Citizens Against Government Waste Announce Support of Dold's Truth in Government Accounting Act‏

From the office of Rep. Robert Dold (Ill., 10th District)…

Citizens Against Government Waste announces support of Rep. Dold’s Truth in Government Accounting Act. Their letter of support appears below:

November 15, 2011

U.S. House of Representatives
Washington, D.C. 20515

Dear Representative,

Rep. Bob Dold (R-Ill.) recently introduced H.R. 3332, the Truth in Government Accounting Act. On behalf of the more than one million members and supporters of the Council for Citizens Against Government Waste (CCAGW), I urge you to support this legislation.

H.R. 3332 would require each federal agency to submit to the Comptroller General a total of three quarterly financial statements, one for each fiscal quarter, no later than 90 days after the end of each respective fiscal quarter, and an annual financial statement no later than 180 days after the end of the respective fiscal year. Under the legislation, the Comptroller General must audit all financial statements submitted by each agency each year and would be required to post these financial statements on a single, publically accessible and searchable website. Put simply, this legislation would make the auditing standards for the federal government the same as those used in the private sector, most notably through ensuring that federal financial statements account for long-term unfunded liabilities.

Rep. Dold’s bill would also require the Congressional Budget Office to adopt zero-baseline budgeting, which uses current year spending as the baseline for future mandatory and discretionary changes and prevents budgets from being adjusted for inflation. The director of the Office of Management and Budget would also need to prepare all budgets according to both accrual accounting procedures and the cash basis accounting method. All changes made by this legislation would take effect on October 1, 2012.

Many current budget practices are dishonest, deceitful and unacceptable to taxpayers. I strongly urge you to support the Truth in Government Accounting Act, which would force Congress to adhere to fair and transparent budgeting and accounting procedures. All votes on H.R. 3332 will be among those considered in CCAGW’s 2011 Congressional Ratings.

Sincerely,

Thomas Schatz
President, Citizens Against Government Waste

http://dold.house.gov/

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