In this article, the Comptroller General of the United States discusses the implications of the huge federal deficit for the U.S. economy, including the impact on interest rates, influx of foreign capital, and Third World debt problems. He gives solutions for cutting the deficit, including cuts in spending programs and raising revenue. Finally, he outlines procedures for preventing future occurrences by putting our financial house in order. This means having reliable, relevant, and timely information in order to understand the issues and to make good decisions. This requires overhauling our inadequate federal financial management systems.
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