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    "label": "Contents of a special message on funds appropriated for Foreign Military credit sales [Notice to Press]",
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    "title": "Contents of a special message on funds appropriated for Foreign Military credit sales [Notice to Press]",
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        {
            "day": 7,
            "logicalDate": "1976-09-07",
            "month": 9,
            "year": 1976
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    "url": "https://s3.amazonaws.com/NARAprodstorage/opastorage/live/56/3455/7345556/content/library/document/0248/whpr19760907-008.pdf",
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    "ocrText": "Digitized from Box 30 of the White House Press Releases at the Gerald R. Ford Presidential Library\n[9-7-76]\nCONTENTS OF SPECIAL MESSAGE\n(in thousands of dollars)\nRescis-\nBudget\nsion #\nItem\nAuthority\nFunds Appropriated to the President:\nInternational Security Assistance\nR76-50\nForeign military credit sales\n126,750\nSUMMARY OF SPECIAL MESSAGES\nFOR FY 1976 AND THE TRANSITION QUARTER\n(amounts in thousands of dollars)\nRescissions\nDeferrals\nTwentieth special message:\nNew items\n126,750\n---\nChanges to amounts\npreviously submitted\nEffect of the twentieth\nspecial message\n126,750\n---\nPrevious special messages\n3,455,314\n8,335,296\nAdjustments to eliminate\ndouble counting\n-242,023\nTotal amount proposed in\nspecial messages\n3,582,064\n8,093,273\n(in 50 re-\n(in 117\nscission\ndeferrals)\nproposals)\nNOTE: All amounts listed represent budget authority except for\n$114,828,220 consisting of two general revenue sharing\ndeferrals (of outlays only). Supplementary reports for\nthese deferrals (D76-25F and D76-67A) are included in\nthe seventeenth special message.\nRescission Proposa No: R76-50\nPROPOSED RESCISSION OF BUDGET AUTHORITY\nReport Pursuant to Section 1012 of P.L. 93-344\nAgency Funds Appropriated to the President\nNew budget authority\nTQ $ 140,000,000\nBureau\nInternational Security Assistance\n(P.L 94-330\n)\nTQ\n141,560,000\nOther budgetary resources\nAppropriation title & symbol\nTotal budgetary resourcesTQ\n281,560,000\nForeign Military Credit Sales\n1161082\nAmount proposed for\n126,750,000*\nrescission\n$\nOMB identification code:\nLegal authority '(in addition to sec. 1012):\n04-09-1082-0-1-052\nAntideficiency Act\nGrant program\nYes\nNo\nOther\nType of account or fund:\nType of budget authority:\nX\nAnnual\nX\nAppropriation\nMultiple-year\nContract authority\n(expiration date)\nNo-year\nOther\nJustification\nPursuant to Public Law 90-629, the \"Foreign Military Sales Act,\" approved October 22,\n1968, as amended (including Title II of Public Law 94-329, the International\nSecurity Assistance and Arms Export Control Act of 1976, approved June 30, 1976), and\nExecutive Order No. 11501 of December 22, 1969, as amended, the Secretary of Defense,\nunder the continuous supervision and general direction of the Secretary of State,\nuses appropriated funds to make loans to friendly foreign countries and international\norganizations to finance procurement of defense articles and defense services from the\nUnited States or to guarantee loans made by private U.S. financial institutions or the\nFederal Financing Bank for the same purpose.\nPublic Law 94-330, the \"Foreign Assistance and Related Programs Appropriation Act,\n1976, and the period ending September 30, 1976,\" approved June 30, 1976, appropriated\n$1,065,000,000 for fiscal year 1976 and $140,000,000 for the period July 1, 1976,\nthrough September 30, 1976, \"to enable the President to carryout the provisions of\nthe Foreign Military Sales Act\" (now the Arms Export Control Act). At the end of\nJune 30, 1976, a balance of $134,750,000 of the 1976 appropriation remained unobligated\nand would otherwise have expired; however, as a result of section 204 of Public Law\n93-554, approved December 27, 1974, that balance remains available until September 30,\n1976. On July 1, 1976, the unobligated balance of the 1976 appropriation was merged\nwith the funds appropriated for the period July 1, 1976, through September 30, 1976,\npursuant to Public Law 94-274, the \"Fiscal Year Transition Act,\" approved April 21, 1976.\nIn addition, $6,810,000 of fiscal year 1976 funds which were obligated in 1976 have\nbecome available.\n*$140,250,000 was placed in reserve on July 30, 1976. On August 30, 1976, the amount\nin reserve was revised to $126,750,000.\n-2-\nR76-50\nThe President has determined that a part of the available budget authority will not be\nrequired to carry out the full objectives and scope of the Foreign Military Credit Sales\nprogram for which it was provided. Therefore, a rescission of $126,750,000 is proposed.\nThis excess amount arose as a result of increased reliance on guaranteed loans rather\nthan direct credit during fiscal year 1976. Under the guarantee program, funds equal\nto 10% of the face value of loans are obligated to guarantee loans provided to foreign\naid recipients by the Federal Financing Bank or private lending institutions, while\nin direct credit transactions, the full face value of the loans is obligated by the\nU.S. government.\nEstimated Effect:\nPlanned programs will not be reduced by this rescission. If rescission of the excess\nfunds is not effected and the funds are obligated, the funds would have to be used for\nlower priority projects or for projects planned for fiscal year 1977.\nOutlay Effect: (Estimated in millions of dollars)\nComparison with the President's 1977 budget:\n1. Budget outlay estimate for the transition quarter\n192.0\n2. Outlay savings, if any, included in the budget outlay estimate\n-0-\nCurrent Outlay Estimate for the Transition Quarter:\n3. Without rescission\n869.0\n4. With rescission\n854.0\n5. Current outlay savings (line 3 NAME line 4)\n15.0\nOutlay Savings for 1977\n39.0\nOutlay Savings for 1978\n20.0\nOutlay Savings for 1979\n9.0\n-3-\nR76-50\nFOREIGN MILITARY CREDIT SALES\nForeign Military, Credit Sales\nOf the funds appropriated under this head in the Foreign\nAssistance and Related Programs Appropriations Act, 1976,\nand the period ending September 30, 1976, $126,750,000 are\nrescinded."
}