United States Government Publishing Office publisher pbl distributor dst United States Government Accountability Office author aut Government Organization text government publication eng GAOREPORTS Legislative Agency Publications gao legislative 2010-08-12 U.S. Government Printing Office 2007-01-11 monographic deposited born digital 21 p. GA 1.13:GAO-07-342T https://www.govinfo.gov/app/details/GAOREPORTS-GAO-07-342T P0b002ee180370e01 f:d07342t DGPO 2010-08-12 2011-03-28 GAOREPORTS-GAO-07-342T machine generated eng fdlp REPORT GAOREPORTS-GAO-07-342T GAO-07-342T Accrual basis accounting Budget deficit Budget functions Cost analysis Financial records Fiscal policies Future budget projections Social security benefits Strategic planning Unified budgets Financial analysis Testimony A64786 This testimony, given by David M. Walker, Comptroller General of the United States before the Senate Committee on the Budget, addresses the nation's long-term fiscal outlook and the challenge it presents. However, the outlook is not good. Continuing down this current fiscal path would gradually erode, if not suddenly damage, out economy, our standard of living, and ultimately even our domestic tranquility and national security. The five major points of the testimony are: (1) The current fiscal condition is worse than advertised, (2) the long-term fiscal outlook is both imprudent and unsustainable, (3) improvements in information and processes are needed and can help, (4) meeting out long-term fiscal challenge will require tough choices, bi-partisan cooperation, and compromise, and lastly (5) the time for action is now. https://www.govinfo.gov/content/pkg/GAOREPORTS-GAO-07-342T/html/GAOREPORTS-GAO-07-342T.htm https://www.govinfo.gov/content/pkg/GAOREPORTS-GAO-07-342T/pdf/GAOREPORTS-GAO-07-342T.pdf GAO-07-342T https://www.govinfo.gov/app/details/GAOREPORTS-GAO-07-342T Testimony GAO-07-342T; Long-Term Budget Outlook: Saving Our Future Requires Tough Choices Today; Accrual basis accounting Budget deficit Budget functions Cost analysis Financial records Fiscal policies Future budget projections Social security benefits Strategic planning Unified budgets Financial analysis