H.Doc.108-11 SIX MONTH PERIODIC REPORT ON THE NATIONAL EMERGENCY WITH RESPECT TO ...

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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.

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