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BULLETIN

MARCH 2020

FEATURES
Profile of the Economy
Financial Operations
International Statistics
Special Reports
Produced and Published by
Department of the Treasury

Bureau of the Fiscal Service

BULLETIN
The Treasury Bulletin is for sale
by the Superintendent of Documents
U.S. Government Printing Office
Washington, D.C. 20402

The Treasury Bulletin is issued quarterly in March, June, September, and December by the
Bureau of the Fiscal Service, Cash Accounting and Reporting Division. Statistical data is
compiled from sources within Treasury departmental offices and bureaus, as well as various
other Federal program agencies. Readers can contact the publication staff at (202) 874-6466 to
inquire about any of the published information. Suggestions are welcome.
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treasury.bulletin@fiscal.treasury.gov
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through the Bureau of the Fiscal Service’s home page.

www.fiscal.treasury.gov

Table of Contents
FINANCIAL OPERATIONS
PROFILE OF THE ECONOMY
Analysis—Summary of Economic Indicators........................................................................................................................ 3
FEDERAL FISCAL OPERATIONS
Introduction—Federal Fiscal Operations ............................................................................................................................... 8
Analysis—Budget Results and Financing of the U.S. Government and Fourth-Quarter Receipts by Source ....................... 9
FFO-A—Chart: Monthly Receipts and Outlays ................................................................................................................. 11
FFO-B—Chart: Budget Receipts by Source ........................................................................................................................ 11
FFO-1—Summary of Fiscal Operations .............................................................................................................................. 12
FFO-2—On-Budget and Off-Budget Receipts by Source ................................................................................................... 13
FFO-3—On-Budget and Off-Budget Outlays by Agency ................................................................................................... 15
FFO-4—Summary of U.S. Government Receipts by Source and Outlays by Agency ........................................................ 17
FEDERAL DEBT
Introduction—Federal Debt ................................................................................................................................................. 18
FD-1—Summary of Federal Debt ....................................................................................................................................... 19
FD-2—Debt Held by the Public .......................................................................................................................................... 20
FD-3—Government Account Series .................................................................................................................................... 21
FD-4—Interest-Bearing Securities Issued by Government Agencies.................................................................................. 22
FD-5—Maturity Distribution and Average Length of Marketable Interest-Bearing Public Debt Held by
Private Investors .................................................................................................................................................... 23
FD-6—Debt Subject to Statutory Limit ............................................................................................................................... 24
FD-7—Treasury Holdings of Securities Issued by Government Corporations and Other Agencies ................................... 25
BUREAU OF THE FISCAL SERVICE OPERATIONS
Introduction—Bureau of the Fiscal Service Operations ...................................................................................................... 27
TREASURY FINANCING ................................................................................................................................................. 27
PDO-1—Offerings of Regular Weekly Treasury Bills ........................................................................................................ 36
PDO-2—Offerings of Marketable Securities Other than Regular Weekly Treasury Bills .................................................. 37
OWNERSHIP OF FEDERAL SECURITIES
Introduction—Ownership of Federal Securities .................................................................................................................. 38
OFS-1—Distribution of Federal Securities by Class of Investors and Type of Issues ........................................................ 39
OFS-2—Estimated Ownership of U.S. Treasury Securities ................................................................................................ 40
U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION
Introduction—U.S. Currency and Coin Outstanding and in Circulation ............................................................................. 41
USCC-1—Amounts Outstanding and in Circulation; Currency, Coins ............................................................................... 41
USCC-2—Amounts Outstanding and in Circulation; by Denomination, Per Capita Comparative Totals .......................... 42

INTERNATIONAL STATISTICS
FOREIGN CURRENCY POSITIONS
Introduction—Foreign Currency Positions .......................................................................................................................... 45

March 2020

Table of Contents
SECTION I—Canadian Dollar Positions
FCP-I-1—Weekly Report of Major Market Participants ..................................................................................................... 46
FCP-I-2—Monthly Report of Major Market Participants ................................................................................................... 47
FCP-I-3—Quarterly Report of Large Market Participants .................................................................................................. 47
SECTION II—Japanese Yen Positions
FCP-II-1—Weekly Report of Major Market Participants ................................................................................................... 48
FCP-II-2—Monthly Report of Major Market Participants .................................................................................................. 49
FCP-II-3—Quarterly Report of Large Market Participants ................................................................................................. 49
SECTION III—Swiss Franc Positions
FCP-III-1—Weekly Report of Major Market Participants .................................................................................................. 50
FCP-III-2—Monthly Report of Major Market Participants ................................................................................................. 51
FCP-III-3—Quarterly Report of Large Market Participants ................................................................................................ 51
SECTION IV—Sterling Positions
FCP-IV-1—Weekly Report of Major Market Participants .................................................................................................. 52
FCP-IV-2—Monthly Report of Major Market Participants................................................................................................. 53
FCP-IV-3—Quarterly Report of Large Market Participants................................................................................................ 53
SECTION V—U.S. Dollar Positions
FCP-V-1—Weekly Report of Major Market Participants ................................................................................................... 54
FCP-V-2—Monthly Report of Major Market Participants .................................................................................................. 55
FCP-V-3—Quarterly Report of Large Market Participants ................................................................................................. 55
SECTION VI—Euro Positions
FCP-VI-1—Weekly Report of Major Market Participants .................................................................................................. 56
FCP-VI-2—Monthly Report of Major Market Participants................................................................................................. 57
FCP-VI-3—Quarterly Report of Large Market Participants................................................................................................ 57
EXCHANGE STABILIZATION FUND
Introduction—Exchange Stabilization Fund ........................................................................................................................ 58
ESF-1—Balance Sheet ........................................................................................................................................................ 58
ESF-2—Income and Expense .............................................................................................................................................. 59

SPECIAL REPORTS
FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT
Introduction—Financial Report Excerpt.............................................................................................................................. 63
Financial Report Excerpt ..................................................................................................................................................... 64
TRUST FUNDS
Introduction—Airport and Airway Trust Fund .................................................................................................................... 84
TF-1—Airport and Airway Trust Fund ............................................................................................................................... 85
Introduction—Uranium Enrichment Decontamination and Decommissioning Fund .......................................................... 86
TF-2—Uranium Enrichment Decontamination and Decommissioning Fund...................................................................... 87
Introduction—Black Lung Disability Trust Fund ................................................................................................................ 88
TF-3—Black Lung Disability Trust Fund ........................................................................................................................... 89
Introduction—Harbor Maintenance Trust Fund .................................................................................................................. 90
TF-4—Harbor Maintenance Trust Fund .............................................................................................................................. 91
Introduction—Hazardous Substance Superfund .................................................................................................................. 92
TF-5—Hazardous Substance Superfund.............................................................................................................................. 93

March 2020

Table of Contents
Introduction—Highway Trust Fund .................................................................................................................................... 95
TF-6—Highway Trust Fund ................................................................................................................................................ 96
TF-6A—Highway Trust Fund; Highway Account, Mass Transit Account ......................................................................... 98
Introduction—Inland Waterways Trust Fund ...................................................................................................................... 99
TF-7—Inland Waterways Trust Fund .................................................................................................................................. 99
Introduction—Leaking Underground Storage Tank Trust Fund........................................................................................ 100
TF-8—Leaking Underground Storage Tank Trust Fund ................................................................................................... 101
Introduction—Nuclear Waste Fund ................................................................................................................................... 102
TF-9—Nuclear Waste Fund............................................................................................................................................... 102
TF-A—Chart: Major Trust Funds, Interest on Investments............................................................................................... 103
TF-B—Chart: Major Trust Funds, Receipts and Expenses................................................................................................ 103
Introduction—Reforestation Trust Fund............................................................................................................................ 104
TF-10—Reforestation Trust Fund ..................................................................................................................................... 104
Introduction— Sport Fish Restoration and Boating Safety Trust Fund ............................................................................. 105
TF-11—Sport Fish Restoration and Boating Safety Trust Fund........................................................................................ 106
Introduction—Oil Spill Liability Trust Fund ..................................................................................................................... 107
TF-12—Oil Spill Liability Trust Fund .............................................................................................................................. 108
Introduction—Vaccine Injury Compensation Trust Fund ................................................................................................. 109
TF-13—Vaccine Injury Compensation Trust Fund ........................................................................................................... 109
Introduction—Wool Research, Development, and Promotion Trust Fund ........................................................................ 110
TF-14—Wool Research, Development, and Promotion Trust Fund ................................................................................. 111
Introduction— Agriculture Disaster Relief Trust Fund ..................................................................................................... 112
TF-15—Agricultural Disaster Relief Trust Fund............................................................................................................... 112
Introduction—Patient Centered Outcomes Research Trust Fund ...................................................................................... 114
TF-16—Patient Centered Outcomes Research Trust Fund ................................................................................................ 114
Introduction— United States Victims of State Sponsored Terrorism Fund ....................................................................... 116
TF-17—United States Victims of State Sponsored Terrorism Fund ................................................................................. 117

GLOSSARY ...................................................................................................................................................................... 118
ORDER FORM FOR TREASURY PUBLICATIONS ............................................................................... Inside back cover
NOTES: Definitions for words shown in italics can be found in the glossary; Detail may not add to totals due to rounding;
n.a. = Not available.

March 2020

Nonquarterly Tables and Reports
For the convenience of the “Treasury Bulletin” user, nonquarterly tables and reports
are listed below along with the issues in which they appear.

March

Issues
June
Sept.

Dec.

Federal Fiscal Operations
FFO-5.—Internal Revenue Receipts by State ...........................................................

√

FFO-6.—Customs and Border Protection Collection of Duties, Taxes and Fees
by Districts and Ports...............................................................................

√

Special Reports
Financial Report of the United States Government excerpt......................................

√

Trust Fund Reports:
Agriculture Disaster Relief Trust Fund .............................................................

√

Airport and Airway Trust Fund ........................................................................

√

Black Lung Disability Trust Fund ....................................................................

√

Harbor Maintenance Trust Fund .......................................................................

√

Hazardous Substance Superfund.......................................................................

√

Highway Trust Fund .........................................................................................

√

Inland Waterways Trust Fund ...........................................................................

√

Leaking Underground Storage Tank Trust Fund ..............................................

√

Nuclear Waste Fund..........................................................................................

√

Oil Spill Liability Trust Fund ...........................................................................

√

Patient Centered Outcomes Research Trust Fund .............................................

√

Reforestation Trust Fund ..................................................................................

√

Sport Fish Restoration and Boating Trust Fund ................................................

√

United States Victims of State Sponsored Terrorism Fund ..............................

√

Uranium Enrichment Decontamination and Decommissioning Fund...............

√

Vaccine Injury Compensation Trust Fund ........................................................

√

Wool Research, Development, and Promotion Trust Fund...............................

√

March 2020

OPERATIONS
Profile of the Economy
Federal Fiscal Operations
Account of the U.S. Treasury
Federal Debt
Fiscal Service Operations
Ownership of Federal Securities
U.S. Currency and Coin Outstanding
and in Circulation

Profile of the Economy
[Source: Office of Macroeconomic Analysis]
As of February 17, 2020

Introduction
U.S. economic growth maintained its momentum through
the end of 2019 and into early 2020, despite a number of
headwinds, bringing the record-long recovery into 128th
month as of February 2020. The economy continues to
perform well with solid job creation, an unemployment rate
near a 50-year low, faster growth in nominal and real wages,
modest inflationary pressures, elevated business and
consumer sentiment, and consolidating gains in the housing
sector. According to the advance estimate, real GDP grew 2.1
percent at an annual rate in the fourth quarter, matching the
pace in the third quarter. Growth over the four quarters of
2019 was 2.3 percent, only marginally slower than 2018’s 2.5
percent pace. As of early February, private forecasters
predicted that growth on a Q4-over-Q4 basis would be 1.9
percent in 2020, and 1.9 percent in 2021. However, the
Administration foresees growth nearing
3 percent in the
next few years, as the enactment of its pro-growth policies,
combined with the fading of temporary headwinds lead to
renewed business investment and stronger productivity
growth.

Economic Growth
Real GDP increased by 2.1 percent at an annual rate in the
fourth quarter, according the advance estimate, following an
identical pace of growth in the third quarter. Over the four
quarters through 2019 Q4, the economy expanded by 2.3
percent, slowing only marginally from the 2.5 percent pace
over the previous year.
The economy demonstrated
significant resilience during 2019, in the face of such
headwinds as slowing global growth, a labor dispute at
General Motors, and the grounding of the Boeing 737 MAX
aircraft. Notably, the Council of Economic Advisors
estimates that growth over the four quarters of 2019 would
have been about 0.2 percentage points higher but for the
production cuts at Boeing. Growth of private domestic final
purchases – the sum of personal consumption, business fixed
investment, and residential investment – decelerated to 1.4
percent during the fourth quarter from 2.3 percent in the third
quarter, being hindered by slower growth in personal
consumption expenditures.
Real consumer spending slowed to 1.8 percent in the fourth
quarter, after rising 3.2 percent in the third quarter and surging
4.6 percent in the second quarter. Purchases of services and
durable goods drove fourth quarter growth in real
consumption, rising 2.0 percent and 2.1 percent, respectively.
Yet consumption of nondurable goods increased only
0.8 percent in the fourth quarter. On balance, real personal

Growth of Real GDP
(Quarterly percent change at annual rate)

consumption expenditures in Q4 added 1.2 percentage points
to growth, making the second-largest contribution of any
component of GDP.
Although business fixed investment again constrained
GDP growth, it posed only a modest drag in the fourth quarter,
subtracting 0.2 percentage point from real GDP. Total
business fixed investment declined 1.5 percent in the fourth
quarter, less than the 2.3 percent decrease in the previous
quarter. Equipment investment was down 2.9 percent, also
tapering a bit from the third quarter’s 3.8 percent decline.
Spending on structures fell 10.1 percent, about in line with
declines in the previous two quarters. Lower structures
investment was broadly based – from decreased investment in
oil and gas drilling rigs to fewer expenditures on commercial
and health care structures. In contrast to equipment and
structures investment, expenditure on intellectual property
products, considered key to innovation and future economic
growth, has been consistently solid for the past several
quarters.
This category of business investment even
accelerated in the final quarter of 2019, picking up to 5.9
percent after gaining 4.7 percent in the third quarter.
Notably, the change in private inventories posed the
largest drag on economic growth in the fourth quarter,
subtracting 1.1 percentage points.
Albeit a volatile
component, the sharp decline in private inventory investment
in the fourth quarter was largely due to a significant decrease
in inventories at motor vehicle dealers, reflecting in part

March 2020

PROFILE OF THE ECONOMY

retailers’ inability to replace inventories during the labor
strike at General Motors from mid-September to late October.
After several quarters of retrenchment, residential
investment activity improved in the second half of 2019,
making small positive contributions to real GDP growth. In
the fourth quarter, residential investment advanced 5.8
percent – extending the 4.6 percent gain in the third quarter –
and added 0.2 percentage point to GDP growth. The
stabilization and improvement in the housing sector has been
widespread. Existing home sales, which account for 90
percent of all home sales, rose to a near two-year high in
December and were almost 11 percent higher over the past
year. New single-family home sales rose to a 12-year high
last September and, after retracing a bit, were 23 percent
higher on the year through December. Strong sales growth
has weighed on inventories of homes available for sale, which
remain at relatively low levels. However, new construction is
rising and builders are confident in the sector’s outlook: total
housing starts surged by almost 17 percent in December, and
the National Association of Home Builders’ Home Builder
Confidence Index rose in December to its highest level since
June 1999, before edging down one point in January.
Moreover, house affordability continued to improve in 2019,
with 12-month home price growth rates slowing significantly,
and mortgage rates easing to about 1¼ percentage point below
levels in mid-November 2018.
Total government spending rose 2.7 percent at an annual
rate in the fourth quarter, accelerating from the 1.7 percent
pace in the third quarter. Federal outlays rose 3.6 percent in
the fourth quarter, picking up from a 3.3 percent increase in
the third quarter. State and local government spending has
been growing more consistently since the end of 2017 and
accelerated to 2.2 percent in the fourth quarter, after
advancing 0.7 percent in the third quarter. Altogether,
government spending added 0.5 percentage point to real GDP
growth in the fourth quarter.
The U.S. trade deficit narrowed significantly in the fourth
quarter of 2019, as export growth accelerated for the second
consecutive quarter and import growth turned sharply
negative. Thus, after posing a drag on growth in the second
and third quarters, net exports made the largest contribution
of any component of GDP, adding 1.5 percentage points to
real economic growth in the fourth quarter.

Labor Markets and Wages
The unemployment rate has remained at or near a halfcentury low since September 2019. In December 2019, the
unemployment rate stood at 3.5 percent, the lowest rate since
December 1969, then edged up to 3.6 percent in January 2020,
entirely due to rising labor force participation. The Tax Cuts
and Jobs Act (TCJA) continues to help draw workers back
into the labor force, and in numbers that have helped offset
the downward pressure on participation from the aging
population. In January, the overall labor force participation
rate (LFPR) rose to 63.4 percent, its highest level since June

March 2020

2013, and the prime-age LFPR increased to 83.1 percent, its
highest level since September 2008.
Broader measures of unemployment have also continued
to improve in recent labor reports. The most comprehensive
measure of labor market slack, the U-6 unemployment rate,
which includes those marginally attached to the labor force
and those working part-time for economic reasons, declined
to a series low of 6.7 percent in December before edging up
to 6.9 percent in January. The unemployment rate of those
unemployed for 27 weeks or more, as a share of the
unemployed, fell to an 11-year low of 19.2 percent last July,
before rising modestly to 19.9 percent in January 2020.
Meanwhile, job creation has continued at a solid pace. In
2019, the economy added an average 175,000 payroll jobs per
month, a slower pace than the 193,000 monthly average in
2018 but more than sufficient to absorb new entrants into the
labor force and maintain a stable unemployment rate. In
January 2020, the economy added 225,000 payroll jobs,
among the strongest monthly gains in a year.
Rapid wage gains have been a consistent feature of the
economy for the past 18 months. Private-sector production
and nonsupervisory workers have seen wage increases at or
above 3.0 percent for the past year and a half, and during the
most recent 12 months, gains have accelerated to a range of
3.2 percent to 3.8 percent. Over the 12 months through
January, nominal wages for these workers grew 3.3 percent,
in line with the 3.4 percent pace a year earlier. Using the
CPI-W to deflate the nominal rate, real average hourly
earnings for private production and nonsupervisory workers
grew 1.0 percent over the year through December 2019 (latest
data available), slowing from the 1.6 percent advance over the
previous 12-month period, but markedly faster than the 0.3
percent rise two years earlier.

Payroll Employment
(Average monthly change in thousands between quarters)

PROFILE OF THE ECONOMY

Unemployment Rate
(Percent)

Nonfarm Productivity of Labor
For the past thirteen quarters, four-quarter nonfarm labor
productivity growth rates have remained above 1 percent, a
consistency not seen since 2004. Over the four quarters
through 2019 Q4, productivity growth rose by 1.8 percent,
matching Q2 for the fastest four-quarter advance since 2015
Q1. Productivity rose by 1.4 percent at an annual rate in the
fourth quarter, reflecting a 2.5 percent increase in output and
a 1.1 percent rise in worker hours. This followed a decline in
third quarter productivity of 0.2 percent at an annual rate, as
a 2.3 percent increase in output was more than offset by an
unusually sharp rise in worker hours of 2.5 percent. The third
quarter’s rise in hours worked partly reflected unusual
increases in the hours of nonfarm non-employees, a volatile
sub-component of worker hours; notably, self-employed
hours rose 5.8 percent in the third quarter, but declined 0.4
percent in the fourth quarter.
Hourly compensation costs in the nonfarm business sector
rose 2.8 percent at an annual rate in the fourth quarter,
accelerating from the third quarter’s 2.3 percent pace. Over
the most recent four quarters, hourly compensation costs rose
4.2 percent, the fastest four-quarter advance since 2012 Q4.
Unit labor costs, defined as the average cost of labor per unit
of output, rose 1.4 percent at an annual rate in the fourth
quarter, following a 2.5 percent increase in the third quarter.
These costs were up 2.4 percent over the latest four quarters,
the fastest increase since 2018 Q1.
Another measure, the Employment Cost Index (ECI),
provides perspective on growth of the main components of
compensation. Private wages and salaries grew by 3.0 percent
over the 12 months through December 2019; growth of this
measure has remained at or above the 3.0 percent mark for six
consecutive quarters, a first since 2007.

Industrial Production, Manufacturing and
Services
A variety of measures of industrial production,
manufacturing, and services output trended lower in 2019
after reaching multi-year highs the previous year.
Industrial output at factories, mines, and utilities declined
0.5 percent at an annual rate in the fourth quarter of 2019,
partially offsetting a 1.2 percent advance in the third quarter.
Over the 12 months ending in December, output was down
1.0 percent.
Manufacturing production, which accounts for about 75
percent of all industrial output, declined 1.0 percent at an
annual rate in the fourth quarter of 2019, following a 0.8
percent advance in the third quarter. The fourth quarter was
noteworthy for continued strength in the output of selected
high-technology industries (up 7.5 percent) as well as
aerospace and other transportation equipment (up 6.6
percent), but also for a 14.0 percent plunge in the production
of motor vehicles and parts. The decline in auto production
resulted, at least in part, from the UAW strike at General
Motors in September and October. Manufacturing output was
down 1.3 percent over the 12 months through December.
Excluding motor vehicles and parts and high-technology
industries, manufacturing edged down 0.1 percent at an
annual rate during the fourth quarter and was down 1.0
percent over the year through December.
Output at mines, which includes crude oil and natural gas
extraction and accounts for 15 percent of industrial output,
rose 1.9 percent at an annual rate in the fourth quarter of 2019,
following a 2.0 percent decline in the third quarter. Over the
12 months through December, mining output rose 1.4 percent.
Utilities output, the remaining 10 percent of total
industrial output, edged down 0.3 percent at an annual rate in
the fourth quarter, after jumping 8.8 percent in the third
quarter. Weather is usually a factor contributing to swings in
this sector; unseasonable weather in quarters often causes
sharp swings in output from one period to the next. Over the
12 months through December, utilities production decreased
1.9 percent.
Other measures of manufacturing and services production
in the economy have declined noticeably from 2018’s multiyear highs. In 2018, the Institute of Supply Management’s
(ISM) manufacturing index averaged 58.8, but in 2019, the
average declined to 51.2. For five consecutive months
towards the end of 2019, the index remained below the 50point growth threshold – the first multi-month contraction
signal for the manufacturing sector since early 2016. In
January 2020, however, the ISM manufacturing index rose
3.1 points to 50.9, again signaling modest growth. In the
service sector, the ISM’s non-manufacturing index averaged
59.0 points in 2018, and the average edged down to 55.5 in
2019. In January 2020, the non-manufacturing index rose 0.6
point to 55.5, pointing to continued expansion in business
service activity at a pace in line with the 2019 average, albeit
slower than that in 2018.

March 2020

PROFILE OF THE ECONOMY

Prices
For much of 2019, headline consumer price inflation
decelerated, reflecting decreasing energy prices, but towards
the end of that year, some measures of inflation picked up as
energy prices began to recover. Despite this acceleration,
inflation remains relatively moderate: over the 12 months
through December 2019, the Consumer Price Index (CPI) for
all items rose 2.3 percent, above the 1.9 percent pace a year
earlier. After seven consecutive months of year-over-year
declines, energy prices rose 3.4 percent over the 12 months
through December 2019, a noticeable reversal from the 0.3
percent decline over the previous year. Food price inflation
picked up modestly, rising 1.8 percent over the year through
December 2019, compared with the 1.6 percent, year-earlier
advance. In contrast, core inflation, which excludes food and
energy, was relatively steady for much of 2019. Core CPI
was 2.3 percent over the year through December 2019, a touch
faster than the 2.2 percent pace of a year earlier. Another
measure, the headline Personal Consumption Expenditures
Price Index (PCEPI, the preferred measure for the FOMC’s 2
percent inflation target) has held below the target since
November 2018. The 12-month headline PCEPI slowed to
1.6 percent over the 12 months through December 2019, from
1.8 percent over the year through December 2018. Core
PCEPI was also 1.6 percent over the year through December
2019, decelerating from the 2.0 percent pace over the yearearlier period.
In the housing sector, 12-month measures of house prices
slowed to multi-year lows but have since recovered
somewhat. However, growth in house prices still exceeds
core inflation and income growth measures. The FHFA
purchase-only home price index stood at 4.9 percent over the
year through December 2019, the slowest 12-month pace in
nearly four years. On a 12-month basis, the Standard and
Poor’s (S&P)/Case-Shiller composite 20-city home price
index decelerated to a seven-year low last summer, but
accelerated to 2.6 percent over the year through December.

Consumer and Business Sentiment
Measures of consumer and business sentiment remain
elevated, and in recent months, have trended upwards toward
2018’s multi-year highs. In January, the Reuters/Michigan
consumer sentiment index rose 0.5 points to 99.8, or within
1.6 points of the 14-year high of 101.4 reached in March 2018.
Notably, this index averaged 98.4 per month in 2018, the
highest monthly average for any year since 2000; the average
moderated to 96.0 during 2019. The Conference Board’s
confidence index increased 3.4 points to 131.6 in January,
or 6.3 points below the 18-year high of 137.9 reached in
October 2018. The National Federation of Independent
Business’s (NFIB) small business optimism index declined
2.0 points to 102.7 in December, only 6.1 points below the
record high of 108.8 reached in August 2018.

March 2020

Consumer Prices
(Percent change from a year earlier)

Federal Budget and Debt
The Federal Government posted a deficit of $984 billion
(4.6 percent of GDP) in FY 2019, rising from $779 billion
(3.8 percent of GDP) in FY 2018. The primary deficit (which
excludes net interest payments) was 2.9 percent of GDP in FY
2019, up 0.7 percentage point from FY 2018.
Federal receipts totaled $3.46 trillion (16.3 percent of GDP)
in FY 2019. Although the level of receipts was $133 billion
higher than last year, receipts’ share of the economy declined
from 16.4 percent of GDP in FY 2018. Net outlays for FY
2019 were $4.45 trillion (21.0 percent of GDP), up from 20.3
percent of GDP in FY 2018. Federal debt held by the public,
or federal debt less the debt held in government accounts, rose
from $15.75 trillion at the end of FY 2018 to $16.80 trillion
by the end of FY 2019, or 79.2 percent of GDP.
The Administration’s Budget for Fiscal Year 2021 was
released in February 2020. The Administration projects the
federal deficit will rise to $1.08 trillion (4.9 percent of GDP)
in FY 2020. From FY 2021 to FY 2025, the deficit would
total $3.71 trillion (2.9 percent of GDP, on average). The
projection assumes implementation of the Administration’s
proposals – such as increasing spending on national defense,
supporting major infrastructure investment, cutting nondefense discretionary outlays, and reforming health care, drug
pricing, welfare programs, student loans, and the Postal
Service – which would reduce the 10-year deficit relative to
the baseline by $5.21 trillion. On net, these proposals would
gradually reduce the deficit to $261 billion (0.7 percent of
GDP) by FY 2030. The Budget expects that the primary
deficit (which excludes net interest outlays) will be 3.2
percent of GDP in FY 2020, which will turn into a small
primary surplus by FY 2026. Debt held by the public would
peak at 81.3 percent of GDP in FY 2022 but would gradually
decline to 70.0 percent of GDP by FY 2029.

