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Unless otherwise indicated, all years referred to in this report are fiscal years. Details in the text and tables may not add to totals because of rounding. Unless otherwise indicated, 1982 and 1983 figures are Administration estimates. All Administration estimates in this report are from The Budget of the United States Government, Fiscal Year 1983 (February 1983) and Office of Management and Budget data. |
This overview of the Administration's 1983 credit budget was prepared at the request of the House and Senate Budget Committees. It is intended to supplement the budget documents by bringing together in one place information on the credit budget. The paper reviews major proposed changes in federal credit activities for 1982 and 1983 and presents a function-by-function examination of the Administration's credit program estimates.
The paper was prepared by CBO's Budget Process Unit. Richard P. Emery,
Jr., with the assistance of Deirdre B. Phillips, wrote the first three
chapters. Deirdre B. Phillips, Michael Margeson, and Mitchell I. Mutnick
wrote Chapter IV. The authors gratefully acknowledge the helpful comments
of CBO's cost analysts and Martin D. Levine and Marvin M. Phaup of CBO;
Susanne V. Slater of the Office of Management and Budget; Edward Brigham
and Sandy Pianalto of the House Committee on the Budget; and Robin Seller,
David Nummy, Ann Hadley, and Susan Petty of the Senate Committee on the
Budget. Patricia H. Johnston edited the manuscript which was typed for
publication by Paula Gatens and Nancy E. Wenzel.
Alice M. Rivlin
Director
March 1982
SUMMARY
CHAPTER I. THE NEED FOR A CREDIT BUDGET
CHAPTER II. OVERVIEW OF THE ADMINISTRATION'S CREDIT PROPOSALS
CHAPTER III. CONGRESSIONAL ACTION ON THE CREDIT BUDGET
CHAPTER IV. THE CREDIT BUDGET BY MAJOR BUDGET FUNCTION
APPENDIX A. GLOSSARY OF CREDIT BUDGET TERMS
APPENDIX B. SAMPLES OF SCHEDULES
APPENDIX C. CBO CREDIT PUBLICATIONS
| TABLES | |
| 1. | TOTAL CREDIT BUDGET |
| 2. | MAJOR CHANGES IN THE 1982 CREDIT BUDGET TOTALS |
| 3. | NEW PROPOSALS FOR 1982 APPROPRIATIONS LIMITATIONS |
| 4. | MAJOR CHANGES BETWEEN THE REVISED 1982 AND 1983 CREDIT BUDGET TOTALS |
| 5. | CREDIT PROGRAMS FOR WHICH NO FUNDS ARE REQUESTED IN 1983 |
| 6. | DISTRIBUTION OF DIRECT LOAN OBLIGATIONS BY PURPOSE |
| 7. | DISTRIBUTION OF FEDERAL FINANCING BANK DIRECT LENDING |
| 8. | DISTRIBUTION OF CREDIT BUDGET REQUESTS BETWEEN THOSE PROPOSED FOR APPROPRIATIONS LIMITATIONS AND THOSE EXEMPTED |
| 9. | COMPARISON BETWEEN THE BUDGET RESOLUTION FOR FISCAL YEAR 1982 AND THE PRESIDENT'S REQUESTS FOR FISCAL YEARS 1982 AND 1983 |
| 10. | 1982 APPROPRIATIONS LIMITATIONS ON CREDIT PROGRAMS, BY APPROPRIATIONS SUBCOMMITTEE |
| 11. | CREDIT BUDGET BY FUNCTION, FISCAL YEAR 1983 |
| FIGURES | |
| 1. | COMPONENTS OF NET FEDERAL CREDIT, FISCAL YEARS 1972-1982 |
| 2. | OUTSTANDING LOANS ISSUED UNDER FEDERAL AUSPICES |
The President's budget for 1983 includes recommendations for total new direct loan obligations and total new loan guarantee commitments. It also recommends appropriations limitations for individual credit programs. Together, these requested credit aggregates and program limitations comprise the President's credit budget for 1983.
The credit budget was established to provide a rational structure for the consideration of the total size and allocation of federal direct loan and loan guarantee programs. In recent years, federal credit activities have grown rapidly. It is important to control these activities because they potentially can change the allocation of credit among uses, the composition of economic activity, and the economy's growth rate. The unified budget is a cash-flow budget, designed to present an accurate view of the federal government's effects on aggregate demand. As such, it includes only net credit--that is, only those credit programs that affect the government's cash flow--rather than total lending. The credit budget includes all credit activities on a gross basis to highlight the impact of credit activities on capital markets.
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