GAO annually audits the consolidated financial statements of the U.S. government (CFS). Congress and the President need reliable, useful, and timely financial and performance information to make sound decisions and conduct effective oversight of federal government programs and policies.
Mortgage loan defaults and foreclosures are key factors behind the current economic downturn. In response, Congress passed and the President signed the Emergency Economic Stabilization Act of 2008, which authorized the Department of the Treasury to establish the Troubled Asset Relief Program (TARP).
This testimony discusses the U.S. Government Accountability Office's (GAO) budget request for fiscal year 2011. This has put us in a better position to assist the Congress in confronting the many difficult challenges facing the nation.