"True" National Debt

I found this post via reddit again. (I'm really starting to like Reddit more and more).
I don't know if I fully understand the numbers here but the story is interesting, and if true it's another example of the Bush Administration snowballing us citizens. Well, I shouldn't say that really if I don't understand the numbers. All I know is that Bush says the national deficit is 8.3 trillion, but it's really 49 trillion! Wow. The brief explanation is that the difference comes from looking at what the Fed Government owes in future debt. Scary.
Link: http://www.buzzflash.com/articles/alerts/105
Clip:
* The true national debt is $49 trillion, not the $8.3 trillion Bush reported
o That's $156,000 for every citizen, or $375,000 for every working American
o This figure has more than doubled in the past five years
o We paid $327 billion last year on interest alone
* The true 2005 deficit was $760 billion, not the $318.5 billion Bush reported
o This is 6.2% of the GDP, not 2.6%
* It's all getting worse

Tech Tags: National+debt buzzflash Jim+cooper 49+trillion