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Federal Credit Programs | Congressional Budget Office
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CHIP</a> </li> <li class="menu-item"> <a href="/topics/poverty-and-income-security/supplemental-security-income" data-drupal-link-system-path="taxonomy/term/59">Supplemental Security Income</a> </li> <li class="menu-item"> <a href="/topics/poverty-and-income-security/tax-credits" data-drupal-link-system-path="taxonomy/term/1547">Tax Credits</a> </li> </ul> </li> <li class="menu-item menu-item--expanded"> <a href="/topics/retirement" data-drupal-link-system-path="taxonomy/term/19">Retirement</a> <ul class="menu"> <li class="menu-item"> <a href="/topics/retirement/explaining-analytical-methods" data-drupal-link-system-path="taxonomy/term/1787">Explaining Analytical Methods</a> </li> <li class="menu-item"> <a href="/topics/retirement/medicare" data-drupal-link-system-path="taxonomy/term/1585">Medicare</a> </li> <li class="menu-item"> <a href="/topics/retirement/pensions" data-drupal-link-system-path="taxonomy/term/61">Pensions</a> </li> </ul> </li> <li class="menu-item 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href="/topics/taxes/outlook-budget-and-economy" data-drupal-link-system-path="taxonomy/term/1584">Outlook for the Budget and the Economy</a> </li> <li class="menu-item"> <a href="/topics/taxes/presidents-budget" data-drupal-link-system-path="taxonomy/term/1582">President's Budget</a> </li> <li class="menu-item"> <a href="/topics/taxes/tax-credits" data-drupal-link-system-path="taxonomy/term/1588">Tax Credits</a> </li> <li class="menu-item"> <a href="/topics/taxes/tax-rates" data-drupal-link-system-path="taxonomy/term/1682">Tax Rates</a> </li> </ul> </li> <li class="menu-item menu-item--expanded"> <a href="/topics/veterans-issues" data-drupal-link-system-path="taxonomy/term/23">Veterans' Issues</a> <ul class="menu"> <li class="menu-item"> <a href="/topics/veterans-issues/explaining-analytical-methods" data-drupal-link-system-path="taxonomy/term/1789">Explaining Analytical Methods</a> </li> <li class="menu-item"> <a href="/topics/veterans-issues/military-and-veterans-health-care" data-drupal-link-system-path="taxonomy/term/1597">Military and Veterans' Health Care</a> </li> </ul> </li> </ul> </nav> </aside> <section id="content"> <section id="block-cbo-pagetitle" class="block block-core block-page-title-block"> <h1>Federal Credit Programs</h1> </section> <section id="block-cbo-local-tasks" class="block block-core block-local-tasks-block"> <nav class="tabs" role="navigation" aria-label="Tabs"> <h2 class="visually-hidden">Primary tabs</h2> <ul class="tabs primary"><li class="is-active"><a href="/topics/finance/federal-credit-programs" data-drupal-link-system-path="taxonomy/term/1592" class="is-active" aria-current="page">Featured</a></li> <li><a href="/taxonomy/term/1592/latest" data-drupal-link-system-path="taxonomy/term/1592/latest">Publications & Cost Estimates</a></li> <li><a href="/taxonomy/term/1592/policy-options" data-drupal-link-system-path="taxonomy/term/1592/policy-options">Policy Options</a></li> <li><a href="/taxonomy/term/1592/recurring-reports" data-drupal-link-system-path="taxonomy/term/1592/recurring-reports">Recurring Publications</a></li> </ul> </nav> </section> <section id="block-cbo-cbo-system-main" class="block block-system block-system-main-block"> <div class="view view-topics-terms view-id-topics_terms view-display-id-page_1 js-view-dom-id-2083399be13ee33af90edde22fbe13c9a997f8b0bf5ee90e962d57a78ab1d4e7"> <div class="attachment attachment-before"> <div class="topic-attachment view view-topics-terms view-id-topics_terms view-display-id-attachment_1 js-view-dom-id-fc6c0f5a09c3edb10b28ecedb2105f1c83cba6cb53e7ac0022bc4b8db29785ac"> <div class="view-content"> <div class="term-description topic-meta views-row"><p>The federal government supports home ownership, postsecondary education, and various other activities by providing direct federal loans and by guaranteeing loans made by private financial institutions. CBO analyzes proposed changes to the Federal Housing Administration’s mortgage guarantees, the Department of Education’s student loan programs, and other federal credit programs. The agency also examines alternative ways of accounting for credit programs in the budget.