1 Oct, 2008
Letter from CBO Director Peter R. Orszag to the U.S. Senate Committee on Banking, Housing, and Urban Affairs Regarding [Dodd Substitute Amendment for H.R. 1424], [October 1, 2008]
United States. Congressional Budget Office
Orszag, Peter R.
This is a Congressional Budget Office (CBO) Cost Estimate, which comes in the form of a letter written by Peter R. Orszag, Director of the CBO, and is addressed to Senator Christopher J. Dodd, the Chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs. This Cost Estimate provides a breakdown of the U.S. Senate version of the financial rescue package of 2008. More specifically, according to CBO, "that legislation contains three separate parts; the bill refers to these three components as 'divisions.' Division A is the Emergency Economic Stabilization Act of 2008, most of which is identical to the financial rescue bill considered by the House of Representatives earlier this week. In addition to creating a Troubled Assets Relief Program (TARP), under which the Secretary of the Treasury would be authorized to purchase, insure, hold, and sell a wide variety of financial instruments, particularly those that are based on or related to residential or commercial mortgages issued prior to March 14, 2008, Division A also includes a provision that would provide for a temporary increase in federal deposit insurance coverage. Division B is entitled the Energy Improvement and Extension Act of 2008. It contains numerous tax provisions related to energy production, transportation, and energy conservation. Division C extends various expiring tax provisions, including alternative minimum tax relief."
  • URL
  • Author
    Orszag, Peter R.
  • Publisher
    United States. Congressional Budget Office
  • Date
    1 Oct, 2008
  • Copyright
    Public Domain
  • Retrieved From
    Congressional Budget Office: www.cbo.gov/
  • Format
  • Media Type
  • Subjects
    Emergency Economic Stabilization Act of 2008 (United States)
    Economic policy
    Economic assistance, Domestic
    Economic stabilization
  • Resource Group
    Reports (CBO)

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