The US balance sheet for 2010 is just as ugly as you might expect.The Treasury’s annual report identified $2 trillion in new liabilities, up from $1.2 trillion in 2009. Total liabilities exceeded assets by $13.473 trillion in 2010.
The operating deficit was down from last year as the economy improved, but total liabilities increased due to debt issuance.
In the future, even a relative freeze in discretionary spending won’t stop the deficit from soaring due to debt and entitlement costs. By 2090 the Treasury projects total spending near 45 per cent of GDP, with revenue around 23 per cent of GDP.
The largest contributors to government net costs are consistently: Health & Human Services, Social Security, defence, Treasury and Veterans
Discretionary spending isn't projected to rise above 25 per cent of GDP (but non-discretionary will)
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