Many families keep a meticulous budget of their household finances. They track how much the working residents earn, where the dollars and cents are going, and what spending can be eliminated to improve the fiscal house. This type of thinking should be adopted by public officials, correct? Despite the perpetual handwringing about better financial management in Washington, nothing changes – and it remains to be seen if the Department of Government Efficiency (DOGE) can be America’s money savior.
$7 Trillion in Spending – But What Does It Buy?
The US government is poised to spend more than $7 trillion in fiscal year 2025. According to the Congressional Budget Office (CBO), federal outlays will exceed $10 trillion by 2033. The public is aware of the headline figures, such as $4 trillion in programs like Social Security and Medicare or $1 trillion in net interest payments. But what about the nitty-gritty? Nobody knows, says a new report.
The Government Accountability Office (GAO), a congressional research arm, recently published its annual Financial Report of the US government in collaboration with the Treasury Department and the Office of Management and Budget (OMB). The yearly overview of federal finances examines assets, costs, revenues, and sustainability by auditing financial statements.
It concluded that the federal government needs to combat “serious deficiencies” in fiscal management and return to a long-term sustainable fiscal path. The GAO highlighted four areas to address: “Serious financial management problems at the Department of Defense,” “Problems in accounting for transactions between federal agencies,” “Weaknesses in the process for preparing the statements,” and “Inadequate support for the cost of Small Business Administration and Department of Education loan programs.”
“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,” said US Comptroller General Gene Dodaro in a statement. “These serious financial management weaknesses and [the] unsustainable long term fiscal path further underscore the need for urgent attention, accountability, and transparency.” […]
— Read More: www.libertynation.com
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Kamala Harris Says the American Dream Is “Gone”
by Modernity News
During a pre recorded interview, Kamala Harris once again failed to deliver any substantive outline of her policies, primarily attacking Donald Trump’s outlook and his first term in office. At one point when speaking about the economy, Harris appeared to suggest, in stark contrast to Trump, that the American Dream…
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by Sponsored Post
With the Federal Reserve beginning what most expect to be a sustained easing cycle, momentum continues to rise for gold and silver. Values have been steadily rising and the newest forecasts point to even more gains down the road. At the end of September, BMO Capital Markets published updated commodity…
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by Just The News
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by Breitbart
The arrival of millions of foreign nationals, many of whom are illegal aliens, under President Joe Biden and Vice President Kamala Harris is helping to drive up rents for working- and middle-class Americans, an expert witness told Congress Wednesday. Center for Immigration Studies Director of Research Steven Camarota told the…
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by Just The News
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by Independent Sentinel
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by Breitbart
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by The National Pulse
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by Just The News
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by The Gateway Pundit
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‘Economic Dystopia:’ Silicon Valley Tycoon Predicts AI Will Take Over 80% of All Work
by Breitbart
Vinod Khosla, legendary Silicon Valley investor and entrepreneur, has predicted that AI will replace the majority of work in most jobs, necessitating the implementation of universal basic income (UBI) to prevent economic instability and inequity. Fortune reports that in a recent blog post, Vinod Khosla, the billionaire co-founder of Sun…
