The U.S. Government Accountability Office (GAO) is an independent, nonpartisan government agency within the legislative branch that provides auditing, evaluative, and investigative services for the United States Congress. It is the supreme audit institution of the federal government of the United States. It identifies its core "mission values" as: accountability, integrity, and reliability. It is also known as the "congressional watchdog". The agency is headed by the Comptroller General of the United States. The comptroller general is appointed by the president with the advice and consent of the Senate. When a vacancy occurs in the office of the comptroller general, Congress establishes a commission to recommend individuals to the president. The commission consists of the following:
The national debt of the United States is the total national debt owed by the federal government of the United States to Treasury security holders. The national debt at any point in time is the face value of the then-outstanding Treasury securities that have been issued by the Treasury and other federal agencies. The terms "national deficit" and "national surplus" usually refer to the federal government budget balance from year to year, not the cumulative amount of debt. In a deficit year the national debt increases as the government needs to borrow funds to finance the deficit, while in a surplus year the debt decreases as more money is received than spent, enabling the government to reduce the debt by buying back some Treasury securities. In general, government debt increases as a result of government spending and decreases from tax or other receipts, both of which fluctuate during the course of a fiscal year. There are two components of gross national debt:
A comptroller is a management-level position responsible for supervising the quality of accounting and financial reporting of an organization. A financial comptroller is a senior-level executive who acts as the head of accounting, and oversees the preparation of financial reports, such as balance sheets and income statements.
Peter George Peterson was an American investment banker who served as United States Secretary of Commerce from February 29, 1972, to February 1, 1973, under the Richard Nixon administration. Peterson was also chairman and CEO of Bell & Howell from 1963 to 1971. From 1973 to 1984 he was chairman and CEO of Lehman Brothers. In 1985, he co-founded the private equity firm The Blackstone Group, and served as chairman. In the same year, Peterson became chairman of the Council on Foreign Relations, a position he held until his retirement in 2007, after which he was named chairman emeritus. In 2008, Peterson was ranked 149th on the "Forbes 400 Richest Americans" with a net worth of $2.8 billion. He was also known as founder and principal funder of The Peter G. Peterson Foundation, which is dedicated to promoting fiscal austerity.
The military budget of the United States is the largest portion of the discretionary federal budget allocated to the Department of Defense (DoD), or more broadly, the portion of the budget that goes to any military-related expenditures. The military budget pays the salaries, training, and health care of uniformed and civilian personnel, maintains arms, equipment and facilities, funds operations, and develops and buys new items. The budget funds six branches of the US military: the Army, Navy, Marine Corps, Coast Guard, Air Force, and Space Force.
The Comptroller General of the United States is the director of the Government Accountability Office, a legislative-branch agency established by Congress in 1921 to ensure the fiscal and managerial accountability of the federal government.
The United States budget comprises the spending and revenues of the U.S. federal government. The budget is the financial representation of the priorities of the government, reflecting historical debates and competing economic philosophies. The government primarily spends on healthcare, retirement, and defense programs. The non-partisan Congressional Budget Office provides extensive analysis of the budget and its economic effects. CBO estimated in February 2024 that Federal debt held by the public is projected to rise from 99 percent of GDP in 2024 to 116 percent in 2034 and would continue to grow if current laws generally remained unchanged. Over that period, the growth of interest costs and mandatory spending outpaces the growth of revenues and the economy, driving up debt. Those factors persist beyond 2034, pushing federal debt higher still, to 172 percent of GDP in 2054.
The Concord Coalition is a political advocacy group in the United States, formed in 1992. A bipartisan organization, it was founded by U.S. Senator Warren Rudman, former Secretary of Commerce Peter George Peterson, and U.S. Senator Paul Tsongas. The Concord Coalition's advocacy centers on ending deficit spending and promoting a balanced budget in the U.S. federal government. The group's mission statement is to educate "the public about the causes and consequences of federal budget deficits, the long-term challenges facing America's unsustainable entitlement programs, and how to build a sound foundation for economic growth."
