California economist says real U.S debt $70 trillion, not $16.9 trillion the government claims

Having Trouble viewing? See it in your browser. Morning Headlines Daily Update Top Story California economist says real U.S debt $70 trillion, not $16.9 trillion the government claims The federal government has been low-balling the public for years on how much debt it actually has, a University of California economist says, adding that the real amount is $70 trillion -- not $16.9 trillion. James Hamilton's claim the United States is in a much deeper financial hole than many realize comes as Congress gets ready for another budget battle when lawmakers return in September. Both sides have been digging in on their policy positions over the debt, spending and the country's future fiscal health. Politics Is ObamaCare a stepping stone to government-controlled health care? Opinion Nukes, nukes, everywhere and Obama fails to rein them in Entertainment 'Bachelor' reality star Gia Allemand dead at 29 after apparent suicide attempt SciTech Off the North Carolina coast, pirate treasure of a different sort Lifestyle Restaurants that bet you can't eat it all Video ObamaCare exposed already as a disaster? ©2013 Fox News Network, LLC. All Rights Reserved. Privacy Policy.