- S. 3715, Auto Industry Emergency Bridge Loan Act and draft legislation, December 5, 2008 – Cost estimate for the bill as introduced on November 20, 2008; and draft legislation released by the House Committee on Financial Services on November 17, 2008
- New York Times: “Faced with staggering new unemployment figures, Democratic Congressional leaders said on Friday that they were ready to provide a rescue plan for American automakers, and that they expected to hold a vote on the legislation in a special session next week.”
- Related postings on auto industry
Alternative proposals to provide $34 billion in loans to the automobile industry, December 5, 2008: “CBO estimates that the subsidy rate for bridge loans under standard credit reform accounting (following the requirements of FCRA) would be 50 percent. By comparison, we estimate a subsidy rate of 70 percent for providing such loans under TARP because that programs accounting requires an adjustment to reflect market risk. Using those subsidy rates, CBO estimates a budget cost of $17.0 billion for the use of new budget authority (with FCRA accounting), and a net budget cost of $13.6 billion to $17.0 billion for use of existing TARP authority.”
