GAAP - General Accepted Accounting Principles. The method of accounting companies use to report everything from the cost of the lightbulbs to the CEO's pay and all the revenues received.

Most people are unaware that the "official" deficit which is report by the government does not even come close to following GAAP rules. They conveniently leave lots of stuff out. Little things like Social Security, Medicare, or say a couple of wars. Things like that.

The official deficit in 2008 was reported as $455 Billion.
The official deficit in 2009 was reported as $1400 Billion. ($1.4 Trillion)

The major reason for the jump was including the cost of the wars.

What most people don't know is the government actually does issue a GAAP report from the office of the Comptroller General. (The USA's version of its CPA)

The GAAP report issued on February 26th, 2010 came in $4300 Billion or $4.3 Trillion. Almost 2.5 times what the "Official" number was.

The USA Governement when looking at it as a balance sheet, has a networth of NEGATIVE $71 Trill
And you wonder why the world is SELLING our debt.