H.Doc.108-61 INTENTION TO REALLOCATE FUNDS PREVIOUSLY TRANSFERRED FROM THE ...

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108th Congress, 1st Session - - - - - - - - - - - - - House Document 108-60


 
   REQUEST FOR CONTINGENT EMERGENCY FUNDS FOR THE DEPARTMENT OF THE 
          TREASURY'S AIR TRANSPORTATION STABILIZATION PROGRAM

                               __________

                             COMMUNICATION

                                  from

                   THE PRESIDENT OF THE UNITED STATES

                              transmitting

  A REQUEST TO MAKE AVAILABLE CONTINGENT EMERGENCY FUNDS PURSUANT TO 
      PUBLIC LAW 107-42, THE AIR TRANSPORTATION SAFETY AND SYSTEM 
                        STABILIZATION ACT, 2001

<GRAPHIC(S) NOT AVAILABLE IN TIFF FORMAT>


   March 31, 2003.--Referred to the Committee on Appropriations and 
                         ordered to be printed

                                           The White House,
                                        Washington, March 28, 2003.
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, I hereby submit a request pursuant to 
section 101(b) of that Act, for support of a $1 billion Federal 
credit instrument for US Airways, Inc.
    I hereby designate this subsidy budget authority, currently 
estimated at $137.6 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.
    Enclosure.
                [Estimate No. 5, 108th Cong. 1st Sess.]

                 Executive Office of the President,
                           Office of Management and Budget,
                                    Washington, DC, March 28, 2003.
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.
    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 $214.9 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 $1.0 
billion Federal loan guarantee to US Airways, 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 $137.6 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 US Airways, Inc.'s application on July 
11, 2002, and the Board's confirmation of that approval on 
February 11, 2003. No further congressional action will be 
required.
    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.................    $137,600,000

    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 $214.9 million in budget authority as 
emergency requirements.
    The Air Transportation Safety Board conditionally approved 
US Airways, Inc.'s application on July 11, 2002, and the Board 
confirmed that approval on February 11, 2003. The current 
estimate of the required subsidy to support the $1.0 billion 
loan, backed by a $900.0 million Federal guarantee to US 
Airways, Inc., is $137.6 million and has been designated by the 
President as an emergency requirement.

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