February 2007 Fiscal Stewardship and Other Financial Condition Information

The materials below are about our nation’s large and growing fiscal imbalance. They are designed to help us understand the facts, why we should start sooner rather than later to address this imbalance, and what types of changes need to be considered. GAO delivered these materials to Members of Congress as a package in February 2007.

Fiscal Stewardship Materials Transmittal Letter from the Comptroller General, February 2, 2007
Letter from the Comptroller General introducing the materials in the package
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Fiscal Stewardship: A Critical Challenge Facing Our Nation GAO-07-362SP, January 31, 2007
This document provides, in relatively brief and understandable form, selected budget and financial information regarding our nation’s current financial condition, long-term fiscal outlook, and possible ways forward.
Abstract   Full Report (PDF, 18 pages)

The Nation's Long-Term Fiscal Outlook: September 2006 Update GAO-06-1077R, September 15, 2006
This document updates GAO’s long-term fiscal simulations. These simulations continue to show ever-larger deficits resulting in a federal debt burden that ultimately spirals out of control. GAO’s long-term simulations are updated three times a year. The next update will be available mid-February 2007.
Abstract   Full Report (PDF, 6 pages)   Accessible Text

Understanding the Similarities and Differences between Accrual and Cash Deficits GAO-07-117SP, December 1, 2006
The goal of this primer is to improve understanding of the accrual deficit by describing (1) how it is similar and different from the more commonly reported cash budget deficit, (2) the key drivers behind changes in accrual deficits relative to cash budget deficits, and (3) how the two measures complement each other and give a fuller picture of the government's overall fiscal condition. See Understanding the Similarities and Differences between Accrual and Cash Deficits: Update for Fiscal Year 2006 (GAO-07-341SP, below) for updates to selected information in this document.
Abstract   Full Report (PDF, 46 pages)

Understanding the Similarities and Differences between Accrual and Cash Deficits: Update for Fiscal Year 2006 GAO-07-341SP, January 22, 2007
This document updates selected information in Understanding Similarities and Differences between Accrual and Cash Deficits GAO-07-117SP, above) and should be read in conjunction with that document.
Abstract    Full Report (PDF, 4 pages)

Understanding the Primary Components of the Annual Financial Report of the United States Government GAO-05-958SP, September 1, 2005
This document helps those interested in going beyond the Fiscal Stewardship publication (GAO-07-372SP, above) to reading the entire Financial Report of the United States Government . It provides a baseline understanding of the significant information provided in the primary components that make up the Financial Report of the United States Government, especially the financial statements.
Abstract    Full Report (PDF, 28 pages)

Statement of the Comptroller General of the United States , December 15, 2006
This document accompanied GAO’s report on the United States government’s consolidated financial statements for fiscal years 2006 and 2005. For the 10th consecutive year, GAO could not render an opinion on the federal government’s consolidated financial statements.
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