Summary: In this testimony, the Comptroller General provides an overview of some of the major issues facing Congress and the government. A number of events--from the continuing recession to the end of the Cold War to the increasing economic dominance of Japan--present both challenges and opportunities. Unfortunately, the ability of the United States to respond to these developments is constricted by the persistently high deficits that the government continues to ring up. In the Comptroller General's view, the government must address the deficit problem and better manage the nation's affairs if the United States is to maintain its standard of living and its influence in a changing world. In particular, the Comptroller General discusses the (1) impact of the current recession on the federal government's receipts and the growth of the deficit; (2) major components of the President's 1993 budget submission, including issues related to defense, health care, and financial institutions; (3) status of progress on the government's high-risk list; and (4) progress in implementing the Chief Financial Officers Act. In addition, he highlights some domestic areas deserving of close attention because of their long-term implication for the U.S. standard of living--deteriorating infrastructure and the quality of education.