</p> <div class="topic-meta"></div></div> </div> </div> </div> <div class="view-content"> <div class="item-list topic-term-posts"> <ul> <li class="views-row"><div class="publication-figure"><a href="/publication/60190"><div> <div class="field field--name-field-media-image field--type-image field--label-hidden field__item"> <img loading="eager" srcset="/sites/default/files/styles/240/public/2024-11/60190-home-housing.jpg?itok=BR0FH4Yr 240w, /sites/default/files/styles/480/public/2024-11/60190-home-housing.jpg?itok=j0nXvjXk 480w, /sites/default/files/styles/624/public/2024-11/60190-home-housing.jpg?itok=6hrlERLA 624w, /sites/default/files/styles/800/public/2024-11/60190-home-housing.jpg?itok=hr0c9_2C 800w, /sites/default/files/styles/1500/public/2024-11/60190-home-housing.jpg?itok=gBf08qgc 1500w" sizes="(max-width: 26.25em) 67vw, (max-width: 38.125em) 40vw, (max-width: 61.25em) 30vw, (max-width: 87.5em) 25vw , calc(20vw - 40px)" width="800" height="533" src="/sites/default/files/2024-11/60190-home-housing.jpg" alt="" /> </div> </div> </a></div><div class="publication-body"><div class="views-field views-field-type"><span class="field-content">Report</span></div><div class="views-field views-field-title"><span class="field-content"><a href="/publication/60190" hreflang="en">Fannie Mae and Freddie Mac’s Housing Goals</a></span></div><div class="views-field views-field-field-display-date"><div class="field-content"><time datetime="2024-11-13T12:00:00Z">November 13, 2024</time> </div></div><div class="views-field views-field-body"><p class="field-content">CBO analyzes how Fannie Mae and Freddie Mac achieve their housing goals by offering discounts on their standard fees for mortgages that meet the goals’ requirements and charging higher fees for mortgages that do not meet the requirements.</p></div></div></li> <li class="views-row"><div class="publication-figure"><a href="/publication/59408"><div> <div class="field field--name-field-media-image field--type-image field--label-hidden field__item"> <img loading="eager" srcset="/sites/default/files/styles/240/public/2024-09/59408-home-Risk.jpg?itok=tu787B3P 240w, /sites/default/files/styles/480/public/2024-09/59408-home-Risk.jpg?itok=bUjvdgsS 480w, /sites/default/files/styles/624/public/2024-09/59408-home-Risk.jpg?itok=t2jPytdP 624w, /sites/default/files/styles/800/public/2024-09/59408-home-Risk.jpg?itok=8QIGP_Cd 800w, /sites/default/files/styles/1500/public/2024-09/59408-home-Risk.jpg?itok=0ARobXOl 1500w" sizes="(max-width: 26.25em) 67vw, (max-width: 38.125em) 40vw, (max-width: 61.25em) 30vw, (max-width: 87.5em) 25vw , calc(20vw - 40px)" width="800" height="533" src="/sites/default/files/2024-09/59408-home-Risk.jpg" alt="" /> </div> </div> </a></div><div class="publication-body"><div class="views-field views-field-type"><span class="field-content">Report</span></div><div class="views-field views-field-title"><span class="field-content"><a href="/publication/59408" hreflang="en">Public-Private Risk Sharing in Federal Credit Programs</a></span></div><div class="views-field views-field-field-display-date"><div class="field-content"><time datetime="2024-09-13T12:00:00Z">September 13, 2024</time> </div></div><div class="views-field views-field-body"><p class="field-content">CBO examines ways in which the federal government and private entities share the risk involved in various federal credit programs, including those related to home mortgages, small businesses, and project financing.</p></div></div></li> <li class="views-row"><div class="publication-figure"><a href="/publication/58963"><div> <div class="field field--name-field-media-image field--type-image field--label-hidden field__item"> <img loading="eager" srcset="/sites/default/files/styles/240/public/2024-09/58963-home-StudentLoan.jpg?itok=jzXipQax 240w, /sites/default/files/styles/480/public/2024-09/58963-home-StudentLoan.jpg?itok=VkYgVZI1 480w, /sites/default/files/styles/624/public/2024-09/58963-home-StudentLoan.jpg?itok=nSY04RGf 624w, /sites/default/files/styles/800/public/2024-09/58963-home-StudentLoan.jpg?itok=D8zcD65D 800w, /sites/default/files/styles/1500/public/2024-09/58963-home-StudentLoan.jpg?itok=dNutFYAW 1500w" sizes="(max-width: 26.25em) 67vw, (max-width: 38.125em) 40vw, (max-width: 61.25em) 30vw, (max-width: 87.5em) 25vw , calc(20vw - 40px)" width="800" height="533" src="/sites/default/files/2024-09/58963-home-StudentLoan.jpg" alt="" /> </div> </div> </a></div><div class="publication-body"><div class="views-field views-field-type"><span class="field-content">Report</span></div><div class="views-field views-field-title"><span class="field-content"><a href="/publication/58963" hreflang="en">Student Loan Repayment, 2009 to 2019</a></span></div><div class="views-field views-field-field-display-date"><div class="field-content"><time datetime="2024-09-12T12:00:00Z">September 12, 2024</time> </div></div><div class="views-field views-field-body"><p class="field-content">CBO uses several measures of student loan repayment to describe borrowers’ outcomes from 2009 to 2019, before payments were suspended during the pandemic.