Contingent Liability in the United States
Introduction to Contingent Liability (State statute topic)
The purpose of Contingent Liability is to provide a broad appreciation of the Contingent Liability legal topic. Select from the list of U.S. legal topics for information (other than Contingent Liability).
Resources
Further Reading
- Information about Contingent Liability in the Gale Encyclopedia of American Law.
Contingent Liability in the Federal Budget Process
Meaning of Contingent Liability in the congressional and executive budget processes (GAO source): An existing condition, situation, or set of circumstances that poses the possibility of a loss to an agency that will ultimately be resolved when one or more events occur or fail to occur. Contingent liabilities may lead to outlays. Contingent liabilities may arise, for example, with respect to unadjudicated claims, assessments, loan guarantee programs, and federal insurance programs. Contingent liabilities are normally not covered by budget authority in advance. However, credit reform changed the normal budgetary treatment of loans and loan guarantees by establishing that for most programs, loan guarantee commitments cannot be made unless Congress has made appropriations of budget authority to cover the credit subsidy cost in advance in annual appropriations acts. (See also Credit Subsidy Cost under Federal Credit; Liability.)
Resources
See Also
- Federal Appropriations
- Entries about the United States Budget Process in the Encyclopedia (including Contingent Liability)
- 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)