Liquidating Account in the United States

Liquidating Account in the Federal Budget Process

Meaning of Liquidating Account in the congressional and executive budget processes (GAO source): A budget account that includes all cash flows to and from the government resulting from direct loan obligations or loan guarantee commitments made prior to October 1, 1991. The Federal Credit Reform Act of 1990 (FCRA) requires that such accounts be shown in the budget on a cash basis. Agencies are required to transfer end-of-year unobligated balances in these accounts to the general fund as soon as practicable after the close of the fiscal year.

Guide to U.S. Federal Credit Reform Act Accounts (Budget Process)

• Credit Reform Act Accounts
• Credit Program Account
• Financing Account
• Liquidating Account
• Negative Subsidy Receipt Account

Resources

See Also

• Federal Appropriations
• Entries about the United States Budget Process in the Encyclopedia (including Liquidating Account)
• Public Debt

Further Reading

• Legislatures and the budget process: the myth of fiscal control

  (J Wehner, 2010)

• Reconcilable Differences?: Congress, the Budget Process, and the Deficit (JB Gilmour, 1990)
• Fiscal institutions and fiscal performance

  (JM Poterba, J von Hagen, 2008)