IMF Pegs US Government Shortfall at $47 TRILLION!!!

January 7, 2004
By Joseph Rebello, Of DOW JONES NEWSWIRES
Yahoo! News

WASHINGTON (Dow Jones)–Economists at the International Monetary Fund on Wednesday expressed alarm at growing U.S. budget deficits, saying continued deficits could hurt the global economy by roiling currency markets and driving up interest rates.

In a report on U.S. budget outlook, IMF researchers described the state of government finances as “perilous” in the long run and urged Congress and the White House to take steps to quickly rein in the deficits. Although federal tax cuts and spending increases since 2001 bolstered the global economy in the short run, the report said “large U.S. fiscal deficits also pose significant risks for the rest of the world.” Read More

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Joe Dioguardi showing Conresstional Credit Card

Former Congressman and President of Truth In Government, Joe DioGuardi holds "Congresstional Credit Card".

OUR FIVE POINT PLAN:

1. Develop a fair and accurate budgeting, accounting,and reporting process. Convert the current cash basis accounting system used in the annual Congressional budgeting process to the system of "Generally Accepted Accounting Principles" (GAAP) required of publicly traded corporations by the Securities and Exchange Commission.

2. Publish clear and accurate information on the finances of the federal government annually. Use GAAP to disclose all spending and commitments to spend, ensuring our national debt to foreign sources is clearly delineated.

3. Make the Chief Financial Officer's function a Cabinet-level position and remove financial management and reporting functions from the Treasury Department and transfer them to that position. Engage independent auditors.

4. Create a new independent body like the Federal Reserve System to promulgate a sound budgeting and accounting that will prevent political manipulation and conflicts of interest.

5. Tell Congress to implement meaningful reforms now.