2 U.S.C. § 661c — Budgetary treatment

(a) President’s budget. Beginning in fiscal year 1992, the President’s budget must show direct-loan and guarantee-program costs and the planned new direct-loan obligations or guarantee commitments tied to each appropriations request. (b) Appropriations required. Despite other law, from fiscal year 1992 onward new direct-loan obligations and guarantee commitments may be made only if (1) an appropriations Act provides budget authority in advance for their costs, (2) an appropriations Act provides an advance limit on funds otherwise available for those costs, or (3) an appropriations Act otherwise provides authority. (c) Mandatory-program exemption. Subsections (b) and (e) do not apply to a program that (1) is an entitlement, such as guaranteed student loans or veterans’ home-loan guarantees, or (2) consists of all Commodity Credit Corporation credit programs existing on November 5, 1990. (d) Budget accounting. (1) Authority to incur new obligations, make new commitments, or modify outstanding loans or guarantees is new budget authority equal to the relevant cost in the year definite authority becomes available or indefinite authority is used. That authority obligates the credit program account to pay the financing account. (2) Outlays for that cost are paid from the credit program account to the financing account and recorded when the loan is disbursed or its cost changed. (3) Financing-account collections and payments are means of financing. (e) Modifications. An outstanding loan or guarantee may not be modified to increase its cost unless advance budget authority for the added cost is provided in an appropriations Act. (f) Reestimates. If a fiscal year’s group of loans or guarantees is reestimated later, the difference from the earlier estimate must appear as a separate identified subaccount in the credit program account, showing changes in program costs and net interest. Permanent indefinite authority is provided for these reestimates. (g) Administrative expenses. All agency funding for administering a direct-loan or guarantee program must appear as separate identified subaccounts in the same budget account as the program’s cost.