Federal Accounting Reform Urgency
Like the fog that hid the massive iceberg in the path of the Titanic on that fateful night in 1913, Washington's woefully inadequate budget and accounting practices have obscured the sobering reality of our federal government's finances. Experts in New York and Washington are beginning to notice the looming crisis and, I believe, we have to act quickly to avert a federal financial disaster of Titanic proportions. Our true budget deficit for fiscal 2003 exceeded $1 trillion, a