KITING CHECKS AND LAPPING ACCOUNTS RECEIVABLE.  These are accountants' tricks for using somebody else's money without permission, and good internal control includes divided responsibility and careful auditing to keep the bookkeepers honest.

When it comes to managing public funds in a time of tight budgets, perhaps different rules apply.  The DeKalb Chronicle, perhaps tongue-in-cheek, suggests that Our President practice Illinois-style fiscal responsibility.

President Barack Obama has echoed those worries and warns of a possible financial cataclysm.

Come on. Obama knows better than that.

He’s from Illinois, the state that made deadbeat government an art form.

Last fall, Obama endorsed Gov. Pat Quinn, who has presided over that deadbeat government for more than 2 years. Quinn certainly could return the favor now by tutoring the president on Illinois’ brand of deadbeatism.

First, Quinn could counsel Obama to stop paying all federal bills. Prioritize them instead. Illinois has put off for months paying money owed to private businesses, vendors, social service agencies and nursing homes. Obama likewise could put off payments to federal vendors.

Second, Quinn might advise Obama to cut payments promised to other units of government. Illinois has done that to cities, counties, public schools, community colleges and universities, making their budgets a nightmare. Obama could cut back on payments to states (except Illinois), various federal grants and all that foreign aid sent overseas.

Third, Quinn could point to his decision to unilaterally stop paying regional superintendents’ salaries and block $75 million in raises to 30,000 state employees. Obama already put the space shuttle on the chopping block; he could pull the rug out from under other federal programs, too.

Fourth, Quinn agreed to privatize the state lottery for a big cash payment. Obama could scour the federal government for programs he could privatize.

Fifth, amid all the cutting, Quinn could remind Obama of the importance of keeping staffers happy during a financial crisis. Quinn gave nice raises to many of his employees last year, even as Illinois sank further into debt. Obama’s White House staff certainly would be all ears to that suggestion.

According to the Bipartisan Policy Center, the federal government is budgeted next month to collect about $172 billion in revenue while owing about $307 billion in bills. If the feds don’t want to face the prospect of being able to pay only 55 percent of their bills, a solution is needed, pronto.

Otherwise, following his home state’s example, Obama could have the federal government’s finances running just like Illinois. Heaven forbid.

Reason's Veronique deRugy explains that such tricks are at best "short-term budget gimmicks", but they can be used by a treasury temporarily constrained from borrowing money to avoid defaulting on its bonds.