Federal government can't fully account for its 'unsustainable' spending, report warns
Brett Rowland | January 19, 2025 | 10:15pmA congressional watchdog says it is again unable to determine if the federal government's financial statements are reliable.
The federal government reported net costs of $7.4 trillion in fiscal year 2024, but it couldn't fully account for its spending. The U.S. Government Accountability Office, which is Congress's research arm, said that the federal government must address "serious deficiencies" in federal financial management and correct course on its "unsustainable" long-term fiscal path.
U.S. Comptroller General Gene Dodaro, head of the GAO, said many of the challenges are a result of financial management problems within the U.S. Department of Defense. The Pentagon previously said it will be able to accurately account for its spending by 2027.
"The federal government has again come up short in managing its finances and achieving a clean audit due to challenges in adequately supporting its costs, revenues, assets and liabilities," Dodaro said in a statement. "These serious financial management weaknesses and unsustainable long term fiscal path further underscore the need for urgent attention, accountability, and transparency."
The report noted three major problem areas: "serious financial management problems" at the Department of Defense; the federal government's inability to adequately account for intragovernmental activity and balances between federal entities, and "weaknesses in the federal government’s process for preparing the consolidated financial statements." . .
https://justthenews.com/nation/states/center-square/report-federal-government-cant-fully-account-its-unsustainable-spending
Federal spending is at over 26% of GDP. This is The Number One issue that our nation faces today. No national economy can sustain that level of government spending. This is the only thing that matters.
