Scary: GAO report on the financial health of the USA

Fiscal Year 2005 Financial Report of the United States Government   

The Secretary of the Treasury, in coordination with the Director of the Office  of Management and Budget (OMB), is required annually to submit financial statements  for the U.S. government to the President and the Congress. GAO is requiredto audit these statements.

The FY 2005 Financial Report of the United States Government (Financial Report)  published by the Department of the Treasury includes GAO’s report on the accompanying  U.S. government’s consolidated financial statements for the fiscal years ended  September 30, 2005 and 2004, and the associated reports on internal control  and compliance with significant laws and regulations.

We recently issued a guide to the Financial Report to help those  who seek to obtain a better understanding of the Financial Report.

Ed:  Check out pages 16 and 18 for the truth about The State of the Union.