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The Federal Financial System

Fred Rogers Fairchild
The American Economic Review
Vol. 31, No. 2 (Jun., 1941), pp. 280-297
Stable URL: http://www.jstor.org/stable/359
Page Count: 18
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The Federal Financial System
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Abstract

This article discusses especially the subjects of the federal budget and the system of accounting control and audit. The author takes full advantage of The Federal Financial System by Daniel T. Selko and undertakes at the same time to present a review of that book. The budget system of the United States government fails to present a unified financial plan. Revenues are not considered in connection with expenditures; expenditures are not considered as a whole; large expenditures and receipts of government corporations are outside the budget. Economy is not enforced. Among reform proposals the most promising is that of the Chamber of Commerce of the United States, which would set up a single budget committee at whose recommendation Congress would by law set a fixed limit to total appropriations. The present system of accounting control and audit, centralized in the hands of a Comptroller General who is independent of the executive branch and responsible to Congress, is definitely more logical and useful than the "executive control plan" recently recommended by the President's Committee on Administrative Management.

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