'Fair-value' accounting subsidies incorrect

Using “fair-value” accounting — i.e., using a higher interest rate more reflective of the real-world risks assumed by the government — the Congressional Budget Office found that all three programs will require big, implicit subsidies: $2 billion over 10 years for the Export-Import Bank, $30 billion for the FHA and $88 billion for student loans.

When originally published Editorial: Budget should reflect actual costs contained incorrect costs.