$1,000,000,000 backs loans of up to $100,000,000,000
What the document says“$1,000,000,000 to the "Department of Defense Credit Program Account" to carry out the capital assistance program, including loans, loan guarantees, and technical assistance, established under section 149(e) of title 10, United States Code”
The section appropriates $1,000,000,000 to the Department of Defense Credit Program Account, available through September 30, 2029, to carry out the capital assistance program of loans, loan guarantees and technical assistance established under section 149(e) of title 10, United States Code. The money may subsidize direct loans and guaranteed loan principal up to $100,000,000,000 in total, and may cover all costs and expenditures provided for in section 149(e)(5)(B).
What the document actually says“$1,000,000,000 to the "Department of Defense Credit Program Account" to carry out the capital assistance program, including loans, loan guarantees, and technical assistance, established under section 149(e) of title 10, United States Code”
One billion dollars goes to a credit account. It runs a program of loans and loan backing. It also pays for technical help.
The billion is not the loan pool. It is what covers the risk of loss. The loans it backs may total up to $100 billion.
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