OMB controller Linda M. Combs told the Senate financial management subcommittee recently that the President’s Management Agenda has put the government in a good position to respond to huge fiscal imbalances being brought about largely due to the rising costs of entitlement programs.
Combs was testifying about the accomplishments and goals discussed in OMB’s 2007 federal financial management improvement report, and put the imbalance at $40 trillion over 75 years.
The government’s liabilities and fiscal exposures currently total over $50 trillion — four times the fiscal 2006 GDP up from about $20 trillion in 2000, according to GAO.
However, Combs said agencies were making progress under the PMA and predicted that the PMA would continue to guide the efforts of the larger financial management community over the next five years, as laid out in OMB’s "framework for improving financial performance."
