The 2008 GAAP-based deficit (counting unfunded Social Security and Medicare liabilities, etc.), using accrual accounting, was $5.1 trillion, up from $1.2 trillion ($4 trillion-plus, using consistent annual assumptions and accounting) in 2007. The 2009 GAAP-based deficit likely will top $9 trillion (more than 60% of annual U.S. GDP).
Thursday, August 13 flash from Jon Williams at Shadowstats