PROFILE OF THE ECONOMY

The President’s Budget assumes a lower level of
discretionary spending in FY 2021 than was agreed in the
Bipartisan Budget Act (BBA). The BBA lifted spending caps
established in 2011 and allowed for $1.3 trillion in defense
and non-defense discretionary spending over the next two
fiscal years. The BBA also suspended the Treasury’s
borrowing limit until July 31, 2021. As of January 2020,
gross federal debt was $23,224.8 billion, while federal debt
held by the public totaled $17,212.6 billion.

Economic Policy
In December 2017, the United States enacted TCJA, the
first major tax reform in three decades. Combined with
regulatory reforms, the revised tax code is designed to
strengthen incentives for economic growth through
investment, which should support a sustained increase in
productivity, and improved labor force participation. The tax
law lowered the U.S. corporate tax rate from one of the
highest in the developed world to near the average of other
advanced economies; it allowed businesses to deduct
immediately 100 percent of the cost of most of their new
capital investments for the next five years. TCJA also
delivered tax relief to households by reducing individual tax
rates, allowing a larger standard deduction, and expanding the
child tax credit, all of which have encouraged workers to reenter the labor market and entrepreneurs to start businesses.

On the monetary policy side, the Federal Reserve’s
Federal Open Market Committee (FOMC) pursued a cycle of
monetary tightening from December 2015 until June 2019, a
period that saw the Federal funds rate target raised from the
historically low range of 0 to 0.25 percent to a range of 2.25
to 2.50 percent. On July 31, 2019, however, the FOMC cut
the target range for the first time in over 10 years, reducing
the target range by 25 basis points to 2.0 to 2.25 percent. In
the following two meetings, the FOMC cut the target range
by a combined 50 basis points, bringing the range to 1.50 to
1.75 percent by late October 2019. In its October statement,
the FOMC signaled a pause in rate cuts, and maintained this
range at its December 2019 and January 2020 meetings. The
January statement noted that “the current stance of monetary
policy is appropriate to support sustained expansion of
economic activity, strong labor market conditions, and
inflation near the [Fed’s 2 percent target].”

March 2020

INTRODUCTION: Federal Fiscal Operations
Budget authority usually takes the form of
appropriations that allow obligations to be incurred and
payments to be made. Reappropriations are Congressional
actions that extend the availability of unobligated amounts
that have expired or would otherwise expire. These are
counted as new budget authority in the fiscal year of the
legislation in which the reappropriation act is included,
regardless of when the amounts were originally appropriated
or when they would otherwise lapse.
Obligations generally are liquidated by the issuance of
checks or the disbursement of cash—outlays. Obligations
may also be liquidated (and outlays recorded) by the accrual
of interest on public issues of Treasury debt securities
(including an increase in redemption value of bonds
outstanding); or by the issuance of bonds, debentures, notes,
monetary credits, or electronic payments.
Refunds of collections generally are treated as
reductions of collections, whereas payments for earnedincome tax credits in excess of tax liabilities are treated as
outlays. Outlays during a fiscal year may be for payment of
obligations incurred in prior years or in the same year.
Outlays, therefore, flow in part from unexpended balances
of prior year budget authority and from budget authority
provided for the year in which the money is spent. Total
outlays include both budget and off-budget outlays and are
stated net of offsetting collections.
Receipts are reported in the tables as either budget
receipts or offsetting collections. They are collections from
the public, excluding receipts offset against outlays. These,
also called governmental receipts, consist mainly of tax
receipts (including social insurance taxes), receipts from
court fines, certain licenses, and deposits of earnings by the
Federal Reserve system. Refunds of receipts are treated as
deductions from gross receipts. Total Government receipts
are compared with total outlays in calculating the budget
surplus or deficit.
Offsetting collections from other Government accounts
or the public are of a business-type or market-oriented
nature. They are classified as either collections credited to
appropriations or fund accounts, or offsetting receipts (i.e.,
amounts deposited in receipt accounts). The former
normally can be used without an appropriation act by
Congress. These occur in two instances: (1) when
authorized by law, amounts collected for materials or
services are treated as reimbursements to appropriations.
For accounting purposes, earned reimbursements are also
known as revenues. These offsetting collections are netted
against gross outlays in determining net outlays from such
appropriations; and (2) in the three types of revolving funds
(public enterprise, intragovernmental, and trust); offsetting
collections are netted against spending, and outlays are
reported as the net amount.
March 2020

Offsetting receipts in receipt accounts cannot be used
without appropriation. They are subdivided into three
categories: (1) proprietary receipts, or collections from the
public, offset against outlays by agency and by function; (2)
intragovernmental transactions, or payments into receipt
accounts from governmental appropriation or fund accounts.
They finance operations within and between Government
agencies and are credited with collections from other
Government accounts; and (3) offsetting governmental
receipts that include foreign cash contributions.
Intrabudgetary transactions are subdivided into three
categories: (1) interfund transactions—payments are from
one fund group (either Federal funds or trust funds) to a
receipt account in the other fund group; (2) Federal
intrafund transactions—payments and receipts both occur
within the Federal fund group; and (3) trust intrafund
transactions—payments and receipts both occur within the
trust fund group.
Offsetting receipts are generally deducted from budget
authority and outlays by function, subfunction, or agency.
There are four types of receipts, however, that are deducted
from budget totals as undistributed offsetting receipts. They
are: (1) agencies’ payments (including payments by offbudget Federal entities) as employers into employees’
retirement funds; (2) interest received by trust funds; (3)
rents and royalties on the Outer Continental Shelf lands; and
(4) other interest (i.e., that collected on Outer Continental
Shelf money in deposit funds when such money is
transferred into the budget).
The Government has used the unified budget concept set
forth in the “Report of the President’s Commission on
Budget Concepts” as a foundation for its budgetary analysis
and presentation since 1969. The concept calls for the
budget to include all of the Government’s fiscal transactions
with the public. Since 1971, however, various laws have
been enacted removing several Federal entities from (or
creating them outside of) the budget. Other laws have
moved certain off-budget Federal entities onto the budget.
Under current law, the off-budget Federal entities consist of
the two Social Security trust funds, Federal Old-Age and
Survivors Insurance and the Federal Disability Insurance
Trust Fund, and the Postal Service.
Although an off-budget Federal entity’s receipts,
outlays, and surplus or deficit ordinarily are not subject to
targets set by the Congressional resolution, the Balanced
Budget and Emergency Deficit Control Act of 1985
[commonly known as the Gramm-Rudman-Hollings Act as
amended by the Budget Enforcement Act of 1990 (2 United
States Code 900-922)] included off-budget surplus or deficit
in calculating deficit targets under that act and in calculating
excess deficit. Partly for this reason, attention has focused

on both on- and off-budget receipts, outlays and deficit of
the Government.
Tables FFO-1, FFO-2, and FFO-3 are published
quarterly and cover 5 years of data, estimates for 2 years,
detail for 13 months, and fiscal year-to-date data. They
provide a summary of data relating to Federal fiscal
operations reported by Federal entities and disbursing
officers, and daily reports from the FRBs. They also detail
accounting transactions affecting receipts and outlays of the
Government and off-budget Federal entities and their related
effect on assets and liabilities of the Government. Data are
derived from the “Monthly Treasury Statement of Receipts
and Outlays of the United States Government.”

 Table FFO-1 summarizes the amount of total
receipts, outlays, and surplus or deficit, as well as
transactions in Federal securities, monetary assets, and
balances in Treasury operating cash.
 Table FFO-2 includes on- and off-budget receipts
by source. Amounts represent income taxes, social
insurance taxes, net contributions for other insurance and
retirement, excise taxes, estate and gift taxes, customs
duties, and net miscellaneous receipts.
 Table FFO-3 details on- and off-budget outlays by
agency.

 Table FFO-4 summarizes on- and off-budget
receipts by source and outlays by function as reported to
each major fund group classification for the current fiscal
year to date and prior fiscal year to date.
 Table FFO-5 summarizes internal revenue receipts
by states and by type of tax. Amounts reported are
collections made in a fiscal year. They span several tax
liability years because they consist of prepayments
(estimated tax payments and taxes withheld by employers
for individual income and Social Security taxes), payments
made with tax returns and subsequent payments made after
tax returns are due or are filed (that is, payments with
delinquent returns or on delinquent accounts).
Amounts are reported based on the primary filing
address provided by each taxpayer or reporting entity. For
multistate corporations, the address may reflect only the
district where such a corporation reported its taxes from a
principal office rather than other districts where income was
earned or where individual income and Social Security taxes
were withheld. In addition, an individual may reside in one
district and work in another.
 Table FFO-6 includes customs collection of duties,
taxes, and fees by districts and ports.

Budget Results and Financing of the U.S. Government
and First-Quarter Receipts by Source
[Source: Office of Tax Analysis, Office of Tax Policy]

First-Quarter Receipts
The following capsule analysis of budget receipts, by
source, for the first quarter of fiscal year 2020
supplements fiscal data reported in the December issue
of the “Treasury Bulletin.” At the time of that issue’s
release, not enough data were available to analyze
adequately collections for the quarter.
Individual income taxes—Individual income tax
receipts, net of refunds, were $384.9 billion for the FirstQuarter of fiscal year 2020. This is an increase of $12.1
billion over the comparable prior year quarter. Withheld
receipts increased by $10.8 billion and non-withheld
receipts decreased by $0.6 billion during this period.
Refunds decreased by $1.9 billion over the comparable
fiscal year 2019 quarter. There was a change of $4.3 billion
in accounting adjustments between individual income tax
receipts and the Social Security and Medicare trust funds
over the comparable quarter in fiscal year 2019.
Corporate income taxes—Net corporate income tax
receipts were $65.4 billion for the first quarter of fiscal year
2020. This is an increase of $12.3 billion compared to the
prior year first quarter. The $12.3 billion change is

comprised of an increase of $12.9 billion in estimated and
final payments, and an increase of $0.6 billion in corporate
refunds.
Employment taxes and contributions—Employment
taxes and contributions receipts for the first quarter of fiscal
year 2020 were $282.7 billion, an increase of $15.7 billion
over the comparable prior year quarter. Receipts to the
Federal Old-Age and Survivors Insurance, Federal
Disability Insurance, and Federal Hospital Insurance trust
funds changed by $19.4 billion, -$7.3 billion, and $3.7
billion respectively. There was a $2.0 billion accounting
adjustment for prior years employment tax liabilities made
in the first quarter of fiscal year 2020. There was a -$2.4
billion adjustment in the first quarter of fiscal year 2019.
Unemployment insurance—Unemployment insurance
receipts, net of refunds, for the first quarter of fiscal year
2020 were $5.6 billion, a decrease of $0.3 billion over the
comparable quarter of fiscal year 2019. Net State taxes
deposited in the U.S. Treasury decreased by $0.2 billion to
$4.9 billion. Net Federal Unemployment Tax Act taxes did
not change significantly from $0.7 billion.

March 2020

FEDERAL FISCAL OPERATIONS

Budget Results and Financing of the U.S. Government
and First-Quarter Receipts by Source, continued
Contributions for other insurance and retirement—
Contributions for other retirement were $1.3 billion for the
first quarter of fiscal year 2020. This was an increase of
$0.1 billion from the comparable quarter of fiscal year 2019.
Excise taxes—Net excise tax receipts for the first
quarter of fiscal year 2020 were $20.6 billion, a decrease of
$8.9 billion over the comparable prior year quarter. Total
excise tax refunds for the quarter were $0.6 billion, a
decrease of $2.4 billion over the comparable prior year
quarter.
Estate and gift taxes—Net estate and gift tax receipts
were $4.6 billion for the first quarter of fiscal year 2020.

These receipts represent a decrease of $0.4 billion over the
same quarter in fiscal year 2019.
Customs duties—Customs duties net of refunds were
$21.1 billion for the first quarter of fiscal year 2020. This is
an increase of $3.3 billion over the comparable prior year
quarter.
Miscellaneous receipts—Net miscellaneous receipts
for the first quarter of fiscal year 2020 were $20.3 billion, an
increase of $1.3 billion over the comparable prior year
quarter. This change is due in part to deposits of earnings by
Federal Reserve banks increasing by $1.6 billion.

Total On- and Off-Budget Results and Financing of the U.S. Government
[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”]

Fiscal year 2020
year to date

First quarter 2020
October – December
Total on- and off-budget results:
Total receipts ...............................................................
On-budget receipts ..................................................
Off-budget receipts ..................................................
Total outlays .................................................................
On-budget outlays....................................................
Off-budget outlays....................................................
Total surplus or deficit (-) .............................................
On-budget surplus or deficit (-) ................................
Off-budget surplus or deficit (-) ................................
Means of financing:
Borrowing from the public ............................................
Reduction of operating cash ........................................
Other means ................................................................
Total on- and off-budget financing ...........................

806,511
596,414
210,098
1,163,090
948,914
214,174
-356,578
-352,501
-4,077

771,237
573,250
197,987
1,090,170
892,355
197,815
-318,933
-319,105
172

351,065
-21,369
26,882
356,579

339,629
-17,425
-3,271
318,933

First-Quarter Net Budget Receipts by Source, Fiscal Year 2020
[In billions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”]

Source
Individual income taxes......................................................
Corporate income taxes .....................................................
Employment and general retirement..................................
Unemployment insurance ..................................................
Contributions for other insurance and retirement ..............
Excise taxes .......................................................................
Estate and gift taxes ..........................................................
Customs duties ..................................................................
Miscellaneous receipts .......................................................
Total budget receipts .....................................................
Note.—Detail may not add to totals due to independent rounding.

March 2020

October
126.4
6.6
86.7
2.8
0.4
6.0
1.7
7.8
7.3
245.5

November
105.8
0.5
93.7
2.6
0.5
7.5
1.2
6.9
6.5
225.2

December
152.7
58.3
102.4
0.2
0.4
7.0
1.7
6.4
6.5
335.8

FEDERAL FISCAL OPERATIONS

March 2020

TABLE FFO-1—Summary of Fiscal Operations
[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”]

Total on-budget and off-budget results
Fiscal year
or Month

Total
Receipts
(1)

On-budget
receipts
(2)

Off-budget
receipts
(3)

Total
outlays
(4)

On-budget
outlays
(5)

Off-budget
outlays
(6)

Total
surplus
deficit (-)
(7)

On-budget
surplus
deficit (-)
(8)

Off-budget
surplus
deficit (-)
(9)

Means of
financing
-net transactions
Borrowing from
the publicFederal securities
Public debt
securities
(10)

2015 ............................... 3,248,722
2016 ............................... 3,266,689
2017 ............................... 3,314,893
2018 ............................... 3,328,745
2019 ............................... 3,462,195

2,478,328
2,456,509
2,464,275
2,473,999
254,893

770,394
810,180
850,617
854,747
914,302

3,687,623
3,854,101
3,980,720
4,107,741
4,446,583

2,944,526
3,077,747
3,179,518
3,259,170
3,539,967

743,097
776,354
801,202
848,573
906,617

-438,900
-587,413
-665,826
-778,995
-984,386

-466,197
-621,238
-715,242
-785,172
-992,072

27,297
33,826
49,416
6,175
7,686

325,601
1,419,286
666,472
1,258,348
1,208,690

2019 – Est1 ..................... 3,631,874
2020 – Est1 ..................... 3,833,374

2,685,416 946,458
2,831,699 1,001,675

4,676,957
4,849,037

3,714,389
3,828,794

962,568
1,020,243

-1,045,083
-1,015,663

-1,028,973
-997,095

-16,110
-18,568

1,221,986
1,232,225

2018 – Dec. ....................
2019 – Jan .....................
Feb .....................
Mar .....................
Apr ......................
May.....................
June....................
July .....................
Aug .....................
Sept ....................
Oct ......................
Nov. ....................
Dec. ....................

312,584
339,980
167,265
228,811
535,545
232,064
333,952
251,348
227,965
374,028
245,521
225,185
335,805

242,999
253,837
95,390
149,414
439,736
158,229
241,695
182,519
157,490
296,333
181,095
155,648
259,671

69,585
86,143
71,875
79,397
95,809
73,835
92,257
68,829
70,475
77,695
64,426
69,537
76,135

326,123
331,299
401,243
375,756
375,240
439,833
342,429
371,044
428,309
291,260
379,988
434,024
349,078

284,536
256,096
316,103
290,479
299,230
352,744
292,170
293,461
342,318
205,011
300,962
345,901
302,051

41,588
75,203
85,140
85,278
76,011
87,089
50,259
77,582
85,991
86,249
79,026
88,122
47,026

-13,539
8,681
-233,977
-146,945
160,304
-207,768
-8,477
-119,695
-200,344
82,768
-134,467
-208,838
-13,273

-41,537
-2,259
-220,713
-141,064
140,506
-194,514
-50,475
-110,942
-184,828
91,322
-119,867
-190,253
-42,381

27,997
10,940
-13,265
-5,881
19,798
-13,254
41,999
-8,753
-15,516
-8,554
-14,600
-18,585
29,108

125,473
9,784
132,191
-86,093
981
-1,439
7
1,338
438,890
259,291
277,223
68,945
126,179

Fiscal year 2020 to date... 806,511

596,414

210,098

1,163,090

948,914

214,174

-356,578

-352,501

-4,077

1,171,866

Borrowing from the publicFederal securities, continued

Fiscal year
or month

Agency
securities
(11)

Investments
of Government
Total
accounts
10+11-12
(12)
(13)

Means of financing—net transactions, continued
Cash and monetary assets (deduct)
Reserve
position on the
U.S. Treasury
Special
U.S. quota in
operating
drawing
the IMF
cash
rights
Other
(deduct)
(14)
(15)
(16)
(17)

Other
(18)

Transactions
not applied
to year’s
surplus or
deficit
(19)

Total
Financing
(20)

2015 ......................................
2016 ......................................
2017 ......................................
2018 ......................................
2019 ......................................

241
269
3
-1,545
-1,366

-10,027
367,731
168,172
172,343
155,715

335,867
1,051,824
498,301
1,084,458
1,051,606

40,415
154,593
-193,988
225,390
-2,230

-2,815
-279
1,390
-527
-941

-3,114
-1,268
-935
-2,661
-1,210

-6,425
230
1,938
3,857
7,593

127,111
-310,961
-24,443
-79,242
-63,946

970
-171
259
-160
-62

435,887
587,416
665,714
778,997
984,386

2019 – Est1............................
2020 – Est1............................

-1,245
-1,144

108,409
148,789

1,112,332
1,082,292

-67,249
-66,629

1,045,083
1,015,663

2018 – Dec............................
2019 – Jan ............................
Feb ............................
Mar ............................
Apr.............................
May ...........................
June ..........................
July ............................
Aug ............................
Sept ...........................
Oct.............................
Nov. ...........................
Dec. ...........................

-55
-142
-297
-299
4
-55
-152
-112
-198
-234
-180
-74
10

66,822
9,538
-17,719
-40,460
13,179
-10,992
12,192
-23,196
52,505
46,439
117,207
-56,591
60,421

58,595
103
149,613
-45,932
-12,194
9,497
-12,337
24,422
386,186
212,619
159,836
125,462
65,767

57,264
1,459
-112,933
43,348
88,573
-189,711
30,835
-87,047
-43,571
249,392
52,458
-92,324
61,235

276
362
-42
-356
-92
-237
461
-541
-196
-184
589
-214
397

-839
-62
-202
58
-334
271
137
183
336
-464
-73
-57
-133

1,947
39
401
-38
2,367
21
273
1,733
-160
-233
5
-39
607

13,567
-7,119
-28,345
236,022
-57,559
8,785
52,323
9,842
-229,313
-47,399
27,341
-9,137
9,444

25
133
-67
-133
-37
-170
197
-241
-120
523
270
-121
168

13,539
-8,681
233,977
146,945
-160,304
207,768
8,477
119,695
200,344
-82,768
134,468
208,838
13,273

Fiscal year 2020 to date…

-244

121,037

351,065

21,369

772

-263

573

27,648

317

356,579

These estimates are based on the President's FY 2019 Budget, released by the Office of Management and Budget on July 13, 2018.

March 2020

Note: Detail may not add to total due to rounding.

TABLE FFO-2—On-Budget and Off-Budget Receipts by Source
[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”]

Social insurance
and retirement receipts
Employment and general retirement
Old-age, disability, and
hospital insurance

Income taxes

Fiscal year
or month

Individual

Corporation

Other
(2)

Refunds
(3)

1,220,161
1,245,698
1,309,265
1,325,106
1,328,271

554,993
551,660
539,528
626,555
634,339

234,352
251,286
261,678
268,126
244,755

1,540,802
1,546,076
1,587,120
1,683,536
1,717,858

390,291
345,981
338,978
263,168
277,416

46,495
46,411
41,929
58,433
47,172

343,798
299,572
297,048
204,734
230,244

1,884,598
1,845,646
1,884,168
1,888,270
1,948,102

1,007,385
1,060,162
1,109,837
1,118,641
1,195,506

2,801
3,159
3,290
3,234
3,632

1,004,584
1,056,993
1,106,547
1,115,407
1,191,874

2019 – Est1 ........... 1,805,420
2020 – Est1 ........... 1,911,676

1,805,420
1,911,676

253,076
281,867

2,058,496
2,193,543

1,233,642
1,306,762

2015 .....................
2016 .....................
2017 .....................
2018 .....................
2019 .....................

Net
(4)

Gross
(5)

Refunds
(6)

Net
(7)

Net income
taxes
(8)

Withheld
(1)

Gross
(9)

Refunds
(10)

Net
(11)

2018 – Dec. ..........
2019 – Jan ...........
Feb ...........
Mar ...........
Apr ............
May...........
June..........
July ...........
Aug ...........
Sept ..........
Oct ............
Nov. ..........
Dec. ..........

137,260
109,148
116,736
135,770
113,857
108,285
76,127
120,690
100,795
103,949
108,600
105,275
139,853

16,327
89,548
7,926
16,889
283,508
10,611
69,403
11,414
8,854
82,773
28,362
8,593
15,839

3,030
1,560
68,001
55,422
64,556
15,204
4,383
4,678
3,667
3,750
10,573
8,105
2,986

150,557
197,136
56,661
97,236
332,809
103,692
141,149
127,427
105,982
182,972
126,389
105,764
152,706

51,888
8,363
3,774
13,605
51,095
6,291
54,129
9,522
3,172
62,619
10,802
5,918
61,054

5,133
1,610
4,442
4,812
6,407
5,880
2,860
2,555
4,568
2,301
4,232
5,385
2,744

46,755
6,754
-669
8,793
44,688
411
51,269
6,967
-1,396
60,318
6,571
532
58,311

197,312
203,890
55,992
106,029
377,497
104,103
192,418
134,394
104,586
243,290
132,960
106,296
211,017

93,490
111,255
91,623
101,253
124,379
94,545
120,240
89,025
91,242
106,249
86,267
93,271
101,976

3,632
-

93,490
111,255
91,623
101,253
124,379
94,545
120,240
89,025
91,242
102,617
86,267
93,271
101,976

Fiscal year
2020 to date......

353,728

24,432

21,664

384,859

77,774

12,361

65,414

450,273

281,514

Fiscal year
or month

Social insurance and retirement receipts, continued
Employment and general retirement, continued
Unemployment insurance
Net employment
Net unRailroad retirement
and general
employment
retirement
insurance
Gross
Refunds
Net
Gross
Refunds
(12)
(13)
(14)
(15)
(16)
(17)
(18)

Net for other insurance and retirement
Federal
employees
Other
retirement
retirement
Total
(19)
(20)
(21)

2015 ............................
2016 ............................
2017 ............................
2018 ............................
2019 ............................

5,868
5,316
5,349
5,753
5,610

1
3
1
4
90

5,868
5,312
5,349
5,749
5,519

1,010,449
1,062,305
1,111,896
1,121,156
1,197,395

51,359
49,043
45,961
45,161
41,193

182
191
154
121
259

51,177
48,853
45,810
45,041
40,934

3,629
3,877
4,158
4,471
4,730

23
28
34
31
29

3,652
3,906
4,191
4,501
4,759

2019 – Est1..................
2020 – Est1..................

5,591
6,065

1,239,233
1,312,827

45,772
46,853

5,203
7,579

31
30

5,234
7,609

2018 – Dec..................
2019 – Jan ..................
Feb ..................
Mar ..................
Apr...................
May .................
June ................
July ..................
Aug ..................
Sept .................
Oct...................
Nov. .................
Dec. .................

438
514
712
537
533
521
-121
546
556
500
444
434
427

4
7
7
72
40
50
4

438
514
712
537
533
516
-129
545
549
429
423
383
423

93,928
111,769
92,335
101,791
124,912
95,061
120,112
89,571
91,791
103,046
86,671
93,654
102,399

292
3,038
2,427
348
9,916
11,578
268
3,876
3,642
211
2,757
2,604
264

6
73
77
25
18
27
13
14
9
15

292
3,038
2,421
275
9,839
11,553
249
3,849
3,629
197
2,757
2,596
248

422
254
467
357
376
466
382
425
399
384
386
483
446

2
2
2
3
2
2
3
2
2
3
2
3

424
256
467
359
378
468
385
428
402
386
389
486
449

Fiscal year 2020 to date

1,305

1,229

282,724

5,625

5,601

1,315

1,324

See footnotes at end of table

March 2020

TABLE FFO-2—On-Budget and Off-Budget Receipts by Source, continued
[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”]

Social
insurance
and retirement
receipts, con.
Net social
insurance and
retirement
receipts
(22)

Fiscal year
or month

Excise taxes
Airport and Airway Trust Fund
Gross Refunds
Net
(23)
(24)
(25)

Black Lung Disability
Trust Fund
Gross Refunds Net
(26)
(27)
(28)

Highway Trust Fund
Gross Refunds
Net
(29)
(30)
(31)

Gross
(32)

Miscellaneous
Refunds
(33)

Net
(34)

2015
2016
2017
2018
2019

1,065,278
1,115,063
1,161,897
1,170,699
1,243,087

13,401
14,379
14,952
15,532
15,825

18
16
15
15
14

13,383
14,363
14,936
15,516
15,811

546
465
426
394
213

38,132
41,432
41,555
42,979
44,186

63
431
438
440

38,132
41,369
41,126
42,541
43,746

50,802
45,284
32,495
39,650
44,773

4,585
6,440
5,162
3,116
5,629

46,217
38,846
27,334
36,535
39,144

2019 – Est1
2020 – Est1

1,290,239
1,367,289

17,056
18,038

170
164

43,121
43,575

48,303
50,165

2018 – Dec.
2019 – Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov.
Dec.

