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Credit Subsidy Reestimates, 1993-1999 1 (September 2000)

handle is hein.congrec/cbo0672 and id is 1 raw text is: Page 1 of3l CREDIT SUBSIDY REESTIMATES, 1993- 1999 September 2000 NOTES Unless otherwise indicated, all years referred to in this paper are fiscal years. Numbers in the text and the tables may not add up to totals because of rounding. PREFACE Nearly a decade has passed since the Federal Credit Reform Act required a new budgetary treatment of federal programs that offer direct loans or loan guarantees. Those programs must initially estimate the cost to the government of subsidizing that credit and periodically issue reestimates as financial conditions change. At the request of the Senate Committee on the Budget, this Congressional Budget Office (CBO) paper compiles and analyzes the cumulative reestimates made for credit programs since 1993. It examines trends in the size and direction of reestimates, looks for possible bias, and discusses ways to prepare and report reestimates more accurately. David Torregrosa of CBO's Microeconomic and Financial Studies Division wrote the paper under the supervision of Marvin Phaup, Arlene Holen, and Roger Hitchner. Mark Hadley of CBO reviewed the analysis at many stages; his assistance is greatly appreciated. Barry Anderson, Coleman Bazelon, Charles Capone, Sunita D'Monte, Pete Fontaine, Kathy Gramp, Deborah Kalcevic, Susanne Mehiman, Dave Moore, Nathan Musick, and Tim VandenBerg of CBO provided helpful comments, as did Bob Kilpatrick and Courtney Timberlake of the Office of Management and Budget, and Kim Burke of Ernst & Young. In addition, various people helped CBO collect and reconcile the data about reestimates, including Maria Leland and Wanda Lopez of the Department of Agriculture; Karen Weiner, formerly of the Department of Education; Maude Williams and Brenda Davis of the Federal Housing Administration; Winifred Chang of the Office of Management and Budget; Fred Rubin and Joyce Northwood of the Small Business Administration; and Rose Roberts of the Department of Veterans Affairs. Avw Ebenstein, formerly of CBO, provided research assistance. Chris Spoor edited the paper, and Christine Bogusz proofread it. Rae Roy prepared the manuscript for publication with assistance from Linda Lewis-Harris and Angela Z. McCollough. Annette Kalicki prepared the electronic versions for CBO's World Wide Web site (www.cbo.gov).

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