Washington has become a fantasy land in connection with federal financial and fiscal matters. Federal officials are chronically late in performing their budget and appropriations responsibilities. Government reports understate the federal government’s financial hole and use rose colored glasses to illustrate the future fiscal outlook. Statutory fiscal constraints employ simplistic across-the-board approaches rather than thoughtful and targeted approaches. Despite our serious and deteriorating financial condition, Congress and the President want to pass huge supplemental spending bills that are not paid for.

The federal government is operating under two Continuing Resolutions that are set to expire in early March. Shockingly, Congress has only passed all annual appropriations bills by the beginning of the fiscal year four times since 1950, and the last time was 1996! In addition, the President is late again on submitting his annual budget proposal.

Federal officials and reports continue to understate several key financial statistics. For example, most federal reports focus on debt held by the public rather than debt subject to the debt ceiling (total........

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