An action by the President canceling Budget Authority (BA) previously appropriated but not yet obligated or spent. The President is required to submit a special message to Congress reporting any proposed rescission of budgetary resources. This proposal may be accepted in whole or part by the passage of a rescission bill by both Houses of Congress. If both houses of Congress do not approve the proposed rescission within 45 days, the President must obligate the BA as intended by the Congress.