Difference between revisions of "Federal Budget Deficit"

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(explanation of deficit)
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'''Federal Budget Deficit''' is the difference in any year between the [[government]] revenue and the government spending. The national [[debt]] is the cumulative unpaid total of the annual [[deficit]]. The government essentially always runs a deficit, in large part due to [[Medicare]] expanding far beyond [[CBO]] expectations.
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As reported by ''[[USA Today]]'':<ref>
 
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http://www.usatoday.com/news/washington/2007-05-28-federal-budget_N.htm</ref>
 
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:Modern accounting requires that corporations, state governments and local governments count expenses immediately when a transaction occurs, even if the payment will be made later.  The federal government does not follow the rule, so promises for Social Security and Medicare don't show up when the government reports its financial condition.  Bottom line: Taxpayers are now on the hook for a record $59.1 trillion in liabilities, a 2.3% increase from 2006. That amount is equal to $516,348 for every U.S. household. By comparison, U.S. households owe an average of $112,043 for mortgages, car loans, credit cards and all other debt combined.  Unfunded promises made for Medicare, Social Security and federal retirement programs account for 85% of taxpayer liabilities. State and local government retirement plans account for much of the rest. 
 
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== See also ==
 
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*[[Federal]]
 
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*[[Federal Communications Commission]]
 
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*[[Civil liberties]]
 
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== References ==
 
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<references/>
 
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[[Category:United States Government]]
 

Revision as of 20:21, August 22, 2010

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