USA Today revisits a budget reporting anomaly that has traditionally received far too little attention through several administrations and both Democratic and Republican control of Congress. The budget deficit numbers used by both Congress and the White House seriously mislead Americans because they do not include deficits from entitlement programs. The true numbers paint a much bleaker picture than we have heard for at least a generation:
The audited financial statement — prepared by the Treasury Department — reveals a federal government in far worse financial shape than official budget reports indicate, a USA TODAY analysis found. The government has run a deficit of $2.9 trillion since 1997, according to the audited number. The official deficit since then is just $729 billion. The difference is equal to an entire year's worth of federal spending.
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