Budget Issues:
Budgetary Treatment of Federal Credit Programs
AFMD-89-42: Published: Apr 10, 1989. Publicly Released: Apr 10, 1989.
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Pursuant to a congressional request, GAO reviewed its proposal for improving budgeting practices for federal credit programs, focusing on how: (1) it would calculate credit program subsidy costs; and (2) its subsidy estimates would affect the government's reported budget authority, outlay, and deficit totals. GAO also reviewed other proposals by the Senate Budget Committee, the Congressional Budget Office (CBO), and the Office of Management and Budget (OMB).
GAO found that the four proposals: (1) endorsed estimating total federal credit subsidy costs for proposed direct loans and loan guarantees and appropriating funds for the subsidy costs before loans and guarantees are made; and (2) differed principally only on the method used to calculate subsidy costs. GAO recommended a cost-to-the-government model, which measures loan subsidy costs as the difference between the amount loaned out and the present value of the amount expected to be paid back over the life of the loan, because the model measures future cash outlays and would place credit program costs on a budgetary basis more comparable with grants and other federal programs. GAO found that CBO and OMB prefer a market-valuation measurement approach, which calculates the economic benefit borrowers receive as a result of obtaining federal, rather than private-sector, loans. GAO believes that the government should: (1) make appropriations for subsidy costs when it approves credit activities; and (2) implement credit reform without changing the overall federal deficit.
Dec 15, 2020
The Nation's Fiscal Health:
Information on the Spending and Revenue Implications of Potential Debt TargetsGAO-21-211: Published: Dec 15, 2020. Publicly Released: Dec 15, 2020.
Oct 7, 2020
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The Nation's Fiscal Health:
A Long-Term Plan Is Needed for Fiscal SustainabilityGAO-21-161T: Published: Oct 7, 2020. Publicly Released: Oct 7, 2020.
Sep 23, 2020
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The Nation's Fiscal Health:
Effective Use of Fiscal Rules and TargetsGAO-20-561: Published: Sep 23, 2020. Publicly Released: Sep 23, 2020.
Jan 23, 2020
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Federal Trust Funds and Other Dedicated Funds:
Fiscal Sustainability Is a Growing Concern for Some Key FundsGAO-20-156: Published: Jan 16, 2020. Publicly Released: Jan 23, 2020.
Dec 19, 2019
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State and Local Governments' Fiscal Outlook:
2019 UpdateGAO-20-269SP: Published: Dec 19, 2019. Publicly Released: Dec 19, 2019.
Nov 14, 2019
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Certificated Expenditures:
Executive Office of the President FY 2018 Certificated Expenditures Were Spent for Authorized PurposesGAO-20-139R: Published: Nov 14, 2019. Publicly Released: Nov 14, 2019.
Oct 16, 2019
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Civilian Personnel:
Additional Guidance and Consistent Data Reporting Could Help Improve the Marine Corps' Budget ManagementGAO-20-148: Published: Oct 16, 2019. Publicly Released: Oct 16, 2019.
Jun 26, 2019
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The Nation's Fiscal Health:
Actions Needed to Achieve Long-Term Fiscal SustainabilityGAO-19-611T: Published: Jun 26, 2019. Publicly Released: Jun 26, 2019.
Apr 10, 2019
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The Nation's Fiscal Health:
Action Is Needed to Address the Federal Government's Fiscal FutureGAO-19-314SP: Published: Apr 10, 2019. Publicly Released: Apr 10, 2019.
Mar 27, 2019
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Fiscal Exposures:
Federal Insurance and Other Activities That Transfer Risk or Losses to the GovernmentGAO-19-353: Published: Mar 27, 2019. Publicly Released: Mar 27, 2019.
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