</p></div></div></li> <li class="views-row"><div class="publication-figure"><a href="/publication/60517"><div> <div class="field field--name-field-media-image field--type-image field--label-hidden field__item"> <img loading="eager" srcset="/sites/default/files/styles/240/public/2019-04/Capitol-1650x1100-Entire-011.jpg?itok=6HDJmtEM 240w, /sites/default/files/styles/480/public/2019-04/Capitol-1650x1100-Entire-011.jpg?itok=_qp8-4Wl 480w, /sites/default/files/styles/624/public/2019-04/Capitol-1650x1100-Entire-011.jpg?itok=pDtaST6S 624w, /sites/default/files/styles/800/public/2019-04/Capitol-1650x1100-Entire-011.jpg?itok=VN2_hE7g 800w, /sites/default/files/styles/1500/public/2019-04/Capitol-1650x1100-Entire-011.jpg?itok=9gvEgALe 1500w" sizes="(max-width: 26.25em) 67vw, (max-width: 38.125em) 40vw, (max-width: 61.25em) 30vw, (max-width: 87.5em) 25vw , calc(20vw - 40px)" width="800" height="533" src="/sites/default/files/2019-04/Capitol-1650x1100-Entire-011.jpg" alt="United States Capitol Building in Washington, DC" /> </div> </div> </a></div><div class="publication-body"><div class="views-field views-field-type"><span class="field-content">Report</span></div><div class="views-field views-field-title"><span class="field-content"><a href="/publication/60517" hreflang="en">Estimates of the Cost of Federal Credit Programs in 2025</a></span></div><div class="views-field views-field-field-display-date"><div class="field-content"><time datetime="2024-08-30T12:00:00Z">August 30, 2024</time> </div></div><div class="views-field views-field-body"><p class="field-content">CBO estimates the costs of federal credit programs in 2025 in two ways—following procedures prescribed by the Federal Credit Reform Act and using a fair-value approach, which measures the market value of the government’s obligations.</p></div></div></li> <li class="views-row"><div class="publication-figure"><a href="/publication/59507"><div> <div class="field field--name-field-media-image field--type-image field--label-hidden field__item"> <img loading="eager" srcset="/sites/default/files/styles/240/public/2023-12/59507-home-cover.jpg?itok=VXCJ3MWL 240w, /sites/default/files/styles/480/public/2023-12/59507-home-cover.jpg?itok=ioTAt7wz 480w, /sites/default/files/styles/624/public/2023-12/59507-home-cover.jpg?itok=YGaA_prX 624w, /sites/default/files/styles/800/public/2023-12/59507-home-cover.jpg?itok=dc5Q1UKu 800w, /sites/default/files/styles/1500/public/2023-12/59507-home-cover.jpg?itok=tbECsrr5 1500w" sizes="(max-width: 26.25em) 67vw, (max-width: 38.125em) 40vw, (max-width: 61.25em) 30vw, (max-width: 87.5em) 25vw , calc(20vw - 40px)" width="800" height="533" src="/sites/default/files/2023-12/59507-home-cover.jpg" alt="" /> </div> </div> </a></div><div class="publication-body"><div class="views-field views-field-type"><span class="field-content">Report</span></div><div class="views-field views-field-title"><span class="field-content"><a href="/publication/59507" hreflang="en">Administrative Costs of Federal Credit Programs</a></span></div><div class="views-field views-field-field-display-date"><div class="field-content"><time datetime="2023-12-06T12:00:00Z">December 6, 2023</time> </div></div><div class="views-field views-field-body"><p class="field-content">To assess the full costs of federal loans and loan guarantees, CBO has developed a method for estimating the present value of the lifetime administrative costs of certain federal credit programs.