This legislative proposal, known as the "Forgotten Funds Act," aims to address federal spending by permanently rescinding specific appropriations. Its primary objective is to cancel any unobligated balances of discretionary appropriations that were made available for fiscal year 2021 and all preceding fiscal years. The bill mandates that all funds successfully rescinded under this provision must be deposited into the general fund of the Treasury . Crucially, these funds are to be used exclusively for the purpose of federal budget deficit reduction , ensuring they contribute directly to alleviating the national debt rather than being reallocated for other spending.