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U.S. Government Releases FY 2008 Financial Report

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News release: “The Treasury Department and the Office of Management and Budget today released the Fiscal Year 2008 Financial Report of the United States Government. The report details the U.S. government’s current financial position, as well as its short-term and long-term financial outlook, complementing the President’s Budget to be released in the spring of 2009…Revenue results in this year’s Financial Report were $2.7 trillion, increasing slightly by $34 billion or just over 1 percent, compared to last year. Total costs were $3.6 trillion, an increase of $.7 trillion or 25 percent compared to last year. Net operating cost increased to $1 trillion, up from last year’s net operating cost of $275.5 billion.”

  • Understanding the Primary Components of the Annual Financial Report of the United States Government
  • The fiscal year (FY) 2008 Financial Report of the United States Government (Report) “provides the President, Congress, and the American people a comprehensive view of the Federal Government’s finances, i.e., its financial position and condition, its revenues and costs, assets and liabilities, and other obligations and commitments. The Report also discusses important financial issues and significant conditions that may affect future operations. This year’s Report gives particular emphasis to two key issues: The Government’s response in recent months to the financial market crisis, and the Government’s capacity to sustain the funding and pay the benefits of key social insurance programs, such as Social Security and Medicare.”
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