</p></div></div></li> <li class="views-row"><div class="publication-figure"><a href="/publication/59379"><div> <div class="field field--name-field-media-image field--type-image field--label-hidden field__item"> <img loading="eager" srcset="/sites/default/files/styles/240/public/2023-11/59379-home-Flood.jpg?itok=fmuWtMfR 240w, /sites/default/files/styles/480/public/2023-11/59379-home-Flood.jpg?itok=DFJac_Sn 480w, /sites/default/files/styles/624/public/2023-11/59379-home-Flood.jpg?itok=XwNpHUvG 624w, /sites/default/files/styles/800/public/2023-11/59379-home-Flood.jpg?itok=SKreJLDd 800w, /sites/default/files/styles/1500/public/2023-11/59379-home-Flood.jpg?itok=xBBY8IoO 1500w" sizes="(max-width: 26.25em) 67vw, (max-width: 38.125em) 40vw, (max-width: 61.25em) 30vw, (max-width: 87.5em) 25vw , calc(20vw - 40px)" width="800" height="533" src="/sites/default/files/2023-11/59379-home-Flood.jpg" alt="" /> </div> </div> </a></div><div class="publication-body"><div class="views-field views-field-type"><span class="field-content">Report</span></div><div class="views-field views-field-title"><span class="field-content"><a href="/publication/59379" hreflang="en">Flood Damage and Federally Backed Mortgages in a Changing Climate</a></span></div><div class="views-field views-field-field-display-date"><div class="field-content"><time datetime="2023-11-13T12:00:00Z">November 13, 2023</time> </div></div><div class="views-field views-field-body"><p class="field-content">CBO estimates the flood damage homes with federally backed mortgages are expected to face in multiyear periods centered on 2020 and 2050, reflecting the effects of climate change. The agency also analyzes where that damage is concentrated.</p></div></div></li> <li class="views-row"><div class="publication-figure"><a href="/publication/58613"><div> <div class="field field--name-field-media-image field--type-image field--label-hidden field__item"> <img loading="eager" srcset="/sites/default/files/styles/240/public/2023-04/58613-home-Outlays-3.png?itok=w6J-mSGE 240w, /sites/default/files/styles/480/public/2023-04/58613-home-Outlays-3.png?itok=u3aNv59J 480w, /sites/default/files/styles/624/public/2023-04/58613-home-Outlays-3.png?itok=NSu1361h 624w, /sites/default/files/styles/800/public/2023-04/58613-home-Outlays-3.png?itok=kwr80_9h 800w, /sites/default/files/styles/1500/public/2023-04/58613-home-Outlays-3.png?itok=MRBMuTIF 1500w" sizes="(max-width: 26.25em) 67vw, (max-width: 38.125em) 40vw, (max-width: 61.25em) 30vw, (max-width: 87.5em) 25vw , calc(20vw - 40px)" width="800" height="533" src="/sites/default/files/2023-04/58613-home-Outlays-3.png" alt="" /> </div> </div> </a></div><div class="publication-body"><div class="views-field views-field-type"><span class="field-content">Report</span></div><div class="views-field views-field-title"><span class="field-content"><a href="/publication/58613" hreflang="en">An Evaluation of CBO’s Projections of Outlays From 1984 to 2021</a></span></div><div class="views-field views-field-field-display-date"><div class="field-content"><time datetime="2023-04-26T12:00:00Z">April 26, 2023</time> </div></div><div class="views-field views-field-body"><p class="field-content">In this report, CBO uses various measures to assess the quality of its past projections of federal outlays. The analysis focuses on three fiscal years within each projection period: the budget year, the 6th year, and the 11th year.</p></div></div></li> <li class="views-row"><div class="publication-figure"><a href="/publication/58614"><div> <div class="field field--name-field-media-image field--type-image field--label-hidden field__item"> <img loading="eager" srcset="/sites/default/files/styles/240/public/2023-03/58614-home-cover.jpg?itok=evxKaF6n 240w, /sites/default/files/styles/480/public/2023-03/58614-home-cover.jpg?itok=pQmjFysy 480w, /sites/default/files/styles/624/public/2023-03/58614-home-cover.jpg?itok=xISk12Nc 624w, /sites/default/files/styles/800/public/2023-03/58614-home-cover.jpg?itok=rssIoMvv 800w, /sites/default/files/styles/1500/public/2023-03/58614-home-cover.jpg?itok=i_HA-rD9 1500w" sizes="(max-width: 26.25em) 67vw, (max-width: 38.125em) 40vw, (max-width: 61.25em) 30vw, (max-width: 87.5em) 25vw , calc(20vw - 40px)" width="800" height="533" src="/sites/default/files/2023-03/58614-home-cover.jpg" alt="" /> </div> </div> </a></div><div class="publication-body"><div class="views-field views-field-type"><span class="field-content">Report</span></div><div class="views-field views-field-title"><span class="field-content"><a href="/publication/58614" hreflang="en">Financial Commitments of Federal Credit and Insurance Programs, 2012 to 2021</a></span></div><div class="views-field views-field-field-display-date"><div class="field-content"><time datetime="2023-03-21T12:00:00Z">March 21, 2023</time> </div></div><div class="views-field views-field-body"><p class="field-content">CBO describes the commitments the federal government has made through its credit and insurance programs, including housing, real estate, and student loan programs, deposit insurance, insurance for private pensions, and flood and crop insurance.