Take the following as truth: (Adapted from OMB Circular A-11) Direct loan subsidy cost is the estimated long-term cost to the government of direct loans calculated on a present value basis, excluding administrative costs.
Then the following statement: "(Adapted from OMB Circular A-11) The OMB is responsible for calculating the cost of direct loans before a budget is approved." is true, false, or inconclusive?
Answer: Inconclusive