John Spratt: “it is my understanding that CBO has scored this particular provision as saving temporarily for this fiscal year $343…”

“it is my understanding that CBO has scored this particular provision as saving temporarily for this fiscal year $343 million, that is all, under the Credit Reform Act. It is not the full amount of the loan. It is the likely loss on the loan that is scored as an expenditure on the loan this year. However, this is nothing but an obligational delay, so it does not really save anything. What it means is that what would be obligated in the remaining few months of this fiscal year will instead be obligated after October 1. Why go through shenanigans like that and send a message to the lenders that U.S. Air will not be able to take down the cash it needs to survive until after October 1? Sure, it can complete its loan application, but it cannot get the cash it needs, and that message will go out again tonight. It will chill the atmosphere for lending. My colleagues know the Transportation Stabilization Board will not want to process anything for fear that Congress is about to undercut it. Why are we doing this? What sense does it make? It does not save a dime.”