For many decades this has been a serious problem (though some important reforms were adopted when the Republicans took over in 1995), but if the Republicans can finally get this reform through, it will have a major impact.
The set the government doesn't talk about is the audited financial statement produced by the government's accountants following standard accounting rules. It reports a more ominous financial picture: a $760 billion deficit for 2005. If Social Security and Medicare were included — as the board that sets accounting rules is considering — the federal deficit would have been $3.5 trillion.
Congress has written its own accounting rules — which would be illegal for a corporation to use because they ignore important costs such as the growing expense of retirement benefits for civil servants and military personnel. . . . . A growing number of Congress members and accounting experts say it's time for Congress to start using the audited financial statement when it makes budget decisions.
Congress has written its own accounting rules — which would be illegal for a corporation to use because they ignore important costs such as the growing expense of retirement benefits for civil servants and military personnel. . . . . A growing number of Congress members and accounting experts say it's time for Congress to start using the audited financial statement when it makes budget decisions.
Accounting Government Style
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Oleh
abudzar
