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Emergency Economic Stabilization Act of 2008

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Title II - Budget-Related Provisions

Sec. 202. Reports by the Office of Management and Budget and the Congressional Budget Office

  1. REPORTS BY THE OFFICE OF MANAGEMENT AND BUDGET.Within 60 days of the first exercise of the authority granted in section 101(a), but in no case later than December 31, 2008, and semiannually thereafter, the Office of Management and Budget shall report to the President and the Congress




    1. the estimate, notwithstanding section 502(5)(F) of the Federal Credit Reform Act of (2 U.S.C. 661a(5)(F)), as of the first business day that is at least 30 days prior to the issuance of the report, of the cost of the troubled assets, and guarantees of the troubled assets, determined in accordance with section 123;




    2. the information used to derive the estimate, including assets purchased or guaranteed, prices paid, revenues received, the impact on the deficit and debt, and a description of any outstanding commitments to purchase troubled assets; and




    3. a detailed analysis of how the estimate has changed from the previous report. Beginning with the second report under subsection (a), the Office of Management and Budget shall explain the differences between the Congressional Budget Office estimates delivered in accordance with subsection (b) and prior Office of Management and Budget estimates.






  2. REPORTS BY THE CONGRESSIONAL BUDGET OFFICE.Within 45 days of receipt by the Congress of each report from the Office of Management and Budget under subsection (a), the Congressional Budget Office shall report to the Congress the Congressional Budget Offices assessment of the report submitted by the Office of Management and Budget, including




    1. the cost of the troubled assets and guarantees of the troubled assets,




    2. the information and valuation methods used to calculate such cost, and




    3. the impact on the deficit and the debt.






  3. FINANCIAL EXPERTISE.In carrying out the duties in this subsection or performing analyses of activities under this Act, the Director of the Congressional Budget Office may employ personnel and procure the services of experts and consultants.




  4. AUTHORIZATION OF APPROPRIATIONS.There are authorized to be appropriated such sums as may be necessary to produce reports required by this section.