The U.S. government recorded a $1.3 trillion loss last year, far more than the official $248 billion deficit, when corporate-style accounting standards are used, an analysis shows.

"We're on an unsustainable path and doing a great disservice to future generations," said Chris Chocola, a former Republican member of Congress from Indiana and corporate chief executive who is pushing for more accurate accounting. Modern method requires that corporations and state and local governments count expenses immediately when a transaction occurs, even if the payment will be made later.

The federal government does not follow the rule, so promises for Social Security and Medicare don't show up when the government reports its financial condition.

Taxpayers are on the hook for $59.1 trillion in liabilities, a 2.3 percent increase from 2006. That amount is equal to $516,347 for every U.S. household. By comparison, U.S. households owe an average of $112,043 for mortgages, car loans, credit cards and all other debt combined.

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