Comments on: The REAL Federal Deficit http://www.redstate.com/wbedding/2012/05/24/the-real-federal-deficit/ Fri, 17 Aug 2012 15:33:00 +0000 hourly 1 By: zachv http://www.redstate.com/wbedding/2012/05/24/the-real-federal-deficit/#comment-5 zachv Fri, 25 May 2012 05:24:28 +0000 http://www.redstate.com/wbedding/?p=15#comment-5 US GAAP requires companies use accrual based accounting which accounts for future liabilities that the organization will have to pay out.

Congress has exempted itself from the GAAP reporting rules and uses cash based accounting.

http://www.gao.gov/special.pubs/longterm/deficit/

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