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How does Congress keep track of federal finances?

Economics Dec 18, 2020

How does Congress keep track of federal finances?

Expert Solution

The General Accounting Office, or the GAO as it is now called, is mandated by Congress and reports directly to the Comptroller General. Its mission is to ensures the correct disbursement of public funds to federal government agencies and departments. It does this by providing timely and thorough audits, ensuring improved performance from the various agencies and departments, and proving accurate information to Congress and the people.

The GAO produces reports, audits, policy reviews, testimonies and legal decisions regarding the expenditure of public monies. All of this is directly shared with congressional representatives and their staff members. Reports can be directly requested by members of Congress, and in return, the GAO produces some 900 reports annually on topics ranging from Homeland Security to Education and Social Security. It also has a section called Technology Assessment which examines the role and impact of technological innovations not only on government and security but on society as a whole.b

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