94,643
115,064
95,225
102,424
135,129
107,082
120,746
93,848
95,822
103,629
89,817
96,736
103,096

1,338
1,209
1,418
1,169
1,399
1,558
1,524
1,507
896
2,005
257
1,718
1,416

8
1
5
-

1,338
1,209
1,418
1,161
1,399
1,556
1,524
1,507
891
2,005
257
1,718
1,416

33
30
17
6
16
11
14
14
27
3
19
15

3,785
3,351
3,610
3,919
3,537
3,279
3,725
3,683
3,266
6,941
890
4,540
3,836

29
30
31
31
37
44
44
43
43
64
15
29
29

3,756
3,321
3,579
3,889
3,499
3,235
3,681
3,640
3,224
6,877
876
4,511
3,807

2,209
2,262
893
3,001
2,667
2,940
2,160
3,174
3,912
3,428
5,084
1,368
2,025

157
46
554
216
488
150
268
466
160
351
185
103
247

2,052
2,216
339
2,786
2,179
2,791
1,891
2,707
3,752
3,077
4,900
1,266
1,779

289,649

3,391

9,266

9,194

8,477

1,512

17,481

Fiscal year 2020 to date...........

Fiscal year
or month
2015
2016
2017
2018
2019

Excise
taxes, con.
Net excise
taxes
(35)

Gross
(36)

Estate and gift taxes
Refunds
Net
(37)
(38)

Gross
(39)

Customs duties
Refunds
(40)

Net
(41)

Net miscellaneous receipts
Deposits of
earnings by Universal
Federal
service fund
Reserve
and all
banks
other
Total
(42)
(43)
(44)

Total receipts
On-budget
Off-budget
(45)
(46)

98,278
95,044
83,821
94,987
98,915

20,043
22,337
23,779
23,864
17,565

811
983
1,012
883
894

19,232
21,354
22,770
22,982
16,672

37,704
36,468
36,260
43,097
73,461

2,666
1,630
1,686
1,796
2,677

35,042
34,836
34,573
41,298
70,784

96,469
115,671
81,288
70,751
52,793

49,827
39,070
46,380
39,755
31,843

146,294
154,744
127,666
110,505
84,637

2,478,328
2,456,508
2,464,275
2,473,999
2,547,893

770,394
810,180
850,617
854,747
914,302

2019 – Est1
2020 – Est1

108,650
111,942

19,284
19,997

64,336
43,324

49,474
52,781

42,417
45,334

91,891
98,115

2,685,416
2,831,699

946,458
1,001,675

2018 – Dec.
2019 – Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov.
Dec.

7,179
6,776
5,353
7,841
7,093
7,593
7,110
7,868
7,866
11,986
6,036
7,513
7,017

1,744
1,151
1,296
1,003
2,391
909
1,144
1,201
1,988
1,220
1,748
1,298
1,761

69
58
67
67
121
121
57
43
111
18
57
59
63

1,675
1,092
1,229
935
2,270
788
1,087
1,158
1,877
1,201
1,691
1,239
1,698

6,129
6,662
5,418
5,382
5,509
5,099
5,822
6,751
7,228
7,174
8,108
7,391
6,934

138
34
342
220
272
165
216
278
223
341
350
451
485

5,992
6,628
5,076
5,163
5,237
4,934
5,606
6,473
7,005
6,833
7,757
6,940
6,449

4,400
4,854
2,893
4,206
4,070
5,860
4,741
5,203
3,622
3,924
5,230
4,521
5,252

1,383
1,677
1,496
2,212
4,251
1,709
2,246
2,404
7,186
3,164
2,030
1,941
1,277

5,783
6,530
4,389
6,418
8,319
7,566
6,985
7,606
10,809
7,088
7,260
6,461
6,529

242,999
253,837
95,390
149,414
439,736
158,229
241,695
182,519
157,490
296,333
181,094
155,648
259,671

69,585
86,143
71,875
79,397
95,809
73,835
92,257
68,829
70,475
77,695
64,426
69,537
76,135

20,566

4,807

179

4,628

22,433

1,286

21,146

15,003

5,248

20,250

596,413

427,097

Fiscal year 2020 to date.....

Note: Detail may not add to total due to rounding.
1 These estimates are based on the President's FY 2019 Budget, released by the Office of Management and Budget on
July 13, 2018.

March 2020

TABLE FFO-3—On-Budget and Off-Budget Outlays by Agency
[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”]

Fiscal year
or month

Legislative
branch
(1)

Judicial
branch
(2)

Department of
Agriculture
(3)

Department of
Commerce
(4)

Department of
Depart- DepartDefense,
ment of ment of
military Education Energy
(5)
(6)
(7)

Department of
Health
and
Human
Services
(8)

Department of
Homeland
Security
(9)

Department of
Housing
and
Urban
Development
(10)

Department of
the
Interior
(11)

Department of
Justice
(12)

Department of
Labor
(13)

2015 .................................
2016 .................................
2017 .................................
2018 .................................
2019 .................................

4,328
4,344
4,499
4,670
4,955

7,130
7,497
7,565
7,780
7,958

139,112
138,161
127,563
136,713
150,120

8,955
9,162
10,303
8,561
11,326

562,506
565,365
568,905
600,705
653,979

90,031
76,981
111,703
63,706
104,365

25,425
25,852
25,794
26,479
28,936

1,027,420
1,102,966
1,116,763
1,120,503
1,213,807

42,563
45,194
50,502
68,374
56,328

35,522
26,393
55,623
54,666
29,188

12,348
12,584
12,141
13,210
13,907

26,910
29,523
30,979
34,522
35,107

45,218
41,371
40,121
39,637
35,810

2019 – Est1 .......................
2020 – Est1 .......................

5,545
5,551

8,668
8,784

132,362
124,038

15,523
11,323

696,928
726,760

82,878
72,501

30,810
28,418

1,287,078
1,287,964

62,006
56,449

48,830
47,642

14,894
15,344

38,288
37,394

38,454
37,290

2018 – Dec. ......................
2019 – Jan .......................
Feb .......................
Mar .......................
Apr ........................
May.......................
June......................
July .......................
Aug .......................
Sept ......................
Oct ........................
Nov. ......................
Dec. ......................

461
419
371
355
420
411
381
501
368
452
504
303
586

628
512
745
605
620
814
584
686
656
659
713
776
677

15,246
13,122
11,313
10,544
9,940
9,603
9,911
9,975
12,161
12891
19093
18568
15062

1,013
432
921
844
816
959
821
1,046
983
721
963
2359
1291

51,445
46,828
51,368
55,396
51,969
61,801
48,481
52,665
60,702
52835
68233
60073
59042

6,256
9,708
7,942
6,052
6,658
4,980
34,107
4,962
6,800
6173
8094
4772
4785

1,895
2,566
2,200
2,246
2,456
2,663
1,992
2,447
2,729
3015
3109
2639
2226

71,256
96,085
98,154
100,225
104,302
146,552
67,523
104030
132,560
75349
138257
159844
103705

6,527
3,243
4,893
4,963
4,662
4,362
3,970
5,204
4,373
4130
4884
5053
5450

3,954
3,797
3,861
3,446
3,437
-12,605
3,988
3,608
3,655
4601
3836
3798
4056

1,063
725
1,359
796
854
1,213
1,433
1,282
1,215
1359
1251
900
1454

3,947
2,461
3,137
2,692
2,703
3,332
2,829
3,123
2,802
3190
3135
2778
3024

4,046
4,983
4,315
2,526
3,486
3,167
3,294
3,870
3,149
1855
-3368
3357
5147

Fiscal year
2020 to date ........................

1,393

2,166

52,723

4,613

187,348

17,651

7,974

401,806

15,387

11,690

3,605

18,052

14,010

Fiscal year
or month

Department of
State
(14)

Department
of the
Treasury,
interest on
Treasury
Departdebt
ment of
Transpor- securities
(gross)
tation
(15)
(16)

Department
of the
Treasury,
other
(17)

Department of
Veterans
Affairs
(18)

Corps of
Engineers
(19)

Other
Defense,
civil
programs
(20)

Environmental
Protection
Agency
(21)

Executive
Office
of the
President
(22)

General
Services
Administration
(23)

International
Assistance
Program
(24)

2015 .................................
2016 .................................
2017 .................................
2018 .................................
2019 .................................

26,494
29,447
27,061
26,386
28,002

75,451
78,421
79,440
78,494
80,716

402,183
429,964
456,953
521,553
572,914

83,447
96,153
89,445
107,894
116,584

159,220
174,019
176,050
178,508
199,571

6,684
6,389
6,452
5,083
6,456

62,966
64,505
58,695
55,367
60,930

7,006
8,729
8,087
8,085
8,064

392
395
412
383
423

-889
-734
-664
-590
-1,100

20,976
16,242
18,925
21,628
23,578

2019 – Est1 .......................
2020 – Est1 .......................

25,295
24,578

86,561
87,517

618,226
662,889

108,678
101,095

217,506
234,214

5,785
7,922

62,851
64,839

7,028
6,879

409
410

107,034
106,973

26,135
21,875

2,038
1,668
1,412
2,729
2,221
2,720
1,485
2,013
2222
3226
2251
3377
2733

6,353
4,377
6,555
4,812
5,091
6,400
8,522
8,008
8329
9403
7470
6493
6533

97,203
27,811
28,717
38,938
46,552
47,829
102,800
40,342
39728
35975
30319
35643
94225

258
5,229
55,820
24,443
13,195
11,118
5,989
7,860
9067
-29283
8903
6937
9272

16,062
8,614
16,155
13,382
17,175
27,120
8,019
16,630
24943
9054
17595
27152
17014

264
593
608
553
547
296
524
457
683
519
710
684
785

5,406
1,747
5,378
5,606
3,600
9,039
173
5,337
9356
826
5354
10121
5360

808
622
914
580
560
646
644
602
515
682
831
829
777

33
9
49
28
37
40
26
56
31
37
33
33
33

-307
656
-939
-137
-98
132
-175
-17
71
-465
46
-54
-14

-449
832
2,095
174
1,806
8,073
3,113
762
1693
1532
1432
2346
-706

Fiscal year
2020 to date ........................

8,361

20,496

160,187

25,112

61,761

2,179

20,835

2,437

-22

3,072

See footnotes at end of table

March 2020

TABLE FFO-3—On-Budget and Off-Budget Outlays by Agency, continued
[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”]

Fiscal year
or month

National
Aeronautics
and
National Office of
Space
Science Personnel
AdminisFounManagetration
dation
ment
(25)
(26)
(27)

Small
Business
Administration
(28)

Social
Security
Administration
(29)

Independent
agencies
(30)

Undistributed offsetting receipts
Rents
and
royalties
Employer
on the
share,
Interest
Outer
employee
received Continenretireby trust
tal Shelf
ment
funds
lands
Other
(31)
(32)
(33)
(34)

Total outlays
OnOffbudget
budget
(35)
(36)

2015 ..................

18,272

6,836

91,736

-747

944,144

13,575

-81,120

-141,791

-4,555

-30,128

2,944,526

743,097

2016 ..................

18,828

6,904

91,318

-444

976,783

13,160

-84,030

-146,118

-2,783

-8,436

3,077,747

776,354

2017 ..................

18,698

7,213

95,462

439

1,000,812

11,658

-84,970

-147,057

-3,106

-1,750

3,179,518

801,202

2018 ..................

19,756

7,167

98,803

1,039,903

7,770

-87,382

-150,151

-4,594

-5,896

3,259,170

848,573

2019 ..................

20,180

7,253

103,138

456

1,101,833

19,609

-90,811

-149,605

-6,225

-1,156

3,539,965

906,617

2019 – Est1........

23,289

7,394

796

1,156,311

20,057

-102,699

-143,957

-5,327

-5,629

3,714,389

962,568

2020 – Est1........

22,922

7,723

682

1,215,870

21,935

-96,661

-143,481

-5,275

-1,003

3,828,794

1,020,243

2018 - Dec .......

1,992

601

7,746

131

88,752

-189

-6,224

-61,702

-389

284,536

41,588

2019 - Jan .........

878

461

9,378

86,767

2,899

-5,632

-130

-448

256,094

75,203

Feb ........

1,899

653

8,044

112

91,568

1,739

-6,114

-2,054

-789

-1,155

316,103

85,140

Mar ........

1,478

509

8,414

-640

92,049

-6,383

-1,395

-100

290,479

85,278

Apr ........

1,548

518

9,374

92,350

1,409

-6,131

-6,213

-713

299,230

76,011

May .......

1,844

589

,8388

97,224

3,597

-6,800

-5,159

-614

352,744

87,089

June ......

1,611

616

8,263

92,993

-2,739

-6,191

-62,360

-272

292,170

50,259

July ........

1,654

693

8,937

103

92,782

2,626

-6,678

-3,697

-827

293,461

77,582

Aug ........

1,775

785

8,424

97,400

1,680

-6,265

-4,307

-70

342,318

85,991

Sept .......

2,007

694

8,901

88,658

412

-6,375

-1,379

-476

-1

205,011

86,249

Oct.........

1,715

679

9,587

93,682

3,159

-22,480

3,223

-441

300,962

79,026

Nov. .......

1,793

595

8,470

98,202

3,368

-7,025

-2,183

-295

345,901

88,122

Dec. .......

2,346

549

8,102

104

93,173

1,014

-7,112

-59,103

-672

302,051

47,026

Fiscal year
2020 to date .......

5,854

1,823

26,159

266

285,057

7,541

-3,6617

-58,063

-1,408

948,914

463,996

Note: Detail may not add to total due to rounding.
1 These estimates are based on the President's FY 2019 Budget, released by the Office of Management and
Budget on July 13, 2018.

March 2020

TABLE FFO-4—Summary of U.S. Government Receipts by Source and Outlays by Agency,
December 2019 and Other Periods
[In millions of dollars. Source: Bureau of the Fiscal Service]

Classification
Budget receipts:
Individual income taxes...............................................
Corporation income taxes ...........................................
Social insurance and retirement receipts:
Employment and general retirement (off-budget) ...
Employment and general retirement (on-budget) ...
Unemployment insurance .......................................
Other retirement ......................................................
Excise taxes ................................................................
Estate and gift taxes ...................................................
Customs duties ...........................................................
Miscellaneous receipts................................................
Total receipts .......................................................
(On-budget) .....................................................
(Off-budget) .....................................................
Budget outlays:
Legislative branch .......................................................
Judicial branch ............................................................
Department of Agriculture ...........................................
Department of Commerce...........................................
Department of Defense-military ..................................
Department of Education ............................................
Department of Energy .................................................
Department of Health and Human Services ...............
Department of Homeland Security..............................
Department of Housing and Urban Development.......
Department of the Interior ...........................................
Department of Justice .................................................
Department of Labor ...................................................
Department of State ....................................................
Department of Transportation .....................................
Department of the Treasury:
Interest on the public debt...........................................
Other .......................................................................
Department of Veterans Affairs ..............................
Corps of Engineers .....................................................
Other defense civil programs ......................................
Environmental Protection Agency...............................
Executive Office of the President................................
General Services Administration ................................
International Assistance Program ...............................
National Aeronautics and Space Administration ........
National Science Foundation ......................................
Office of Personnel Management ...............................
Small Business Administration ...................................
Social Security Administration ....................................
Other independent agencies .......................................
Undistributed offsetting receipts:
Interest ........................................................................
Other .......................................................................
Total outlays ............................................................
(On-budget) .........................................................
(Off-budget) .....................................................
Surplus or deficit (-) .........................................
(On-budget) .........................................................
(Off-budget) .....................................................

-No Transactions
* Less than $500,000

General
funds
(1)

This fiscal year to date
Management,
consolidated,
revolving and
Trust
special funds
funds
(2)
(3)

Total
funds
(4)

General
funds
(5)

Prior fiscal year to date
Management,
consolidated,
revolving and
Trust
special funds
funds
(6)
(7)

Total
funds
(8)

384,803
65,414
-45
2
7,046
4,627
14,129
15,747
491,723
491,723
-

56
305
6,625
4,339
11,324
11,324
-

210,098
72,671
5,599
1,323
13,216
393
164
303,464
93,366
210,098

384,858
65,414
210,098
72,626
5,601
1,323
20,567
4,627
21,147
20,250
806,512
596,414
210,098

372,775
53,109
18
12
16,768
5,033
11,940
14,244
473,900
473,900
-

20
290
5,433
4,434
10,176
10,176
-

197,987
69,002
5,871
1,227
12,371
454
250
287,161
89,174
197,987

372,794
53,109
197,987
69,020
5,883
1,227
29,429
5,033
17,827
18,927
771,237
573,250
197,987

1,379
2,104
31,260
3,269
184,761
17,676
8,668
226,874
15,629
11,647
3,140
8,141
1,862
8,100
1,680
160,187
25,209
62,849
2,115
98,562
2,439
96
39
6,753
5,808
1,785
3,374
263
27,934
3,783
-1,235
926,151
926,092
59
-434,427
-434,369
-59

19
263
21,470
1,297
2,541
-24
-694
3,110
-272
-11
376
847
-4,042
301
112
-120
-1,230
28
-6,045
-4
*
-65
12
45
33
391
4
*
1,914
-8,224
12,036
11,393
642
-711
-69
-642

-4
-201
-5
47
46
*
*
79,356
30
54
102
-50
7,316
-39
18,703
22
141
36
-71,683
1
3
-3,694
*
5
22,393
257,122
1,843
-58,063
-28,566
224,917
11,443
213,474
78,547
81,923
-3,376

1,394
2,166
52,725
4,613
187,348
17,651
7,974
309,340
15,387
11,690
3,618
8,937
5,136
8,362
20,496
160,187
25,111
61,761
2,179
20,835
2,437
99
-26
3,071
5,854
1,823
26,159
267
285,056
7,540
-58,063
-38,025
1,163,103
948,928
214,175
-356,592
-352,514
-4,077

1,277
1,852
30,887
2,297
168,508
17,012
7,053
211,532
16,420
11,432
2,837
6,383
1,175
8,220
2,171
164,221
13,604
59,178
1,666
93,788
2,251
109
45
6,859
5,464
1,697
3,631
339
27,356
3,519
-1,392
871,389
871,330
58
-397,489
-397,431
-58

4
237
19,774
1,484
3,376
-29
-432
3,636
71
-52
732
2,441
-3,279
-132
104
-466
-863
36
-5,473
-2
*
-172
-30
22
34
-252
3
*
379
-8,287
12,866
12,396
471
-2,691
-2,220
-471

-4
-11
*
2
50
*
*
73,859
36
20
102
14
7,268
217
16,944
8
166
-26
-68,447
51
1
-3,330
*
4
21,635
242,687
4,060
-62,912
-26,480
205,915
8,629
197,286
81,246
80,545
701

1,278
2,077
50,660
3,783
171,933
16,983
6,622
289,027
16,527
11,400
3,671
8,838
5,164
8,305
19,220
164,221
13,146
58,481
1,676
19,868
2,299
110
-127
3,498
5,486
1,735
25,015
342
270,043
7,958
-62,912
-36,159
1,090,170
892,355
197,815
-318,933
-319,105
172

Note.—Detail may not add to totals due to rounding

March 2020

INTRODUCTION: Federal Debt
Treasury securities (i.e., public debt securities) comprise
most of the Federal debt, with securities issued by other
Federal agencies accounting for the rest. Tables in this
section of the “Treasury Bulletin” reflect the total. Further
detailed information is published in the “Monthly Statement
of the Public Debt of the United States.” Likewise,
information on agency securities and on investments of
Federal Government accounts in Federal securities is
published in the “Monthly Treasury Statement of Receipts
and Outlays of the United States Government.”
Treasury’s Bureau of the Fiscal Service compiles data in
the “Treasury Bulletin” tables FD-2 and FD-6 from the
“Monthly Statement of the Public Debt of the United
States.”
 Table FD-1 summarizes the Federal debt by listing
public debt and agency securities held by the public,
including the Federal Reserve. It also includes debt held by
Federal agencies, largely by the Social Security and other
Federal retirement trust funds. The net unamortized
premium and discount also are listed by total Federal
securities, securities held by Government accounts and
securities held by the public. The difference between the
outstanding face value of the Federal debt and the net
unamortized premium and discount is classified as the
accrual amount. (For greater detail on holdings of Federal
securities by particular classes of investors, see the
ownership tables, OFS-1 and OFS-2.)
 Table FD-2 categorizes by type, that is, marketable
and nonmarketable, the total public debt securities
outstanding that are held by the public.
 In table FD-3, nonmarketable Treasury securities
held by U.S. Government accounts are summarized by
issues to particular funds within Government. Many of the
funds invest in par value special series nonmarketables at
interest rates determined by law. Others invest in marketbased special Treasury securities whose terms mirror those
of marketable securities.
 Table FD-4 presents interest-bearing securities
issued by Government agencies. Federal agency borrowing

March 2020

has declined in recent years, in part because the Federal
Financing Bank has provided financing to other Federal
agencies. (Federal agency borrowing from Treasury is
presented in the “Monthly Treasury Statement of Receipts
and Outlays of the United States Government.”)
 Table FD-5 illustrates the average length of
marketable interest-bearing public debt held by private
investors and the maturity distribution of that debt.
In March 1971, Congress enacted a limited exception to
the amount of bonds with rates greater than 4-1/4 percent
that could be held by the public. This permitted Treasury to
offer securities maturing in more than 7 years at current
market interest rates for the first time since 1965. In March
1976, the definition of a bond was changed to include those
securities longer than 10 years to maturity. This exception
has expanded since 1971, authorizing Treasury to continue
to issue long-term securities. The ceiling on Treasury bonds
was repealed on November 10, 1988.
The volume of privately held Treasury marketable
securities by maturity class reflects the remaining period to
maturity of Treasury bills, notes and bonds. The average
length is comprised of an average of remaining periods to
maturity, weighted by the amount of each security held by
private investors. In other words, computations of average
length exclude Government accounts and the FRBs.
 In table FD-6, the debt ceiling is compared with the
outstanding debt subject to limitation by law. The other debt
category includes Federal debt Congress has designated as
being subject to the debt ceiling.
 Table FD-7 details Treasury holdings of securities
issued by Government corporations and other agencies.
Certain Federal agencies are authorized to borrow money
from the Treasury, largely to finance direct loan programs.
In addition, agencies such as the Bonneville Power
Administration are authorized to borrow from the Treasury
to finance capital projects. Treasury, in turn, finances these
loans by selling Treasury securities to the public.

FEDERAL DEBT

TABLE FD-1—Summary of Federal Debt
[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”]

End of fiscal
year or month

Total
(1)

Amount outstanding
Public debt
securities
(2)

Agency
securities
(3)

Total
(4)

Securities held by
Government accounts
Agency
Public debt
securities
Total
securities
(6)
(7)
(5)

The public
Public debt
securities
(8)

Agency
securities
(9)

2015 ...............................
2016 ...............................
2017 ...............................
2018 ...............................
2019 ...............................

18,174,718
19,597,812
20,269,269
21,538,880
22,740,857

18,150,618
19,573,445
20,244,900
21,516,058
22719402

24,100
24,367
24,369
22,822
21,455

5,026,867
5,395,699
5,563,074
5,737,252
5,893,424

5,026,862
5,395,695
5,563,073
5,737,252
5,893,424

5
4
1
-

13,147,851
14,202,113
14,706,195
15,801,628
16,847,433

13,123,756
14,177,750
14,681,827
15,778,806
16,825,978

24,095
24,363
24,368
22,822
21,455

2018 - Dec. ....................
2019 - Jan ......................
Feb .....................
Mar .....................
Apr .....................
May ....................
June ...................
July ....................
Aug.....................
Sept....................
Oct. ....................
Nov.....................
Dec.....................

21,997,036
22,005,220
22,138,026
22,050,081
22,049,873
22,048,574
22,045,280
22,044,255
22,482,155
22,740,857
23,029,685
23,097,400
23,222,591

21,974,096
21,982,423
22,115,526
22,027,880
22,027,668
22,026,424
22,023,283
22,022,369
22,460,467
22,719,402
23,008,410
23,076,199
23,201,380

22,940
22,797
22,500
22,201
22,205
22,150
21,997
21,886
21,688
21,455
21,275
21,201
21,211

5,853,354
5,862,428
5,845,051
5,804,029
5,816,978
5,806,506
5,818,564
5,795,177
5,847,510
5,893,424
6,010,478
5,953,691
6,013,988

16,143,682
16,142,792
16,292,975
16,246,052
16,232,895
16,242,068
16,226,716
16,249,078
16,634,645
16,847,433
17,019,207
17,143,709
17,208,603

16,120,742
16,119,995
16,270,475
16,223,851
16,210,690
16,219,918
16,204,719
16,227,192
16,612,957
16,825,978
16,997,932
17,122,508
17,187,392

22,940
22,797
22,500
22,201
22,205
22,150
21,997
21,886
21,688
21,455
21,275
21,201
21,211

Federal debt securities
Net
unamortized
Amount
Accrual
premium
outstanding
amount
and discount
face value
(12)
(11)
(10)

Securities held by Government accounts
Net
unamortized
Amount
Accrual
premium
outstanding
amount
and discount
face value
(15)
(14)
(13)

Securities held by the public
Net
unamortized
Amount
Accrual
premium
outstanding
amount
and discount
face value
(18)
(17)
(16)

18,174,718
19,597,812
20,269,269
21,538,880
22,740,857

56,852
60,393
65,378
78,187
72,840

18,117,866
19,537,417
20,203,891
21,460,692
22,668,015

5,026,867
5,395,699
5,563,074
5,737,252
5,893,424

25,603
26,706
25,909
27,744
28,201

5,001,264
5,368,993
5,537,165
5,709,509
5,865,224

13,147,851
14,202,113
14,706,195
15,801,628
16,847,433

31,249
33,687
39,469
50,443
44,639

13,116,602
14,168,425
14,666,725
15,751,183
16,802,792

2018 - Dec. .................... 21,997,036
2019 - Jan ...................... 22,005,220
Feb ..................... 22,138,026
Mar ..................... 22,050,081
Apr ..................... 22,049,873
May .................... 22,048,574
June ................... 22,045,280
July ..................... 22,044,255
Aug ..................... 22,482,155
Sept .................... 22,740,857
Oct...................... 23,029,685
Nov. .................... 23,097,400
Dec. .................... 23,222,591

82,484
81,028
81,940
80,387
79,194
79,389
76,241
73,988
73,196
72,840
84,625
83,469
82,471

21,914,550
21,924,191
22,056,085
21,969,694
21,970,679
21,969,184
21,969,038
21,970,265
22,408,957
22,668,015
22,945,058
23,013,930
23,140,119

5,853,354
5,862,428
5,845,051
5,804,029
5,816,978
5,806,506
5,818,564
5,795,177
5,847,510
5,893,424
6,010,478
5,953,691
6,013,988

29,616
29,152
29,494
28,933
28,703
29,223
29,089
28,897
28,725
28,201
28,048
27,851
27,727

5,823,738
5,833,276
5,815,557
5,775,097
5,788,276
5,777,284
5,789,475
5,766,279
5,818,785
5,865,224
5,982,431
5,925,840
5,986,261

16,143,682
16,142,792
16,292,975
16,246,052
16,232,895
16,242,068
16,226,716
16,249,078
16,634,645
16,847,433
17,019,207
17,143,709
17,208,603

52,868
51,876
52,446
51,454
50,491
50,166
47,152
45,091
44,471
44,639
56,577
55,618
54,744

16,090,812
16,090,915
16,240,529
16,194,597
16,182,403
16,191,900
16,179,563
16,203,986
16,590,173
16,807,792
16,962,628
17,088,090
17,153,857

End of fiscal
year or month
2015 ...............................
2016 ...............................
2017 ...............................
2018 ...............................
2019 ...............................

