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H.Doc.108-11 SIX MONTH PERIODIC REPORT ON THE NATIONAL EMERGENCY WITH RESPECT TO ...
108th Congress, 1st Session - - - - - - - - - - - - - House Document 108-10 REQUEST FOR EMERGENCY FUNDING FOR THE DEPARTMENT OF THE TREASURY'S AIR TRANSPORTATION STABILIZATION PROGRAM ACCOUNT __________ COMMUNICATION from THE PRESIDENT OF THE UNITED STATES Transmitting A REQUEST TO MAKE THE SUBSIDY BUDGET AUTHORITY NECESSARY TO SUPPORT A $45 MILLION FEDERAL CREDIT INSTRUMENT FOR ALOHA AIRLINES, INC. <GRAPHIC(S) NOT AVAILABLE IN TIFF FORMAT> January 7, 2003.--Referred to the Committee on Appropriations and ordered to be printed The White House, Washington, December 17, 2002. Hon. J. Dennis Hastert, Speaker of the House of Representatives, Washington, DC Dear Mr. Speaker: In accordance with provisions of Public Law 107-42, the Air Transportation Safety and System Stabilization Act, 2001, I hereby request the subsidy budget authority necessary to support a $45 million Federal credit instrument for Alhoa Airlines, Inc. I hereby designate this subsidy budget authority, currently estimated at $14 million, as an emergency requirement pursuant to section 252(e) of the Balanced Budget and Emergency Deficit Control Act of 1985. The details of this request are set forth in the enclosed letter from the Director of the Office of Management and Budget. Sincerely, George W. Bush. [Estimate No. 28, 107th Congress, 2d Sess.] Executive Office of the President, Office of Management and Budget, Washington, DC, December 17, 2002. The President, The White House. Submitted for your consideration is a request to make available contingent emergency funds for the Department of the Treasury's Air Transportation Stabilization Program account. Title I of P.L. 107-42, the Air Transportation Safety and System Stabilization Act, 2001, authorized the Government to issue up to $10.0 billion in Federal credit instruments and provided the subsidy budget authority necessary for air carriers to promote a viable commercial air system in light of the September 11th terrorist attacks. Congress designated the amount of new budget authority and outlays in all fiscal years resulting from this title as an emergency requirement. To date, you have designated and made available $188.2 million in subsidy budget authority. I recommend that you designate this request for such sums of subsidy budget authority as may be necessary for a $40.5 million Federal loan guarantee to Aloha Airlines, Inc., as an emergency requirement in accordance with section 252(e) of the Balanced Budget and Emergency Deficit Control Act of 1985, as amended. The current estimate of the associated subsidy budget authority is $14.0 million. This action is necessary to account for the proposed extension of Federal guarantees as a consequence of the Air Transportation Stabilization Board's conditional approval of Aloha Airlines, Inc.'s application on November 4, 2002, and Aloha Airlines, Inc.'s subsequent acquisition of loan financing supported by that Federal guarantee. No further congressional action will be required. We will notify Congress of the final subsidy estimate when it becomes available. I have carefully reviewed this proposal and am satisfied that it is necessary at this time. Therefore, I recommend that you transmit the request to the Speaker of the House of Representatives. Sincerely, Mitchell E. Daniels, Jr., Director. Enclosure. Amounts Made Available by the President Pursuant to Title I of P.L. 107-42, the Air Transportation Safety and System Stabilization Act, 2001 Department of the Treasury Departmental Offices: Air Transportation Stabilization Program Account: such sums as may be necessary, currently estimated at................................................ $14,000,000 Title I of P.L. 107-42, the Air Transportation Safety and System Stabilization Act, 2001, authorized $10.0 billion in Federal credit instruments and the necessary subsidy budget authority and associated outlays. To date, the President has designated a total of $188.2 million as emergency requirements. The Air Transportation Safety Board conditionally approved Aloha Airlines, Inc.'s application on November 4, 2002, and Aloha Airlines subsequently acquired loan financing supported by a Federal guarantee. The current estimate of the required subsidy to support the $45.0 million loan backed by a $40.5 million Federal guarantee to Aloha Airlines, Inc. is $14.0 million and has been designated by the President as an emergency requirement. <all>
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