</p></div></div></li> <li class="views-row"><div class="publication-figure"><a href="/publication/58427"><div> <div class="field field--name-field-media-image field--type-image field--label-hidden field__item"> <img loading="eager" srcset="/sites/default/files/styles/240/public/2022-11/58427-home-GSE.jpg?itok=l1HinuM8 240w, /sites/default/files/styles/480/public/2022-11/58427-home-GSE.jpg?itok=wumcFpjY 480w, /sites/default/files/styles/624/public/2022-11/58427-home-GSE.jpg?itok=Qv91MK4z 624w, /sites/default/files/styles/800/public/2022-11/58427-home-GSE.jpg?itok=VmX-tvCE 800w, /sites/default/files/styles/1500/public/2022-11/58427-home-GSE.jpg?itok=53O8Pa7G 1500w" sizes="(max-width: 26.25em) 67vw, (max-width: 38.125em) 40vw, (max-width: 61.25em) 30vw, (max-width: 87.5em) 25vw , calc(20vw - 40px)" width="800" height="533" src="/sites/default/files/2022-11/58427-home-GSE.jpg" alt="" /> </div> </div> </a></div><div class="publication-body"><div class="views-field views-field-type"><span class="field-content">Report</span></div><div class="views-field views-field-title"><span class="field-content"><a href="/publication/58427" hreflang="en">How the Housing Trust Fund and Capital Magnet Fund Support Affordable Housing</a></span></div><div class="views-field views-field-field-display-date"><div class="field-content"><time datetime="2022-11-21T12:00:00Z">November 21, 2022</time> </div></div><div class="views-field views-field-body"><p class="field-content">CBO describes the Housing Trust Fund's and Capital Magnet Fund's income, spending, and budgetary impact, how their grants are used in the production of low-income housing, and how the funds compare with other support for affordable housing.</p></div></div></li> <li class="views-row"><div class="publication-figure"><a href="/publication/57176"><div> <div class="field field--name-field-media-image field--type-image field--label-hidden field__item"> <img loading="eager" srcset="/sites/default/files/styles/240/public/2022-01/57176-home-keys.jpg?itok=M7lxnZ4C 240w, /sites/default/files/styles/480/public/2022-01/57176-home-keys.jpg?itok=9dKDxVZy 480w, /sites/default/files/styles/624/public/2022-01/57176-home-keys.jpg?itok=hrP8H6xX 624w, /sites/default/files/styles/800/public/2022-01/57176-home-keys.jpg?itok=0innNpr9 800w, /sites/default/files/styles/1500/public/2022-01/57176-home-keys.jpg?itok=mIgDcXDX 1500w" sizes="(max-width: 26.25em) 67vw, (max-width: 38.125em) 40vw, (max-width: 61.25em) 30vw, (max-width: 87.5em) 25vw , calc(20vw - 40px)" width="800" height="533" src="/sites/default/files/2022-01/57176-home-keys.jpg" alt="" /> </div> </div> </a></div><div class="publication-body"><div class="views-field views-field-type"><span class="field-content">Report</span></div><div class="views-field views-field-title"><span class="field-content"><a href="/publication/57176" hreflang="en">Ginnie Mae and the Securitization of Federally Guaranteed Mortgages</a></span></div><div class="views-field views-field-field-display-date"><div class="field-content"><time datetime="2022-01-12T12:00:00Z">January 12, 2022</time> </div></div><div class="views-field views-field-body"><p class="field-content">CBO describes the securitization programs of the Government National Mortgage Association (Ginnie Mae) and compares its baseline budget projections for Ginnie Mae with outcomes under a scenario of severe economic stress.</p></div></div></li> <li class="views-row"><div class="publication-figure"><a href="/publication/57024"><div> <div class="field field--name-field-media-image field--type-image field--label-hidden field__item"> <img loading="eager" srcset="/sites/default/files/styles/240/public/2021-09/57024-home-VA.jpg?itok=B49tGUSS 240w, /sites/default/files/styles/480/public/2021-09/57024-home-VA.jpg?itok=WCEtHBIM 480w, /sites/default/files/styles/624/public/2021-09/57024-home-VA.jpg?itok=MaonXfnF 624w, /sites/default/files/styles/800/public/2021-09/57024-home-VA.jpg?itok=1HLqFRjT 800w, /sites/default/files/styles/1500/public/2021-09/57024-home-VA.jpg?itok=s2d2LL9d 1500w" sizes="(max-width: 26.25em) 67vw, (max-width: 38.125em) 40vw, (max-width: 61.25em) 30vw, (max-width: 87.5em) 25vw , calc(20vw - 