As you well know, our nation faces a serious structural fiscal imbalance. A number of other countries issue fiscal sustainability reports to explain and to improve the understanding of the long-term outlook and the magnitude of necessary change. The Federal Accounting Standards Advisory Board has recently issued an exposure draft on fiscal sustainability reporting for the federal government. How has your experience prepared you to help with such reporting?
While the basic reporting would be on the long-term fiscal sustainability of current spending and tax policies, how would you incorporate alternative scenarios and assumptions—on both the spending and the revenue side—into the report?
For OMB head;
As you well know, our nation faces a serious structural fiscal imbalance, and it is clear that more needs to be done to raise awareness and stimulate debate in the country about how to address it. How are you prepared to help the federal government do this? What would you do to raise awareness and stimulate debate about how to address our nation’s long-term fiscal challenges?
A number of other countries issue fiscal sustainability reports to explain and to improve the understanding of the long-term outlook and the magnitude of necessary change. The Federal Accounting Standards Advisory Board has recently issued an exposure draft on fiscal sustainability reporting for the federal government. How has your experience prepared you to help with such reporting?
OMB is in a unique position to innovate and improve the performance and budgeting reporting to Congress. What types of information have you either relied on or provided to others before that is most useful for decision making? What measures or reporting mechanisms do you think would be most useful for congressional decision makers?
What steps would you take to increase recognition of existing exposures and encourage explicit consideration of the long-term implications of new proposals before the government makes any additional commitments?
The government already uses accrual concepts for credit programs, and agencies have been working for nearly 20 years to refine credit subsidy estimates. Estimating the long-term claims on budgetary resources from government insurance programs and federal retiree health programs also can be difficult. How would you support agencies’ efforts to improve the estimates of these long-term costs?
From the GAO report, Confirmation of Political Appointees: Eliciting Nominees' Views on Management Challenges within Agencies and across Government
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