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Federal Budget Should Include Long-Term Obligations fromEntitlement Programs

The financial reporting principles used by the private sector andstate and by local governments should be applied to the federalbudget to give policymakers a clearer picture of the nation'sfinancial health. Congress should change the federal budget processto reflect changes in long-term liabilities and obligations as thefirst step in addressing $36 trillion in unfunded entitlementobligations. ....

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