March 2020

FEDERAL DEBT

TABLE FD-2—Debt Held by the Public
[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”]

Marketable
Treasury
inflationprotected
securities
(6)

Floating
rate
notes
(7)

Nonmarketable
Total
(8)

Total public
debt securities
outstanding
(1)

Total
(2)

Bills
(3)

Notes
(4)

Bonds
(5)

2015 ..........................
2016 ..........................
2017 ..........................
2018 ..........................
2019 ..........................

13,123,847
14,173,424
14,673,429
15,761,155
16,809,092

12,831,867
13,638,303
14,175,677
15,250,078
16,322,637

1,355,231
1,644,759
1,799,570
2,239,473
2,376,370

8,366,026
8,624,253
8,798,940
9,150,301
9,755,985

1,688,208
1,825,338
1,948,414
2,114,982
2,311,517

1,135,363
1,209,814
1,286,124
1,376,180
1,454,698

287,039
334,139
342,630
369,142
424,067

291,980
535,120
497,752
511,077
486,455

2018 - Dec.................
2019 - Jan .................
Feb ................
Mar ................
Apr.................
May ...............
June ..............
July ................
Aug ................
Sept ...............
Oct. ................
Nov. ...............
Dec. ...............

16,101,667
16,101,227
16,250,898
16,204,392
16,192,789
16,202,283
16,188,422
16,211,185
16,596,816
16,809,092
16,981,311
17,105,421
17,170,442

15,589,671
15,591,458
15,740,600
15,910,365
15,853,656
15,914,391
15,906,333
15,944,073
16,122,309
16,322,637
16,489,460
16,603,177
16,657,894

2,339,374
2,298,360
2,395,382
2,479,407
2,383,330
2,353,292
2,250,354
2,205,307
2,331,300
2,376,370
2,455,312
2,514,687
2,416,417

9,292,753
9,351,632
9,371,585
9,410,162
9,485,849
9,511,363
9,548,047
9,636,337
9,650,801
9,755,985
9,826,407
9,821,958
9,920,786

2,161,472
2,177,715
2,187,909
2,203,850
2,222,584
2,247,949
2,266,020
2,282,191
2,294,496
2,311,517
2,329,496
2,357,221
2,373,513

1,412,256
1,403,461
1,407,439
1,420,671
1,389,990
1,409,990
1,432,115
1,432,181
1,439,650
1,454,698
1,473,489
1,486,555
1,506,394

383,815
360,290
378,285
396,275
371,903
391,797
409,798
388,058
406,062
424,067
404,755
422,756
440,783

511,995
509,769
510,298
294,027
339,133
287,892
282,089
267,112
474,507
486,455
491,851
502,243
512,549

End of fiscal
year or month

Nonmarketable, continued
End of fiscal
year or month

U.S. savings
securities
(9)

Depositary
compensation
securities
(10)

Foreign
series
(11)

Government
account series
(12)

State and local
government
series
(13)

Domestic
series
(14)

Other
(15)

2015 ..........................
2016 ..........................
2017 ..........................
2018 ..........................
2019 ..........................

172,826
167,524
161,705
156,809
152,355

264
264
264
264
264

9,138
226,349
223,787
250,680
248,052

78,115
109,211
80,359
71,753
53,809

29,995
29,995
29,995
29,995
29,995

1,642
1,777
1,641
1,575
1,981

2018 - Dec. ...............
2019 - Jan .................
Feb ................
Mar ................
Apr ................
May ...............
June ..............
July ................
Aug ................
Sept ...............
Oct.................
Nov. ...............
Dec. ...............

155,795
155,254
154,933
154,533
154,146
153,752
153,407
153,029
152,642
152,355
152,088
151,842
151,347

264
264
264
264
264
264
264
264
264
264
264
264
264

258,083
261,183
262,304
45,624
94,942
49,279
48,751
38,352
244,960
248,052
249,394
253,800
255,668

66,197
61,438
61,179
61,975
58,030
52,845
47,865
43,643
44,786
53,809
62,591
68,865
77,752

29,995
29,995
29,995
29,995
29,995
29,995
29,995
29,995
29,995
29,995
25,473
25,473
25,473

1,660
1,634
1,623
1,635
1,755
1,756
1,806
1,827
1,859
1,981
2,040
1,999
2,045

March 2020

FEDERAL DEBT

TABLE FD-3—Government Account Series
[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”]

Deposit
Insurance
Fund
(3)

Employees
Life
Insurance
Fund
(4)

Exchange
Stabilization
Fund
(5)

Federal
Disability
Insurance
Trust Fund
(6)

Federal
employees
retirement
funds
(7)

Federal
Hospital
Insurance
Trust Fund
(8)

Federal
Housing
Administration
(9)

End of fiscal
year or month

Total
(1)

Airport and
Airway
Trust Fund
(2)

2015 ..................
2016 ..................
2017 ..................
2018 ..................
2019 ..................

5,013,530
5,604,069
5,771,144
5,977,617
6,133,658

12,716
13,400
13,404
14,212
15,018

60,096
71,524
78,486
94,431
104,015

43,958
45,167
45,680
46,616
48,199

20,773
22,680
22,090
22,311
22,622

41,638
45,880
69,669
93,401
96,520

737,096
874,141
912,438
931,838
950,211

195,458
192,209
197,835
202,805
198,625

36,441
30,879
26,975
50,601

2018 - Dec. .......
2019 - Jan .........
Feb ........
Mar ........
Apr ........
May .......
June ......
July ........
Aug ........
Sept .......
Oct.........
Nov. .......
Dec. .......

6,101,877
6,113,990
6,097,856
5,840,580
5,902,566
5,846,560
5,859,045
5,825,469
6,084,613
6,133,658
6,251,829
6,200,010
6,262,363

15,117
14,817
15,219
15,220
15,407
15,620
16,149
16,073
15,468
15,018
14,927
15,085
15,355

99,339
99,302
99,553
101,002
101,662
101,776
101,584
102,729
101,846
104,015
103,614
98,691
104,429

46,805
46,842
47,530
47,535
47,535
47,555
47,578
47,624
48,142
48,199
48,213
48,334
48,399

22,399
22,445
22,435
22,480
22,528
22,519
22,558
22,603
22,583
22,622
22,657
22,633
22,664

97,201
99,035
97,494
96,856
99,655
98,158
101,029
99,379
97,511
96,520
94,144
92,267
93,138

932,693
927,196
923,064
894,471
894,422
887,071
815,093
807,540
911,025
950,211
945,609
942,179
951,540

200,116
205,557
199,611
195,317
208,041
186,892
206,307
200,956
185,480
198,625
193,875
182,772
193,967

28,583
26,729
29,091
29,396
47,720
48,299
48,901
49,847
50,601
51,313
51,913
52,431

End of fiscal
year or month

Federal
Old-Age and
Survivors
Insurance
Trust Fund
(10)

Federal
Savings
and Loan
Corporation,
Resolution
Fund
(11)

Federal
Supplementary
Medical
Insurance
Trust Fund
(12)

Highway
Trust
Fund
(13)

National
Service Life
Insurance
Fund
(14)

Postal
Service
Fund
(15)

Railroad
Retirement
Account
(16)

Unemployment
Trust
Fund
(17)

Other
(18)

2015 .....................
2016 .....................
2017 .....................
2018 .....................
2019 .....................

2,766,649
2,796,712
2,820,200
2,801,254
2,804,396

828
828
839
852
872

66,128
63,336
70,589
98,197
104,716

7,667
64,629
52,332
41,212
28,192

4,903
4,246
3,604
3,015
2,456

7,163
8,527
10,965
10,493
9,341

874
685
419
612
698

44,368
53,776
60,711
72,576
84,361

1,003,215
1,309,888
1,381,004
1,516,817
1,612,815

2018 - Dec. ..........
2019 - Jan ............
Feb ...........
Mar ...........
Apr ...........
May ..........
June .........
July ...........
Aug ...........
Sept ..........
Oct............
Nov. ..........
Dec. ..........

2,797,974
2,806,515
2,794,748
2,789,289
2,805,586
2,794,787
2,833,813
2,826,907
2,812,668
2,804,396
2,792,768
2,776,958
2,804,355

857
859
861
862
864
866
868
869
871
872
875
876
878

104,159
107,463
110,773
110,133
112,260
85,660
105,918
105,837
87,227
104,716
108,825
89,164
108,069

37,649
37,807
37,736
37,778
38,418
37,047
35,824
34,556
31,168
28,192
26,284
25,404
25,225

2,901
2,850
2,796
2,731
2,670
2,611
2,612
2,554
2,512
2,456
2,407
2,358
2,362

9,918
10,608
8,461
8,830
9,643
8,588
8,676
8,530
8,992
9,341
8,864
7,987
8,774

387
583
676
666
754
738
537
656
579
698
621
431
436

72,164
70,038
70,989
68,357
69,311
84,580
83,776
82,780
86,140
84,361
83,392
85,343
83,826

1,633,615
1,635,344
1,636,819
1,419,657
1,473,810
1,424,372
1,428,424
1,416,975
1,622,554
1,612,815
1,753,441
1,757,615
1,746,515

Note—Detail may not add to totals due to rounding.

March 2020

FEDERAL DEBT

TABLE FD-4—Interest-Bearing Securities Issued by Government Agencies
[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”]

End of fiscal
year or month

Total
outstanding
(1)

Department of
Housing and
Urban
Development
Federal Housing
Administration
(2)

Other
independent
Tennessee
Valley Authority
(4)

Architect
of the
Capitol
(3)

National Archives
and Records
Administration
(5)

Other/Federal
Communications
Commission
(6)

2015 ...........................

24,100

107

23,878

2016 ...........................

24,367

24,175

2017 ...........................

24,369

24,209

2018 ...........................

22,822

22,696

2019 ...........................

21,455

21,367

2018 - Dec. ................

22,940

22,813

2019 - Jan ..................

22,797

22,670

Feb .................

22,500

22,394

Mar .................

22,201

22,094

Apr .................

22,205

22,097

May ................

22,150

22,042

June ...............

21,997

21,890

July .................

21,886

21,777

Aug .................

21,688

21,601

Sept ................

21,455

21,367

Oct..................

21,275

21,187

Nov. ................

21,201

21,113

Dec. ................

21,211

21,122

Note—Detail may not add to totals due to rounding.

March 2020

* Less than $500,000.

FEDERAL DEBT

TABLE FD-5—Maturity Distribution and Average Length of Marketable
Interest-Bearing Public Debt Held by Private Investors
[In millions of dollars. Source: Office of Debt Management, Office of the Under Secretary for Domestic Finance]

Amount
outstanding
privately held
(1)

Within
1 year
(2)

1-5
years
(3)

2015 ...............................

10,379,413

2,922,734

4,356,051

2016 ...............................

11,184,046

3,321,283

2017 ...............................

11,642,870

2018 ...............................

Maturity classes
5-10
years
(4)

10-20
years
(5)

20 years
or more
(6)

Average length
(months)
(7)

2,084,293

184,306

832,030

4,478,458

2,219,048

167,666

997,590

3,263,065

4,746,209

2,320,739

151,686

1,161,170

12,880,947

3,794,461

5,181,488

2,444,652

121,319

1,339,027

2019 ...............................

14,225,142

4,147,209

5,821,560

2,625,077

104,901

1,526,394

2018 - Dec. .....................

13,385,360

3,927,279

5,426,079

2,524,238

113,097

1,394,666

2019 - Jan ......................

13,403,618

3,899,283

5,461,802

2,535,614

96,751

1,410,168

Feb .....................

13,583,882

4,013,313

5,521,894

2,521,411

103,143

1,424,121

Mar .....................

13,681,505

4,108,702

5,500,058

2,529,183

103,183

1,440,379

Apr ......................

13,746,594

4,045,610

5,549,483

2,608,424

86,014

1,457,062

May.....................

13,821,207

4,037,791

5,631,335

2,589,055

97,685

1,465,341

June....................

13,739,980

3,948,429

5,623,904

2,587,748

97,719

1,482,180

July .....................

13,878,573

3,947,861

5,715,596

2,618,804

97,735

1,498,577

Aug .....................

13,966,170

4,094,512

5,699,342

2,554,760

105,240

1,512,317

Sept ....................

14,225,142

4,147,209

5,821,560

2,625,077

104,901

1,526,394

Oct. .....................

14,329,755

4,218,925

5,818,033

2,649,408

104,887

1,538,503

Nov. ....................

14,287,972

4,253,343

5,788,593

2,585,783

118,194

1,542,059

Dec. ....................

14,344,337

4,105,461

5,922,961

2,643,163

118,184

1,554,568

End of fiscal
year or month

Note—Detail may not add to totals due to rounding.

March 2020

FEDERAL DEBT

TABLE FD-6—Debt Subject to Statutory Limit
[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”]

End of fiscal
year or month

Statutory debt
limit
(1)

Debt subject to limit
Total
(2)

Public debt
(3)

Securities outstanding
Other debt 1
(4)

Public debt
(5)

Other debt
(6)

Securities
not subject
to limit
(7)

2015 .......................................

18,113,000

18,112,975

18,150,618

37,643

2016 .......................................

19,538,456

19,573,445

34,989

2017 .......................................

19,808,772

20,208,638

20,244,900

36,262

2018 .......................................

21,474,848

21,516,058

41,209

2019 .......................................

22,686,617

22,719,402

32,785

2018 - Dec. .............................

21,933,738

21,974,096

40,358

2019 - Jan ..............................

21,941,179

21,982,423

41,244

Feb .............................

22,074,156

22,115,526

41,371

Mar .............................

21,987,706

21,987,681

22,027,880

40,200

Apr ..............................

21,987,706

21,987,681

22,027,668

39,988

May.............................

21,987,706

21,987,681

22,026,424

38,743

June............................

21,987,706

21,987,681

22,023,283

35,602

July……………………

21,987,706

21,987,681

22,022,369

34,688

Aug ............................

22,427,545

22,460,467

32,922

Sept ............................

22,686,617

22,719,402

32,785

Oct. ............................

22,961,750

23,008,410

46,659

Nov. ............................

23,030,572

23,076,199

45,627

Dec. ............................

23,155,700

23,201,380

45,680

(1)Pursuant to 31 U.S.C. 3101(b). By the Bipartisan Budget Act of 2015, Public Law 114-74. the
Statutory Debt Limit has been suspended through March 15, 2017. The Statutory Debt Limit in 31
U.S.C. 3101(b) was permanently increased effective March 16, 2017 to $19,808,772,381,624.74.
(2)Pursuant to 31 U.S.C. 3101(b). By the The Continuing Appropriations Act, 2018 and
Supplemental Appropriations for the Disaster Relief Requirements Act 2017, Public Law 115-56,
the Statutory Debt Limit was suspended through December 8, 2017.

March 2020

(3)Pursuant to 31 U.S.C. 3101(b). By the The Continuing Appropriations Act, 2018
and Supplemental Appropriations for the Disaster Relief Requirements Act
2017,Public Law 115-56, the Statutory Debt Limit was suspended through
December 8, 2017. The Statutory Debt Limit in 31 U.S.C. 3101(b) was permanently
increased effective December 9, 2017, to $20,455,999,906,400.12
(4)Pursuant to 31 U.S.C. 3101(b). By the The Continuing Appropriations Act, 2018
and Bipartisan Budget Act, 2018, Public Law 115-119, the Statutory Debt Limit was
suspended through March 1, 2019.

FEDERAL DEBT

TABLE FD-7—Treasury Holdings of Securities Issued
by Government Corporations and Other Agencies
[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”]

End of fiscal
year or month

Total
(1)

Rural Utilities
Service
(3)

Farm-Service
Agency
(2)

Department of Agriculture
Rural Business
Rural Housing
and Cooperative
and Community
Development
Development
Service
Service
(5)
(4)

Foreign
Agricultural
Service
(6)

1,306,402
1,389,173
1,442,633
1,512,469
1,570,919

19,261
25,620
19,810
23,005
39,017

26,261
24,585
21,940
19,325
21,473

23,057
24,130
26,992
26,797
29,605

626
654
645
583
660

688
636
601
453
432

2018 - Dec. ...........................
2019 - Jan .............................
Feb ............................
Mar ............................
Apr ............................
May ...........................
June ..........................
July ............................
Aug ............................
Sept ...........................
Oct.............................
Nov. ...........................
Dec. ...........................

1,595,896
1,603,858
1,605,765
1,606,124
1,621,331
1,634,029
1,632,530
1,633,877
1,623,098
1,570,919
1,604,873
1,614,629
1,619,796

30,276
36,297
33,357
31,653
32,077
32,207
33,759
33,414
35,815
39,017
24,801
34,384
37,700

19,639
19,658
20,016
19,900
19,959
20,041
20,098
20,551
21,362
21,473
21,591
21,716
21,886

27,302
27,359
27,920
27,913
28,216
28,215
28,450
28,450
29,354
29,605
29,783
30,048
30,203

591
591
611
566
571
575
578
578
633
660
664
666
669

453
453
453
453
453
453
453
453
431
432
432
432
432

End of fiscal
year or month

Department of
Education
(7)

Department
of Energy
Bonneville Power
Administration
(8)

Department of Housing
and Urban Development
Other Housing
Federal Housing
programs
Administration
(10)
(9)

Department
of the Treasury
Federal
Financing Bank
(11)

1,050,374
1,126,370
1,178,495
1,258,499
1,287,510

4,649
4,759
5,009
5,531
5,280

26,921
30,318
27,954
24,709
30,386

127
128
128
134
24

58,050
59,043
61,270
61,584
63,751

2018 - Dec. ...........................
2019 - Jan .............................
Feb ............................
Mar ............................
Apr ............................
May ...........................
June ..........................
July ...........................
Aug............................
Sept ...........................
Oct.............................
Nov. ...........................
Dec. ...........................

1,329,918
1,330,500
1,335,506
1,335,506
1,349,299
1,351,646
1,351,664
1,352,731
1,340,866
1,287,510
1,334,055
1,333,325
1,333,325

5,398
5,374
5,299
5,299
5,299
5,299
5,294
5,294
5,451
5,280
5,380
5,630
5,530

24,734
24,734
24,734
24,734
24,734
33,334
33,334
33,334
33,334
30,386
30,386
30,386
30,386

134
134
134
134
134
134
135
134
30
24
14
15
15

62,355
62,883
61,474
62,880
62,961
63,545
63,587
63,427
63,700
63,751
64,087
64,306
65,060

March 2020

FEDERAL DEBT

TABLE FD-7—Treasury Holdings of Securities Issued by Government
Corporations and Other Agencies, continued
[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”]

Export-Import
Bank of the
United States
(12)

Railroad
Retirement
Board
(13)

Small Business
Administration
(14)

Other
(15)

2015 ......................................

22,725

3,498

7,176

62,989

2016 ......................................

25,022

3,577

8,020

56,308

2017 ......................................

24,645

3,712

7,693

63,739

2018 ......................................

20,213

3,725

11,212

56,699

2019 ......................................

16,946

3,934

11,810

60,091

2018 - Dec. ...........................

20,229

4,799

12,604

57,464

2019 - Jan .............................

20,250

5,182

12,604

57,839

Feb ............................

20,257

5,468

12,604

57,932

Mar ............................

20,257

5,821

12,700

58,308

Apr ............................

20,259

6,178

12,369

58,822

May ...........................

20,259

6,502

12,500

59,319

June ..........................

20,259

2,802

12,500

59,617

July ............................

20,259

3,199

12,534

59,519

Aug ............................

16,946

3,533

12,639

59,004

Sept ...........................

16,946

3,934

11,810

60,091

Oct. ...........................

16,946

4,337

11,810

60,587

Nov. ...........................

16,946

4,671

11,334

60,770

Dec. ...........................

16,946

5,062

11,334

61,248

End of fiscal
year or month

Note—Detail may not add to totals due to rounding.

March 2020

INTRODUCTION: Bureau of the Fiscal Service Operations
Chapter 31 of Title 31 of the United States Code allows
the Secretary of Treasury to borrow money by issuing
Treasury securities. The Secretary determines the terms and
conditions of issue, conversion, maturity, payment, and
interest rate. New issues of Treasury notes mature in 2 to 10
years. Bonds mature in more than 10 years from the issue
date. Each outstanding marketable security is listed in the
“Monthly Statement of the Public Debt of the United States.”
The information in this section of the “Treasury Bulletin”
pertains only to marketable Treasury securities.
The Bureau of the Fiscal Service is a new bureau within
the Treasury Department, formed on October 7, 2012, from
the consolidation of the Financial Management Service and
the Bureau of the Public Debt. Our mission is to promote the
financial integrity and operational efficiency of the U.S.
government through exceptional accounting, financing,
collections, payments, and shared services. As one bureau,
the organization is better positioned to help transform
financial management and the delivery of shared services in
the federal government. The bureau will be a valued partner
for agencies as they work to strengthen their own financial
management or as they look for a quality service provider
who can allow them to focus on their missions.

Table PDO-1 presents the results of weekly auctions of 4-,
13-, and 26-week bills. Treasury bills mature each Thursday.
Issues of 4- and 13-week bills are reopenings of 26-week
bills. High rates on accepted tenders and the dollar value of
total bids are presented, with the dollar value of awards made
on both competitive and noncompetitive basis.
To encourage the participation of individuals and smaller
institutions, Treasury accepts noncompetitive tenders of up to
$5 million in each auction of securities.
Table PDO-2 lists the results of auctions of marketable
securities, other than weekly bills, in chronological order over
the past 2 years. Issues of cash management bills also are
presented.
Note: On July 31, 2013, Treasury published amendments
to its marketable securities auction rules to accommodate the
auction and issuance of Floating Rate Notes (FRNs). An FRN
is a security that has an interest payment that can change over
time. Treasury FRNs will be indexed to the most recent 13week Treasury bill auction High Rate, which is the highest
accepted discount rate in a Treasury bill auction. FRNs will
pay interest quarterly.

TREASURY FINANCING: OCTOBER-DECEMBER
[Source: Bureau of the Fiscal Service, Division of Financing Operations]

OCTOBER
Auction of 3-Year Notes
On October 3, 2019, Treasury announced it would
auction $38,000 million of 3-year notes. The issue was
to refund $24,003 million of securities maturing
October 15 and to raise new cash of approximately
$53,997 million.
The 3-year notes of Series AS-2022 were dated
and issued October 15. They are due October 15, 2022,
with interest payable on April 15 and October 15 until
maturity. Treasury set an interest rate of 1-3/8 percent
after determining which tenders were accepted on a
yield auction basis.
Treasury received tenders for the notes before
12:00 noon Eastern Time (ET) for noncompetitive
tenders and before 1:00 p.m. ET for competitive
tenders on October 8. Tenders totaled $92,176 million;
Treasury
accepted
$38,000
million.
All
noncompetitive and successful competitive bidders
were allotted securities at the high yield of 1.413
percent with an equivalent price of $99.888767.
Treasury accepted in full all competitive tenders at
yields lower than 1.413 percent. Tenders at the high
yield were allotted 71.54 percent. The median yield

was 1.379 percent, and the low yield was 0.880
percent. Noncompetitive tenders totaled $28 million.
Competitive tenders accepted from private investors
totaled $37,972 million. The minimum par amount
required for Separate Trading of Registered Interest
and Principal Securities (STRIPS) of notes of Series
AS-2022 is $100.
Auction of 52-Week Bills
On October 3, 2019, Treasury announced it would
auction $28,000 million of 364-day Treasury bills.
They were issued October 10 and will mature October
8, 2020. The issue was to refund $97,993 million of all
maturing bills and to raise new cash of approximately
$17,007 million. Treasury auctioned the bills on
October 8. Tenders totaled $83,398 million; Treasury
accepted $28,000 million, including $420 million of
noncompetitive tenders from the public. The high bank
discount rate was 1.600 percent.
Auction of 9-Year 10-Month 1-5/8 Percent
Notes
On October 3, 2019, Treasury announced it would
auction $24,000 million of 9-year 10-month 1-5/8

March 2020

percent notes. The issue was to refund $24,003 million
of securities maturing October 15 and to raise new
cash of approximately $53,997 million.
The 9-year 10-month 1-5/8 percent notes of Series
E-2029 were dated August 15 and issued October 15.
They are due August 15, 2029, with interest payable
on February 15 and August 15 until maturity.
Treasury received tenders for the notes before
12:00 noon ET for noncompetitive tenders and before
1:00 p.m. ET for competitive tenders on October 9.
Tenders totaled $58,317 million; Treasury accepted
$24,000 million. All noncompetitive and successful
competitive bidders were allotted securities at the high
yield of 1.590 percent with an equivalent price of
$100.316063. Treasury accepted in full all competitive
tenders at yields lower than 1.590 percent. Tenders at
the high yield were allotted 59.01 percent. The median
yield was 1.535 percent, and the low yield was 1.450
percent. Noncompetitive tenders totaled $3 million.
Competitive tenders accepted from private investors
totaled $23,997 million. Accrued interest of $2.69361
per $1,000 must be paid for the period from August 15
to October 15. The minimum par amount required for
STRIPS of notes of Series E-2029 is $100.
Auction of 29-Year 10-Month 2-1/4 Percent
Bonds
On October 3, 2019, Treasury announced it would
auction $16,000 million of 29-year 10-month 2-1/4
percent bonds. The issue was to refund $24,003
million of securities maturing October 15 and to raise
new cash of approximately $53,997 million.
The 29-year 10-month 2-1/4 percent bonds of
August 2049 were dated August 15 and issued October
15. They are due August 15, 2049, with interest
payable on February 15 and August 15 until maturity.
Treasury received tenders for the bonds before
12:00 noon ET for noncompetitive tenders and before
1:00 p.m. ET for competitive tenders on October 10.
Tenders totaled $35,927 million; Treasury accepted
$16,000 million. All noncompetitive and successful
competitive bidders were allotted securities at the high
yield of 2.170 percent with an equivalent price of
$101.747638. Treasury accepted in full all competitive
tenders at yields lower than 2.170 percent. Tenders at
the high yield were allotted 75.61 percent. The median
yield was 2.119 percent, and the low yield was 1.800
percent. Noncompetitive tenders totaled $3 million.
Competitive tenders accepted from private investors
totaled $15,997 million. Accrued interest of $3.72962
per $1,000 must be paid for the period from August 15
to October 15. The minimum par amount required for
STRIPS of bonds of August 2049 is $100.