The Budget and Accounting Act of 1921 was landmark legislation that established the framework for the modern federal budget. The act was approved by President Warren G. Harding to provide a national budget system and an independent audit of government accounts. The official title of this act is "The General Accounting Act of 1921", but is frequently referred to as "the budget act", or "the Budget and Accounting Act".
State auditors are fiscal officers lodged in the executive or legislative branches of U.S. state governments who serve as external auditors, program evaluators, financial controllers, bookkeepers, or inspectors general of public funds. The office of state auditor may be a creature of the state constitution or one created by statutory law.
I.O.U.S.A. is a 2008 American documentary film directed by Patrick Creadon. The film focuses on the shape and impact of the United States national debt. The film features Robert Bixby, director of the Concord Coalition, and David Walker, the former U.S. Comptroller General, as they travel around the United States on a tour to let communities know of the potential dangers of the national debt. The tour was carried out through the Concord Coalition, and was known as the "Fiscal Wake-Up Tour."
The Peter G. Peterson Foundation is an American billionaire-funded foundation established in 2008 by Peter G. Peterson, former US Secretary of Commerce in the Nixon Administration and co-founder of the Blackstone Group, an American financial-services company.
Patrick Creadon is an American filmmaker and actor primarily known for his work in documentaries. His first film, Wordplay, profiled New York Times crossword editor Will Shortz and premiered at the 2006 Sundance Film Festival. The film screened in over 500 theatres nationwide and became the second-highest grossing documentary of that year. His second film, I.O.U.S.A., is a non-partisan examination of America's national debt problem and forecast the 2007–2008 financial crisis. I.O.U.S.A. premiered at the 2008 Sundance Film Festival and was later named one of the Top 5 Documentaries of the Year by film critic Roger Ebert.
Eugene Louis Dodaro is the Comptroller General of the United States and head of the U.S. Government Accountability Office (GAO). From October 1, 2000, until March 12, 2008, he was the chief operating officer (COO) of the GAO and he held the equivalent second-in-command title before the late 2000 restructuring of the GAO, Principal Assistant Comptroller General, a title he had held since May 1999. This change of titles is a result of the organization-wide restructuring rather than a promotion or other event in his career; from May 1999 through to March 12, 2008, Dodaro retained the position of second in command of the GAO.
The financial position of the United States includes assets of at least $269 trillion and debts of $145.8 trillion to produce a net worth of at least $123.8 trillion. GDP in Q1 decline was due to foreclosures and increased rates of household saving. There were significant declines in debt to GDP in each sector except the government, which ran large deficits to offset deleveraging or debt reduction in other sectors.
The Committee for a Responsible Federal Budget (CRFB) is a non-profit public policy organization based in Washington, D.C. that addresses federal budget and fiscal issues. It was founded in 1981 by former United States Representative Robert Giaimo (D-CT) and United States Senator Henry Bellmon (R-OK), and its board of directors includes past heads of the House and Senate Budget Committees, the Congressional Budget Office, the Office of Management and Budget, and the Government Accountability Office.
Elmer Boyd Staats was an American public servant whose career from the late 1930s to the early 1980s was primarily associated with the Bureau of the Budget (BOB) and the GAO. Staats was born to Wesley F. and Maude (Goodall) Staats. Staats received his AB from McPherson College in 1935, his MA from the University of Kansas in 1936, and his Ph.D. from the University of Minnesota in 1939.
The United States federal budget consists of mandatory expenditures, discretionary spending for defense, Cabinet departments and agencies, and interest payments on debt. This is currently over half of U.S. government spending, the remainder coming from state and local governments.
The 2018 Connecticut gubernatorial election took place on November 6, 2018, to elect the next governor and lieutenant governor of Connecticut, concurrently with the election of Connecticut's Class I U.S. Senate seat, as well as other elections to the United States Senate in other states, elections to the United States House of Representatives, and various state and local elections. This race's Democratic margin of victory was the closest to the national average of 3.1 points.
Robert Vincent Stefanowski is an American businessman and politician.
