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TRILLIONS.

March 02, 2006

Think taxes will go down when you retire? After Comptroller General David Walker's testimony yesterday, you may want to think again:

For example, Walker said, the federal government’s gross debt was roughly $8 trillion as of September 30, 2005, but including items such as the gap between the present value of future promised and funded Social Security and Medicare benefits causes the number to grow to $46 trillion, up from $20 trillion in 2000 thanks to a recently enacted Medicare prescription drug benefit.

For 2005 the government’s accrual-based net operating cost increased to $760 billion, up from $616 billion in 2004.

“We are deep in a hole, and it’s going to get worse if we don’t do anything about it,” Walker warned. “We have to get serious. Nothing less than the future of the Republic depends on it.”

Thanks, Mr. President.

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