A GAAP Look At The US Budget Reveals Multi-Trillion Deficit

Being depressed by the London bombings I lack the energy for a post today.
In order to provide some weekend reading I point you to a highly interesting article by John Williams from Shadow Government Statistics who looks at the US budget deficit from a GAAP angle.
Williams concludes that the deficit reported in the 2004 Financial Report of the United States Government (pdf) amounts to a stunning 11.1 trillion dollars and not the comparatively paltry 413 billion dollars reported officially, based on the numbers given in the government's report.