Debt held by the U.S. public represents 73 percent of gross domestic product, a sharp increase from the 40 percent mark in the 1970s through the 1990s, according to the U.S. comptroller general.
Gene Dodaro, head of the Government Accountability Office, gave several figures on U.S. government debt at the Association of Government Accountants National Leadership Conference, GovExec reports.
The Summer 2011 dispute over raising the debt ceiling cost government $1.3 billion in interest payments and improper payments to ineligible recipients reached $107 billion in fiscal year 2012, Dodaro said, according to GovExec.
Charles Clark writes Dodaro said GAO will focus on reducing improper payments, the $385 billion tax gap and program overlap and duplication.
GAO will also focus on improving agency financial statements, Dodaro said.
