YanksGhost --- I would like to remind you that I am nobody's law clerk.
Isn't it just easier to admit you don't really know - or you could have bad information? I'm no budget expert - but I do have some fiscal law background and know that a contingent liability isn't spending. Not unless that event materializes.
And thus, as I explained before, the US budget doesn't lose $250 billion each year because there is a contingent liability attributable to the GSE's. Even if they set it aside at the beginning of the year it can be released as the year progresses and spent elsewhere.
And as footnote 8 discusses - if things change and the probability of a funding draw increases and/or materializes - then it likely would have to be budgeted for and treated as spending.
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