US Sinks $2 Trillion Deeper Into the Red as Debt, Benefits Soar Read more: US Sinks $2 Trillion Deeper Into the Red as Debt, Benefits Soar
The U.S. government fell deeper into the red in fiscal 2010 with net liabilities swelling more than $2 trillion as commitments on government debt and federal benefits rose, a U.S. Treasury report showed Tuesday.
The Financial Report of the United States, which applies corporate-style accrual accounting methods to Washington, showed the government's liabilities exceeded assets by $13.473 trillion. That compared with an $11.456 trillion gap a year earlier.
The government's net operating cost, or deficit, in the report grew to $2.080 trillion for the year ended Sept. 30 from $1.253 trillion the prior year as spending and liabilities increased for social programs. Actual and anticipated revenues were roughly unchanged.