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Abstract

Hiding Billions from Congress

Fisher, Louis | November 15, 1971 issue

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The Budget and Accounting Procedures Act of 1950, It is the policy of the U.S. Congress that the accounting of the government provide "full disclosure of the results of financial operations, adequate financial information needed in the management of operations and the formulation and execution of the Budget, and effective control over income, expenditures, funds, property, and other assets according to the Budget and Accounting Procedures Act of 1950. Despite that general policy, it has been estimated that, in a budget for fiscal 1972 of U.S. $229.2 billion, secret funds may amount to U.S. $15 billion to U.S. $20 billion.

See Also:

BUDGET -- United States; BUDGET deficits; ACT of state; ACCOUNTING methods; UNITED States. Congress; UNITED States

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H.L. Mencken, "An Eminent American," July 11, 1923.

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