March 2020

Auction of 5-Year Treasury Inflation Protected
Security (TIPS)
On October 10, 2019, Treasury announced it would
auction $17,000 million of 5-year TIPS. The issue was
to refund $116,335 million of securities maturing
October 31 and to raise new cash of approximately
$33,665 million.
The 5-year TIPS of Series AE-2024 were dated
October 15 and issued October 31. They are due
October 15, 2024, with interest payable on April 15
and October 15 until maturity. Treasury set an interest
rate of 0-1/8 percent after determining which tenders
were accepted on a yield auction basis.
Treasury received tenders for the TIPS before
12:00 noon ET for noncompetitive tenders and before
1:00 p.m. ET for competitive tenders on October 17.
Tenders totaled $46,745 million; Treasury accepted
$17,000 million. All noncompetitive and successful
competitive bidders were allotted securities at the high
yield of 0.054 percent with an equivalent adjusted
price of $100.348367. Treasury accepted in full all
competitive tenders at yields lower than 0.054 percent.
Tenders at the high yield were allotted 87.48 percent.
The median yield was 0.015 percent, and the low yield
was 0.000 percent. Noncompetitive tenders totaled $31
million. Competitive tenders accepted from private
investors totaled $16,969 million. Adjusted accrued
interest of $0.05464 per $1,000 must be paid for the
period from October 15 to October 31. Both the
unadjusted price of $100.351378 and the unadjusted
accrued interest of $0.05464 were adjusted by an index
ratio of 0.99997, for the period from October 15 to
October 31.
In addition to the $17,000 million of tenders
accepted in the auction process, Treasury accepted
$1,777 million from FRBs for their own accounts. The
minimum par amount required for STRIPS of TIPS of
Series AE-2024 is $100.
Auction of 2-Year Notes
On October 17, 2019, Treasury announced it would
auction $40,000 million of 2-year notes. The issue was
to refund $116,335 million of securities maturing
October 31 and to raise new cash of approximately
$33,665 million.
The 2-year notes of Series BH-2021 were dated
and issued October 31. They are due October 31, 2021,
with interest payable on April 30 and October 31 until
maturity. Treasury set an interest rate of 1-1/2 percent
after determining which tenders were accepted on a
yield auction basis.
Treasury received tenders for the notes before
12:00 noon ET for noncompetitive tenders and before
1:00 p.m. ET for competitive tenders on October 22.

Tenders totaled $107,820 million; Treasury accepted
$40,000 million. All noncompetitive and successful
competitive bidders were allotted securities at the high
yield of 1.594 percent with an equivalent price of
$99.815687. Treasury accepted in full all competitive
tenders at yields lower than 1.594 percent. Tenders at
the high yield were allotted 92.62 percent. The median
yield was 1.560 percent, and the low yield was 0.880
percent. Noncompetitive tenders totaled $107 million.
Competitive tenders accepted from private investors
totaled $39,893 million.
In addition to the $40,000 million of tenders accepted
in the auction process, Treasury accepted $4,182
million from FRBs for their own accounts. The
minimum par amount required for STRIPS of notes of
Series BH-2021 is $100.
Auction of 2-Year Floating Rate Notes (FRNs)
On October 17, 2019, Treasury announced it would
auction $20,000 million of 2-year FRNs. The issue
was to refund $116,335 million of securities maturing
October 31 and to raise new cash of approximately
$33,665 million.
The 2-year FRNs of Series BJ-2021 were dated
and issued October 31. They are due October 31, 2021,
with interest payable on January 31, April 30, July 31,
and October 31 until maturity. Treasury set a spread of
0.300 percent after determining which tenders were
accepted on a discount margin basis.
Treasury received tenders for the FRNs before
11:00 a.m. ET for noncompetitive tenders and before
11:30 a.m. ET for competitive tenders on October 23.
Tenders totaled $51,638 million; Treasury accepted
$20,000 million. All noncompetitive and successful
competitive bidders were allotted securities at the high
discount margin of 0.300 percent with an equivalent
price of $100.000000. Treasury accepted in full all
competitive tenders at discount margins lower than
0.300 percent. Tenders at the high discount margin
were allotted 46.35 percent. The median discount
margin was 0.270 percent, and the low discount
margin was 0.240 percent. Noncompetitive tenders
totaled $15 million. Competitive tenders accepted from
private investors totaled $19,985 million.
In addition to the $20,000 million of tenders accepted
in the auction process, Treasury accepted $2,091
million from FRBs for their own accounts.
Auction of 5-Year Notes
On October 17, 2019, Treasury announced it
would auction $41,000 million of 5-year notes. The
issue was to refund $116,335 million of securities
maturing October 31 and to raise new cash of
approximately $33,665 million.

The 5-year notes of Series AF-2024 were dated
and issued October 31. They are due October 31, 2024,
with interest payable on April 30 and October 31 until
maturity. Treasury set an interest rate of 1-1/2 percent
after determining which tenders were accepted on a
yield auction basis.
Treasury received tenders for the notes before
12:00 noon ET for noncompetitive tenders and before
1:00 p.m. ET for competitive tenders on October 23.
Tenders totaled $98,627 million; Treasury accepted
$41,000 million. All noncompetitive and successful
competitive bidders were allotted securities at the high
yield of 1.570 percent with an equivalent price of
$99.664649. Treasury accepted in full all competitive
tenders at yields lower than 1.570 percent. Tenders at
the high yield were allotted 41.35 percent. The median
yield was 1.528 percent, and the low yield was 1.360
percent. Noncompetitive tenders totaled $34 million.
Competitive tenders accepted from private investors
totaled $40,966 million.
In addition to the $41,000 million of tenders accepted
in the auction process, Treasury accepted $4,287
million from FRBs for their own accounts. The
minimum par amount required for STRIPS of notes of
Series AF-2024 is $100.
Auction of 7-Year Notes
On October 17, 2019, Treasury announced it would
auction $32,000 million of 7-year notes. The issue was
to refund $116,335 million of securities maturing
October 31 and to raise new cash of approximately
$33,665 million.
The 7-year notes of Series R-2026 were dated and
issued October 31. They are due October 31, 2026,
with interest payable on April 30 and October 31 until
maturity. Treasury set an interest rate of 1-5/8 percent
after determining which tenders were accepted on a
yield auction basis.
Treasury received tenders for the notes before
12:00 noon ET for noncompetitive tenders and before
1:00 p.m. ET for competitive tenders on October 24.
Tenders totaled $78,634 million; Treasury accepted
$32,000 million. All noncompetitive and successful
competitive bidders were allotted securities at the high
yield of 1.657 percent with an equivalent price of
$99.789325. Treasury accepted in full all competitive
tenders at yields lower than 1.657 percent. Tenders at
the high yield were allotted 80.73 percent. The median
yield was 1.615 percent, and the low yield was 1.400
percent. Noncompetitive tenders totaled $5 million.
Competitive tenders accepted from private investors
totaled $31,995 million.
In addition to the $32,000 million of tenders
accepted in the auction process, Treasury accepted
$3,346 million from FRBs for their own accounts. The

March 2020

minimum par amount required for STRIPS of notes of
Series R-2026 is $100.

NOVEMBER
November Quarterly Financing
On Oct 30, 2019, Treasury announced it would
auction $38,000 million of 3-year notes, $27,000
million of 10-year notes, and $19,000 million of 30year bonds to refund $60,519 million of securities
maturing November 15, 2019 and to raise new cash of
approximately $23,481 million.
The 3-year notes of Series F-2022 were dated and
issued November 15. They are due November 15,
2022, with interest payable on May 15 and November
15 until maturity. Treasury set an interest rate of 1-5/8
percent after determining which tenders were accepted
on a yield auction basis.
Treasury received tenders for the notes before
12:00 noon ET for noncompetitive tenders and before
1:00 p.m. ET for competitive tenders on November 5.
Tenders totaled $98,641 million; Treasury accepted
$38,000 million. All noncompetitive and successful
competitive bidders were allotted securities at the high
yield of 1.630 percent with an equivalent price of
$99.985419. Treasury accepted in full all competitive
tenders at yields lower than 1.630 percent. Tenders at
the high yield were allotted 42.86 percent. The median
yield was 1.600 percent, and the low yield was 1.530
percent. Noncompetitive tenders totaled $49 million.
Competitive tenders accepted from private investors
totaled $37,851 million.
In addition to the $38,000 million of tenders
accepted in the auction process, Treasury accepted
$17,993 million from FRBs for their own accounts.
The minimum par amount required for STRIPS of
notes of Series F-2022 is $100.
The 10-year notes of Series F-2029 were dated and
issued November 15. They are due November 15,
2029, with interest payable on May 15 and November
15 until maturity. Treasury set an interest rate of 1-3/4
percent after determining which tenders were accepted
on a yield auction basis.
Treasury received tenders for the notes before
12:00 noon ET for noncompetitive tenders and before
1:00 p.m. ET for competitive tenders on November 6.
Tenders totaled $67,181 million; Treasury accepted
$27,000 million. All noncompetitive and successful
competitive bidders were allotted securities at the high
yield of 1.809 percent with an equivalent price of
$99.462502. Treasury accepted in full all competitive
tenders at yields lower than 1.809 percent. Tenders at
the high yield were allotted 45.79 percent. The median
yield was 1.770 percent, and the low yield was 0.880
percent. Noncompetitive tenders totaled $20 million.

March 2020

Competitive tenders accepted from private investors
totaled $26,980 million.
In addition to the $27,000 million of tenders
accepted in the auction process, Treasury accepted
$12,785 million from FRBs for their own accounts.
The minimum par amount required for STRIPS of
notes of Series F-2029 is $100.
The 30-year bonds of November 2049 were dated
and issued November 15. They are due November 15,
2049, with interest payable on May 15 and November
15 until maturity. Treasury set an interest rate of 2-3/8
percent after determining which tenders were accepted
on a yield auction basis.
Treasury received tenders for the bonds before
12:00 noon ET for noncompetitive tenders and before
1:00 p.m. ET for competitive tenders on November 7.
Tenders totaled $42,419 million; Treasury accepted
$19,000 million. All noncompetitive and successful
competitive bidders were allotted securities at the high
yield of 2.430 percent with an equivalent price of
$98.833264. Treasury accepted in full all competitive
tenders at yields lower than 2.430 percent. Tenders at
the high yield were allotted 51.75 percent. The median
yield was 2.375 percent, and the low yield was 1.750
percent. Noncompetitive tenders totaled $14 million.
Competitive tenders accepted from private investors
totaled $18,986 million.
In addition to the $19,000 million of tenders
accepted in the auction process, Treasury accepted
$8,997 million from FRBs for their own accounts. The
minimum par amount required for STRIPS of bonds of
November 2049 is $100.

Auction of 52-Week Bills
On October 31, 2019, Treasury announced it would
auction $28,000 million of 364-day Treasury bills.
They were issued November 7 and will mature
November 5, 2020. The issue was to refund $100,998
million of all maturing bills and to raise new cash of
approximately $14,002 million. Treasury auctioned the
bills on November 5. Tenders totaled $79,412 million;
Treasury accepted $28,000 million, including $393
million of noncompetitive tenders from the public. The
high bank discount rate was 1.565 percent.
Auction of 9-Year 8-Month 0-3/4 Percent TIPS
On November 14, 2019, Treasury announced it
would auction $12,000 million of 9-year 8-month 01/4 percent TIPS. The issue was to raise new cash of
approximately $30,000 million.
The 9-year 8-month 0-1/4 percent TIPS of Series
D-2029 were dated July 15 and issued November 29.
They are due July 15, 2029, with interest payable on
January 15 and July 15 until maturity.

Treasury received tenders for the TIPS before
12:00 noon ET for noncompetitive tenders and before
1:00 p.m. ET for competitive tenders on November 21.
Tenders totaled $28,854 million; Treasury accepted
$12,000 million. All noncompetitive and successful
competitive bidders were allotted securities at the high
yield of 0.149 percent with an equivalent adjusted
price of $101.340677. Treasury accepted in full all
competitive tenders at yields lower than 0.149 percent.
Tenders at the high yield were allotted 72.07 percent.
The median yield was 0.100 percent, and the low yield
was 0.008 percent. Noncompetitive tenders totaled $16
million. Competitive tenders accepted from private
investors totaled $11,984 million. Adjusted accrued
interest of $0.93417 per $1,000 must be paid for the
period from July 15 to November 29. Both the
unadjusted price of $100.965087 and the unadjusted
accrued interest of $0.93071 were adjusted by an index
ratio of 1.00372, for the period from July 15 to
November 29. The minimum par amount required for
STRIPS of TIPS of Series D-2029 is $100.
Auction of 16-Day Cash Management Bills
On November 19, 2019, Treasury announced it
would auction $15,000 million of 16-day bills. They
were issued November 26 and matured December 12.
The issue was to raise new cash of approximately
$10,027 million. Treasury auctioned the bills on
November 20. Tenders totaled $54,450 million;
Treasury accepted $15,000 million, including $10
million of noncompetitive tenders from the public. The
high bank discount rate was 1.540 percent.
Auction of 1-Year 11-Month 0.3 Percent FRNs
On November 21, 2019, Treasury announced it
would auction $18,000 million of 1-year 11-month 0.3
percent FRNs. The issue was to raise new cash of
approximately $30,000 million.
The 1-year 11-month 0.3 percent FRNs of Series
BJ-2021 were dated October 31 and issued November
29. They are due October 31, 2021, with interest
payable on January 31, April 30, July 31, and October
31 until maturity.
Treasury received tenders for the FRNs before
11:00 a.m. ET for noncompetitive tenders and before
11:30 a.m. ET for competitive tenders on November
26. Tenders totaled $45,023 million; Treasury
accepted $18,000 million. All noncompetitive and
successful competitive bidders were allotted securities
at the high discount margin of 0.240 percent with an
equivalent price of $100.114271. Treasury accepted in
full all competitive tenders at discount margins lower
than 0.240 percent. Tenders at the high discount
margin were allotted 38.91 percent. The median

discount margin was 0.205 percent, and the low
discount margin was 0.170 percent. Noncompetitive
tenders totaled $10 million. Competitive tenders
accepted from private investors totaled $17,991
million. Accrued interest of $0.149827136 per $100
must be paid for the period from October 31 to
November 29.

DECEMBER
Auction of 2-Year Notes
On November 21, 2019, Treasury announced it
would auction $40,000 million of 2-year notes. The
issue was to refund $82,439 million of securities
maturing November 30 and to raise new cash of
approximately $30,561 million.
The 2-year notes of Series BK-2021 were dated
November 30 and issued December 2. They are due
November 30, 2021, with interest payable on May 31
and November 30 until maturity. Treasury set an
interest rate of 1-1/2 percent after determining which
tenders were accepted on a yield auction basis.
Treasury received tenders for the notes before
12:00 noon ET for noncompetitive tenders and before
1:00 p.m. ET for competitive tenders on November 25.
Tenders totaled $105,022 million; Treasury accepted
$40,000 million. All noncompetitive and successful
competitive bidders were allotted securities at the high
yield of 1.601 percent with an equivalent price of
$99.802444. Treasury accepted in full all competitive
tenders at yields lower than 1.601 percent. Tenders at
the high yield were allotted 39.14 percent. The median
yield was 1.578 percent, and the low yield was 1.450
percent. Noncompetitive tenders totaled $199 million.
Competitive tenders accepted from private investors
totaled $39,801 million. Accrued interest of $0.08197
per $1,000 must be paid for the period from November
30 to December 2.
In addition to the $40,000 million of tenders accepted
in the auction process, Treasury accepted $3,176
million from FRBs for their own accounts. The
minimum par amount required for STRIPS of notes of
Series BK-2021 is $100.
Auction of 5-Year Notes
On November 21, 2019, Treasury announced it
would auction $41,000 million of 5-year notes. The
issue was to refund $82,439 million of securities
maturing November 30 and to raise new cash of
approximately $30,561 million.
The 5-year notes of Series AG-2024 were dated
November 30 and issued December 2. They are due
November 30, 2024, with interest payable on May 31

March 2020

and November 30 until maturity. Treasury set an
interest rate of 1-1/2 percent after determining which
tenders were accepted on a yield auction basis.
Treasury received tenders for the notes before
12:00 noon ET for noncompetitive tenders and before
1:00 p.m. ET for competitive tenders on November 26.
Tenders totaled $102,542 million; Treasury accepted
$41,000 million. All noncompetitive and successful
competitive bidders were allotted securities at the high
yield of 1.587 percent with an equivalent price of
$99.583769. Treasury accepted in full all competitive
tenders at yields lower than 1.587 percent. Tenders at
the high yield were allotted 64.49 percent. The median
yield was 1.540 percent, and the low yield was 1.485
percent. Noncompetitive tenders totaled $33 million.
Competitive tenders accepted from private investors
totaled $40,967 million. Accrued interest of $0.08197
per $1,000 must be paid for the period from November
30 to December 2.
In addition to the $41,000 million of tenders
accepted in the auction process, Treasury accepted
$3,255 million from FRBs for their own accounts. The
minimum par amount required for STRIPS of notes of
Series AG-2024 is $100.
Auction of 7-Year Notes
On November 21, 2019, Treasury announced it
would auction $32,000 million of 7-year notes. The
issue was to refund $82,439 million of securities
maturing November 30 and to raise new cash of
approximately $30,561 million.
The 7-year notes of Series S-2026 were dated
November 30 and issued December 2. They are due
November 30, 2026, with interest payable on May 31
and November 30 until maturity. Treasury set an
interest rate of 1-5/8 percent after determining which
tenders were accepted on a yield auction basis.
Treasury received tenders for the notes before
11:00 a.m. ET for noncompetitive tenders and before
11:30 a.m. ET for competitive tenders on November
27. Tenders totaled $78,136 million; Treasury
accepted $32,000 million. All noncompetitive and
successful competitive bidders were allotted securities
at the high yield of 1.719 percent with an equivalent
price of $99.382918. Treasury accepted in full all
competitive tenders at yields lower than 1.719 percent.
Tenders at the high yield were allotted 94.53 percent.
The median yield was 1.666 percent, and the low yield
was 0.880 percent. Noncompetitive tenders totaled $7
million. Competitive tenders accepted from private
investors totaled $31,993 million. Accrued interest of
$0.08880 per $1,000 must be paid for the period from
November 30 to December 2.
In addition to the $32,000 million of tenders
accepted in the auction process, Treasury accepted
$2,540 million from FRBs for their own accounts. The

March 2020

minimum par amount required for STRIPS of notes of
Series S-2026 is $100.
Auction of 52-Week Bills
On November 27, 2019, Treasury announced it
would auction $26,000 million of 364-day Treasury
bills. They were issued December 5 and will mature
December 3, 2020. The issue was to refund $107,004
million of all maturing bills and to pay down
approximately $3,004 million. Treasury auctioned the
bills on December 3. Tenders totaled $88,145 million;
Treasury accepted $26,000 million, including $374
million of noncompetitive tenders from the public. The
high bank discount rate was 1.525 percent.
Auction of 3-Year Notes
On December 5, 2019, Treasury announced it
would auction $38,000 million of 3-year notes. The
issue was to refund $24,000 million of securities
maturing December 15 and to raise new cash of
approximately $54,000 million.
The 3-year notes of Series AU-2022 were dated
December 15 and issued December 16. They are due
December 15, 2022, with interest payable on June 15
and December 15 until maturity. Treasury set an
interest rate of 1-5/8 percent after determining which
tenders were accepted on a yield auction basis.
Treasury received tenders for the notes before 12:00
noon ET for noncompetitive tenders and before 1:00
p.m. ET for competitive tenders on December 9.
Tenders totaled $97,286 million; Treasury accepted
$38,000 million. All noncompetitive and successful
competitive bidders were allotted securities at the high
yield of 1.632 percent with an equivalent price of
$99.979569. Treasury accepted in full all competitive
tenders at yields lower than 1.632 percent. Tenders at
the high yield were allotted 89.20 percent. The median
yield was 1.600 percent, and the low yield was 1.520
percent. Noncompetitive tenders totaled $57 million.
Competitive tenders accepted from private investors
totaled $37,843 million. Accrued interest of $0.04440
per $1,000 must be paid for the period from December
15 to December 16. The minimum par amount
required for STRIPS of notes of Series AU-2022 is
$100.
Auction of 9-Year 11-Month 1-3/4 Percent
Notes
On December 5, 2019, Treasury announced it
would auction $24,000 million of 9-year 11-month 13/4 percent notes. The issue was to refund $24,000
million of securities maturing December 15 and to
raise new cash of approximately $54,000 million.

The 9-year 11-month 1-3/4 percent notes of Series
F-2029 were dated November 15 and issued December
16. They are due November 15, 2029, with interest
payable on May 15 and November 15 until maturity.
Treasury received tenders for the notes before
12:00 noon ET for noncompetitive tenders and before
1:00 p.m. ET for competitive tenders on December 10.
Tenders totaled $58,379 million; Treasury accepted
$24,000 million. All noncompetitive and successful
competitive bidders were allotted securities at the high
yield of 1.842 percent with an equivalent price of
$99.168608. Treasury accepted in full all competitive
tenders at yields lower than 1.842 percent. Tenders at
the high yield were allotted 74.25 percent. The median
yield was 1.800 percent, and the low yield was 0.880
percent. Noncompetitive tenders totaled $6 million.
Competitive tenders accepted from private investors
totaled $23,994 million. Accrued interest of $1.49038
per $1,000 must be paid for the period from November
15 to December 16. The minimum par amount
required for STRIPS of notes of Series F-2029 is $100.
Auction of 29-Year 11-Month 2-3/8 Percent
Bonds
On December 5, 2019, Treasury announced it
would auction $16,000 million of 29-year 11-month 23/8 percent bonds. The issue was to refund $24,000
million of securities maturing December 15 and to
raise new cash of approximately $54,000 million.
The 29-year 11-month 2-3/8 percent bonds of
November 2049 were dated November 15 and issued
December 16. They are due November 15, 2049, with
interest payable on May 15 and November 15 until
maturity.
Treasury received tenders for the bonds before
12:00 noon ET for noncompetitive tenders and before
1:00 p.m. ET for competitive tenders on December 12.
Tenders totaled $39,280 million; Treasury accepted
$16,000 million. All noncompetitive and successful
competitive bidders were allotted securities at the high
yield of 2.307 percent with an equivalent price of
$101.461576. Treasury accepted in full all competitive
tenders at yields lower than 2.307 percent. Tenders at
the high yield were allotted 22.20 percent. The median
yield was 2.265 percent, and the low yield was 0.880
percent. Noncompetitive tenders totaled $5 million.
Competitive tenders accepted from private investors
totaled $15,995 million. Accrued interest of $2.02266
per $1,000 must be paid for the period from November
15 to December 16. The minimum par amount
required for STRIPS of bonds of November 2049 is
$100.
Auction of 1-Year 11-Month 0.3 Percent FRNs

On December 6, 2019, Treasury announced it
would auction $25 million of 1-year 11-month 0.3
percent FRNs. The issue was to raise new cash of
approximately $25 million.
The 1-year 11-month 0.3 percent FRNs of Series
BJ-2021 were dated October 31 and issued December
9. They are due October 31, 2021, with interest
payable on January 31, April 30, July 31, and October
31 until maturity.
Treasury received tenders for the FRNs before
12:00 a.m. ET for noncompetitive tenders and before
11:00 a.m. ET for competitive tenders on December 6.
Tenders totaled $135 million; Treasury accepted $25
million. All noncompetitive and successful
competitive bidders were allotted securities at the high
discount margin of 0.245 percent with an equivalent
price of $100.103141. Treasury accepted in full all
competitive tenders at discount margins lower than
0.245 percent. Tenders at the high discount margin
were allotted 3.79 percent. The median discount
margin was 0.240 percent, and the low discount
margin was 0.220 percent. Noncompetitive tenders
totaled $ million. Competitive tenders accepted from
private investors totaled $25 million. Accrued interest
of $0.201608796 per $100 must be paid for the period
from October 31 to December 9.
Auction of 1-Year 10-Month 0.3 Percent FRNs
On December 12, 2019, Treasury announced it
would auction $18,000 million of 1-year 10-month 0.3
percent FRNs. The issue was to raise new cash of
approximately $18,000 million.
The 1-year 10-month 0.3 percent FRNs of Series
BJ-2021 were dated October 31 and issued December
27. They are due October 31, 2021, with interest
payable on January 31, April 30, July 31, and October
31 until maturity.
Treasury received tenders for the FRNs before
11:00 a.m. ET for noncompetitive tenders and before
11:30 a.m. ET for competitive tenders on December
18. Tenders totaled $75,000 million; Treasury
accepted $18,000 million. All noncompetitive and
successful competitive bidders were allotted securities
at the high discount margin of 0.260 percent with an
equivalent price of $100.072963. Treasury accepted in
full all competitive tenders at discount margins lower
than 0.260 percent. Tenders at the high discount
margin were allotted 88.64 percent. The median
discount margin was 0.255 percent, and the low
discount margin was 0.220 percent. Noncompetitive
tenders totaled $11 million. Competitive tenders
accepted from private investors totaled $17,990
million. Accrued interest of $0.293573795 per $100
must be paid for the period from October 31 to
December 27.

