[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"detail-sidebar-cat-0-en-105":3,"doc-seo-321600-105":59,"doc-detail-321600-en":122},{"code":4,"msg":5,"data":6},0,"success",[7,13,18,23,28,33,38,43,48,51,55],{"id":8,"doc_module":4,"doc_module_name":9,"category_name":10,"show_sort_weight":11,"slug":12},1,"Document","Story & Novel",90,"story-novel",{"id":14,"doc_module":4,"doc_module_name":9,"category_name":15,"show_sort_weight":16,"slug":17},2,"Literature",80,"literature",{"id":19,"doc_module":4,"doc_module_name":9,"category_name":20,"show_sort_weight":21,"slug":22},4,"Exam",70,"exam",{"id":24,"doc_module":4,"doc_module_name":9,"category_name":25,"show_sort_weight":26,"slug":27},5,"Comic",60,"comic",{"id":29,"doc_module":4,"doc_module_name":9,"category_name":30,"show_sort_weight":31,"slug":32},6,"Technology",50,"technology",{"id":34,"doc_module":4,"doc_module_name":9,"category_name":35,"show_sort_weight":36,"slug":37},7,"Healthcare",40,"healthcare",{"id":39,"doc_module":4,"doc_module_name":9,"category_name":40,"show_sort_weight":41,"slug":42},8,"Research & Report",30,"research-report",{"id":44,"doc_module":4,"doc_module_name":9,"category_name":45,"show_sort_weight":46,"slug":47},9,"Religion & Spirituality",20,"religion-spirituality",{"id":46,"doc_module":4,"doc_module_name":9,"category_name":49,"show_sort_weight":46,"slug":50},"World Cup","world-cup",{"id":52,"doc_module":4,"doc_module_name":9,"category_name":53,"show_sort_weight":52,"slug":54},10,"Lifestyle","lifestyle",{"id":56,"doc_module":4,"doc_module_name":9,"category_name":57,"show_sort_weight":24,"slug":58},19,"General","general",{"code":4,"msg":60,"data":61},"ok",{"site_id":62,"language":63,"slug":64,"title":65,"keywords":66,"description":67,"schema_data":68,"social_meta":115,"head_meta":117,"extra_data":119,"updated_unix":121},105,"en","fiscal-policy-forum-vol-3-no-3-at-issue-federal-credit-programs","Fiscal Policy Forum - Vol. 3, No. 3 - At Issue: Federal Credit Programs","","Fiscal Policy Forum At Issue examines how federal budget accounting fails to accurately reflect the real costs of federal credit programs. It argues that current practice understates near-term costs and does not recognize the economic subsidy provided to favored borrowers. The discussion describes two main federal credit types—direct loans and loan guarantees—and explains why their budget treatment can mislead. It highlights a proposed “Market Plan” approach and the potential deficit-reduction effect through 1990.",{"@graph":69,"@context":114},[70,84,105],{"@type":71,"itemListElement":72},"BreadcrumbList",[73,77,79,82],{"item":74,"name":75,"@type":76,"position":8},"https://docshare.wps.com","Home","ListItem",{"item":78,"name":9,"@type":76,"position":14},"https://docshare.wps.com/document/",{"item":80,"name":40,"@type":76,"position":81},"https://docshare.wps.com/document/research-report/",3,{"item":83,"name":65,"@type":76,"position":19},"https://docshare.wps.com/document/fiscal-policy-forum-vol-3-no-3-at-issue-federal-credit-programs/321600/",{"url":83,"name":65,"@type":85,"image":86,"author":91,"headline":65,"publisher":94,"fileFormat":97,"inLanguage":63,"description":67,"dateModified":98,"datePublished":99,"encodingFormat":97,"isAccessibleForFree":100,"interactionStatistic":101},"DigitalDocument",{"url":87,"@type":88,"width":89,"height":90},"https://docshare.wps.com/thumbnails/fiscal-policy-forum-vol-3-no-3-at-issue-federal-credit-programs/321600.png","ImageObject",300,407,{"name":92,"@type":93},"Patrick","Person",{"url":74,"name":95,"@type":96},"DocShare","Organization","application/pdf","2026-10-23","2026-09-21",true,{"@type":102,"interactionType":103,"userInteractionCount":52},"InteractionCounter",{"@type":104},"ViewAction",{"@type":106,"mainEntity":107},"FAQPage",[108],{"name":109,"@type":110,"acceptedAnswer":111},"How