9 Alarming Charts From The Treasury's Annual Spending Report

chartThe government ran a bigger deficit than last year, but total liabilities grew higher

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.

Debt issuance and pension costs added another $2 trillion to net liabilities

Debt and entitlements will push total spending to 45 per cent of GDP by 2090

Revenue was down over 15 per cent from before the crash

The largest contributors to government net costs are consistently: Health & Human Services, Social Security, defence, Treasury and Veterans

America's balance sheet. YIKES

TARP continued to weigh heaviliy on the balance sheet as of Sept 30

Discretionary spending isn't projected to rise above 25 per cent of GDP (but non-discretionary will)

We can think of a few ways to cut the bill...

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