Word: cbo
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...fund, which contains only $8.5 billion to cover $2 trillion in deposits, could run dry by the end of the year because the recession has aggravated the cost of bank failures. The FDIC may need to borrow $11 billion from the Treasury to keep from going broke, the CBO predicted. The House Budget Committee further undermined confidence in the FDIC by criticizing its 1988 rescue of First Republic Bank of Dallas, charging that "preposterous tax breaks" could double the original cost estimates of more than $2 billion...
FDIC Chairman L. William Seidman disputed the CBO's bleak prediction, contending that the insurance fund would remain "solvent but weak." Seidman said the banking industry could bolster the fund without help from taxpayers. But Seidman did acknowledge that if the recession lasts for more than a year, the fund will run dry by the end of 1991 and run a deficit of more than $5 billion...
...been moving quickly. The Resolution Trust Corp., which is responsible for liquidating and selling off insolvent thrifts, has closed or sold 96 since the beginning of April and expects to handle another 45 by the end of this month. But the RTC's work load keeps growing; the CBO estimated last week that as many as 1,700 thrifts in the U.S. may collapse, more than half the S&L industry. The RTC has only enough money to deal with another 120 institutions at best. After that, the cleanup will come to a halt unless Congress comes up with more...
...Administration predicts or, in the event of a recession, actually shrinks, the budget deficit will balloon because of declining tax revenues. Congressional Budget Office projections, which match those of most economists, indicate that this year's budget-cutting exercise will be twice as difficult as the Administration contends. The CBO says $74 billion in spending cuts and revenue increases will be needed to hit the GRH target, while the Office of Management and Budget puts the number at only $36 billion. Says Leon Panetta, House Budget Committee chairman: "This discrepancy in the figures presents Congress with a terrible political...
...Congressional Budget Office (CBO) willrelease an estimate of the cost of the programthis Friday, a CBO analyst said this week...