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What GAO Found In response to COVID-19, in March 2020 many investors rapidly sold their Treasury securities for cash. This led to a severe liquidity disruption when prices fell and transaction costs rose for Treasury notes and bonds in the secondary market.
What GAO Found GAO's audit of the fiscal year 2020 consolidated financial statements of the U.S. government (CFS) found continuing control deficiencies in the Department of the Treasury's (Treasury) and the Office of Management and Budget's (OMB) processes used to prepare the CFS.
What GAO Found The Federal Emergency Management Agency (FEMA), Department of Transportation (DOT), and Department of the Treasury (Treasury), among others, continue to provide financial assistance to mitigate the effects of the COVID-19 pandemic.
What GAO Found State and local government revenues from individual, corporate, and sales taxes declined about $61 billion in the second quarter of 2020 compared to the second quarter in 2019 and rebounded in the third and fourth quarters of 2020.
What GAO Found GAO found that the policies and procedures for the United States Capitol Preservation Commission's operations and oversight and the Library of Congress's operations and reporting were sufficiently documented, adequately designed, and consistent with applicable federal internal control...
What GAO Found GAO found that the policies and procedures for the Senate Commission on Art's operations and oversight and the Library of Congress's operations and reporting were sufficiently documented, adequately designed, and consistent with applicable federal internal control standards to reasonably...
What GAO Found The budget for the Internal Revenue Service's (IRS) Taxpayer Advocate Service (TAS) declined by about 14 percent from fiscal years 2011 to 2020, when adjusted for inflation. For fiscal year 2020, TAS used most of its resources to assist individual taxpayers, known as case advocacy.