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A Fiscal Reality: ASCPA and AICPA Support the Fiscal State of the Nation Resolution

October 16, 2019 Government Legislative Updates

The U.S. government’s balance sheet indicates that, over time, the nation has an accumulated deficit (from annual shortfalls) of $21.5 trillion[1]. To put that in perspective, if you made a stack of 21.5 trillion $1 bills, you would be able to go to the moon and back more than three times.

Recently, Representatives Kathleen Rice (D-N.Y.) and Andy Barr (R-K.Y.) introduced the Fiscal State of the Nation resolution, H. Con. Res. 68, with 103 additional co-sponsors. It provides “for a joint hearing of the Committees on the Budget of the House of Representatives and the Senate to receive a presentation from the Comptroller General of the United States regarding the audited financial statement of the executive branch.” The resolution ensures that members of Congress are made aware of the information in the federal financial statements and helps them to better understand how current and/or future policy may affect the nation’s long-term fiscal health.

The Alabama Society of CPAs is encouraging each Alabama Member of the U.S. House to also support this resolution by becoming a co-signer.

AICPA also supports the Fiscal State of the Nation resolution. The profession believes that the consolidated federal financial statements and the Government Accountability Office (GAO)’s audit report provide valuable information on the financial condition of the federal government, and that policymakers should consider this information while making key decisions.

[1] As of September 30, 2018.

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