40px)" width="800" height="533" src="/sites/default/files/2021-09/57024-home-VA.jpg" alt="" /> </div> </div> </a></div><div class="publication-body"><div class="views-field views-field-type"><span class="field-content">Report</span></div><div class="views-field views-field-title"><span class="field-content"><a href="/publication/57024" hreflang="en">The Role of the Department of Veterans Affairs in the Single-Family Mortgage Market</a></span></div><div class="views-field views-field-field-display-date"><div class="field-content"><time datetime="2021-09-14T12:00:00Z">September 14, 2021</time> </div></div><div class="views-field views-field-body"><p class="field-content">CBO describes VA’s mortgage guarantee program, provides estimates of the budgetary costs of the program, and compares those costs with expenditures for other federal guarantees.</p></div></div></li> <li class="views-row"><div class="publication-figure"><a href="/publication/56900"><div> <div class="field field--name-field-media-image field--type-image field--label-hidden field__item"> <img loading="eager" srcset="/sites/default/files/styles/240/public/2021-04/56900-home-cover.jpg?itok=nslcFPM5 240w, /sites/default/files/styles/480/public/2021-04/56900-home-cover.jpg?itok=qSPZ9kAj 480w, /sites/default/files/styles/624/public/2021-04/56900-home-cover.jpg?itok=OQYNGleD 624w, /sites/default/files/styles/800/public/2021-04/56900-home-cover.jpg?itok=bcq0mZjg 800w, /sites/default/files/styles/1500/public/2021-04/56900-home-cover.jpg?itok=PrTfYwZW 1500w" sizes="(max-width: 26.25em) 67vw, (max-width: 38.125em) 40vw, (max-width: 61.25em) 30vw, (max-width: 87.5em) 25vw , calc(20vw - 40px)" width="800" height="533" src="/sites/default/files/2021-04/56900-home-cover.jpg" alt="" /> </div> </div> </a></div><div class="publication-body"><div class="views-field views-field-type"><span class="field-content">Report</span></div><div class="views-field views-field-title"><span class="field-content"><a href="/publication/56900" hreflang="en">Budgeting for Federal Investment</a></span></div><div class="views-field views-field-field-display-date"><div class="field-content"><time datetime="2021-04-15T12:00:00Z">April 15, 2021</time> </div></div><div class="views-field views-field-body"><p class="field-content">This report examines approaches to budgeting that would distinguish expenditures for investment in physical capital, education, and research and development from other expenditures.</p></div></div></li> <li class="views-row"><div class="publication-figure"><a href="/publication/56778"><div> <div class="field field--name-field-media-image field--type-image field--label-hidden field__item"> <img loading="eager" srcset="/sites/default/files/styles/240/public/2019-04/Capitol-1650x1100-Entire-011.jpg?itok=6HDJmtEM 240w, /sites/default/files/styles/480/public/2019-04/Capitol-1650x1100-Entire-011.jpg?itok=_qp8-4Wl 480w, /sites/default/files/styles/624/public/2019-04/Capitol-1650x1100-Entire-011.jpg?itok=pDtaST6S 624w, /sites/default/files/styles/800/public/2019-04/Capitol-1650x1100-Entire-011.jpg?itok=VN2_hE7g 800w, /sites/default/files/styles/1500/public/2019-04/Capitol-1650x1100-Entire-011.jpg?itok=9gvEgALe 1500w" sizes="(max-width: 26.25em) 67vw, (max-width: 38.125em) 40vw, (max-width: 61.25em) 30vw, (max-width: 87.5em) 25vw , calc(20vw - 40px)" width="800" height="533" src="/sites/default/files/2019-04/Capitol-1650x1100-Entire-011.jpg" alt="United States Capitol Building in Washington, DC" /> </div> </div> </a></div><div class="publication-body"><div class="views-field views-field-type"><span class="field-content">Report</span></div><div class="views-field views-field-title"><span class="field-content"><a href="/publication/56778" hreflang="en">Measuring the Cost of Government Activities That Involve Financial Risk</a></span></div><div class="views-field views-field-field-display-date"><div class="field-content"><time datetime="2021-03-10T12:00:00Z">March 10, 2021</time> </div></div><div class="views-field views-field-body"><p class="field-content">This report explains the details of two approaches to measuring the cost of government activities that involve financial risk, the qualitative differences between them, and their application to various activities and programs.