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The federal government's financial condition and long-term fiscal outlook present enormous challenges to the nation's ability to respond to emerging forces reshaping American society, the United States' place in the world, and the future role of the federal government. This report includes education and employment challenges for the 21st century as one of 12 areas for reexamination, intended to help the Congress in reviewing and reconsidering the base of federal spending and tax programs. The first section sets the stage by providing the rationale for reexamining the base of the federal government and the scope of GAO's effort. The second section is organized around 12 areas of federal activity and includes narratives discussing emerging changes in each area as well as several illustrative reexamination questions for each area. The third section provides some perspective on various strategies, proc considered as a possible means to address the issues and questions raised.
GAO-05-325SP 21st Century Challenges: Reexamining the Base of the Federal Government

Improving Federal Financial Management

United States. Congress. Senate. Committee on Homeland Security and Governmental Affairs. Subcommittee on Federal Financial Management, Government Information, Federal Services, and International Security

Published: 2008

Total Pages: 264


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Statement of David Walker, Comptroller Gen. of the U.S. The foundation laid by the Chief Financial Officers Act of 1990 & other mgmt. reform legislation provided a much needed statutory basis to improve the accountability of gov¿t. programs & operations. Such reforms were intended to produce reliable, timely, & useful financial information to help manage day-to-day operations & exercise oversight & promote fiscal stewardship. This testimony addresses: (1) the progress made & challenges remaining to improve fed. financial mgmt. practices; & (2) the serious challenges posed by the government¿s deteriorating long-range fiscal condition & Walker¿s views on a possible way forward. Includes recommendations. Charts & tables.
America¿s physical infrastructure -- incl. aviation, highway, transit, rail, water, and dam infrastructure -- is critical to the nation¿s economy and affects the daily life of virtually all Americans, but is under strain. Estimates to repair, replace, or upgrade aging infrastructure as well as expand capacity to meet increased demand top hundreds of billions of dollars, at a time when the fed. government¿s fiscal outlook is worse than many may understand. This testimony discusses: (1) challenges associated with the nation¿s surface transportation, aviation, water, and dam infrastructure, and the principles to help guide efforts to address these challenges; and (2) existing and proposed options to fund investments in the nation¿s infrastructure. Illustrations.