"Start with these two simple ideas: This nation needs a better accounting of how federal dollars are spent -- steps that will move us toward eliminating the federal deficit.

Oh, boy! A column on accounting standards and, yes, I know, yet another dire view of our national treasury.

Except think about this: Nearly every candidate in the political arena already buys into the notion that the federal government's finances ought to be clear and that it's time to control spending. The question, then, is how to make that so.

The federal government, essentially, keeps its books on a cash basis. Yet most businesses manage their accounts using an accrual method, a process that makes it easier to keep track of debts (as well as revenue sources) that are further down the road.

Let's be clear: To say the federal government accounts for its money on a cash basis is misleading because there is an accounting maze in place that would be illegal in the private sector."

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