</p></div></div></li> <li class="views-row"><div class="publication-figure"><a href="/publication/56496"><div> <div class="field field--name-field-media-image field--type-image field--label-hidden field__item"> <img loading="eager" srcset="/sites/default/files/styles/240/public/2020-08/56496-GSE.jpg?itok=UGu2n-R9 240w, /sites/default/files/styles/480/public/2020-08/56496-GSE.jpg?itok=0XHtWpAa 480w, /sites/default/files/styles/624/public/2020-08/56496-GSE.jpg?itok=dgzTvhpf 624w, /sites/default/files/styles/800/public/2020-08/56496-GSE.jpg?itok=5hN_nU9M 800w, /sites/default/files/styles/1500/public/2020-08/56496-GSE.jpg?itok=rMDuN47u 1500w" sizes="(max-width: 26.25em) 67vw, (max-width: 38.125em) 40vw, (max-width: 61.25em) 30vw, (max-width: 87.5em) 25vw , calc(20vw - 40px)" width="800" height="533" src="/sites/default/files/2020-08/56496-GSE.jpg" alt="" /> </div> </div> </a></div><div class="publication-body"><div class="views-field views-field-type"><span class="field-content">Report</span></div><div class="views-field views-field-title"><span class="field-content"><a href="/publication/56496" hreflang="en">Effects of Recapitalizing Fannie Mae and Freddie Mac Through Administrative Actions</a></span></div><div class="views-field views-field-field-display-date"><div class="field-content"><time datetime="2020-08-18T12:00:00Z">August 18, 2020</time> </div></div><div class="views-field views-field-body"><p class="field-content">CBO examines how recapitalizing Fannie Mae and Freddie Mac through administrative actions would affect such factors as CBO’s budget projections and cash flows between the two enterprises and their shareholders, including the Treasury.</p></div></div></li> <li class="views-row"><div class="publication-figure"><a href="/publication/53886"><div> <div class="field field--name-field-media-image field--type-image field--label-hidden field__item"> <img loading="eager" srcset="/sites/default/files/styles/240/public/2019-04/Capitol-1650x1100-Dome-013.jpg?itok=i4YJQThl 240w, /sites/default/files/styles/480/public/2019-04/Capitol-1650x1100-Dome-013.jpg?itok=MZzw43Zb 480w, /sites/default/files/styles/624/public/2019-04/Capitol-1650x1100-Dome-013.jpg?itok=Hvsu-ih6 624w, /sites/default/files/styles/800/public/2019-04/Capitol-1650x1100-Dome-013.jpg?itok=IfZIyEmP 800w, /sites/default/files/styles/1500/public/2019-04/Capitol-1650x1100-Dome-013.jpg?itok=d_NbeXOS 1500w" sizes="(max-width: 26.25em) 67vw, (max-width: 38.125em) 40vw, (max-width: 61.25em) 30vw, (max-width: 87.5em) 25vw , calc(20vw - 40px)" width="800" height="533" src="/sites/default/files/2019-04/Capitol-1650x1100-Dome-013.jpg" alt="United States Capitol Building in Washington, DC" /> </div> </div> </a></div><div class="publication-body"><div class="views-field views-field-type"><span class="field-content">Report</span></div><div class="views-field views-field-title"><span class="field-content"><a href="/publication/53886" hreflang="und">How CBO Produces Fair-Value Estimates of the Cost of Federal Credit Programs: A Primer</a></span></div><div class="views-field views-field-field-display-date"><div class="field-content"><time datetime="2018-07-12T12:00:00Z">July 12, 2018</time> </div></div><div class="views-field views-field-body"><p class="field-content">In this primer, CBO discusses the methodological differences between the FCRA and fair-value approaches and how those differences affect estimates of the cost of federal credit programs.</p></div></div></li> <li class="views-row"><div class="publication-figure"><a href="/publication/53461"><div> <div class="field field--name-field-media-image field--type-image field--label-hidden field__item"> <img loading="eager" srcset="/sites/default/files/styles/240/public/cbofiles/images/pubs-images/53xxx/53461-home-cover.png?itok=OTUHMKdf 240w, /sites/default/files/styles/480/public/cbofiles/images/pubs-images/53xxx/53461-home-cover.png?itok=TTKqf1OK 480w, /sites/default/files/styles/624/public/cbofiles/images/pubs-images/53xxx/53461-home-cover.png?itok=AOlNh3Gy 624w, /sites/default/files/styles/800/public/cbofiles/images/pubs-images/53xxx/53461-home-cover.png?itok=U7T637Ed 800w, /sites/default/files/styles/1500/public/cbofiles/images/pubs-images/53xxx/53461-home-cover.png?itok=c39onVwK 825w" sizes="(max-width: 26.25em) 67vw, (max-width: 38.125em) 40vw, (max-width: 61.25em) 30vw, (max-width: 87.5em) 25vw , calc(20vw - 40px)" width="800" height="533" src="/sites/default/files/cbofiles/images/pubs-images/53xxx/53461-home-cover.png" /> </div> </div> </a></div><div class="publication-body"><div class="views-field views-field-type"><span class="field-content">Report</span></div><div