Anything that carries a spending contingency that causes the OMB to exceed the Debt Ceiling prevents something else from being funded in order to adhere to limits imposed under statute. If you want to roll around the floor parsing the inappropriateness of calling that spending barrier a "cost" is your privilege, but in any year where that contingency remains as part of the SPSPA contract, the White House has a $250 B obstacle to getting its other agenda items funded... and that is not a plus for either Mr. Trump, Mr. Mnuchin or Mr. Mulvaney. And that impediment to initiatives for border security, infrastructure spend and military reinvestment will surely be imparted to whomever becomes the new FHFA Director.
I also never stated or implied that the $250 B was cumulative. But it is an annual requirement in any year where the backstop remains open and capable of being claimed by the GSEs.
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