§5252 Reports by the Office of Management and Budget and the Congressional Budget Office

Summary

The Office of Management and Budget must send a report to the President and Congress within 60 days after the government first uses its new authority, but no later than December 31, 2008, and then every year after that. Each report must give an estimate, as of the first business day at least 30 days before the report, of the cost of troubled assets and any guarantees, explain the information and numbers used to make that estimate (like assets bought, prices paid, money received, and effects on the deficit and debt), and show how the estimate changed since the last report. Starting with the second report, the Office must explain why its numbers differ from the Congressional Budget Office’s numbers. After Congress gets each OMB report, the Congressional Budget Office has 45 days to give its own assessment of the OMB report, including the cost, the valuation methods, and the impact on deficit and debt. The CBO director may hire experts or consultants to help. Money may be provided as needed to make these reports. The reporting stops once all troubled assets bought under the program have been sold or moved out of federal ownership or control.