Analysis: Deficit is much bigger than U.S. admits

12/5/2012 | Knowledge@Wharton

The government's shortcomings in how it accounts for loan guarantees and direct loans understate by trillions of dollars the true cost to taxpayers, according to the Financial Economists Roundtable. The U.S. budget deficit would be bigger than officially reported if the government properly accounted for $5 trillion of mortgages guaranteed by Fannie Mae and Freddie Mac and $2.5 trillion of credit programs, including student loans, the economists said.

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