Digging Ourselves out of the $7 Trillion National Debt - September 22, 2003 Vol. 4 No. 19

September 22, 2003 Vol. 4 No. 19:

Published: 09/22/2003

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Digging Ourselves out of the $7 Trillion National Debt

The growing national debt and deficits as far as the eye can see prompt varied reactions.

The head of the congressional accounting office roundly criticized the federal government's ability to track spending and performance. In a speech at the National Press Club on Wednesday, September 17, Comptroller General David Walker of the General Accounting Office (GAO) suggested - what would seem to be obvious - that long-term costs of spending and tax proposals should be taken into account before they are passed into law. He also urged institution of a government-wide strategic plan and performance goals (currently federal agencies are each required to develop a strategic plan, performance goals, and performance reports under the Government Performance and Results Act) and improvement of the over-all organizational structure of the government.

Meanwhile, legislators are trying to save money by eliminating waste, fraud and abuse. Under the FY 2004 budget resolution, congressional authorizing committees are supposed to find savings in various entitlement programs by identifying waste, fraud and abuse that can be corrected - the target is $137 billion in savings over ten years. About half of the authorizing committees missed their September 2 deadline to produce their proposals; but the House Ways and Means Committee finished its proposal, identifying Medicare reforms and stopping overpayments in the Supplemental Security Income Program and Unemployment Insurance programs as their primary targets, with smaller savings from welfare programs and Social Security.