- Feb 12, 2007
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Must be that same CBO produced favorable numbers for the previous administration? And whispered in the ears of the majority leaders before making an announcement? Or are you just sooooooooooooooo disappointed that the figures aren't devastating, and then you could gloat...
And those CBO scores were just as bogus back then. You won't find me defending them anywhere.
I've posted in other threads regarding the poor accounting standards used in the budgeting process. A better view of the poor financial condition of the country is contained in the annual financial report, which is based on more appropriate accrual accounting.
http://www.fms.treas.gov/fr/index.html
The federal government fell further into the red in 2009, with its financial position hitting a deficit of $11.46 trillion.
That figure is 12.3 percent higher than the previous year, according to a new report issued by the Treasury Department on Friday.
The annual report shows that the government's big entitlement programs such as Social Security and Medicare are facing a deficit over the next 75 years of $45.88 trillion, an increase in that deficit of $2.9 trillion in just one year.[/b[
The $11.46 trillion deficit in the government's net financial position in 2009 represents an increase of $1.25 trillion over 2008. The position reflects the government's assets, such as cash, property and investments, minus liabilities, such as the federal debt held by the public.
The new figures are included in the "2009 Financial Report of the United States Government." For more than a decade, Congress has required the executive branch to produce the report to provide a more accurate picture of the government's liabilities. It uses the accrual method of accounting rather than the cash system used in reporting the federal government's annual budget deficits.
Annual report shows government's financial position hit $11.46 trillion deficit in 2009 | StarTribune.com
Given the horrid financial condition without adding another entitlement, ObamaCare is just pouring gasoline on the fire.
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