Following Reports of $21.8 Billion Shortfall in Obama's Student Loan Program, Fischer Introduces Bill to Require Honest Accounting of Federal Credit Programs

Statement

This afternoon, U.S. Senator Deb Fischer (R-Neb.) introduced S. 399 - The Budget and Accounting Transparency Act. The bill would promote increased oversight of government spending and bring honest accounting to federal programs. Senator Fischer released the following statement after introducing the bill:

"Our country cannot continue spending money we do not have. My bill would require the government to conduct fair and honest accounting of federal credit programs. It will also ensure that the risks to taxpayers are properly and accurately evaluated in order to prevent shortfalls. As recently as this morning, the need for this legislation became abundantly clear.

"The White House has revealed that there is a $21.8 billion shortfall stemming from their student loan program. This loss places further strains on our obligations and leaves the American taxpayer to cover the costs. My legislation will prevent wasteful mistakes like these from happening and I look forward to working with my colleagues to ensure that it moves quickly through our chamber."

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