In the 2010 race, Walker made an explicit promise, noted on his campaign website to "require the use of generally accepted accounting principles (GAAP) to balance every state budget, just as we require every local government and school district to do."
This is known as the accrual accounting method, something also used by publicly traded companies. On the Walk-O-Meter, we rated this a Promise Broken. Walker did not use the GAAP approach on his first budget.
Indeed, under that approach, the state shows a $3 billion GAAP deficit each of the next two years. And that is the new source of confusion.
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