Fiscal Year 2011 Financial Report of the United States Government

by Sabrina I. Pacifici on December 22, 2011

“The Secretary of the Treasury, in coordination with the Director of the Office of Management and Budget (OMB), is required annually to submit financial statements for the U.S. government to the President and the Congress. GAO is required to audit these statements. The Fiscal Year 2011 Financial Report of the United States Government (Financial Report) published by the Department of the Treasury includes GAO’s report on the accompanying U.S. government’s consolidated financial statements for the fiscal years ended September 30, 2011 and 2010, and the associated reports on internal control and compliance with significant laws and regulations.”

  • Complete FY 2011 Financial Report of the United States Government: “The last economic recession and the federal government’s actions to stabilize financial markets and promote economic recovery, among other factors, continued to significantly affect the federal government’s financial condition. The federal government reported a net operating cost of about $1.3 trillion and a unified budget deficit of approximately $1.3 trillion for fiscal year 2011, and as of September 30, 2011, debt held by the public increased to 68 percent of gross domestic product (GDP).
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