That's simply ignoring state and local government spending. Ed: And possibly Medicare. It's also ignoring the 50% of company matching medicare which is paid by the self employed.
PS: As a sanity check. Federal (24.33 GDP -3.72%GDP given to the sates) State spending is 8.97% of GDP, local 10.69%, which adds up to 40.27% GDP. Note: Actual revenue is only 32.61% GDP because we are just borrowing that much money but debt does get paid back one way or another. http://www.usgovernmentrevenue.com/year_revenue_2012USpn_13p...
http://www.usgovernmentspending.com/numbers?units=p
PS: As a sanity check. Federal (24.33 GDP -3.72%GDP given to the sates) State spending is 8.97% of GDP, local 10.69%, which adds up to 40.27% GDP. Note: Actual revenue is only 32.61% GDP because we are just borrowing that much money but debt does get paid back one way or another. http://www.usgovernmentrevenue.com/year_revenue_2012USpn_13p...