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The on- or off-balance sheet obligations of those two independent GSEs was just over trillion at the time the conservatorship was put in place, consisting mainly of mortgage payment guarantees and agency bonds. The funding of direct investments made in response to the crisis, such as those made under the Troubled Assets Relief Program, are included in the debt. The Government Accountability Office (GAO) projects that payouts for these programs will significantly exceed tax revenues over the next 75 years.

The Medicare Part A (hospital insurance) payouts already exceed program tax revenues, and social security payouts exceeded payroll taxes in fiscal 2010.

For example, in the case of the Social Security Trust Fund, the payroll taxes dedicated to Social Security were credited to the Trust Fund upon receipt, but spent for other purposes. The difference is the "intragovernmental debt," which includes obligations to government programs such as Social Security. Debt held by government accounts is an asset to those accounts but a liability to the Treasury; they offset each other in the consolidated financial statements.

If the government continues to run deficits in other parts of the budget, the government will have to issue debt held by the public to fund the Social Security Trust Fund, in effect exchanging one type of debt for the other. Stated as a formula, National Debt = Debt held by the Public Intragovernmental Debt. Government receipts and expenditures are normally presented on a cash rather than an accrual basis, although the accrual basis may provide more information on the longer-term implications of the government's annual operations.

These deficits require funding from other tax sources or borrowing.

The present value of these deficits or unfunded obligations is an estimated .8 trillion.

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Historically, the US public debt as a share of gross domestic product (GDP) has increased during wars and recessions, and subsequently declined.The United States government has continuously had a fluctuating public debt since its formation in 1789, except for about a year during 1835–1836.To allow comparisons over the years, public debt is often expressed as a ratio to gross domestic product (GDP).As the intervention has dragged out, pundits have started to further question this accounting treatment, noting that changes in August 2012 "makes them even more permanent wards of the state and turns the government's preferred stock into a permanent, perpetual kind of security". federal government in late-2008 guaranteed large amounts of obligations of mutual funds, banks, and corporations under several programs designed to deal with the problems arising from the late-2000s financial crisis.The government controls the Public Company Accounting Oversight Board, which would normally criticize inconsistent accounting practices, but it does not oversee its own government's accounting practices or the standards set by the Federal Accounting Standards Advisory Board. federal government guarantees are not included in the public debt total, until such time as there is a call on the guarantees. The guarantee program lapsed at the end of 2012 when Congress declined to extend the scheme. government is obligated under current law to make mandatory payments for programs such as Medicare, Medicaid and Social Security.

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