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OGC-81-14 1 (1981-07-30)

handle is hein.gao/gaobactvo0001 and id is 1 raw text is: COMPTROLLER GENERAL OF THE UNITED STATES WASHINGTON D.C. 20548 B-200685 July 30, 1981 To the President of the Senate and the Speaker of the House of Representatives On June 19, 1981, the !resident's eleventh special message for fiscal year 1981 was transmitted to the Congress pursuant to the Impoundment Control Act of 1974. The special message pro- poses six rescissions of budget authority totalling $321.0 mil- lion, 13 new deferrals totalling $220.1 million, and revisions to five previously reported deferrals totalling $78.1 million, as follows: DEPARTMENT OF AGRICULTURE R81-160 Forest Service Construction and Land Acquisition 12X1103 11111111 115942 DEPARTMENT OF EDUCATION R81-161 Office of Postsecondary Education Student Financial Assistance 911/20200 This proposal concerns the direct student loan program established under Title IV, Part E of the Higher Education Act, 20 U.S.C. SS1087aa et seq. The statute provides for Federal capital contributions to student loan funds maintained by insti- tutions of higher education and for reimbursement to those insti- tutions for loans canceled pursuant to 20 U.S.C. S1087ee. Sec- tion 1087ee(b) prohibits the use for loan cancellations of funds appropriated for capital contributions. The special message is unclear as to which funds are being proposed for rescission. The justification section discusses cancellation of student loans under 20 U.S.C. S1087ee, while the estimated effects section addresses the effect of the pro- posed rescission on the Federal capital contributions to the direct loan funds. OMB officials have advised us that the ultimate intent of the proposal is to eliminate loan cancella- tions as a budgetary line item without affecting current loan cancellation agreements, by using $14.8 million of the funds provided for Federal capital contributions to reimburse cancel- lations under those agreements. The proposed rescission thus contemplates two consequences: the amount provided for loan

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