Wednesday, May 30, 2007

U.S. in the Hole by $59 Trillion

The federal government recorded a $1.3 trillion loss last year — far more than the official $248 billion deficit — when corporate-style accounting standards are used, a USA TODAY analysis shows ... The loss — equal to $11,434 per household — is more than Americans paid in income taxes in 2006. "We're on an unsustainable path and doing a great disservice to future generations," says Chris Chocola ... who is pushing for more accurate federal accounting.