[House Document 108-150]
[From the U.S. Government Publishing Office]



                                     

108th Congress, 2d Session - - - - - - - - - - - - House Document 108-
150
 
REQUEST FOR EMERGENCY FUNDING FOR THE DEPARTMENT OF THE TREASURY'S AIR 
                  TRANSPORTATION STABILIZATION PROGRAM

                               __________

                             COMMUNICATION

                                  from

                   THE PRESIDENT OF THE UNITED STATES

                              transmitting

 A REQUEST TO MAKE THE SUBSIDY BUDGET AUTHORITY NECESSARY TO SUPPORT A 
     $30 MILLION FEDERAL CREDIT INSTRUMENT FOR WORLD AIRWAYS, INC.




  January 20, 2004.--Referred to the Committee on Appropriations and 
                         ordered to be printed
                                           The White House,
                                     Washington, December 30, 2003.
Hon. J. Dennis Hastert,
Speaker of the House of Representatives,
Washington, DC.
    Dear Mr. Speaker: Consistent with provisions of Public Law 
107-42, the Air Transportation Safety and System Stabilization 
Act, 2001, I hereby notify the Congress of a $30 million 
Federal credit instrument for World Airways, Inc.
    The details of this request are set forth in the enclosed 
letter from the Director of the Office of Management and 
Budget.
            Sincerely,
                                                    George W. Bush.
              [Estimate No. 23, 108th Congress, 1st Sess.]

                 Executive Office of the President,
                           Office of Management and Budget,
                                 Washington, DC, December 29, 2003.
The President,
The White House.
    I am notifying you of a $30.0 million Federal credit 
instrument for World Airways, Inc. that is proposed under the 
Department of the Treasury's Air Transportation Stabilization 
Program.
    Title I of P.L. 107-42, the Air Transportation Safety and 
System Stabilization Act, 2001, authorized the Government to 
issue up to $10.0 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. To date, 
you have designated and made available $325.5 million in 
subsidy budget authority, supporting $1.7 billion of the $10 
billion authorized amount of loan guarantees.
    There is no need to request any subsidy budget authority 
because there is no credit subsidy cost associated with the 
$30.0 million Federal loan guarantee to World Airways, Inc. 
World Airways, Inc. received conditional approval for the 
proposed extension of Federal guarantees on April 23, 2003. No 
further congressional action will be required.
    I have carefully reviewed this proposal for notification 
and am satisfied that it is necessary at this time. Therefore, 
I recommend that you transmit the attached notice to the 
Speaker of the House of Representatives.
            Sincerely,
                                        Joshua B. Bolten, Director.
    Enclosure.

  Actions Pursuant to Title I of P.L. 107-42, the Air Transportation 
               Safety and System Stabilization Act, 2001

Department of the Treasury
Department Offices
        Air Transportation Stabilization Program 
          Account: Such sums as may be necessary, 
          currently estimated at........................              $0

    Title I of P.L. 107-42, the Air Transportation Safety and 
System Stabilization Act, 2001, authorized $10.0 billion in 
Federal credit instruments and the necessary subsidy budget 
authority and associated outlays. To date, the President has 
designated a total of $352.5 million in budget authority as 
emergency requirements to support $1.7 billion of the 
authorized $10 billion of loan guarantees.
    The Air Transportation Safety Board conditionally approved 
World Airways, Inc.'s application on April 23, 2003. The cost 
of this guarantee, calculated under the guidelines of the 
Federal Credit Reform Act, as amended, is negative. Therefore, 
the President is not required to designate any budget authority 
for this guarantee. The general fund of the Treasury will 
record $3 million of negative subsidy receipts.

                                
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