class="views-field views-field-title"><span class="field-content"><a href="/publication/53461" hreflang="und">Cash and Accrual Measures in Federal Budgeting</a></span></div><div class="views-field views-field-field-display-date"><div class="field-content"><time datetime="2018-01-26T12:00:00Z">January 26, 2018</time> </div></div><div class="views-field views-field-body"><p class="field-content">What roles do cash and accrual measures play in the federal budget process? This report discusses the relative merits of those measures and explores the implications of expanding the use of accrual measures for decisionmaking purposes. </p></div></div></li> <li class="views-row"><div class="publication-figure"><a href="/publication/53380"><div> <div class="field field--name-field-media-image field--type-image field--label-hidden field__item"> <img loading="eager" srcset="/sites/default/files/styles/240/public/cbofiles/images/pubs-images/53xxx/53380-home-cover.jpg?itok=hqoAkHlB 240w, /sites/default/files/styles/480/public/cbofiles/images/pubs-images/53xxx/53380-home-cover.jpg?itok=fPI-HkWb 480w, /sites/default/files/styles/624/public/cbofiles/images/pubs-images/53xxx/53380-home-cover.jpg?itok=fAXZ77o9 624w, /sites/default/files/styles/800/public/cbofiles/images/pubs-images/53xxx/53380-home-cover.jpg?itok=d-HxtsnK 800w, /sites/default/files/styles/1500/public/cbofiles/images/pubs-images/53xxx/53380-home-cover.jpg?itok=BEpbfdIS 1500w" sizes="(max-width: 26.25em) 67vw, (max-width: 38.125em) 40vw, (max-width: 61.25em) 30vw, (max-width: 87.5em) 25vw , calc(20vw - 40px)" width="800" height="533" src="/sites/default/files/cbofiles/images/pubs-images/53xxx/53380-home-cover.jpg" /> </div> </div> </a></div><div class="publication-body"><div class="views-field views-field-type"><span class="field-content">Report</span></div><div class="views-field views-field-title"><span class="field-content"><a href="/publication/53380" hreflang="und">Transferring Credit Risk on Mortgages Guaranteed by Fannie Mae or Freddie Mac</a></span></div><div class="views-field views-field-field-display-date"><div class="field-content"><time datetime="2017-12-14T12:00:00Z">December 14, 2017</time> </div></div><div class="views-field views-field-body"><p class="field-content">CBO reviews Fannie Mae and Freddie Mac’s program to transfer some of the credit risk of their guarantees to investors and analyzes two approaches for expanding those efforts.</p></div></div></li> <li class="views-row"><div class="publication-figure"><a href="/publication/53084"><div> <div class="field field--name-field-media-image field--type-image field--label-hidden field__item"> <img loading="eager" srcset="/sites/default/files/styles/240/public/cbofiles/images/pubs-images/53xxx/53084-home-cover.jpg?itok=cMTKALX- 240w, /sites/default/files/styles/480/public/cbofiles/images/pubs-images/53xxx/53084-home-cover.jpg?itok=3oLLDHR8 480w, /sites/default/files/styles/624/public/cbofiles/images/pubs-images/53xxx/53084-home-cover.jpg?itok=BbEj-nOI 624w, /sites/default/files/styles/800/public/cbofiles/images/pubs-images/53xxx/53084-home-cover.jpg?itok=ZXVzqtBc 800w, /sites/default/files/styles/1500/public/cbofiles/images/pubs-images/53xxx/53084-home-cover.jpg?itok=5ffse95s 1500w" sizes="(max-width: 26.25em) 67vw, (max-width: 38.125em) 40vw, (max-width: 61.25em) 30vw, (max-width: 87.5em) 25vw , calc(20vw - 40px)" width="800" height="533" src="/sites/default/files/cbofiles/images/pubs-images/53xxx/53084-home-cover.jpg" /> </div> </div> </a></div><div class="publication-body"><div class="views-field views-field-type"><span class="field-content">Report</span></div><div class="views-field views-field-title"><span class="field-content"><a href="/publication/53084" hreflang="und">Options to Manage FHA’s Exposure to Risk From Guaranteeing Single-Family Mortgages</a></span></div><div class="views-field views-field-field-display-date"><div class="field-content"><time datetime="2017-09-28T12:00:00Z">September 28, 2017</time> </div></div><div class="views-field views-field-body"><p class="field-content">CBO analyzes options to reduce FHA’s exposure to risk from its program to guarantee single-family mortgages, including creating a larger role for private lenders and restricting the availability of FHA’s guarantees.</p></div></div></li> </ul> </div> </div> </div> </section> </section> </main> <footer id="site-footer" 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