[House Document 107-214]
[From the U.S. Government Publishing Office]



107th Congress, 2d Session - - - - - - - - - - - House Document 107-214 


 
REQUEST FOR EMERGENCY FUNDING FOR THE DEPARTMENT OF THE TREASURY'S AIR 
             TRANSPORTATION STABILIZATION PROGRAM ACCOUNT

                               __________

                             COMMUNICATION

                                  from

                   THE PRESIDENT OF THE UNITED STATES

                              transmitting

 A REQUEST TO MAKE THE SUBSIDY BUDGET AUTHORITY NECESSARY TO SUPPORT A 
    $429 MILLION FEDERAL CREDIT INSTRUMENT FOR AMERICA WEST AIRLINES




May 16, 2002.--Referred to the Committee on Appropriations and ordered 
                             to be printed

                               __________

                    U.S. GOVERNMENT PRINTING OFFICE
99-012                     WASHINGTON : 2002

                                           The White House,
                                          Washington, May 15, 2002.
Hon. J. Dennis Hastert,
Speaker of the House of Representatives,
Washington, DC.
    Dear Mr. Speaker: In accordance with provisions of Public 
Law 107-42, the Air Transportation Safety and System 
Stabilization Act, I hereby request the subsidy budget 
authority necessary to support a $429 million Federal credit 
instrument for America West Airlines.
    I hereby designate this subsidy budget authority, currently 
estimated at $172 million, as an emergency requirement pursuant 
to section 252(e) of the Balanced Budget and Emergency Deficit 
Control Act of 1985.
    The details of this request are set forth in the enclosed 
letter from the Director of the Office of Management and 
Budget. I concur with his comments and observations.
            Sincerely,
                                                    George W. Bush.
    Enclosure.
                [Estimate No. 9, 107th Cong., 2d Sess.]

                 Executive Office of the President,
                           Office of Management and Budget,
                                      Washington, DC, May 15, 2002.
The President,
The White House.
    Submitted for your consideration is a request to make 
available contingent emergency funds for the Department of the 
Treasury's Air Transportation Stabilization Program account.
    Title I of P.L. 107-42, the Air Transportation Safety and 
System Stabilization Act, authorized the Government to issue up 
to $10 billion in Federal credit instruments and provided the 
subsidy budget authority necessary for air carriers to promote 
a viable commercial air system in light of the September 11th 
terrorist attacks. Congress designated the amount of new budget 
authority and outlays in all fiscal years resulting from this 
title as an emergency requirement.
    I recommend that you designate this request for such sums 
of subsidy budget authority as may be necessary for a loan 
guarantee to America West Airlines, currently estimated at $172 
million, as an emergency requirement in accordance with section 
252(e) of the Balanced Budget and Emergency Deficit Control Act 
of 1985, as amended. This action is necessary to account for 
the extension of federal guarantees as a consequence of the Air 
Transportation Stabilization Board's approval of America West's 
application on December 28, 2001, and America West's subsequent 
acquisition of loan financing supported by that federal 
guarantee. No further congressional action will be required.
    We will continue to review requirements with the airlines 
to ensure that our commercial air system remains viable.
    I have carefully reviewed this proposal and am satisfied 
that it is necessary at this time. Therefore, I recommend that 
you transmit the request to the Speaker of the House of 
Representatives.
            Sincerely,
                                  Mitchell E. Daniels, Jr.,
                                                          Director.
    Enclosure.

 Amounts Made Available by the President Pursuant to Section 252(e) of 
   the Balanced Budget and Emergency Deficit Control Act of 1985, as 
                                Amended

Department of the Treasury: Departmental Offices--Air 
    Transportation Stabilization Program Account, such 
    sums as may be necessary, currently estimated at....    $172,000,000

    Title I, of P.L. 107-42, the Air Transportation Safety and 
System Stabilization Act, authorized $10 billion in Federal 
credit instruments and the necessary subsidy budget authority 
and associated outlays. The current estimate of the required 
subsidy to support the $429 million loan guarantee to America 
West Airlines is $172 million and has been designated by the 
President as an emergency requirement.

                                  

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