What GAO Found The federal government faced an unsustainable long-term fiscal path—even before complications resulting from COVID-19—caused by an imbalance between revenue and spending built into the structure of current law.
What GAO Found In all 14 focus groups GAO held with older women, women described some level of anxiety about financial security in retirement. Many expressed concerns about the future of Social Security and Medicare benefits, and the costs of health care and housing.
What GAO Found In response to the national public health and economic threats caused by COVID-19, four relief laws were enacted as of June 2020 that appropriated $2.6 trillion. This funding provided support to individuals, health care providers, businesses, and state and local government.
What GAO Found This testimony summarizes information contained in GAO's March 2020 report, entitled The Nation’s Fiscal Health: Action Is Needed to Address the Federal Government’s Fiscal Future (GAO-20-403SP).
Background GAO’s mission is to support Congress in meeting its constitutional responsibilities and to help improve the performance and ensure the accountability of the federal government for the benefit of the American people.
FISCAL YEAR 2021 BUDGET REQUEST U.S. Government Accountability Office In fiscal year (FY) 2019, GAO’s work yielded a record $214.7 billion in financial benefits, a return of about $338 for every dollar invested in GAO.