have mulled before.
Federal Trade Commission (FTC) Chair Andrew Ferguson warned Gmail, the world’s largest email service, this week that it may face a federal investigation over allegations the company intentionally suppresses messages sent by Republicans.
