Budget and Deficit

An 11-page expose of the federal budget process, where spending is compared to an inflated current services budget, rather than to last year's spending. This is how a 4.5% spending increase over the previous year can be characterized as a "draconian cut."

The federal backing of GSE obligations may be implicit, but it is very real. Taxpayers have literally billions of dollars at stake if a GSE fails to meet its obligations.