2004 Financial Report of the United States Government

The economy strengthened in fiscal year 2004 with real gross domestic product (GDP) growing at a faster pace than in the prior fiscal year and employment posting a large increase after declining in each of the previous 3 fiscal years. Rising employment and income contributed to an increase.in fiscal year 2004-the first gain in four years. Outlays however rose more than receipts and the Federal budget deficit widened in fiscal year 2004 to $412.3 billion an increase of $37.5 billion from $374.8 billion in fiscal year 2003. Overall results in fiscal year 2004 were mixed. - Economic and Budgetary Results Financial Report Of The United States Government FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT is prepared to give the President Congress and the American people information about the financial results and position of the Federal Government. The Department of the Treasurys Financial Management Service which provides centralized payment collection and reporting services for the Federal Government and acts as its money manager issues this report on an annual basis. The Financial Report provides a broad comprehensive overview of the Federal Governments finances and states the Governments financial position and condition its revenues and costs its assets and liabilities as well as other obligations and commitments. A Financial Report is submitted to Congress by March of each year as is required by law and is subject to audit by the Government Accountability Office (GAO). The next scheduled Financial Report will be issued in December 2005. For more information about the Department of Treasury please visit http: //fms.treas.gov.