According to the official U.S. Financial Report, released by the Treasury Department:
* The true 2005 deficit is $760 billion, not the $318.5 billion Bush reported
o This is 6.2% of the GDP, not 2.6%
o That's $156,000 for every citizen, or $375,000 for every working American
* The true national debt is $49 trillion, not the $8.3 trillion Bush reported
o This figure has more than doubled in the past five years
o We paid $327 billion last year on interest alone
* It's all getting worse
Due to the Government using a cash accounting basis this does not include future spending promises like Medicare and Social Security, or even future spending guarantees like veterans' benefits and federal employee pensions.
So the Debt is even bigger than this report.
Rep. Jim Cooper (D-TN) released the report in the form of a book--What the White House Does Not Want You To Read--so the public can get the facts. Cooper said, "I think [the report] is the most powerful critique of the Bush Administration....No Republican can deny this attack (The report was produced by the Republican Administration)."
The Bush White House attempted to keep this report out of the public eye. They distributed the report to less than 20 members of Congress during the Christmas holiday season with no press release or media announcement. What do you want to bet that those 20 members were Republicans? (Or maybe the pseudo-democrat Joe Lieberman "might" have gotten a copy of the report.)
Hopefully progressive accountants will get a copy of this report and educate us some more.
Source of information