What's the real federal deficit?

Dennis Cauchon reported in USA Today on the difference between the U.S. government's books kept on a cash basis and on an accrual basis.

The set the government promotes to the public has a healthier bottom line: a $318 billion deficit in 2005.

The set the government doesn't talk about is the audited financial statement produced by the government's accountants following standard accounting rules. It reports a more ominous financial picture: a $760 billion deficit for 2005. If Social Security and Medicare were included — as the board that sets accounting rules is considering -- the federal deficit would have been $3.5 trillion.