March 2020

Auction of 4-Year 10-Month 0-1/8 Percent TIPS
On December 12, 2019, Treasury announced it
would auction $15,000 million of 4-year 10-month 01/8 percent TIPS. The issue was to refund $81,347
million of securities maturing December 31 and to
raise new cash of approximately $46,653 million.
The 4-year 10-month 0-1/8 percent TIPS of Series
AE-2024 were dated October 15 and issued December
31. They are due October 15, 2024, with interest
payable on April 15 and October 15 until maturity.
Treasury received tenders for the TIPS before
12:00 noon ET for noncompetitive tenders and before
1:00 p.m. ET for competitive tenders on December 19.
Tenders totaled $40,387 million; Treasury accepted
$15,000 million. All noncompetitive and successful
competitive bidders were allotted securities at the high
yield of 0.020 percent with an equivalent adjusted
price of $100.801136. Treasury accepted in full all
competitive tenders at yields lower than 0.020 percent.
Tenders at the high yield were allotted 42.84 percent.
The median yield was -0.009 percent, and the low
yield was -0.060 percent. Noncompetitive tenders
totaled $25 million. Competitive tenders accepted from
private investors totaled $14,975 million. Adjusted
accrued interest of $0.26376 per $1,000 must be paid
for the period from October 15 to December 31. Both
the unadjusted price of $100.502643 and the
unadjusted accrued interest of $0.26298 were adjusted
by an index ratio of 1.00297, for the period from
October 15 to December 31.
In addition to the $15,000 million of tenders
accepted in the auction process, Treasury accepted
$1,412 million from FRBs for their own accounts. The
minimum par amount required for STRIPS of TIPS of
Series AE-2024 is $100.
Auction of 2-Year Notes
On December 19, 2019, Treasury announced it
would auction $40,000 million of 2-year notes. The
issue was to refund $81,347 million of securities
maturing December 31 and to raise new cash of
approximately $46,653 million.
The 2-year notes of Series BL-2021 were dated
and issued December 31. They are due December 31,
2021, with interest payable on June 30 and December
31 until maturity. Treasury set an interest rate of 1-5/8
percent after determining which tenders were accepted
on a yield auction basis.
Treasury received tenders for the notes before
12:00 noon ET for noncompetitive tenders and before
1:00 p.m. ET for competitive tenders on December 23.
Tenders totaled $92,187 million; Treasury accepted
$40,000 million. All noncompetitive and successful

March 2020

competitive bidders were allotted securities at the high
yield of 1.653 percent with an equivalent price of
$99.945138. Treasury accepted in full all competitive
tenders at yields lower than 1.653 percent. Tenders at
the high yield were allotted 4.42 percent. The median
yield was 1.625 percent, and the low yield was 1.450
percent. Noncompetitive tenders totaled $166 million.
Competitive tenders accepted from private investors
totaled $39,734 million. In addition to the $40,000
million of tenders accepted in the auction process,
Treasury accepted $3,765 million from FRBs for their
own accounts. The minimum par amount required for
STRIPS of notes of Series BL-2021 is $100.
Auction of 5-Year Notes
On December 19, 2019, Treasury announced it
would auction $41,000 million of 5-year notes. The
issue was to refund $81,347 million of securities
maturing December 31 and to raise new cash of
approximately $46,653 million.
The 5-year notes of Series AH-2024 were dated
and issued December 31. They are due December 31,
2024, with interest payable on June 30 and December
31 until maturity. Treasury set an interest rate of 1-3/4
percent after determining which tenders were accepted
on a yield auction basis.
Treasury received tenders for the notes before 9:30
a.m. ET for noncompetitive tenders and before 10:00
a.m. ET for competitive tenders on December 24.
Tenders totaled $102,037 million; Treasury accepted
$41,000 million. All noncompetitive and successful
competitive bidders were allotted securities at the high
yield of 1.756 percent with an equivalent price of
$99.971399. Treasury accepted in full all competitive
tenders at yields lower than 1.756 percent. Tenders at
the high yield were allotted 30.15 percent. The median
yield was 1.730 percent, and the low yield was 1.500
percent. Noncompetitive tenders totaled $30 million.
Competitive tenders accepted from private investors
totaled $40,970 million.
In addition to the $41,000 million of tenders accepted
in the auction process, Treasury accepted $3,859
million from FRBs for their own accounts. The
minimum par amount required for STRIPS of notes of
Series AH-2024 is $100.
Auction of 7-Year Notes
On December 19, 2019, Treasury announced it
would auction $32,000 million of 7-year notes. The
issue was to refund $81,347 million of securities
maturing December 31 and to raise new cash of
approximately $46,653 million.
The 7-year notes of Series T-2026 were dated and
issued December 31. They are due December 31,

2026, with interest payable on June 30 and December
31 until maturity. Treasury set an interest rate of 1-3/4
percent after determining which tenders were accepted
on a yield auction basis.
Treasury received tenders for the notes before
12:00 noon ET for noncompetitive tenders and before
1:00 p.m. ET for competitive tenders on December 26.
Tenders totaled $78,913 million; Treasury accepted
$32,000 million. All noncompetitive and successful
competitive bidders were allotted securities at the high
yield of 1.835 percent with an equivalent price of
$99.444016. Treasury accepted in full all competitive
tenders at yields lower than 1.835 percent. Tenders at
the high yield were allotted 77.17 percent. The median
yield was 1.790 percent, and the low yield was 1.288
percent. Noncompetitive tenders totaled $8 million.
Competitive tenders accepted from private investors
totaled $31,992 million.
In addition to the $32,000 million of tenders
accepted in the auction process, Treasury accepted
$3,012 million from FRBs for their own accounts. The
minimum par amount required for STRIPS of notes of
Series T-2026 is $100.

March 2020

TABLE PDO-1—Offerings of Regular Weekly Treasury Bills
[In millions of dollars. Source: Bureau of the Fiscal Service, Division of Financing Operations]

On total competitive bids accepted

Issue date

Description of new issue
Number Amount
of days to of bids
Maturity
maturity 1 tendered
date
(1)
(2)
(3)

Amounts of bids accepted
On nonOn
competitive competitive
Total
basis 3
basis
amount 2
(5)
(4)
(6)

High
price per
hundred
(7)

High
discount High investrate
ment rate
(percent) (percent) 4
(8)
(9)

Regular weekly:
(4 week, 8 week, 13 week, and 26 week)
2019-Oct. 01
Oct. 03
Oct. 08
Oct. 10
Oct. 15
Oct. 17
Oct. 22
Oct. 24
Oct. 29
Oct. 31
Nov. 05
Nov. 07
Nov. 12
Nov. 14
Nov. 19
Nov. 21
Nov. 26
Nov. 29
Dec. 03
Dec. 05
Dec. 10
Dec. 12
Dec. 17
Dec. 19
Dec. 24

March 2020

2019-Oct. 29
Nov. 26
2020-Jan. 02
Apr. 02
2019-Nov. 05
Dec. 03
2020-Jan. 09
Apr. 09
2019-Nov. 12
Dec. 10
2020-Jan. 16
Apr. 16
2019-Nov. 19
Dec. 17
2020-Jan. 23
Apr. 23
2019-Nov. 26
Dec. 24
2020-Jan. 30
Apr. 30
2019-Dec. 03
Dec. 31
2020-Feb. 06
May 07
2019-Dec. 10
2020-Jan. 07
Feb. 13
May 14
2019-Dec. 17
2020-Jan. 14
Feb. 20
May 21
2019-Dec. 24
2020-Jan. 21
Feb. 27
May 28
2019-Dec. 31
2020-Jan. 28
Mar. 05
June 04
Jan. 07
Feb. 04
Mar. 12
June 11
Jan. 14
Feb. 11
Mar. 19
June 18
Jan. 21
Feb. 18

28
56
91
182
28
56
91
182
28
56
91
182
28
56
91
182
28
56
91
182
28
56
91
182
28
56
91
182
28
56
91
182
28
56
90
181
28
56
91
182
28
56
91
182
28
56
91
182
28
56

121,692.2
123,584.9
112,185.7
118,994.1
130,642.3
114,436.6
142,299.8
105,860.7
130,767.5
115,336.1
116,067.9
132,106.1
137,373.5
119,612.5
135,342.3
114,653.0
151,111.7
114,176.5
139,579.6
135,494.4
155,700.9
128,367.4
118,210.1
112,780.3
145,968.4
112,500.3
122,425.0
126,754.9
138,755.6
128,038.7
135,324.3
121,332.5
140,865.9
115,424.2
129,888.5
106,644.0
123,476.5
123,861.8
127,360.9
112,094.1
126,472.9
111,492.6
116,359.6
107,145.6
108,086.3
97,929.9
113,281.6
94,547.7
113,824.6
99,234.5

45,000.1
40,000.7
45,000.2
42,000.1
45,053.1
40,047.2
45,000.1
42,000.4
50,015.5
40,012.5
45,000.3
42,000.1
55,000.2
40,000.1
45,000.3
42,000.4
55,000.4
40,000.3
45,000.0
42,000.6
55,030.8
40,022.6
45,000.2
42,000.1
55,022.0
40,016.0
46,039.8
42,970.5
55,000.0
40,000.4
45,000.1
42,000.3
50,011.3
40,009.0
45,002.7
39,002.4
45,583.7
35,454.2
42,000.3
36,000.0
40,100.9
35,088.4
42,000.5
36,000.2
44,324.5
38,783.8
42,040.4
36,035.0
37,000.1
37,000.1

43,374.7
39,711.8
44,071.7
40,989.0
42,354.3
38,837.7
43,877.4
40,984.6
48,427.9
39,734.1
43,884.5
40,939.1
53,473.1
39,756.5
43,974.2
41,037.4
53,342.3
39,796.2
43,862.5
41,016.2
53,268.3
39,757.2
43,843.4
41,213.4
53,326.8
39,635.2
43,743.4
40,250.8
53,336.8
39,637.7
43,905.1
41,262.1
48,503.0
39,754.8
43,901.2
38,261.5
43,447.7
34,792.6
41,098.3
35,288.2
38,344.2
34,736.1
40,837.2
35,119.6
38,534.2
34,734.4
39,974.4
34,305.3
32,493.2
33,748.0

1,525.4
288.9
928.5
811.1
1,645.9
262.5
1,122.7
715.9
1,562.1
266.0
1,115.8
861.0
1,527.0
243.6
1,026.1
763.1
1,558.1
204.0
1,037.5
784.4
1,731.9
243.1
956.9
681.6
1,573.4
264.9
1,056.7
749.3
1,553.2
262.7
895.0
663.2
1,497.2
245.3
898.8
638.6
1,452.3
207.6
877.0
611.8
1,655.8
264.1
1,063.2
780.6
1,466.0
265.7
1,025.7
695.0
1,506.9
252.1

99.853778
99.710667
99.534889
99.092528
99.863889
99.734000
99.575333
99.145611
99.866222
99.737889
99.585444
99.181000
99.866222
99.741000
99.587972
99.191111
99.867000
99.738667
99.590500
99.186056
99.877889
99.757333
99.615778
99.223972
99.880611
99.762000
99.604403
99.216389
99.878278
99.763556
99.610722
99.221444
99.879444
99.760444
99.610000
99.205611
99.874000
99.755778
99.605667
99.208806
99.883333
99.763556
99.615778
99.231556
99.880222
99.760444
99.610722
99.216389
99.882556
99.758111

1.880
1.860
1.840
1.795
1.750
1.710
1.680
1.690
1.720
1.685
1.640
1.620
1.720
1.665
1.630
1.600
1.710
1.680
1.620
1.610
1.570
1.560
1.520
1.535
1.535
1.530
1.565
1.550
1.565
1.520
1.540
1.540
1.550
1.540
1.560
1.580
1.620
1.570
1.560
1.565
1.500
1.520
1.520
1.520
1.540
1.540
1.540
1.550
1.510
1.555

1.914
1.896
1.879
1.842
1.782
1.743
1.715
1.733
1.751
1.718
1.674
1.661
1.751
1.697
1.664
1.640
1.741
1.712
1.654
1.650
1.598
1.590
1.551
1.573
1.562
1.559
1.597
1.588
1.593
1.549
1.572
1.578
1.578
1.569
1.592
1.619
1.649
1.600
1.592
1.604
1.527
1.549
1.551
1.557
1.568
1.569
1.572
1.588
1.537
1.585

37
Continued from Table PDO-1
Dec. 26
Dec. 31

Mar. 26
June 25
Jan. 28
Feb. 25

91
182
28
56

124,318.8
109,807.9
118,262.4
115,862.6

All 13-week bills represent additional issues of bills with an original maturity of 26 weeks or
52 weeks. Certain 26-week bills represent additional issues of bills with an original maturity
of 52 weeks. All 4-week bills represent additional issues of bills with an original maturity of
8 weeks.
2 Includes amount awarded to the Federal Reserve System.

42,775.8
36,664.8
37,308.0
37,308.0

39,967.5
34,356.7
32,591.4
33,799.9

1,032.9
643.4
1,408.6
200.1

99.606931
99.206278
99.879056
99.756556

1.555
1.570
1.555
1.565

1.587
1.609
1.583
1.595

3 Tenders for $5 million or less from any one bidder are accepted in full at the high
price of accepted competitive bids. All Treasury Marketable auctions are conducted
in a single-price format as of November 2, 1998.
4 Equivalent coupon-issue yield.

TABLE PDO-2—Offerings of Marketable Securities
Other than Regular Weekly Treasury Bills
[In millions of dollars. Source: Bureau of the Fiscal Service, Division of Financing Operations]

Auction date

Issue date
(1)

Description of securities 1
(2)

Period to final maturity
(years, months, days) 2
(3)

Amount
tendered
(4)

364d

Amount
accepted 3, 4
(5)

10/08/19

10/10/19

1.600% bill—10/08/20

10/08/19

10/15/19

1.375% note—10/15/22-AS

10/09/19

10/15/19

1.625% note—08/15/29-E

10m

58,317

24,000

1.590 - 100.316063

10/10/19

10/15/19

2.250% bond—08/15/49

29y

10m

35,927

16,000

2.170 - 101.747638

10/17/19

10/31/19

0.125% TIPS—10/15/24-AE

48,522

18,777

0.054 - 100.348367

10/22/19

10/31/19

1.500% note—10/31/21-BH

112,002

44,182

1.594 - 99.815687

83,398

28,000

92,176

38,000

Accepted
yield/discount
margin and
equivalent price
for notes and bonds
(6)

1.413 - 99.888767

10/23/19

10/31/19

0.300% FRN—10/31/21-BJ

53,729

22,091

0.300 - 100.000000

10/23/19

10/31/19

1.500% note—10/31/24-AF

102,914

45,287

1.570 - 99.664649

1.657 - 99.789325

10/24/19

10/31/19

1.625% note—10/31/26-R

11/05/19

11/07/19

1.565% bill—11/05/20

11/05/19

11/15/19

1.625% note—11/15/22-F

81,980

35,346

79,412

28,000

116,634

55,993

1.630 - 99.985419

364d

11/06/19

11/15/19

1.750% note—11/15/29-F

10y

79,966

39,785

1.809 - 99.462502

11/07/19

11/15/19

2.375% bond—11/15/49

30y

51,416

27,997

2.430 - 98.833264

11/20/19

11/26/19

1.540% CMB—12/12/19

54,450

15,000

11/21/19

11/29/19

0.250% TIPS—07/15/29-D

28,854

12,000

0.149 - 101.340677

11/25/19

12/02/19

1.500% note—11/30/21-BK

108,198

43,176

1.601 - 99.802444

11/26/19

11/29/19

0.300% FRN—10/31/21-BJ

45,023

18,000

0.240 - 100.114271

11/26/19

12/02/19

1.500% note—11/30/24-AG

105,797

44,255

1.587 - 99.583769

11/27/19

12/02/19

1.625% note—11/30/26-S

80,676

34,540

1.719 - 99.382918

12/03/19

12/05/19

1.525% bill—12/03/20

88,145

26,000

12/06/19

12/09/19

0.300% FRN—10/31/21-BJ

135

0.245 - 100.103141
1.632 - 99.979569

16d
8m
11m

364d
11m

12/09/19

12/16/19

1.625% note—12/15/22-AU

97,286

38,000

12/10/19

12/16/19

1.750% note—11/15/29-F

11m

58,379

24,000

1.842 - 99.168608

12/12/19

12/16/19

2.375% bond—11/15/49

29y

11m

39,280

16,000

2.307 - 101.461576

12/18/19

12/27/19

0.300% FRN—10/31/21-BJ

10m

75,000

18,000

0.260 - 100.072963

12/19/19

12/31/19

0.125% TIPS—10/15/24-AE

10m

41,799

16,412

0.020 - 100.801136

12/23/19

12/31/19

1.625% note—12/31/21-BL

95,952

43,765

1.653 - 99.945138

12/24/19

12/31/19

1.750% note—12/31/24-AH

105,896

44,859

1.756 - 99.971399

12/26/19

12/31/19

1.750% note—12/31/26-T

81,925

35,012

1.835 - 99.444016

1 Currently, all issues are sold at auction. For bill issues, the rate shown is the high bank
discount rate. For note and bond issues, the rate shown is the interest rate. For details of
bill offerings, see table PDO-1. As of October 1, 1997, all Treasury issues of notes and
bonds are eligible for STRIPS.
2 From date of additional issue in case of a reopening.
3 In reopenings, the amount accepted is in addition to the amount of original offerings.

Includes securities issued to the Federal Reserve System; and to foreign and international
monetary authorities, whether in exchange for maturing securities or for new cash.
Note—Amounts listed as tendered and accepted are amounts tendered and awarded on
auction day.

March 2020

INTRODUCTION: Ownership of Federal Securities
Federal securities presented in the following tables are
public debt securities such as savings bonds, bills, notes, and
bonds that the Treasury issues. The tables also detail debt
issued by other Federal agencies under special financing
authorities. [See the Federal debt (FD) tables for a more
complete description of the Federal debt.]
Effective January 1, 2001, Treasury’s Bureau of the
Fiscal Service revised formats, titles, and column headings
in the “Monthly Statement of the Public Debt of the United
States,” Table I: Summary of Treasury Securities
Outstanding and Table II: Statutory Debt Limit. These
changes should reduce confusion and bring the publication
more in line with the public’s use of terms.
Treasury’s Bureau of the Fiscal Service compiles data in
the “Treasury Bulletin” table OFS-1 from the “Monthly
Statement of the Public Debt of the United States.” Effective
June 2001, Bureau of the Fiscal Service revised procedures
and categories in this table to agree with the Bureau of the
Fiscal Service’s publication changes.

March 2020

 Table OFS-1 presents Treasury marketable and
nonmarketable securities and debt issued by other Federal
agencies held by Government accounts, the FRBs, and
private investors. Social Security and Federal retirement
trust fund investments comprise much of the Government
account holdings.
The FRBs acquire Treasury securities in the market as a
means of executing monetary policy.
 Table OFS-2 presents the estimated ownership of
U.S. Treasury securities. Information is primarily obtained
from the Federal Reserve Board of Governors Flow of Funds
data, Table L209. State, local, and foreign holdings include
special issues of nonmarketable securities to municipal
entities and foreign official accounts. They also include
municipal, foreign official, and private holdings of
marketable Treasury securities. (See footnotes to the table
for description of investor categories.)

TABLE OFS-1—Distribution of Federal Securities by Class of Investors and Type of Issues
[In millions of dollars. Source: Bureau of the Fiscal Service]

Public debt securities
Held by U.S. Government accounts

Total
Federal
securities
outstanding
(1)

Total
outstanding
(2)

2015 ................................................
2016 ................................................
2017 ................................................
2018 ................................................
2019 ................................................

18,174,718
19,597,812
20,269,269
21,538,880
22,740,857

18,150,618
19,573,445
20,244,900
21,516,058
22,719,402

2018 - Dec .......................................
2019 - Jan .......................................
Feb ......................................
Mar ......................................
Apr .......................................
May......................................
June.....................................
July ......................................
Aug ......................................
Sept .....................................
Oct. ......................................
Nov. .....................................
Dec. .....................................

21,997,036
22,005,220
22,138,026
22,050,081
22,049,873
22,048,574
22,045,280
22,044,255
22,482,155
22,740,857
23,029,685
23,097,400
23,222,591

21,974,096
21,982,423
22,115,526
22,027,880
22,027,668
22,026,424
22,023,283
22,022,369
22,460,467
22,719,402
23,008,410
23,076,199
23,201,380

End of
fiscal year
or month

Marketable
(4)

Nonmarketable
(5)

Public issues
held by Federal
Reserve banks
(6)

5,026,867
5,395,699
5,563,074
5,737,252
5,893,424

2,802,101
2,830,115
2,867,555
2,697,860
2,436,438

5,853,354
5,862,428
5,845,051
5,804,029
5,816,978
5,806,506
5,818,564
5,795,177
5,847,510
5,893,424
6,010,478
5,953,691
6,013,988

2,594,652
2,574,546
2,540,780
2,536,673
2,479,643
2,459,105
2,452,784
2,416,844
2,424,708
2,436,438
2,492,572
2,560,109
2,637,320

Total
(3)

Public debt securities, continued

Agency securities1

Held by private investors
End of
fiscal year
or month

Nonmarketable
(9)

Total
outstanding
(10)

Held by
private
investors
(11)

Held by
Government
accounts
(12)

Total
(7)

Marketable
(8)

10,321,650
11,347,631
11,814,271
13,080,946
22,719,402

10,051,650
10,830,489
11,332,237
12,580,185
16,347,340

270,000
517,142
482,034
500,761
478,637

24,100
24,367
24,369
22,822
21,455

24,095
24,363
24,368
22,822
21,455

5
4
1
-

2018 – Dec. .....................................
2019 - Jan .......................................
Feb ......................................
Mar ......................................
Apr .......................................
May......................................
June.....................................
July ......................................
Aug ......................................
Sept .....................................
Oct. ......................................
Nov. .....................................
Dec. .....................................

13,526,090
13,545,449
13,729,695
13,687,178
13,731,047
13,760,813
13,751,935
13,725,748
14,194,856
14,448,054
14,505,360
14,562,399
14,550,072

13,023,655
13,045,301
13,228,897
13,402,225
13,401,269
13,482,146
13,478,115
13,488,497
13,687,202
13,894,556
14,021,552
14,067,636
14,044,816

502,435
500,148
500,799
284,953
329,779
278,667
273,819
259,051
466,650
478,637
483,808
494,763
505,256

22,940
22,797
22,500
22,201
22,205
22,150
21,997
21,886
21,688
21,455
21,275
21,201
21,211

Note—Public issues held by the Federal Reserve banks have been revised to
include Ginnie Mae and exclude the following Government-Sponsored Enterprises:
Federal National Mortgage Association, Federal Home Loan Mortgage Corporation,
and the Federal Home Loan Bank System.

March 2020

TABLE OFS-2—Estimated Ownership of U.S. Treasury Securities
[In billions of dollars. Source: Office of Debt Management, Office of the Under Secretary for Domestic Finance]

Pension funds 3

End of month
2019 - Dec. ........
Sept. .......
June .......
Mar. ........
2018 - Dec .........
Sept ........
June .......
Mar .........
2017 - Dec .........
Sept ........
June .......
Mar .........
2016 - Dec .........
Sept ........
June .......
Mar .........
2015 - Dec .........
Sept ........
June .......
Mar .........
2014 - Dec .........
Sept ........
June .......
Mar .........
2013 - Dec .........
Sept ........
June .......
Mar .........
2012 - Dec .........
Sept ........
June .......
Mar .........
2011 - Dec .........
Sept ........
June .......
Mar .........
2010 - Dec .........
Sept ........
June .......
Mar .........
2009 - Dec .........
Sept ........
June .......
Mar .........
1

Total
public
debt 1
(1)

Federal
Reserve and
Government
accounts 2
(2)

23,201.4
22,719.4
22,023.5
22,028.0
21,974.1
21,516.1
21,195.3
21,089.9
20,492.7
20,244.9
19,844.6
19,846.4
19,976.9
19,573.4
19,381.6
19,264.9
18,922.2
18,150.6
18,152.0
18,152.1
18,141.4
17,824.1
17,632.6
17,601.2
17,352.0
16,738.2
16,738.2
16,771.6
16,432.7
16,066.2
15,855.5
15,582.3
15,222.8
14,790.3
14,343.1
14,270.0
14,025.2
13,561.6
13,201.8
12,773.1
12,311.3
11,909.8
11,545.3
11,126.9

8,359.9
8,023.6
7,945.2
7,999.1
8,095.0
8,068.1
8,106.9
8,086.6
8,132.1
8,036.9
7,943.4
7,941.1
8,005.6
7,863.5
7,911.2
7,801.4
7,711.2
7,488.7
7,536.5
7,521.3
7,578.9
7,490.8
7,461.0
7,301.5
7,205.3
6,834.2
6,773.3
6,656.8
6,523.7
6,446.8
6,475.8
6,397.2
6,439.6
6,328.0
6,220.4
5,958.9
5,656.2
5,350.5
5,345.1
5,259.8
5,276.9
5,127.1
5,026.8
4,785.2

Total
U.S.
privately Depository savings
held
institutions 3, 4 bonds 5
(3)
(4)
(5)
14,841.5
14,695.8
14,078.4
14,028.9
13,879.1
13,447.9
13,088.5
13,003.3
12,360.6
12,208.0
11,901.1
11,905.3
11,971.3
11,709.9
11,470.4
11,463.6
11,211.0
10,661.9
10,615.5
10,630.8
10,562.6
10,333.2
10,171.6
10,299.7
10,146.6
9,904.0
9,964.9
10,114.8
9,909.1
9,619.4
9,379.7
9,185.1
8,783.3
8,462.4
8,122.7
8,311.1
8,368.9
8,211.1
7,856.7
7,513.3
7,034.4
6,782.7
6,518.5
6,341.7

909.9
810.0
771.3
771.5
683.9
665.3
639.7
638.3
611.8
621.9
658.6
663.9
627.6
580.6
562.9
547.4
519.1
518.5
518.1
516.8
471.1
409.5
368.4
321.1
293.2
300.2
338.9
347.7
338.2
303.2
317.0
279.7
293.8
279.4
321.0
319.3
322.8
266.1
269.3
202.5
198.2
140.8
125.7

151.3
152.3
153.4
154.5
155.7
156.8
157.8
159.0
160.4
161.7
162.8
164.2
165.8
167.5
169.0
170.3
171.6
172.8
173.9
174.9
175.9
176.7
177.6
178.3
179.2
180.0
180.9
181.7
182.5
183.8
184.7
184.8
185.2
185.1
186.0
186.7
187.9
188.7
189.6
190.2
191.3
192.5
193.6
194.0

Source: “Monthly Statement of the Public Debt of the United States” (MSPD). Face value.
Sources: Federal Reserve Bulletin, Table 1.18, Federal Reserve banks, statement of
condition, for System Open Market Accounts; and the U.S. Treasury MSPD for
intragovernmental holdings. Federal Reserve holdings exclude Treasury securities held
under repurchase agreements. As of February 2005, the debt held by Government
Accounts was renamed to Intragovernmental holdings.
3 Source: Federal Reserve Board of Governors, Flow of Funds Table L.210.
4 Includes U.S. chartered depository institutions, foreign banking offices in U.S., banks in
U.S. affiliated areas, credit unions and bank holding companies.
5 Sources: “Monthly Statement of the Public Debt of the United States” from January 1996.
From December 2014 to September 2018, includes savings bonds issued to myRA
accounts. Current accrual value.
2

