Rep. Michele Bachmann (MN-06) to Introduce Truth in Accounting Act

Rep. Bachmann’s Truth in Accounting Act will require the federal government to fully disclose its spending obligations—money Congress has already agreed to spend in future years—in the U.S. Treasury’s annual Financial Report to achieve government transparency and accountability that does not exist today. Traditional fiscal measures such as debt held by the public, deficit projections over short, 5 or 10 year periods, or 75-year estimates of Social Security and Medicare shortfalls do not fully account for all of the government’s spending commitments. The bill would provide a fuller and fairer picture of existing budget deficits and the growing fiscal burden facing every American. (Read more)