This summer, WICPA members met with Wisconsin members of Congress at the AICPA Spring Meeting of Council and Annual Members' Meeting in Washington, D.C., to discuss, among many other issues, the fiscal state of the nation.
The U.S. government’s balance sheet indicates the nation has accumulated, over time, a deficit of $21.5 trillion from annual shortfalls. The WICPA, along with the AICPA, supports a proposed resolution that requests an annual joint hearing of the Committees on the Budget of the U.S. House of Representatives and the Senate to receive a presentation from the Comptroller General of the U.S. regarding the audited financial statement of the executive branch.
Reps. Kathleen Rice, D-N.Y., and Andy Barr, R-Ky., recently introduced the Fiscal State of the Nation Resolution (H. Con. Res. 68) to ensure that the congressional budget committees are made aware of the information in the federal financial statements. The resolution has already been signed by more than 120 co-sponsors, including several from Wisconsin.
This resolution will help Congress to better understand how current and/or future policy may affect the nation’s long-term fiscal health. The WICPA believes it is in the nation’s best interest to support this resolution. Consolidated federal financial statements and the Government Accountability Office’s audit report provide valuable information on the financial condition of the federal government — an issue that impacts all of us.
The information contained in the annual federal budget just isn’t enough. Congress often focuses on the short-term view provided by the budget, but it’s important for policymakers to understand the bigger picture as well. That’s why the WICPA encourages each member of the House of Representatives to sign and support H. Con. Res. 68 for additional transparency when it comes to the nation’s fiscal health.