March 2020

Private 6
(6)

State and Insurance
local
compagovernments
nies 3
(7)
(8)

727.5
506.0
478.2
670.9
644.0
622.5
597.7
432.0
570.8
425.9
444.2
538.0
545.6
537.9
524.4
504.7
305.3
373.8
447.8
507.1
490.7
482.6
474.3
464.9
347.8
444.5
463.4
468.0
453.9
427.4
406.6
391.9
373.6
251.8
215.8
206.8
198.2
190.8
183.0
175.6
167.2
164.1
155.4
6 Includes

424.5
414.7
405.1
372.8
304.7
307.3
300.1
289.4
266.5
262.8
239.5
218.8
203.8
185.0
170.4
174.5
171.0
185.7
176.7
199.2
198.7
198.3
184.3
181.3
187.5
187.7
193.4
183.6
181.7
171.2
169.4
160.7
155.7
158.0
157.9
153.7
145.2
150.1
153.6
151.4
145.6
144.6
137.0

208.2
202.1
201.1
203.7
226.1
225.9
361.8
372.6
359.7
348.4
338.4
330.2
341.2
329.8
315.5
306.7
306.6
304.3
305.1
307.0
298.1
287.7
276.8
271.2
273.2
276.2
284.3
292.7
292.6
293.6
298.1
297.3
259.6
254.8
253.5
248.4
240.6
231.8
225.7
222.0
210.2
200.0
191.0

Mutual
funds 3, 7
(9)
2,173.5
1,929.9
2,058.3
2,023.3
1,898.2
1,843.4
1,977.1
1,797.5
1,697.8
1,608.5
1,669.1
1,705.4
1,600.4
1,434.2
1,404.1
1,318.3
1,195.1
1,139.8
1,170.4
1,121.8
1,075.8
986.2
1,060.4
983.3
986.1
1,000.1
1,066.7
1,031.8
1,080.7
997.8
1,015.4
927.9
788.7
753.7
749.4
721.7
671.0
676.8
678.5
668.8
668.5
711.8
721.1

State and
Foreign
local
govern- and international 8
ments 3
(10)
(11)
676.7
674.5
691.8
693.0
722.2
727.3
712.9
732.3
716.0
736.4
751.1
744.2
734.0
710.0
692.6
680.4
646.4
655.0
674.2
654.5
628.7
638.8
632.0
633.6
624.3
612.6
615.6
599.6
596.9
585.4
567.4
562.2
557.9
572.2
585.3
595.7
586.0
584.4
585.0
585.6
583.6
588.5
588.2

6,779.2
6,640.5
6,474.9
6,270.5
6,225.9
6,225.0
6,223.4
6,211.3
6,301.9
6,151.9
6,075.3
6,006.3
6,155.9
6,279.1
6,284.4
6,146.2
6,105.9
6,163.1
6,172.6
6,157.7
6,069.2
6,018.7
5,948.3
5,792.6
5,652.8
5,595.0
5,725.0
5,573.8
5,476.1
5,310.9
5,145.1
5,006.9
4,912.1
4,690.6
4,481.4
4,435.6
4,324.2
4,070.0
3,877.9
3,685.1
3,570.6
3,460.8
3,265.7

Other
investors 9
(12)
2,644.0
2,747.3
2,793.6
2,717.6
2,586.3
2,314.0
2,031.6
1,726.9
1,521.9
1,582.5
1,564.9
1,598.8
1,333.9
1,244.8
1,339.0
1,361.1
1,239.7
1,101.3
990.9
922.4
924.1
972.1
1,177.0
1,319.5
1,359.1
1,367.8
1,245.7
1,229.4
1,015.4
1,105.4
1,081.2
971.4
935.8
976.1
1,360.1
1,499.9
1,534.4
1,497.1
1,350.1
1,152.1
1,046.3
914.2
963.7

U.S. Treasury securities held by the Federal Employees Retirement System
Thrift Savings Plan "G Fund".
7 Includes money market mutual funds, mutual funds, and closed-end investment
companies.
8 Source: Federal Reserve Board Treasury International Capital Survey. Includes
nonmarketable foreign series, Treasury securities, and Treasury deposit funds. Excludes
Treasury securities held under repurchase agreements in custody accounts at the Federal
Reserve Bank of New York. For additional information, see:
http://www.treasury.gov/resource-center/data-chart-center/tic/pages/index.aspx.
9 Includes individuals, Government-sponsored enterprises, brokers and dealers, bank
personal trusts and estates, corporate and non-corporate businesses, and other investors.

INTRODUCTION: U.S. Currency and Coin Outstanding and in Circulation
The U.S. Currency and Coin Outstanding and in
Circulation (USCC) statement informs the public of the total
face value of currency and coin used as a medium of
exchange that is in circulation at the end of a given
accounting month. The statement defines the total amount of
currency and coin outstanding and the portion deemed to be
in circulation. It includes some old and current rare issues
that do not circulate or that may do so to a limited extent.
Treasury includes them in the statement because the issues
were originally intended for general circulation.

The USCC statement provides a description of the
various issues of paper money. It also gives an estimated
average of currency and coin held by each individual, using
estimates of population from the Bureau of the Census.
USCC information has been published by Treasury since
1888, and was published separately until 1983, when it was
incorporated into the “Treasury Bulletin.” The USCC comes
from monthly reports compiled by Treasury offices, U.S.
Mint offices, the Federal Reserve banks (FRBs), and the
Federal Reserve Board.

TABLE USCC-1—Amounts Outstanding and in Circulation, Dec. 31, 2019
[Source: Bureau of the Fiscal Service]

Currency
Amounts outstanding ..............................

Total
currency
and coin
(1)

Total currency
(2)

Federal Reserve notes 1
(3)

U.S. notes
(4)

Currency no
longer issued
(5)

$2,005,918,939,347

$1,956,323,304,061

$1,955,847,936,553

$239,051,966

$236,315,542

The Treasury .......................................

249,464,889

53,926,889

53,723,033

7,505

196,351

FRBs ...................................................

198,078,458,049

196,421,308,423

196,421,299,383

9,014

Amounts in circulation .............................

$1,807,591,016,409

$1,759,848,068,749

$1,759,372,914,137

$239,044,435

$236,110,177

Less amounts held by:

Coins 2
Amounts outstanding ..............................

Total
(1)

Dollars 2, 3
(2)

Fractional
coins
(3)

$49,595,635,286

6,547,064,108

43,048,571,178

The Treasury .......................................

195,538,000

48,770,000

146,768,000

FRBs ...................................................

1,657,149,626

1,078,615,496

578,534,130

Amounts in circulation .............................

$47,742,947,660

$5,419,678,612

$ 42,323,269,048

Less amounts held by:

See footnotes following table USCC-2.

March 2020

TABLE USCC-2—Amounts Outstanding and in Circulation, Dec. 31, 2019
[Source: Bureau of the Fiscal Service]

Currency in circulation by denomination
$1 ................................................................................

Total
(1)

U.S. notes
(3)

Currency no
longer issued
(4)

$12,546,773,874

$143,503

$139,634,851

Federal Reserve notes 1
(2)

$12,686,552,228

$2 ................................................................................

2,668,573,866

2,537,114,598

131,446,692

12,576

$5 ................................................................................

15,780,727,165

15,650,736,085

107,433,010

22,558,070

$10 ..............................................................................

20,875,450,490

20,855,662,080

6,300

19,782,110

$20 ..............................................................................

190,541,219,300

190,521,112,900

3,840

20,102,560

$50 ..............................................................................

92,288,643,200

92,277,147,500

500

11,495,200

$100 ............................................................................

1,424,694,742,900

1,424,672,766,100

21,976,800

$500 ............................................................................

141,770,000

141,577,000

5,500

187,500

$1,000 .........................................................................

165,174,000

164,964,000

5,000

205,000

$5,000 .........................................................................

1,765,000

1,710,000

55,000

$10,000 .......................................................................

3,450,000

3,350,000

100,000

Fractional notes 5 ........................................................

600

510

Total currency .........................................................

$ 1,759,848,068,749

$1,759,372,914,137

$ 239,044,435

$236,110,177

Amounts (in millions)
(1)

Comparative totals of currency and coins in circulation—selected dates

Per capita 4
(2)

Dec. 31, 2019 .......................................................................................

1,807,591

5,472

Nov. 30, 2019.......................................................................................

1,793,012

5,431

Oct. 31, 2019 .......................................................................................

1,781,050

5,397

Sept. 30, 2015 ......................................................................................

1,387,552

4,310

Sept. 30, 2010 ......................................................................................

954,719

3,074

Sept. 30, 2005 ......................................................................................

766,487

2,578

Sept. 30, 2000 ......................................................................................

568,614

2,061

Sept. 30, 1995 ......................................................................................

409,272

1,553

Sept. 30, 1990 ......................................................................................

278,903

1,105

Sept. 30, 1985 ......................................................................................

187,337

782

Sept. 30, 1980 ......................................................................................

129,916

581

June 30, 1975 ......................................................................................

81,196

380

June 30, 1970 ......................................................................................

54,351

265

June 30, 1965 ......................................................................................

39,719

204

5 Represents

Issued on or after July 1, 1929.
Excludes coins sold to collectors at premium prices.
3 Includes $481,781,898 in standard silver dollars.

March 2020

Based on Bureau of the Census estimates of population.
value of certain partial denominations not presented for redemption.
6 Represents current FRB adjustment.

Foreign Currency Positions
Exchange Stabilization Fund

INTRODUCTION: Foreign Currency Positions
The “Treasury Bulletin” reports foreign currency
holdings of large foreign exchange market participants.
These reports provide information on positions in derivative
instruments, such as foreign exchange futures and options
that are increasingly used in establishing foreign exchange
positions but were not covered in the old reports.
The information is based on reports of large foreign
exchange market participants on holdings of five major
foreign currencies (Canadian dollar, Japanese yen, Swiss
franc, pound sterling, and euro) and the U.S. dollar.
Positions in the U.S. dollar, which have been collected since
January 1999, are intended to approximate “all other”
currency positions of reporting institutions. U.S.-based
businesses file a consolidated report for their domestic and
foreign subsidiaries, branches, and agencies. U.S.
subsidiaries of foreign entities file only for themselves, not
for their foreign parents. Filing is required by law (31 United
States Code 5315; 31 Code of Federal Regulations 128,
Subpart C).
Weekly and monthly reports must be filed throughout the
calendar year by major foreign exchange market
participants, which are defined as market participants with
more than $50 billion equivalent in foreign exchange
contracts on the last business day of any calendar quarter
during the previous year (end March, September, September,
or December). Such contracts include the amounts of foreign
exchange spot contracts bought and sold, foreign exchange
forward contracts bought and sold, foreign exchange futures
bought and sold, and one half the notional amount of foreign
exchange options bought and sold.

A quarterly report must be filed throughout the calendar
year by each foreign exchange market participant that had
more than $5 billion equivalent in foreign exchange
contracts on the last business day of any quarter the previous
year (end March, June, September, or December).
This information is published in six sections
corresponding to each of the major currencies covered by the
reports. Tables I-1 through VI-1 present the currency data
reported weekly by major market participants. Tables I-2
through VI-2 present more detailed currency data of major
market participants, based on monthly reports. Tables I-3
through VI-3 present quarterly consolidated currency data
reported by large market participants that do not file weekly
reports. The information in the tables referenced above is
based on the reports referenced in this Introduction: Foreign
Currency Positions and is not audited by the Federal Reserve
banks or the Treasury Department.
Principal exchanged under cross-currency interest rate
swaps is reported as part of purchases or sales of foreign
exchange. Such principal also was noted separately on
monthly and quarterly reports through December 1998,
when this practice was discontinued. The net options
position, or the net delta-equivalent value of an options
position, is an estimate of the relationship between an
option’s value and an equivalent currency hedge. The delta
equivalent value is defined as the product of the first partial
derivative of an option valuation formula (with respect to the
price of the underlying currency) multiplied by the notional
principal of the contract.
The data reported herein may occasionally differ with
respect to time periods noted in prior issues of this Bulletin
due to revisions from reporting market participants that arise
from quality assurance controls.

March 2020

FOREIGN CURRENCY POSITIONS

SECTION I—Canadian Dollar Positions
TABLE FCP-I-1—Weekly Report of Major Market Participants
[In millions of Canadian dollars. Source: Treasury Foreign Currency Reporting]

Report date

Spot, forward and future contracts
Purchased
Sold
(1)
(2)

Net options
positions
(3)

Exchange
rate
(Canadian
dollars per
U.S. dollar)
(4)

07/03/2019
07/10/2019
07/17/2019
07/24/2019
07/31/2019

1,974,322
2,066,456
1,984,337
2,004,821
2,091,749

2,093,885
2,182,576
2,096,849
2,115,417
2,197,628

-102
-102
-74
n.a.
-94

1.3070
1.3099
1.3041
1.3134
1.3143

08/07/2019
08/14/2019
08/21/2019
08/28/2019

2,063,320
2,058,467
2,088,262
2,200,298

2,168,726
2,151,315
2,189,435
2,289,870

-136
-167
-109
-94

1.3330
1.3320
1.3275
1.3299

09/04/2019
09/11/2019
09/18/2019
09/25/2019

2,245,328
2,297,242
1,959,927
1,984,776

2,425,336
2,508,967
2,148,529
2,128,300

-94
-74
-194
-163

1.3248
1.3199
1.3283
1.3279

10/02/2019
10/09/2019
10/16/2019
10/23/2019
10/30/2019

1,942,789
1,960,149
1,992,324
1,965,715
2,105,033

2,059,101
2,071,793
2,105,775
2,084,031
2,213,230

-109
-116
-119
-94
-141

1.3313
1.3327
1.3191
1.3089
1.3179

11/06/2019
11/13/2019
11/20/2019
11/27/2019

2,009,185
2,037,912
2,054,874
2,015,519

2,130,476
2,152,243
2,282,203
2,259,411

-172
-199
-153
-164

1.3187
1.3239
1.3317
1.3284

12/04/2019
12/11/2019
12/18/2019
12/24/2019
12/31/2019

1,982,648
2,094,137
1,761,252
1,687,924
1,691,670

2,225,842
2,336,632
1,976,479
1,862,678
1,850,228

-137
-160
-155
-165
-134

1.3212
1.3202
1.3117
1.3160
1.2962

March 2020

FOREIGN CURRENCY POSITIONS

SECTION I—Canadian Dollar Positions, continued
TABLE FCP-I-2—Monthly Report of Major Market Participants
[In millions of Canadian dollars. Source: Treasury Foreign Currency Reporting]

Report date

Spot, forward
and future contracts
Purchased
Sold
(1)
(2)

Foreign currency
denominated
Assets
Liabilities
(3)
(4)

Options positions
Puts
Calls
Bought
Written
Bought
Written
(5)
(6)
(7)
(8)

Exchange rate
(Canadian
Net delta
dollars per
equivalent
U.S. dollar)
(9)
(10)

2017 - Dec.

1,486,798

1,561,949

288,642

241,105

46,583

40,354

70,598

67,895

-29

1.2517

2018 - Dec..

1,738,245

1,819,509

313,369

302,946

43,236

38,625

76,598

72,266

-5

1.3644

2019 - Jan.

2,008,147

2,191,117

344,037

268,174

50,531

44,893

87,861

83,410

-112

1.3140

Feb.

2,136,468

2,232,228

349,319

274,883

52,447

42,902

84,833

80,561

-134

1.3166

Mar.

1,932,204

2,026,074

485,689

473,294

49,833

41,370

85,649

79,112

-103

1.3360

Apr.

2,021,461

2,136,768

319,065

296,271

60,011

42,893

91,248

83,485

-21

1.3427

May

2,182,404

2,299,272

344,574

324,548

65,434

47,715

96,213

89,375

-37

1.3523

June

2,022,692

2,135,708

373,241

290,861

67,300

49,043

90,126

83,223

-84

1.3091

July

2,101,493

2,197,443

367,436

281,004

58,534

50,862

87,426

79,284

-78

1.3143

Aug.

2,225,830

2,308,280

331,241

287,894

53,891

47,801

88,109

81,851

-30

1.3290

Sept.

1,923,578

1,994,423

332,378

281,130

51,543

46,348

75,631

67,715

-95

1.3243

Oct.

2,057,220

2,131,221

378,747

288,598

53,572

50,260

77,479

69,186

-163

1.3144

Nov.

1,939,930

2,009,440

377,011

n.a

53,563

49,493

70,349

68,590

-141

1.3291

Dec.

1,638,356

1,699,212

471,806

n.a

49,215

46,379

65,623

63,132

-129

1.2962

TABLE FCP-I-3—Quarterly Report of Large Market Participants
[In millions of Canadian dollars. Source: Treasury Foreign Currency Reporting]

Spot, forward
and future contracts
Report date
2016 - Dec.

Purchased
(1)

Sold
(2)

38,266

68,203

Foreign currency
denominated
Assets
(3)
154,935

Liabilities
(4)
124,039

Options positions
Puts

Calls
Bought
(5)
401

Written
(6)
397

Bought
(7)
2,393

Written
(8)
n.a.

Net delta
equivalent
(9)

Exchange rate
(Canadian
dollars per
U.S. dollar)
(10)

n.a.

1.3426

2017 - Mar.

38,456

72,918

163,394

117,313

482

393

946

563

n.a.

1.3321

June

36,779

75,076

146,175

112,640

1,726

827

790

823

n.a.

1.2982

Sept.

35,092

64,307

145,296

93,483

1,179

785

587

345

1.2509

Dec.

33,411

65,839

131,559

88,031

534

483

n.a.

1,372

n.a.

1.2517

2018 - Mar.
June

30,951

67,926

138,067

96,580

1,522

1,210

1,761

n.a.

-374

1.2891

35,482

69,299

150,243

n.a.

920

1,052

3,455

2,751

n.a.

1.3140

Sept.

36,139

66,217

154,540

107,071

608

493

2,173

n.a.

1.2922

Dec.

29,734

61,026

139,329

98,110

696

346

3,017

1,941

1.3644

2019 - Mar.

28,444

61,318

135,230

n.a.

326

276

2,650

471

1.3360

June

35,369

66,869

140,156

n.a.

1,254

661

n.a.

427

n.a.

1.3091

Sept.

37,713

70,957

132,318

n.a.

527

393

n.a.

653

-2

1.3243

March 2020

FOREIGN CURRENCY POSITIONS

SECTION II—Japanese Yen Positions
TABLE FCP-II-1—Weekly Report of Major Market Participants
[In billions of Japanese yen. Source: Treasury Foreign Currency Reporting]

Spot, forward and future contracts
Purchased
(1)

Sold
(2)

07/03/2019

545,936

556,951

107.84

07/10/2019

569,502

575,748

108.44

07/17/2019

558,151

565,590

108.10

07/24/2019

568,683

573,714

108.08

07/31/2019

598,459

606,462

-8

108.58

08/07/2019

612,844

622,783

105.62

08/14/2019

612,877

620,193

105.79

08/21/2019

604,818

612,851

106.52

08/28/2019

629,076

637,962

105.86

09/04/2019

647,373

656,314

106.28

09/11/2019

642,859

650,106

-5

107.73

09/18/2019

607,542

613,624

-1

108.17

09/25/2019

634,086

640,417

-3

107.78

10/02/2019

636,749

642,847

107.21

10/09/2019

618,526

620,230

-17

107.43

10/16/2019

623,088

624,575

-24

108.71

10/23/2019

617,840

616,554

-24

108.64

10/30/2019

628,821

630,966

-30

108.88

11/06/2019

621,843

624,235

-32

108.86

11/13/2019

609,320

611,368

-28

108.83

11/20/2019

590,392

591,380

-34

108.67

11/27/2019

598,571

599,148

n.a

109.38

12/04/2019

605,382

610,007

n.a.

108.87

12/11/2019

598,676

603,017

n.a.

108.67

12/18/2019

559,072

561,521

n.a.

109.58

12/24/2019

534,137

536,966

n.a.

109.38

12/31/2019

524,470

529,878

n.a.

108.67

Report date

March 2020

Net options positions
(3)

Exchange
rate
(Japanese
yen per
U.S. dollar)
(4)

FOREIGN CURRENCY POSITIONS

SECTION II—Japanese Yen Positions, continued
TABLE FCP-II-2—Monthly Report of Major Market Participants
[In billions of Japanese yen. Source: Treasury Foreign Currency Reporting]

Spot, forward
and future contracts
Report date

Purchased
(1)

Foreign currency
denominated

Sold
(2)

Assets
(3)

Options positions
Puts

Calls

Liabilities
(4)

Bought
(5)

Written
(6)

Bought
(7)

Written
(8)

Net delta
equivalent
(9)

Exchange rate
(Japanese yen
per U.S. dollar)
(10)

2017 - Dec.

504,078

520,500

122,567

108,990

24,449

23,590

46,603

47,891

-88

112.69

2018 - Dec.

563,910

575,977

148,629

116,910

32,541

33,380

53,035

53,747

122

109.70

2019 - Jan.

605,134

611,246

143,459

112,211

33,906

34,999

57,953

57,340

123

108.84

Feb.

614,469

624,963

154,848

115,624

34,037

34,501

55,716

55,745

107

111.38

Mar.

576,499

588,375

138,745

119,149

34,184

33,947

57,532

59,442

110.68

Apr.

582,292

593,294

148,804

118,428

31,483

31,046

55,195

57,116

111.40

May

594,183

605,407

147,694

123,962

35,930

35,432

59,775

61,455

106

108.66

June

571,660

584,948

145,197

126,866

35,444

34,475

56,015

58,105

107.84

July

605,719

615,544

141,232

117,120

35,056

35,194

54,776

55,999

108.58

Aug.

628,311

637,786

148,876

126,595

38,487

40,331

59,132

59,722

106.30

Sept.

625,867

633,319

164,472

128,867

34,556

36,283

56,576

57,269

108.11

Oct.

627,992

631,273

148,295

120,671

32,649

33,934

54,940

56,034

108.09

Nov.

595,565

595,977

142,695

122,471

32,666

35,307

51,103

54,503

-35

109.47

Dec.

514,008

518,815

128,983

110,323

29,712

31,697

46,539

50,688

-34

108.67

TABLE FCP-II-3—Quarterly Report of Large Market Participants
[In billions of Japanese yen. Source: Treasury Foreign Currency Reporting]

Report date
2016 - Dec.
2017 - Mar.
June

Spot, forward
and future contracts
Purchased
Sold
(1)
(2)
7,108

5,182

Foreign currency
denominated
Assets
Liabilities
(3)
(4)
7,472

6,167

Calls
Bought
(5)

Options positions
Puts
Written
Bought
Written
(6)
(7)
(8)

Net delta
equivalent
(9)

Exchange rate
(Japanese yen
per U.S. dollar)
(10)

352

303

1,006

912

n.a.

116.78

9,579

6,990

8,034

6,134

420

486

841

554

-1

111.41

8,848

7,755

6,915

6,245

n.a.

438

539

386

-1

112.40

Sept.

6,536

6,008

7,693

6,769

800

670

609

n.a.

112.64

Dec.

6,451

6,017

7,824

6,224

n.a.

373

537

n.a.

112.69

2018 - Mar.
June

7,528

5,557

8,133

5,332

n.a.

568

312

-1

106.2

8,528

6,807

8,813

6,062

371

432

446

259

-4

110.71

Sept.

8,632

8,294

9,056

6,455

432

518

387

145

-9

113.48

Dec.

8,255

5,873

8,065

6,269

489

505

440

153

109.7

2019 - Mar.

7,534

6,937

9,217

6,776

276

500

423

120

110.68

June

7,690

6,332

9,300

6,496

483

535

658

179

-38

107.84

Sept.

7,663

6,731

8,406

5,728

282

428

538

126

108.11

March 2020

FOREIGN CURRENCY POSITIONS

SECTION III—Swiss Franc Positions
TABLE FCP-III-1—Weekly Report of Major Market Participants
[In millions of Swiss francs. Source: Treasury Foreign Currency Reporting]

Report date

Spot, forward and future contracts
Purchased
Sold
(1)
(2)

Net options positions
(3)

Exchange
rate (Swiss
francs per
U.S. dollar)
(4)

07/03/2019

940,941

1,005,122

219

0.9864

07/10/2019

973,751

1,041,787

256

0.9892

07/17/2019

941,110

999,049

272

0.9870

07/24/2019

985,319

1,038,109

294

0.9854

07/31/2019

1,001,043

1,057,742

293

0.9902

08/07/2019

1,019,811

1,081,320

354

0.9708

08/14/2019

1,046,516

1,112,291

322

0.9736

08/21/2019

1,086,333

1,140,166

322

0.9816

08/28/2019

1,118,837

1,178,469

316

0.9807

09/04/2019

1,176,143

1,232,435

n.a.

0.9817

09/11/2019

1,219,615

1,272,201

n.a.

0.9933

09/18/2019

1,051,577

1,108,981

n.a.

0.9950

09/25/2019

1,087,234

1,142,869

n.a.

0.9909

10/02/2019

1,086,611

1,148,708

n.a.

0.9975

10/09/2019

1,059,726

1,102,635

n.a.

0.9950

10/16/2019

1,089,209

1,141,004

n.a.

0.9959

10/23/2019

1,102,887

1,150,291

n.a.

0.9907

10/30/2019

1,168,808

1,213,958

n.a.

0.9909

11/06/2019

1,136,399

1,186,102

n.a.

0.9920

11/13/2019

1,152,730

1,204,739

n.a.

0.9892

11/20/2019

1,096,792

1,146,087

n.a.

0.9921

11/27/2019

1,072,052

1,123,466

n.a.

0.9996

12/04/2019

1,088,289

1,133,220

n.a.

0.9893

12/11/2019

1,100,808

1,142,552

n.a.

0.9856

12/18/2019

940,892

991,150

n.a.

0.9819

12/24/2019

877,154

930,763

n.a.

0.9807

12/31/2019

867,418

913,177

n.a.

0.9677

March 2020

FOREIGN CURRENCY POSITIONS

SECTION III—Swiss Franc Positions, continued
TABLE FCP-III-2—Monthly Report of Major Market Participants
[In millions of Swiss francs. Source: Treasury Foreign Currency Reporting]

Report date

Spot, forward
and future contracts
Purchased
Sold
(1)
(2)
840,898

Foreign currency
denominated
Assets
Liabilities
(3)
(4)

Bought
(5)

108,582

46,025

88,094

Calls

Options positions
Puts
Written
Bought
Written
(6)
(7)
(8)

2017 - Dec.

