Free Site Registration


Hell No, Don't Cut the GAO

Print
Email
Reprints
October 17, 2011

As someone who works within a 3-wood from New York's financial markets, I found myself wandering over during a lunch hour to see for myself the five weeks and counting spectacle of the Occupy Wall Street protestors.

While most seemed earnest - if somewhat economically naïve - in their cause, I thought if they really wanted a common rallying cry, they need to look no further than what's happening with the Government Accountability Office.

The federal watchdog agency, which compiles some 1,000 reports and audits annually and is largely credited with identifying government waste - and by proxy taxpayer savings - would under a current proposal from deficit hawks, have its annual budget slashed from $546.2 million to $504.5 million, a 7.6-percent cut.

Advertisement

Despite the GAO's accomplishments in identifying billions of dollars in potential savings over the years, both House and Senate appropriations members who are charged with drafting the budget for the legislative branch, have included the investigative arm of Congress among the many agencies that will be forced to scale back as part of the sweeping 5.2 percent drop in overall congressional spending.

"The buck shrinks here," Sen. Ben Nelson, D-Neb., chairman of the Senate appropriations subcommittee on the legislative branch, declared recently. He defended the proposed cuts saying they would force a number of agencies to "live with less."

Opponents of the GAO cuts point out that the budget decrease would prompt layoffs and potential closure of some of its regional offices as well as a new proposal that would mandate increased disclosure on the costs and manpower required to publish its reports.

Meanwhile, Senators Joseph I. Lieberman, I-Conn.,  and Susan Collins, R-Maine, petitioned that Nelson drop plans for the more detailed spending reports, claiming that the action could result in "a politicization of the GAO report process as members and committees are criticized for spending money on a GAO analysis."

Thus far, the GAO has been mum on the budget battle, but has been offering buyouts and early retirement packages to its veteran staffers.

I have a problem with whipsawing a budget for an agency that, for example, over the past year, identified billions spent on 81 different areas where the government has duplicative programs doing essentially the same thing. And no, that's not a misprint - 81!. Another one detailed the risk for fraud and abuse within 30 federal programs.

If the now-disheveled and largely disorganized redistributionists camping on Wall Street want a common cause, there's certainly one for the taking.

 

 

0 Comments

Be the first to comment on this post using the section below.

Add Your Comments...

Already Registered?

If you have already registered to Accounting Today, please use the form below to login. When completed you will immeditely be directed to post a comment.

 

Advertisement
Advertisement

What's New at Grant Thornton

May 14, 2012

CEO Stephen Chipman talks about his firm's new brand focus on growth, and its recent M&A activity.

Advertisement

SLIDE SHOW

Top 10 Payroll Mistakes Companies Make

May 14, 2012

Keeping your clients from running afoul of IRS rules around payroll taxes will help them avoid stiff penalties.

10 Years of the Top 100 Firms

May 6, 2012

Tracking trends at the biggest firms in the U.S.

Best Accounting Firm Taglines

April 27, 2012

Our favorite slogans from around the profession.

Favorite Busy Season Activities

April 10, 2012

LinkedIn Accounting members share the best methods to bust stress and boost morale.

The Best Places to Be an Accountant 2012

March 27, 2012

From our 2012 Regional Leaders list, we rank the best parts of the country to operate an accounting firm.

More Wacky Tax Deductions

March 26, 2012

LinkedIn members point out some weird tax deductions their clients have suggested.

7 Tax-Free Benefits for Employees

April 15, 2012

Employee rewards Uncle Sam can't touch.

Advertisement
Advertisement
Advertisement