A bill to rescind certain budget authority recommended in the message of the President of September 20, 1974 (H. Doc. 93-361), transmitted pursuant to section 1012 of the Impoundment Control Act of 1974.

Decreases, under the Rural Electrification Act, the loan authorizations for the rural electrification program from $595,000,000 to $228,534,000, which includes a decreased appropriation authorization of $55,831,475 (previously $145,000,000) for the rural telephone program.