Budget Policy:

Budgetary Treatment of Investment Programs

T-AFMD-92-15: Published: Jul 23, 1992. Publicly Released: Jul 23, 1992.

Additional Materials:


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GAO discussed the importance of federal investment-oriented programs and how they should be considered when making budgetary decisions. GAO noted that: (1) deficit reduction and long-term growth projects encouraging the highest rates of return yield a higher gross national product and lower interest costs; (2) the federal government lacks an analytical basis and an explicit strategy for determining the level of federal investment spending; (3) a budget structure distinguishing between physical and human capital, research and development programs, and operating expenses would create a comprehensive budget, allowing consideration of resource commitments and subsidies; and (4) creating an investment-oriented budget within the unified budget would provide needed information for policymakers' decisions on the long and short term effects on the budget and allocation of resources.

Sep 23, 2020

Sep 8, 2020

Jan 23, 2020

Dec 19, 2019

  • budget icon, source: GAO

    State and Local Governments' Fiscal Outlook:

    2019 Update
    GAO-20-269SP: Published: Dec 19, 2019. Publicly Released: Dec 19, 2019.

Nov 14, 2019

Oct 16, 2019

Jun 26, 2019

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