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Statement of Dr. Richard D. Morgenstern Economist, Congressional Budget Office before a Joint Hearing of the Committee on Banking, Currency and Housing Committee on the Budget Committee on Ways and Means, U.S. House of Representatives 1 (November 1976)

handle is hein.congrec/cbo8168 and id is 1 raw text is: STATEMENT OF DR. RICHARD D. MORGENSTERN ECONOMIST, CONGRESSIONAL BUDGET OFFICE BEFORE A JOINT HEARING OF THE COMMITTEE ON BANKING, CURRENCY AND HOUSING COMMITTEE ON THE BUDGET COMMITTEE ON W7AYS AND MEANS U.S. HOUSE OF REPRESENTATIVES November 10, 1976 Mr. Chairman, I appreciate the cpportunity to testify before the Committees today on the subject of loan guarantees. I apologize for not having prepared remarks available before the hearing; as you know, we appear on very short notice. My purpose today is to set a general framework for the dis- cussion of loan guarantees,,and to address some specific concerns regarding both the budget process and the application of loan guarantees to resource development. Since the Congressional Budget Office is required to provide non-partisan analysis of policy options, I will make no recommendations and take no positions. I would, however, like to pose certain questions which the Committees may wish to consider. Background There are now in excess of $ 170 billion in outstanding federally guaranteed and insured loans. Many of the larger programs are familiar: the Federal Housing Administration, the Veterans Administration, and the Small Business Administration, for example.

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