The Treasury Department quietly released the balance of the U.S. government?s checkbook the Friday before Christmas, in a year-end report that showed the country diving deeper into the red with net liabilities of $14.8 trillion.
The government?s biggest liabilities for 2011 included $10.2 trillion in federal debt securities held by the public and $5.8 trillion owed to federal employees and veterans.
Continue ReadingThe government?s overall net liability is calculated by subtracting net assets from liabilities. In 2010, the figure was $13.5 trillion.
The Government Accountability Office?s auditor?s report stated that it could not express an opinion on the government?s annual financial statements, citing serious financial management problems at the Defense Department that made the department?s statements impossible to audit, the government?s ?inability to adequately account for and reconcile intragovernemtntal activity,? as well as its ?ineffective process for preparing the consolidated financial statements.?
?Restoring fiscal sustainability will require substantial additional changes, including tax reforms to increase revenue and changes to make our entitlement programs sustainable over time,? Treasury Secretary Tim Geithner said in a messaging accompanying the report.
He added, ?But these reforms, if done in a broad-based and balanced way and phased in over time to give Americans a chance to plan and adjust, will not impose an unfair or excessive burden on the citizens of this country.?
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