As Jeffrey Rogers Hummel puts it, this means that:
President's Obama's reported budget, coming in at nearly 28 percent of GDP(the highest since World War II), significantly understates the increase in federal spending on a pure cash-flow basis.
JRH just emailed me his short but very thorough analysis of the gross national debt versus the outstanding national debt versus the deficit. It is well worth reading, you'll know more about these topics than 99% of the country. It can be found here.
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