K-12 Tax & Spending Climate: Government liabilities rose $2 trillion in FY 2010: Treasury

David Lawder:

The U.S. government fell deeper into the red in fiscal 2010 with net liabilities swelling more than $2 trillion as commitments on government debt and federal benefits rose, a U.S. Treasury report showed on Tuesday.

The Financial Report of the United States, which applies corporate-style accrual accounting methods to Washington, showed the government's liabilities exceeded assets by $13.473 trillion. That compared with a $11.456 trillion gap a year earlier.

Posted by Jim Zellmer at December 24, 2010 3:55 AM
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