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Deficit worse than thought

 
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Patriot
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Joined: 10 Jan 2006
Posts: 471
PostPosted: Sat Aug 05, 2006 8:04 am    Post subject: Deficit worse than thought Reply with quote
Quote:
If the federal government used the same standard accounting procedures employed by corporations, the real budget deficit for 2005 would have been more than 10 times what was officially reported.


The White House and Congress tallied the deficit for the fiscal year ending on September 30, 2005, at $318 billion.


But the audited version from the Treasury Department, which uses a different accounting method, put the deficit at $760 billion.

http://www.newsmax.com/archives/articles/2006/8/3/123820.shtml?s=lh

We need to get liars and criminals out of congress.

Patriot
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Bootsie



Joined: 22 Jun 2006
Posts: 492
PostPosted: Sun Aug 06, 2006 4:25 am    Post subject: Reply with quote
And, the scary thing is that we owe MOST of it to who else but COMMUNIST CHINA!!!! To me, that is just the most deplorable thing about this huge deficit. What are we going to do when China gets ticked at us and calls all of those debts? WE ARE SUNK.
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