Arizona Republic

12/20/05

The federal government isn't sure what it owns, where to find it, what it cost or how much it's still worth, whether it was acquired properly, how much is owed on it or, perhaps most important, how to pay for it. Says who? Says the federal government itself, or at least its comptroller general, who is required by law to conduct an annual audit of the behemoth. For the ninth consecutive year, auditors reported last week that major parts of the nation's financial picture in fiscal 2005 remained so muddled that they were unable even to say whether anyone could rely on their findings. In a scathing assessment of rising expenditures and ballooning debt, the report said, 'It seems clear that the nation's current fiscal path is unsustainable and that tough choices by the president and the Congress are necessary (to avert a financial meltdown)'...

http://tinyurl.com/dy9gm


Informant: Thomas L. Knapp