[Letter from Robert A. Sunshine to Robert C. Byrd regarding S. 3715: The Auto Industry Emergency Bridge Loan Act]   [open pdf - 29KB]

This document is the correspondence between CBO Acting Director Robert A. Sunshine and Robert C. Byrd, Chairman of the Committee on Appropriations of the U.S. Senate from December 4, 2008 regarding S. 3715: the Auto Industry Emergency Bridge Loan Act. From the text: "As you requested, CBO has reviewed S. 3715, the Auto Industry Emergency Bridge Loan Act, as introduced on November 20, 2008. That bill would rescind $7.5 billion of funds previously appropriated to the Department of Energy (DOE) to cover the cost of providing up to $25 billion in direct loans to automobile manufacturers and component suppliers pursuant to section 136 of the Energy Independence and Security Act of 2007 (EISA). (That appropriation was designated as an emergency requirement pursuant to section 204(a) of S. Con. Res. 21 and section 301(b)(2) of S. Con. Res. 70, the concurrent resolutions on the budget for fiscal years 2008 and 2009.) Under current law, those funds are available to support loans to cover the costs of capital investments in manufacturing facilities designed to produce vehicles with greater fuel efficiency and reduced emissions. CBO expects such loans will be disbursed gradually over several years."

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