The head of the Congressional Budget Office revised his estimate of the GSEs’ implicit subsidy, informing lawmakers that this figure may need to be ratcheted upward. In March, Director Douglas Holtz-Eakin informed a group of industry professionals that his agency had calculated that the GSE subsidy had grown from about $14 billion in 2000 to $23 billion in 2003. But Eakin amended that estimate in a more recent report sent this month to Sen.