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→New vs old spending authority
[[Revolving fund]] programs which conduct their operations through insured or guaranteed loans, or are converted from making direct loans to this mechanism, were not subject to the required appropriations action on new spending authority. The reasoning is that insuring or guaranteeing loans does not require the immediate use of budget authority to carry out program objectives and that budget authority is only needed to cover losses from program operations, such as defaults on loans which are accounted for when the loss occurs.
[[Revolving fund]] programs which conduct their operations through insured or guaranteed loans, or are converted from making direct loans to this mechanism, were not subject to the required appropriations action on new spending authority. The reasoning is that insuring or guaranteeing loans does not require the immediate use of budget authority to carry out program objectives and that budget authority is only needed to cover losses from program operations, such as defaults on loans which are accounted for when the loss occurs.
===Entitlement authority===
Another form of spending authority covered by section 401 is [[entitlement]] authority. Procedures for control of entitlement authority differ, however, from those applied to contract and borrowing authority.
Another form of spending authority covered by section 401 is [[entitlement]] authority. Procedures for control of entitlement authority differ, however, from those applied to contract and borrowing authority.