Description:
H.R. 6952 would require additional reporting on the financial condition of the U.S. government. Under current law, the Department of the Treasury each year must submit to the Congress an audited financial statement of all executive branch activities from the preceding fiscal year. The Government Accountability Office (GAO) is required to audit that statement. The bill would require GAO to present its findings from that audit and to provide an analysis of the financial position and condition of the federal government each year at a joint meeting of the Congress. H.R. 6952 also would amend the Congressional Budget and Impoundment Control Act of 1974 to require that each Concurrent Resolution on the Budget (the Congress’s fiscal framework for the federal budget) include a statement of findings from the most recent GAO report on the financial condition of the federal government. Based on the cost of similar reporting and administrative requirements, CBO estimates that implementing the bill would have no significant cost over the 2024-2028 period. Any spending would be subject to the availability of appropriated funds.
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