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PAD-79-46 1 (1978-12-28)

handle is hein.gao/gaobaazzk0001 and id is 1 raw text is: UNITED STATES GENERAL ACCOUNT'ING OFFICE LM1001 WASIAINGTON, D.C. 20548 IN RE'L'Y IfT',rR TO: PRO CRAM. ANALYSIS DIVISION B-114823 C 28 2978 Mr. Dale MeOmber Assistant DirectorIIII Budget Review IH Office of Management and Budget 111001 Dear Dale: In response to your. letter of November 30, 1978, I am providing herein our brief~mments on 5r staff paper Achieving Better Control over Federal Credit - &mz (N6vember 16, 1978). Because of time limitations, we were not able to examine thoroughly all of the detailed analy'ses and points in the document. Our comments at this time are therefore restricted to some general observations and a few statement tc2Thing on matters in the paper which raise obvious questions. We may have additional- comments later, after we have completed a detailed review of the paper. We concur in the general thrustof the analysis and recommendations. GAO has maintained in several reports that more budgetzry controls--in both the'legislative and executive branches--are needed in the area of Federal credit activities. The paper's recommendations would take the Government in the right direction. Following are some of the mattets that still concern US: -- When should loan guarantee agreements, or contracts, result in the recording-of obligations?' The paper's discussion (pp. 26-27) seems to leave - open the possibility that certain loan amounts may be treated1 as obiliqations prior todefault. We think that'such an expansive -interpretation of the obligations concept may lessen the meaning and usefulness of the concept. Fractional re- serves, etc., may be maintained just- as easily as. unobliqated balances, which would make more sense conceptuztlly (although such balances inevitably raise the eyebrows of budget watchers). PAD-79-46

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