"Think of the federal government as a gigantic insurance company
(with a side line business in national defense and homeland
security) which only does its accounting on a cash basis-only
counting premiums and payouts as they go in and out the door.? An
insurance company with cash accounting is not an insurance company
at all.? It is an accident waiting to happen." Peter R. Fisher,
former Bush Administration Undersecretary of the Treasury
?
"Our objective in preparing the fiscal year 2005 Financial
Report of the U.S. Government is to give Congress and the American
people a timely and useful report on the cost of the Federal
Government's operations." John W. Snow, former Bush Administration
Secretary of the Treasury ?
"Scoring the budget on an accrual basis-the private sector norm
and, I believe, a sensible direction for federal budget
accounting-would better underscore the tradeoffs we face.? Under
accrual accounting, benefits would be counted as they are earned by
workers rather than when they are paid out by the government." Alan
Greenspan, former Chairman of the Federal Reserve Board
?
"The significance of these accrual-based reports is that they
show the implications of current budgetary decisions over a longer
time horizon?. This information is therefore an important element
of the debate about the real effects of governmental commitments."
Paul H. O'Neill, former Bush Administration Secretary of the
Treasury
?
"[A] practical management tool for policy-makers and a source of
useful information for the public about the assets, liabilities,
and operations of the government." Lawrence H. Summers, former
Clinton Administration Secretary of the Treasury
?
"We believe that the publication of this financial report is an
important step in providing the American public with useful
information about their government's assets, liabilities and
operations." Robert E. Rubin, former Clinton Administration
Secretary of the Treasury In December 2005, the White House
published its Financial Report of the United States Government-only
2000 copies were printed despite the purpose of the report being to
explain the country's financial wellbeing to Congress and the
American people. Now, for the first time, that report is widely
published so the American people can see what's really going on
with the nation's finances.
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