Definitions for "RECISSION"
The act of canceling or annulling the effect of a document.
An item in an appropriation bill canceling funds previously appropriated but not spent. Also, the repeal of a previous appropriation by the President to cut spending, if approved by Congress under procedures in the Budget and Impoundment Control Act of 1974.
(law) the act of rescinding; the cancellation of a contract and the return of the parties to the positions they would have had if the contract had not been made; recission may be brought about by decree or by mutual consent