REPORT PAINTS BLEAKER FINANCIAL PICTURE: Treasury Depart

http://www.americanprogressaction.org/site/apps/nl/content2.asp?c=klLWJcP7H&b=1331575&ct=2016777TREASURY

REPORT PAINTS BLEAKER FINANCIAL PICTURE:

CongressDaily reported today, "A little-noticed Treasury Department report sent to congressional leaders in December paints a bleaker picture of the nation's finances than is widely accepted and is beginning to attract attention as lawmakers prepare for election-year budget battles." The report puts the fiscal year 2005 deficit at $760 billion by "using generally accepted accounting principles that private businesses must use to present their finances." The larger figure contrasts strongly with the $319 billion figure typically cited. According to the report, standard deficit calculations give "a potentially unrealistic and misleading picture of the federal government’s overall performance, financial condition, and future fiscal outlook." Rep. Jim Cooper (D-TN) complained that Congress was not sufficiently notified about the report. "We got more notification on the NSA domestic surveillance thing," Cooper said.

After what went on with the savings and loan scandel, I guess I'm not.

that does NOT take into account the $100+ billion that he "borrowed" from the Social Security Fund.

they keep that off budget and approve seperately and then seem not to report that huge spending in the budget, and if I recall correctly some years there are supplemental defense bills (not directly for the war) that are voted on seperately and also not counted in the budget and thus in many proclamations per the "deficit" figure (cited by the GOP about the deficit) only use the budget figures.