104 STAT. 1388-612 PUBLIC LAW 101-508 —NOV. 5, 1990 "(e) HISTORICAL CREDIT PROGRAM COSTS. —The Director shall review, to the extent possible, historical data and develop the best possible estimates of adjustments that would convert aggregate historical budget data to credit reform accounting. "(f) ADMINISTRATIVE COSTS. —The Director and the Director of the Congressional Budget Office shall each analyze and report to Congress on differences in long-term administrative costs for credit programs versus grant programs by January 31, 1992. Their reports shall recommend to Congress any changes, if necessary, in the treatment of administrative costs under credit reform accounting. 2 USC 661c. "SEC. 504. BUDGETARY TREATMENT. "(a) PRESIDENT'S BUDGET. —Beginning with fiscal year 1992, the President's budget shall reflect the costs of direct loan and loan guarantee programs. The budget shall also include the planned level of new direct loan obligations or loan guarantee commitments associated with each appropriations request. "(b) APPROPRIATIONS REQUIRED. — Notwithstanding any other provision of law, new direct loan obligations may be incurred and new loan guarantee commitments may be made for fiscal year 1992 and thereafter only to the extent that— "(1) appropriations of budget authority to cover their costs are made in advance; "(2) a limitation on the use of funds otherwise available for the cost of a direct loan or loan guarantee program is enacted; or "(3) authority is otherwise provided in appropriation Acts. "(c) EXEMPTION FOR MANDATORY PROGRAMS.—Subsection (b) shall not apply to a direct loan or loan guarantee program that— "(1) constitutes an entitlement (such as the guaranteed student loan program or the veterans' home loan guaranty program); or "(2) all existing credit programs of the Commodity Credit Corporation on the date of enactment of this title. "(d) BUDGET ACCOUNTING. — "(1) The authority to incur new direct loan obligations, make new loan guarantee commitments, or directly or indirectly alter the costs of outstanding direct loans and loan guarantees shall constitute new budget authority in an amount equal to the cost of the direct loan or loan guarantee in the fiscal year in which definite authority becomes available or indefinite authority is used. Such budget authority shall constitute an obligation of the credit program account to pay to the financing account. "(2) The outlays resulting from new budget authority for the cost of direct loans or loan guarantees described in paragraph (1) shall be paid from the credit program account into the financing account and recorded in the fiscal year in which the direct loan or the guaranteed loan is disbursed or its costs altered. "(3) All collections and payments of the financing accounts shall be a means of financing. "(e) MODIFICATIONS. —A direct loan obligation or loan guarantee commitment shall not be modified in a manner that increases its cost unless budget authority for the additional cost is appropriated, or is available out of existing appropriations or from other budgetary resources.