Weather will fade as the reason Washington D.C. becomes uncomfortable as debate on the nation's debt ceiling will become as unavoidable as the heat and humidity. This summer's most over-reported story naturally pits Democrats insisting on higher taxes against Republicans set on lower spending. But, before our representatives adopt either approach, they should first recognize that government accounting and budgeting is a big reason why we're in such fiscal difficulty. Any debt ceiling compromise should include a provision for more accurate government accounting and more transparent annual budgeting because we cannot improve what we do not measure...truthfully. The debate over raising the $14.3-trillion debt ceiling to some higher number is what Congress will discuss and the media will report over the next 30 days. What will be missing, however, is debate about the nation's real debt burden. Our calculations show it's more than $76 trillion, consisting of Treasury securities recognized under the debt ceiling and the unfunded promises we've made to our seniors, military veterans, and federal workers. Add to....
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