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Budget and Spending: Loan Guarantees of the Federal Government

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Report Type Reports and Testimonies
Report Date March 29, 1977
Report No. 100323
Subject
Summary:

There should be full disclosure of the budget impact on all existing and proposed Federal credit and credit support programs. The special treatment accorded loan guarantees, and the exclusion of the Federal Financing Bank (and other off-budget agencies) from the budget totals, creates a situation in which it is possible to commit Federal funds without having gone through the normal discipline of the budget process, a discipline which is applicable to most proposals that spend the taxpayers' money. The Federal Financing Bank should be barred from engaging in transactions which result in the conversion of guaranteed to direct loans when its activities are not fully reflected in the budget. The magnitude of other off-budget activities in the Federal Government that escape normal budgetary discipline is sufficiently large to undermine the credibility and analytical usefulness of the unified budget concept.

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