Former U.S. comptroller warns about fiscal irresponsibility in report

09/19/2013 | Journal of Accountancy online

Former U.S. Comptroller General David Walker urges CPAs to lead in the fight against fiscal irresponsibility in the final report of his Comeback America Initiative, highlighting the crisis plaguing government and municipal finances. Walker cites the federal government's outsized "off-balance-sheet obligations" of $69.7 trillion and says that most states and many cities have financial problems matching the federal government's. The report includes seven strategies Walker recommends to reduce the deficit, including spending and tax reforms, changing the metrics, engaging the public and addressing the leadership deficit. Earlier this year, the AICPA released the second video in the "What's at Stake" series, which offers guidance on how the U.S. government's financial statements can be used for greater understanding of the nation's fiscal health.

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