Inside Track
National Debt Will Soon Eclipse GDP
U.S. Comptroller General Gene Dodaro, the man responsible for assessing the federal government’s fiscal condition, told a Senate panel April 6 that the government will soon owe more than the entire economy produces.
During a Senate Budget Committee hearing on the Government Accountability Office’s (GAO) audit of the federal government’s fiscal year 2015 financial statements, Dodaro said that despite a modest reduction in the annual budget deficit, the national debt remains a serious and growing problem. Worse, the GAO audit found that for the 19th consecutive year, the government’s books were in such disarray that the agency could not even render an accurate opinion on Uncle Sam’s financial statements.
One of the primary reasons for this is that the Department of Defense continues to defy attempts to audit its books. The Department of Housing and Urban Development and the Department of Agriculture, which together represent an additional four percent of both total assets and net costs, also could not be audited for 2015.
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