From WSJopinion: It will be weeks before the U.S. Treasury releases its financial report on the federal government for the 2022 fiscal year, but Washington’s spending has already reached a historic and troubling milestone, writes VinceKolber
Journal Editorial Report: Even some progressives want an alternative. Image: Susan Walsh/Associated PressIt will be weeks before the U.S. Treasury releases its financial report on the federal government for the 2022 fiscal year, which ended Sept. 30. But Washington’s spending has already reached a historic and troubling milestone.
This news was hidden in the Treasury’sThe issue arises from the way Treasury accounts for future spending that is required by law. It reports two separate figures, “net position” and “social insurance net expenditures,” but it doesn’t add them up into “total obligations,” and thereby deprives lawmakers and taxpayers of a full picture.
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