Bush Admin Admits Poor Accounting Practices
By
DG
on December 17, 2007 at 08:09 am
Accural method would show higher deficit
WASHINGTON - The federal budget deficit would have been 69 percent higher than the $162.8 billion reported two months ago if the government had used the same accounting methods as private companies, the Bush administration reported Monday.
The administration, releasing the “Financial Report of the United States Government” for 2007, said that the deficit under the accrual method of accounting would have totaled $275.5 billion for the fiscal year ending Sept. 30.
Enron did not invent Enron-Accounting.
The Federal Government did.
