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Federal deficit higher in July, $1.27T this year

Truth Detector said:
This is an equally frightening practice that continues below the radar screen of public scrutiny.
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Those are exactly the kind of practices to which I refer when I note the off-budget data. The obligations to the public will need to be repaid or refinanced. The interagency debt will also need to be paid and that will require fresh borrowing or a fresh revenue stream. The special class of securities held by the Social Security Administration are one example of interagency debt that comprises gross public debt.

In the end, it is gross public debt that matters. Accounting practices that create a more favorable perception e.g., persistence of annual deficits running below the increase in the gross public debt, cannot change this. Hence, the $1.017 trillion increase in the gross public debt in 2008 is more meaningful than the reported $455 billion deficit.

As a corollary, pointing out real limitations on budget transparency has nothing to do with political ideology. Transparency should be the rule, whether a Democratic or Republican Administration is in the White House.
 
donsutherland1 said:
Those are exactly the kind of practices to which I refer when I note the off-budget data. The obligations to the public will need to be repaid or refinanced. The interagency debt will also need to be paid and that will require fresh borrowing or a fresh revenue stream. The special class of securities held by the Social Security Administration are one example of interagency debt that comprises gross public debt.

In the end, it is gross public debt that matters. Accounting practices that create a more favorable perception e.g., persistence of annual deficits running below the increase in the gross public debt, cannot change this. Hence, the $1.017 trillion increase in the gross public debt in 2008 is more meaningful than the reported $455 billion deficit.

As a corollary, pointing out real limitations on budget transparency has nothing to do with political ideology. Transparency should be the rule, whether a Democratic or Republican Administration is in the White House.
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Agreed; so when are the American people going to wake up and say ENOUGH!! 2010? :cool:

P.S. Any spending since 2006 when Democrats took over belongs to Democrats NOT Bush; although Bush can take credit for signing the bills. My issue is with the Democrat Congress who LIED to the American people to get elected.
 
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