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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

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December 22, 2010 – Comments (3)

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.

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3 Comments – Post Your Own

#1) On December 22, 2010 at 12:21 PM, kdakota630 (29.73) wrote:

LOL!  Looks like I screwed up the title.

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#2) On December 22, 2010 at 1:55 PM, HansHauge (32.21) wrote:

I still rec you!

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#3) On December 29, 2010 at 3:10 AM, checklist34 (99.71) wrote:

remember... 

if we are printing money to monetize debt, then debt isn't a big deal.  one must pick a poison

are we worried about printing, or debt?

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