Report shows government's financial position hit $11.46 trillion deficit in 2009Submitted by Ralph Waldo on Fri, 02/26/2010 - 23:30
The federal government fell further into the red in 2009, with its financial position hitting a deficit of $11.46 trillion.
That figure is 12.3 percent higher than the previous year, according to a new report issued by the Treasury Department on Friday.
The annual report shows that the government's big entitlement programs such as Social Security and Medicare are facing a deficit over the next 75 years of $45.88 trillion, an increase in that deficit of $2.9 trillion in just one year.
The $11.46 trillion deficit in the government's net financial position in 2009 represents an increase of $1.25 trillion over 2008. The position reflects the government's assets, such as cash, property and investments, minus liabilities, such as the federal debt held by the public.