This is a rush transcript from "Your World," February 27, 2013. This copy may not be in its final form and may be updated.
NEIL CAVUTO, HOST: To Georgia Republican Congressman Tom Price on that unspent government dough that keeps piling up.
Congressman, I was surprised to see just how much dough we're talking about.
REP. TOM PRICE, R - GA: Yes, it really is remarkable.
And the American people know this. We have got a budget of $3.6 trillion. That's what we spend at the federal level. And we have identified $45 billion that is what is called rescission money. That is money that has already been appropriated along with Senator Rubio and it's just sitting in pots in across the federal government in different agencies, energy, and education and transportation, and unused money.
And what we ought to do is just take that back and allow it to buy down part of the deficit. These are the kinds of commonsense things, common ground issues that we ought to be working, instead of doing the kinds of things that the president does, which is say we can't get it done.
CAVUTO: You know, what amazes me is that Washington would be having the situation of $45 billion in unspent money. Normally, when it gets in Washington's hot little hands, it's gone faster than a cannoli in mine.
CAVUTO: Having said that, can you go back and take money that has already been earmarked, pardon me the term, from its intended use?
PRICE: Well, you can, but that is not what this is talking about.
This is money that has been authorized and appropriated and then either the project ends or it came under cost, surprise, surprise. This is money that is what is called un-obligated.
CAVUTO: So you are not pulling the rug out from something.
CAVUTO: For some, it is money that never got out the door for a variety of reasons?
PRICE: That is exactly right. And it's just sitting there.
Now, it's on paper, but that on paper makes it so that you can use that for deficit reduction. This is just one of the many, many ideas that will help us decrease spending here at the federal level, so that we can get our budget in balance, so that we can get the economy back on track and creating jobs.
CAVUTO: You know, though, Congressman, if all this is so simple -- I didn't know about the $45 billion thing, which is more than half the money we're talking about to ease this so-called Armageddon that is on the way Friday -- but why wasn't that offered as a backup plan when you guys were agreeing to this sequestration that the president went up with, Republicans obviously went along with, when that was out there, or did you just discover this?
PRICE: No, we actually offered this bill last year as well. Senator Rubio joined us this year.
This is the kind of money that Senator Coburn has been talking about the past number of years. He's also talking about duplication. But this is called rescission money, which again is money that has been appropriated, hasn't been spent sitting out there. It's time to bring that home so that we can work on balancing the budget and getting this economy rolling.
CAVUTO: Congressman, thanks very, very much.
PRICE: Thanks, Neil. Take care.
CAVUTO: All right.
Content and Programming Copyright 2013 Fox News Network, LLC. ALL RIGHTS RESERVED. Copyright 2013 CQ-Roll Call, Inc. All materials herein are protected by United States copyright law and may not be reproduced, distributed, transmitted, displayed, published or broadcast without the prior written permission of CQ-Roll Call. You may not alter or remove any trademark, copyright or other notice from copies of the content.