Govt. accounting is CASH accounting as opposed to GAP accouting or generally accepted accounting principles.
For example, when the US made the Louisiana purchase, the deficit went up. When you buy bullets for the military, the deficit goes up. When you shoot the bullets, the deficit remains the same. When you buy oil for the strategic reserve, the deficit goes up, when you sell the oil, the deficit goes down.
And on a cash accounting basis, tax collection for the social security trust fund reduce the deficit, and payments for the boomers will not increase the deficit until the payments are actually made under the current CASH accounting system.
FYI, if we sold alaska back to the russians for 8 million, we would not show a profit or loss, but would reduce the deficit by 8 million.
CASH accounting for the govt. does not have much meaning.
The difference in the deficit number, results in the difference between cash accounting and actuarial accounting.
My chart merely points out the continuous nature of our indebtedness. Sadly our personal, corporate, and public debts, let alone future obligations perhaps overwhelms the "equity" that we hold. http://www.babylontoday.com/deficit_2005.htm
Further, I haven't noticed much constructive government purchase, like Alaska for per your example, lately. I have noticed 321 billion in interest for 04, and so far in fiscal 05 another 120 billion in interest, that could hardly be considered equity any more than the bullet example you used, or any other depreciating military assets for that matter, let alone welfare payments, SS payments, tsunami payments, etc.
Assets we do have, like the Panama Canal lease for example, we don't sell, we simply walk away and let those like communist Chinese (via Hutchison Whampoa) take over and profit.
http://www.publicdebt.treas.gov/opd/opdint.htm