Whoops! 248 Billion becomes 3.5 Trillion

The 2006 edition of the Financial Report of the United States is due out tomorrow.

Typically, the Treasury reports the budget deficit on current accounts basis. That’s why Treasury announced recently that the 2006 federal budget deficit was going to be $248.2 billion. But it is a gimmick,” Williams claimed.

“When we see the Treasury report on Friday we are probably going to find out that the real 2006 federal budget deficit is more like $3.5 trillion.”

Financial Report of the United States (pdf).

Well, that’s what you get when you spend money like a drunken sailor. Maybe someone else can make heads or tails out of this report. All I know for certain is the financial news is always bad and getting worse.

If you like reading this sort of thing, check out Shadow Government Statistics.

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