U.S. Govt. Has $61 Trillion in Unfunded Obligations

From usatoday.com -The government added $5.3 trillion in new financial obligations in 2010, largely for retirement programs such as Medicare and Social Security. That brings to a record $61.6 trillion the total of financial promises not paid for. This gap between spending commitments and revenue last year equals more than one-third of the nation's gross domestic product.  Medicare alone took on $1.8 trillion in new liabilities, more than the record deficit prompting heated debate between Congress and the White House over lifting the debt ceiling.  Corporations would be required to count these new liabilities when they are taken on — and report a big loss to shareholders. Unlike businesses, however, Congress postpones recording spending commitments until it writes a check. The $61.6 trillion in unfunded obligations amounts to $534,000 per household.  More News New Mexico

U.S. Govt. Has $61 Trillion in Unfunded Obligations