GAO’s reports and testimonies give Congress, federal agencies, and the public timely, fact-based, non-partisan information that can improve government operations and save taxpayers billions of dollars.
Each year, we make more than 1,000 recommendations to help improve the federal government. We alert department heads to the recommendations where they can save the most money, address issues on our High Risk List, or significantly improve government operations.
We make more than 1,000 recommendations annually to help improve government. We alert department heads to the recommendations that can save the most money, address issues on our High Risk List, or significantly improve their operations.
This report provides an update on the federal government’s fiscal condition at the end of FY 2019 and the unsustainable path it is on if policies don’t change.
Among its findings:
Publicly held debt rose to 79% of GDP.
In fiscal year 2019, our work yielded a record $214.7 billion in financial benefits, a return of about $338 for every dollar invested in us. We also identified 1,418 other benefits that led to better services for the American people and other improvements across government.
Individual retirement accounts (IRA) help taxpayers save for retirement. Most IRAs invest in assets like stocks and mutual funds, but some IRA owners want to invest in unconventional assets like real estate or virtual currency.
What's the latest thinking regarding the fiscal health of state and local governments across the nation?
The 2019 update to our annual outlook on the fiscal condition of states and localities suggests that the sector will have an increasingly tough time covering its bills over the next 50 years.
Federal agencies are increasingly using cloud computing services. Cloud computing offers benefits but also poses cybersecurity risks. OMB requires agencies to use the Federal Risk and Authorization Management Program to authorize their use of cloud services.
Workers and employers pay into Social Security and Medicare trust funds, which pay out to current beneficiaries. Federal law requires the trust fund boards of trustees to report fund financial outlook to Congress each year by April 1.