does the proposed “Market Plan” aim to change federal credit cost tracking?","Question",{"text":112,"@type":113},"The plan is described as forcing the budget and Congress to recognize the true cost of direct loans and guarantees before commitments are made. It also claims deficit reduction through trading future loan repayments for loan sale receipts.","Answer","https://schema.org",{"og:url":83,"og:type":116,"og:title":65,"og:site_name":95,"og:description":67},"article",{"robots":118,"canonical":83},"index,follow",{"doc_id":120,"site_id":62},321600,1790148764,{"code":4,"msg":5,"data":123},{"doc_id":120,"user_id":124,"nickname":92,"user_avatar":125,"doc_module":4,"category_id":39,"category_name":40,"doc_title":65,"doc_description":67,"doc_content":126,"file_id":127,"file_url":128,"file_type":129,"file_size":130,"view_count":52,"is_deleted":4,"is_public":8,"is_downloadable":8,"audit_status":8,"page_count":24,"language":131,"language_code":63,"site_id":62,"html_lang":63,"table_of_contents":132,"faqs":133,"seo_title":134,"seo_description":67,"update_tm":135,"read_time":136,"preview_page_count":4},549758146520,"https://ap-avatar.wpscdn.com/avatar/80002397d8c0411e94?_k=1775819394049821470","| FISCAL  \u003Cbr>POLICY  \u003Cbr>3  \u003Cbr>O  \u003Cbr>TAXFOUNDATION,INCORPORATED  \u003Cbr>VOL.3,NO.3,SUMMER1985   |  |\n| --- | --- |\n|  |  |\n| AtIssue:Federal Credit Programs   |  |\n| he Federal budget does not in-  \u003Cbr>clude all programs of the gov-  \u003Cbr>ernment;nor does it accurately reflect  \u003Cbr>their costs,charges Congressman Bill  \u003Cbr>Gradison(R-OH).Specifically,current  \u003Cbr>budget accounting practice understates  \u003Cbr>the cost of Federal credit programs in  \u003Cbr>the short term and,in fact,never  \u003Cbr>directly recognizes them.  \u003Cbr>Congress has attempted to address  \u003Cbr>this issue by including a credit budget  \u003Cbr>in its budget resolutions since 1981,but  \u003Cbr>this improvement“still does not cap-  \u003Cbr>ture explicitly the most important as-  \u003Cbr>pect of Federal credit—the economic  \u003Cbr>subsidy offered to favored borrowers.”  \u003Cbr>In this issue of Fiscal Policy Forum,  \u003Cbr>Congressman Gradison outlines \"The  \u003Cbr>Market Plan,\"an approach to Federal  \u003Cbr>credit that seeks to address the inade-  \u003Cbr>quacies of current methods of tracking  \u003Cbr>Federal credit.The Market Plan,  \u003Cbr>claims Congressman Gradison,forces  \u003Cbr>\"the budget and Congress to recognize  \u003Cbr>the true cost of direct loans and  \u003Cbr>guarantees prior to the commitments  \u003Cbr>to provide this assistance;that is,  \u003Cbr>when costs are still under Congres-  \u003Cbr>sional control.”  \u003Cbr>Congressman Gradison contends  \u003Cbr>that the Market Plan would do more  \u003Cbr>than correct the flaws in the current  \u003Cbr>budget system for monitoring Federal  \u003Cbr>credit programsIt would,he says,  \u003Cbr>\"reduce the deficit by $16.5billion   | through 1990.”  \u003Cbr>This would not be a paper savings  \u003Cbr>“arrived at by magic or legerdemain,  \u003Cbr>nor does it result from a change in  \u003Cbr>accounting rules\"he says.Essentially,  \u003Cbr>the savings would resuli “from trading  \u003Cbr>future loan repayments(under current  \u003Cbr>practice)for loan sale receipts(under  \u003Cbr>the Market Plan).”  \u003Cbr>The plan also eliminates the need for  \u003Cbr>a separate credit budget,placing all  \u003Cbr>credit activity in the unified budget  \u003Cbr>The Honorable Bill Gradison was  \u003Cbr>elected from the Second District,  \u003Cbr>Ohio,to the 94th Congress in 1974 and  \u003Cbr>has been re-elected to each succeeding  \u003Cbr>Congress.He is a member of the  \u003Cbr>House Ways and Means and Budget  \u003Cbr>Committees.Congressman Gradison  \u003Cbr>served for 13 years on the Cincinnati  \u003Cbr>City Council(1961-1974),was Vice  \u003Cbr>Mayor from 1967 to 1971,and Mayor  \u003Cbr>in 1971.He has a BA from Yale and  \u003Cbr>both MBA(with high distinction)and  \u003Cbr>Ph.D.degrees from Harvard.  \u003Cbr>The views expressed herein are those  \u003Cbr>of the author and do not necessarily  \u003Cbr>reflect those of the Tax Foundation,  \u003Cbr>Incorporated.   |\n|  | TAX FOUNDATION,INCORPORATED  \u003Cbr>One Thomas Circle,N.W.,Suite 500  \u003Cbr>Washington,D.C.20005 (202)822-9050   |\n\n\n| 2·FISCAL POLICY FORUM   |  |  |\n| --- | --- | --- |\n| The budget  \u003Cbr>of the Federal  \u003Cbr>government  \u003Cbr>ought to include  \u003Cbr>all programs of  \u003Cbr>the govenment  \u003Cbr>and accurately re-  \u003Cbr>flect their costs.  \u003Cbr>Unfortunately,it  \u003Cbr>does neither.Un-  \u003Cbr>der current bud-  \u003Cbr>The Honorable  \u003Cbr>get accounting  \u003Cbr>Bill Gradison  \u003Cbr>practice,the cost  \u003Cbr>of Federal credit programs is understated  \u003Cbr>in the short-term and is never directly  \u003Cbr>recognized.  \u003Cbr>The Federal Government is the na-  \u003Cbr>tion's largest financial intermediary,with  \u003Cbr>$616 billion in its loan portfolio at the  \u003Cbr>end of 1984.Federal credit is designed to  \u003Cbr>meet various social or economic goals  \u003Cbr>that,for whatever reason,the private  \u003Cbr>sector does not meet.This includes  \u003Cbr>allocating credit to farmers,home-  \u003Cbr>owners,small businesses,exporters,util-  \u003Cbr>ities,shipbuilders,and state,local and  \u003Cbr>foreign governments.  \u003Cbr>The problems in directing or control-  \u003Cbr>ling Federal credit are enormous.The  \u003Cbr>discipline that the private market would  \u003Cbr>impose on private financial intermedi-  \u003Cbr>aries is absent.In recognition of the   | \"The credit budget still does not captu","cbCaid9yO4J5ZsI4","https://ap.wps.com/l/cbCaid9yO4J5ZsI4","pdf",1359358,"English","# At Issue: Federal Credit Programs\n## Problems with current federal credit budgeting\n## The Market Plan proposal\n## Direct loans vs. loan guarantees","[{\"question\":\"How does the proposed “Market Plan” aim to change federal credit cost tracking?\",\"answer\":\"The plan is described as forcing the budget and Congress to recognize the true cost of direct loans and guarantees before commitments are made. It also claims deficit reduction through trading future loan repayments for loan sale receipts.\"}]","Fiscal Policy Forum - Vol. 3, No. 3 - At Issue: Federal Credit Programs | PDF",1789959772,13]