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Bonds News

U.S. govt falls deeper into red in 2010-Treasury

WASHINGTON, Dec 21 (Reuters) - The U.S. government fell deeper into the red on an accrual accounting basis in fiscal 2010, with liabilities exceeding assets by $13.473 trillion versus a $11.456 trillion gap a year earlier, a U.S. Treasury report showed on Tuesday.

The Treasury said the government’s net operating cost, or deficit, under accrual accounting grew to $2.080 trillion for the year ended Sept. 30 from $1.253 trillion the prior year as spending and liabilities increased for social programs while actual and anticipated revenues were roughly unchanged.

By contrast, the cash budget deficit narrowed in fiscal 2010 to $1.294 trillion from $1.417 trillion in 2009.

The annual Financial Report of the United States Government applies accouting techniques that would be used if the government were run like a corporation, measuring costs such as interest on debt and federal benefits payable when they are incurred, not when funds are actually disbursed. (Reporting by David Lawder, Editing by Chizu Nomiyama)

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