Increasing the Public Debt Limit and Altering the Budget Treatment of Programs Financed Through the Federal Financing Bank: Hearing Before the Committee on Ways and Means, House of Representatives, Ninety-eighth Congress, First Session, May 12, 1983U.S. Government Printing Office, 1983 - 105 lappuses |
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$5 billion agency debt bill Bill Gradison bonds Budget Act budget authority budget outlays budget resolution budget treatment budgetary treatment Chairman ROSTENKOWSKI committee CONGRESS THE LIBRARY costs credit budget credit markets DAN ROSTENKOWSKI debt ceiling debt management debt subject direct loans DORGAN economic estimated Farmers Home Administration Federal agencies Federal borrowing Federal budget Federal credit programs Federal debt Federal Financing Bank federal government FFB outlays FFB's financed by FFB FLIPPO FRENZEL Gradison guaranteed borrowers guaranteed loans guaranteed obligations House included interest rates investment issue KUDLOW legislation lending activity LIBRARY OF CONGRES LIBRARY OF CONGRESS loan guarantee programs MCNAMAR ment off-budget outlays on-budget outlay ledger PEASE percent problem public debt limit revenue RIVLIN Rural Electrification Administration Secretary securities markets September 30 statement Strategic Petroleum Reserve subsidies Tennessee Valley Authority testimony Thank transactions Treasury Treasury securities Treasury's U.S. Government U.S. Postal Service
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91. lappuse - Hearings Before the Subcommittee on Oversight of the House Committee on Ways and Means, 101st Cong., 2d Sess.
64. lappuse - STATEMENT OF HON. WILLIAM PROXMIRE, A US SENATOR FROM THE STATE OF WISCONSIN Senator PROXMIRE. Thank you very much, Mr. Chairman. I have a short statement and I won't deliver the whole statement.
31. lappuse - direct loan obligation" means a binding agreement by a Federal agency to make a direct loan when specified conditions are fulfilled by the borrower. (3) The term "loan guarantee" means any guarantee, insurance, or other pledge with respect to the payment of all or a part of the principal or interest on any debt obligation of a non-Federal borrower to a non-Federal lender, but does not include the insurance of deposits, shares, or other withdrawable accounts in financial institutions. (4) The term...
15. lappuse - Bank is authorized to purchase and sell any obligation which is issued, sold, or guaranteed by a federal agency. It further provides that any federal agency which is authorized to issue, sell, or guarantee any obligation is authorized to issue or sell such obligations directly to the Bank.
94. lappuse - Treasury unless a borrower defaults. Frequently, however, an agency will ask the FFB to act as the private lender and purchase the borrower's note. In this case the loan guarantee becomes, in effect, a direct loan from the government which is not reflected in the budget.
24. lappuse - Bank is authorized to make commitments to purchase and sell, and to purchase and sell on terms and conditions determined by the Bank, any obligation which is issued, sold, or guaranteed by a Federal agency. Any Federal agency which is authorized to issue, sell, or guarantee any obligation is authorized to issue or sell such obligations directly to the Bank.
94. lappuse - ... outlays. Consequently, FFB borrowing actually results in a reduction in outlays reported by the Treasury Department! In essence, the FFB serves as an intermediary which permits the spending of federal agencies to be placed off-budget. A second type of FFB activity is the purchase of agency loans or loan assets. When a federal agency sells a loan to a private entity, the loan is considered repaid for budgetary purposes. Loans made by federal agencies are afforded the same treatment when the FFB...
99. lappuse - The Congress hereby declares that the general welfare and security of the Nation and the health and living standards of its people require housing production and related community development sufficient to remedy the serious housing shortage, the elimination of substandard and inadequate housing through the clearance of slums and blighted areas...
94. lappuse - Table 1, the Federal Financing Bank (FFB) is by far the most active off-budget agency.2 The FFB, a part of the Treasury Department, does business with both on- and off-budget agencies. The predominant activity of the FFB is the purchase of agency debt from funds obtained by borrowing directly from the Treasury. FFB borrowing is not, however, included as part of the Treasury's budget outlays; interest payments from the FFB to the Treasury are, nevertheless, counted as deductions from Treasury outlays....
94. lappuse - ... loan to a private entity, the loan is considered repaid for budgetary purposes. Loans made by federal agencies are afforded the same treatment when the FFB is the purchaser. Proceeds from the sale are counted as loan repayments rather than as a means of financing and thus are an offset to the agency's gross expenditures. An agency's on-budget loan can therefore be converted to an off-budget loan by selling it to the FFB. In 1981, about 90 percent of all federal agency loans and loan asset sales...