Federal Government’s Massive Fiscal Shortfall Revealed In Treasury Report

IN FILE- The National Debt Clock is seen February 19, 2004 in New York City. According to a Treasury Department report, the U.S. governments national debt, the accumulation of past budget shortfalls, reached a total of more than $7 trillion for the first time. PHOTO BY STEPHEN CHERNIN/GETTY IMAGES 

The U.S. Treasury has published a major report revealing that the federal government has amassed $124.1 trillion in debts, liabilities, and unfunded obligations. To place this shortfall in perspective, it equates to: 

• $955,407 for every household in the U.S.
• 29 times annual federal revenues.
• 86% of the combined net worth of all U.S. households and nonprofit organizations, including all assets in savings, real estate, corporate stocks, private businesses, and durable consumer goods like automobiles and furniture.