In the Federal budget, enacted legislation cancelling budget authority previously provided by Congress. Rescissions proposed by the President must be transmitted in a special message to the Congress. Under section 1012 of the Congressional Budget and Impoundment Control Act of 1974, unless Congress approves a rescission bill within forty-five days of continuous session, the budget authority in question must be made available for obligation. In insurance, cancellation, with repayment of premiums, of a policy.