On the recordMarch 7, 2007
In the bill that we will consider on Friday to replenish State revolving loan funds, we submitted the legislation to the Office of Management and Budget and to the Congressional Budget Office. Both came back and said there is a possibility, not the possibility, there is the reality that local governments will float municipal bonds to match and to repay the cost of the loan from the State revolving loan fund. Those municipal bonds will result in a reduction in Federal revenues. Therefore, you must create an offset. We then, taking that direction from CBO, reevaluated the bill in a bipartisan fashion. We reduced its authorization number from $20 billion to $14 billion, the period of time from 5 to 4 years, created the offset for the $14 billion.
Source
govinfo.gov