802,799

44,500

79,500

2018 - Dec
2019 - Jan.

903,658

958,551

140,373

74,358

41,440

40,908

71,023

952,015

1,036,320

110,522

74,672

41,418

38,629

76,378

Feb.

1,018,227

1,069,995

123,326

86,978

40,250

37,296

76,260

73,824

Mar.

975,496

1,023,289

115,202

89,181

43,406

40,066

77,792

Apr.

934,384

991,240

118,813

83,548

44,305

41,186

78,202

May

1,028,678

1,085,179

110,214

80,443

45,064

42,094

June

1,034,100

1,092,763

121,387

84,378

46,932

July

1,044,955

1,110,099

108,481

80,955

45,803

Aug.

1,176,726

1,236,996

117,737

86,107

Sept.

1,103,273

1,162,940

127,727

99,564

Oct.

1,186,354

1,244,167

128,280

Nov.

1,097,710

1,154,485

Dec.

875,026

919,323

Exchange rate
Net delta (Swiss francs per
equivalent
U.S. dollar)
(9)
(10)

79,164

139

0.9738

66,935

n.a

0.9832

73,015

n.a

0.9938

n.a

0.9974

74,693

n.a

0.9962

75,617

198

1.0200

78,182

74,937

211

1.0034

44,671

78,949

76,146

196

0.9758

43,353

81,783

78,713

n.a

0.9902

47,361

45,022

85,064

81,028

n.a

0.9899

45,236

41,885

78,832

75,036

n.a

0.9978

95,937

46,576

44,035

80,453

76,936

n.a

0.9868

119,368

103,217

43,442

40,613

70,070

67,115

n.a

1.0001

110,052

90,160

41,629

39,815

66,118

62,231

n.a

0.9677

TABLE FCP-III-3—Quarterly Report of Large Market Participants
[In millions of Swiss francs. Source: Treasury Foreign Currency Reporting]

Report date
2016 - Dec.
2017 - Mar.

Spot, forward
and future contracts
Purchased
Sold
(1)
(2)
14,939

Foreign currency
denominated
Assets
Liabilities
(3)
(4)

14,888

98,271

Calls
Bought
(5)

16,029

Options positions
Puts
Written
Bought
Written
(6)
(7)
(8)
n.a.

n.a.

Net delta
equivalent
(9)

Exchange rate
(Swiss francs per
U.S. dollar)
(10)

n.a.

1.0160

16,299

18,151

73,924

16,435

n.a.

0.9998

June

14,015

16,797

n.a.

15,161

n.a.

0.9586

Sept.

16,715

14,386

n.a.

18,437

n.a.

0.9688

Dec.

13,981

15,244

137,271

21,087

n.a.

0.9738

2018 - Mar.

16,766

16,882

n.a.

16,258

n.a.

0.9532

June

16,890

20,470

142,369

20,256

447

n.a.

0.9922

Sept.

19,130

19,387

123,956

18,990

1,571

n.a.

0.9758

Dec.

15,001

18,474

n.a.

21,413

n.a.

0.9832

2019 - Mar.

15,289

18,434

116,641

17,824

n.a.

1,002

n.a.

0.9962

June

14,686

23,493

111,498

16,831

n.a.

0.9758

Sept.

15,812

20,811

109,705

16,410

n.a.

0.9978

March 2020

FOREIGN CURRENCY POSITIONS

SECTION IV—Sterling Positions
TABLE FCP-IV-1—Weekly Report of Major Market Participants
[In millions of pounds sterling. Source: Treasury Foreign Currency Reporting]

Report date

Spot, forward and future contracts
Purchased
Sold
(1)
(2)

Net options positions
(3)

Exchange
rate (U.S.
dollars per
pound)
(4)

07/03/2019

2,947,977

3,112,877

-125

1.2568

07/10/2019

3,030,488

3,204,374

-132

1.2507

07/17/2019

2,963,782

3,129,409

-112

1.2438

07/24/2019

3,071,831

3,231,558

-153

1.2498

07/31/2019

3,300,706

3,465,120

-226

1.2220

08/07/2019

3,110,674

3,247,678

-228

1.2158

08/14/2019

3,206,810

3,347,768

-251

1.2068

08/21/2019

3,169,692

3,323,138

-185

1.2142

08/28/2019

3,387,442

3,547,104

-177

1.2248

09/04/2019

3,396,040

3,566,566

-152

1.2190

09/11/2019

3,494,735

3,657,458

-143

1.2329

09/18/2019

3,257,520

3,443,761

-184

1.2478

09/25/2019

3,374,786

3,546,099

-177

1.2363

10/02/2019

3,262,254

3,447,160

-165

1.2313

10/09/2019

3,392,451

3,383,067

-136

1.2215

10/16/2019

3,474,858

3,474,479

-405

1.2854

10/23/2019

3,226,002

3,405,195

-408

1.2886

10/30/2019

3,402,006

3,567,220

-341

1.2872

11/06/2019

3,131,036

3,290,126

-393

1.2872

11/13/2019

3,207,859

3,416,243

-432

1.2840

11/20/2019

3,174,542

3,368,831

-445

1.2918

11/27/2019

3,151,705

3,377,759

-492

1.2881

12/04/2019

3,085,454

3,282,760

-549

1.3095

12/11/2019

3,205,018

3,410,730

n.a

1.3176

12/18/2019

3,039,354

3,229,275

n.a

1.3078

12/24/2019

2,794,279

3,014,136

n.a

1.2955

12/31/2019

2,778,925

3,009,213

n.a

1.3269

March 2020

FOREIGN CURRENCY POSITIONS

SECTION IV—Sterling Positions, continued
TABLE FCP-IV-2—Monthly Report of Major Market Participants
[In millions of pounds sterling. Source: Treasury Foreign Currency Reporting]

Report date

Foreign currency
denominated
Assets
Liabilities
(3)
(4)

Spot, forward
and future contracts
Purchased
Sold
(1)
(2)

Calls
Bought
(5)

Options positions
Puts
Written
Bought
Written
(6)
(7)
(8)

Net delta
equivalent
(9)

Exchange rate
(U.S. dollars
per pound)
(10)

2017 - Dec.

2,423,244

2,623,676

926,696

893,568

117,539

122,752

76,952

84,254

n.a.

1.3529

2018 - Dec.

2,689,988

2,890,865

1,007,091

949,828

140,974

136,398

113,570

106,149

-93

1.2763

2019 - Jan.

3,045,921

3,254,190

997,584

955,082

n.a.

137,273

131,860

-50

1.3135

Feb.

3,275,482

3,442,418

970,893

965,259

199,014

199,124

139,245

135,702

-137

1.3274

Mar.

3,227,245

3,419,644

1,000,478

996,831

198,387

199,967

141,230

140,648

-133

1.3032

Apr.

3,169,915

3,315,090

1,002,569

993,808

140,329

142,290

93,057

91,047

-171

1.3030

May

3,315,203

3,454,978

1,042,948

1,003,506

116,239

116,843

96,352

85,658

-226

1.2620

June

3,105,878

3,303,765

991,342

967,864

105,432

105,933

95,688

84,616

-158

1.2704

July

3,370,422

3,555,791

1,072,131

1,098,415

123,623

120,031

104,045

108,105

-247

1.2220

Aug.

3,427,619

3,610,873

1,098,181

1,092,586

133,180

131,394

103,300

108,108

-160

1.2166

Sept

3,334,161

3,542,552

1,119,621

1,069,620

158,814

159,851

105,636

103,805

-194

1.2305

Oct.

3,442,433

3,632,212

1,087,478

1,069,029

235,893

238,671

130,162

129,384

-346

1.2939

Nov.

3,188,022

3,372,011

1,041,488

955,959

182,832

185,455

121,398

113,883

-360

1.2939

Dec.

2,782,534

3,002,683

987,116

870,519

159,065

163,213

105,419

96,965

n.a

1.3269

TABLE FCP-IV-3—Quarterly Report of Large Market Participants
[In millions of pounds sterling. Source: Treasury Foreign Currency Reporting]

Report date

Spot, forward
and future contracts
Purchased
Sold
(1)
(2)

Foreign currency
denominated
Assets
Liabilities
(3)
(4)

Calls
Bought
(5)

Options positions
Puts
Written
Bought
Written
(6)
(7)
(8)

Net delta
equivalent
(9)

Exchange rate
(U.S. dollars
per pound)
(10)

2016 - Dec.

28,041

50,392

166,414

66,551

n.a.

428

2,686

1,577

1.2337

2017 - Mar.

32,627

57,900

173,010

73,491

1,446

n.a.

2,643

1,825

-20

1.2537

June

31,555

58,169

200,516

65,150

1,498

1,355

2,837

1,910

1.2995

Sept.

34,429

63,757

199,533

58,382

1,369

1,380

2,032

1,755

1.3402

Dec.

25,399

53,184

191,984

55,362

n.a.

1.3529

2018 - Mar.

30,475

53,016

199,384

59,382

981

1,011

2,162

n.a.

1.4027

June

29,048

52,235

194,834

55,851

1,208

1,396

2,551

n.a.

-26

1.3197

Sept.

41,040

58,126

201,492

60,050

1,700

1,559

2,739

2,481

1.3053

Dec.

35,003

56,301

196,698

56,905

7,323

5,123

2,941

2,060

118

1.2763

2019 - Mar.

33,952

55,799

212,271

66,402

5,781

4,704

1,953

1,594

1.3032

June

32,407

58,743

204,923

61,096

1,296

1,645

1,867

1,167

-39

1.2704

Sept.

37,755

64,063

206,151

61,989

2,359

3,062

3,625

3,150

1.2305

March 2020

FOREIGN CURRENCY POSITIONS

SECTION V—U.S. Dollar Positions
TABLE FCP-V-1—Weekly Report of Major Market Participants
[In millions of U.S. dollars. Source: Treasury Foreign Currency Reporting]

Report date

Spot, forward and future contracts
Purchased
Sold
(1)
(2)

Net options
positions
(3)

Exchange
rate
(4)

07/03/2019

27,490,156

26,661,818

-3,042

n.a.

07/10/2019

28,630,121

27,835,927

-3,427

n.a.

07/17/2019

27,889,504

27,124,715

-7,143

n.a.

07/24/2019

28,237,712

27,529,760

n.a.

07/31/2019

29,190,026

28,431,513

n.a.

08/07/2019

29,130,358

28,422,037

n.a.

08/14/2019

29,341,011

28,666,998

n.a.

08/21/2019

29,255,754

28,511,962

n.a.

08/28/2019

30,439,649

29,684,422

n.a.

09/04/2019

31,270,866

30,406,838

n.a.

09/11/2019

31,768,527

30,906,311

n.a.

09/18/2019

28,380,532

27,498,510

n.a.

09/25/2019

28,832,045

28,025,451

n.a.

10/02/2019

28,404,638

27,612,596

n.a.

10/09/2019

28,190,180

27,476,380

n.a.

10/16/2019

28,555,590

27,818,969

n.a.

10/23/2019

28,291,261

27,604,076

-2,478

n.a.

10/30/2019

29,105,907

28,388,065

-2,018

n.a.

11/06/2019

28,596,445

27,614,743

-1,899

n.a.

11/13/2019

28,662,627

27,898,230

-1,869

n.a.

11/20/2019

28,344,276

27,530,133

-2,343

n.a.

11/27/2019

28,463,362

27,571,679

-2,237

n.a.

12/04/2019

28,650,241

27,827,896

-2,680

n.a.

12/11/2019

29,231,111

28,495,633

-2,926

n.a.

12/18/2019

26,225,037

25,441,206

-2,554

n.a.

12/24/2019

24,851,976

24,110,212

-2,582

n.a.

12/31/2019

24,534,406

23,695,633

-2,535

n.a.

March 2020

FOREIGN CURRENCY POSITIONS

SECTION V—U.S. Dollar Positions, continued
TABLE FCP-V-2—Monthly Report of Major Market Participants
[In millions of U.S. dollars. Source: Treasury Foreign Currency Reporting]

Spot, forward
and future contracts
Report date

Purchased
(1)

Sold
(2)

Foreign currency
denominated
Liabiliti
Assets
es
(3)
(4)

Options positions
Puts

Calls
Bought
(5)

Written
(6)

Bought
(7)

Written
(8)

Net delta
equivalent
(9)

Exchange
rate
(10)

2017 - Dec.

22,947,777

22,020,668

1,381,708

1,385,483

1,129,488

1,104,281

-217

n.a

2018 - Dec.

25,392,480

24,612,467

1,523,947

1,488,815

1,300,684

1,276,938

1,281

n.a

2019 - Jan.

28,153,345

26,817,450

1,581,411

1,519,164

1,388,454

1,354,611

281

n.a

Feb.

29,141,143

28,325,390

1,612,538

1,562,054

1,436,922

1,403,943

505

n.a

Mar.

27,788,010

26,936,972

1,630,632

1,581,428

1,465,592

1,412,243

434

n.a

Apr.

27,616,883

26,839,549

1,582,336

1,839,408

1,356,414

1,316,661

312

n.a

May

29,276,005

28,458,773

1,754,795

1,686,563

1,357,582

1,319,015

213

n.a

June

28,149,837

27,217,934

1,664,320

1,612,362

1,349,305

1,298,206

-1,095

n.a

July

28,974,200

28,087,963

1,611,605

1,564,197

1,337,246

1,303,182

-1,208

n.a

Aug.

29,993,056

29,138,644

1,745,063

1,661,092

1,352,157

1,352,572

-654

n.a

Sept

28,535,400

27,699,856

1,614,940

1,602,966

1,281,671

1,251,777

-948

n.a

Oct.

29,219,092

28,474,934

1,570,182

1,511,671

1,322,629

1,304,180

-1,593

n.a

Nov.

28,294,453

27,624,143

1,455,996

1,418,798

1,258,810

1,225,075

-2,106

n.a

Dec.

24,180,933

23,475,477

1,314,653

1,305,332

1,109,429

1,106,074

-1,902

n.a

TABLE FCP-V-3—Quarterly Report of Large Market Participants
[In millions of U.S. dollars. Source: Treasury Foreign Currency Reporting]

Report date

Spot, forward
and future contracts
Purchased
Sold
(1)
(2)

Foreign currency
denominated
Assets
Liabilities
(3)
(4)

Calls
Bought
Written
(5)
(6)

Options positions
Puts
Bought
Written
(7)
(8)

Net delta
equivalent
(9)

Exchange
rate
(10)

2016 - Dec.

389,471

318,849

31,554

21,574

15,484

23,106

4,224

n.a.

2017 - Mar.

431,337

407,589

28,169

17,729

20,518

20,835

1,350

n.a.

June

425,050

402,427

21,559

14,688

16,157

19,475

1,982

n.a.

Sept.

409,209

386,483

23,061

17,456

25,252

25,799

5,034

n.a.

Dec.

413,086

391,712

22,767

13,886

11,689

15,952

3,468

n.a.

2018 - Mar.
June

409,805

388,908

22,041

14,030

17,127

23,531

2,909

n.a.

453,783

396,708

27,521

21,915

18,996

22,059

3,559

n.a.

Sept.

460,821

345,464

23,367

20,128

14,757

15,794

3,811

n.a.

Dec.

424,656

368,534

23,014

25,224

26,202

25,804

2,684

n.a.

2019 - Mar.

422,727

314,275

21,089

21,385

21,276

20,719

1,955

n.a.

June

443,726

335,860

21,824

18,975

21,406

18,710

2,436

n.a.

Sept.

479,635

348,368

21,672

18,799

14,654

15,647

1,937

n.a.

March 2020

FOREIGN CURRENCY POSITIONS

SECTION VI—Euro Positions
TABLE FCP-VI-1—Weekly Report of Major Market Participants
[In millions of euros. Source: Treasury Foreign Currency Reporting]

Report date

Spot, forward and future contracts
Purchased
Sold
(1)
(2)

Net options positions
(3)

Exchange
rate
(Euros per
U.S. dollar)
(4)

07/03/2019

7,002,065

7,211,708

-446

0.8869

07/10/2019

7,457,138

7,656,818

-458

0.8881

07/17/2019

7,295,161

7,483,293

-391

0.8903

07/24/2019

7,433,476

7,618,070

-419

0.8976

07/31/2019

7,712,821

7,903,873

-390

0.8985

08/07/2019

7,473,375

7,640,076

-262

0.8900

08/14/2019

7,549,299

7,707,380

-342

0.8973

08/21/2019

7,661,248

7,858,104

-433

0.9011

08/28/2019

7,943,691

8,147,325

-187

0.9022

09/04/2019

8,397,582

8,633,313

-160

0.9070

09/11/2019

8,471,961

8,698,635

-150

0.9090

09/18/2019

8,033,979

8,230,540

-160

0.9041

09/25/2019

8,189,631

8,369,529

-280

0.9133

10/02/2019

7,999,754

8,172,562

-142

0.9132

10/09/2019

8,040,964

8,181,950

-79

0.9109

10/16/2019

8,079,268

8,242,026

135

0.9029

10/23/2019

7,878,531

8,029,442

173

0.8994

10/30/2019

8,096,146

8,239,921

128

0.8990

11/06/2019

7,899,532

8,070,091

-62

0.9029

11/13/2019

7,977,338

8,129,976

-118

0.9088

11/20/2019

7,846,876

7,995,719

-202

0.9039

11/27/2019

7,824,806

7,993,894

-286

0.9089

12/04/2019

7,975,924

8,119,995

-150

0.9029

12/11/2019

8,151,526

8,271,941

-164

0.9015

12/18/2019

7,347,011

7,468,528

-129

0.8999

12/24/2019

6,985,388

7,063,427

-238

0.9022

12/31/2019

6,795,811

6,921,533

-278

0.8907

March 2020

FOREIGN CURRENCY POSITIONS

SECTION VI—Euro Positions, continued
TABLE FCP-VI-2—Monthly Report of Major Market Participants
[In millions of euros. Source: Treasury Foreign Currency Reporting]

Options positions
Puts
Bought
Written
(7)
(8)

Spot, forward
and future contracts
Purchased
Sold
(1)
(2)

Foreign currency
denominated
Assets
Liabilities
(3)
(4)

Bought
(5)

Written
(6)

2017 - Dec.

6,140,523

6,462,865

2,184,607

2,013,841

514,987

502,218

334,292

2018 - Dec.

6,855,887

7,081,645

2,342,011

2,797,839

504,551

499,156

366,025

2019 - Jan.

7,614,568

7,785,062

2,408,851

2,860,784

533,299

527,125

Feb.

7,969,397

8,194,567

2,285,143

2,908,559

511,692

Mar.

7,656,329

7,863,511

2,449,565

3,107,815

Apr.

7,505,497

7,742,184

2,468,047

May

7,782,004

7,995,132

2,548,407

June

7,488,424

7,703,732

July

7,902,432

Aug.
Sept
Oct.

Calls

Net delta
equivalent
(9)

Exchange
rate
(10)

341,940

1,078

0.8318

351,874

654

0.8729

399,161

381,167

644

0.8731

503,844

429,346

416,955

348

0.8788

527,745

510,394

445,727

435,873

341

0.8906

3,084,871

516,150

506,554

433,560

414,440

247

0.8928

2,720,992

517,166

506,370

423,223

402,692

242

0.8969

2,503,573

2,452,292

549,949

536,835

396,163

385,268

352

0.8792

8,132,971

2,646,626

2,932,669

535,896

523,093

421,509

411,597

129

0.8985

8,235,457

8,458,187

2,865,272

3,145,743

533,084

519,600

431,265

424,325

0.9100

8,125,696

8,312,707

2,720,954

2,936,079

515,802

542,956

442,940

436,676

-48

0.9170

8,162,235

8,324,022

2,397,975

2,678,012

524,178

514,435

426,610

419,230

123

0.8965

Nov.

7,930,985

8,061,576

2,383,196

2,314,103

497,922

478,846

365,112

357,673

-95

0.9075

Dec.

6,756,072

6,851,499

2,097,910

2,109,818

452,926

441,518

313,106

309,793

-76

0.8907

Report date

TABLE FCP-VI-3—Quarterly Report of Large Market Participants
[In millions of euros. Source: Treasury Foreign Currency Reporting]

Report date

Spot, forward
and future contracts
Purchased
Sold
(1)
(2)

Foreign currency
denominated
Assets
Liabilities
(3)
(4)

Calls
Bought
(5)

Options positions
Puts
Written
Bought
Written
(6)
(7)
(8)

Net delta
equivalent
(9)

Exchange
rate
(10)

2016 - Dec.

132,047

123,382

352,547

221,574

5,059

3,453

17,431

9,210

-392

0.9477

2017 - Mar.

145,378

146,517

374,527

245,027

9,239

7,718

15,482

8,084

197

0.9347

June

170,683

151,125

421,092

237,263

9,781

8,505

9,977

4,992

n.a.

0.8763

Sept.

138,547

134,715

418,632

224,298

13,624

13,030

11,161

6,860

n.a.

0.8465

Dec.

132,848

141,002

424,027

221,785

7,219

5,647

6,446

3,750

1,410

0.8318

2018 - Mar.

121,906

133,637

438,501

239,147

7,782

8,243

11,826

7,446

n.a.

0.8117

June

127,433

149,132

420,024

228,919

9,337

9,142

15,583

10,718

-38

0.8564

Sept.

148,337

150,159

420,886

233,535

6,139

6,305

13,161

7,093

n.a.

0.8604

Dec.

120,635

151,502

403,637

243,374

9,724

9,224

14,938

10,156

219

0.8729

2019 - Mar.

111,351

142,602

389,681

221,676

6,158

6,074

12,830

8,899

n.a.

0.8906

June

137,368

150,573

409,163

240,600

7,462

6,185

8,050

4,421

n.a.

0.8792

Sept.

142,508

162,134

413,057

254,046

5,672

6,230

8,463

4,999

448

0.9170

March 2020

INTRODUCTION: Exchange Stabilization Fund
To stabilize the exchange value of the dollar, the
Exchange Stabilization Fund (ESF) was established pursuant
to chapter 6, section 10 of the Gold Reserve Act of January
30, 1934 codified at 31 United States Code 5302, which
authorized establishment of a Treasury fund to be operated
under the exclusive control of the Secretary, with approval
of the President.
Subsequent amendment of the Gold Reserve Act
modified the original purpose somewhat to reflect
termination of the fixed exchange rate system.
Resources of the fund include dollar balances, partially
invested in U.S. Government securities, special drawing
rights -SDRs, and balances of foreign currencies. Principal
sources of income -+ or loss -- for the fund are profits -+ or
losses -- on SDRs and foreign exchange, as well as interest
earned on assets.

 Table ESF-1 presents the assets, liabilities, and
capital of the fund. The figures are in U.S. dollars or their
equivalents based on current exchange rates computed
according to the accrual method of accounting. The capital
account represents the original capital appropriated to the fund
by Congress of $2 billion, minus a subsequent transfer of $1.8
billion to pay for the initial U.S. quota subscription to the
International Monetary Fund. Gains and losses are reflected in
the cumulative net income -+ or loss -- account.
 Table ESF-2 shows the results of operations by
quarter. Figures are in U.S. dollars or their equivalents
computed according to the accrual method. “Profit -+ or loss
-- on foreign exchange” includes realized profits or losses.
“Adjustment for change in valuation of SDR holdings and
allocations” reflects net gain or loss on revaluation of SDR
holdings and allocations for the quarter.

TABLE ESF-1—Balances as of Sept. 30, 2019, and Dec. 31, 2019
[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management]

Assets, liabilities, and capital
Assets
U.S. dollars:
Held with Treasury:
Fund Balance ...................................................................
U.S. Government securities .............................................
Special drawing rights 1 ...........................................................
Foreign exchange and securities:
European euro .....................................................................
Japanese yen.......................................................................
Accounts receivable .................................................................
Total assets..........................................................................

Sept. 30, 2019

Oct. 1, 2019,
through
Dec. 31, 2019

Dec. 31, 2019

22,622,443
49,976,358

41,777
772,667

22,664,220
50,749,025

11,946,821
8,648,975
127,702
93,322,299

260,254
(46,092)
4,442
1,033,048

12,207,075
8,602,883
132,144
94,355,347

Liabilities and capital
Current liabilities:
Accounts payable.................................................................
Total current liabilities ......................................................

74,969
74,969

(11,250)
(11,250)

63,719
63,719

Other liabilities:
SDR certificates ...................................................................
SDR allocations ...................................................................
Total other liabilities .........................................................

5,200,000
48,146,221
53,346,221

689,362
689,362

5,200,000
48,835,583
54,035,583

Capital:
Capital account ....................................................................
Net income -+ or loss -- -see Table ESF-2 ..........................
Total capital......................................................................
Total liabilities and capital ............................................

200,000
262,308
39,901,109
93,322,299

92,628
354,936
1,033,048

200,000
354,936
40,256,045
94,355,347

See footnote on the following page.

March 2020

TABLE ESF-2—Income and Expense
[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management]

Current quarter
Oct. 1, 2019,
through
Dec. 31, 2019

Fiscal year to date
Oct. 1, 2019
through
Dec. 31, 2019

Income and expense

Profit -+ or loss-- on:

Foreign exchange ..........................................................

239,962

Adjustment for change in valuation
of SDR holdings and allocations 1 ....................................

26,398

SDRs ..............................................................................

3,744

U.S. Government securities ...........................................

94,586

Foreign exchange ..........................................................

(9,754)

Income from operations .................................................

354,936

Net income (+) or loss (-) ...........................................

354,936

Net income (+) or loss (-):

1 Beginning July 1974, the International Monetary Fund adopted a technique for valuing the
SDRs based on a weighted average of exchange rates for the currencies of selected
member countries. The U.S. SDR holdings and allocations are valued on this basis
beginning July 1974.

Note—Annual balance sheets for fiscal years 1934 through 1940 appeared in the 1940
“Annual Report of the Secretary of the Treasury” and those for succeeding years
appeared in subsequent reports through 1980. Quarterly balance sheets beginning with
December 31, 1938, have been published in the “Treasury Bulletin.” Data from inception
to September 30, 1978, may be found on the statements published in the January 1979
“Treasury Bulletin.”

March 2020

Financial Report of the
United States Government
Excerpt
Trust Funds

INTRODUCTION: Financial Report of the United States Government
The Financial Report of the United States Government
(Report) provides the President, Congress, and the American
People with a comprehensive view of the Federal
Government's finances, i.e., its financial position and
condition, its revenues and costs, assets and liabilities, and
other obligations and commitments. The Fiscal Year 2019
Report also discusses important financial topics, including
continuing economic recovery efforts and fiscal
sustainability. The related Executive Summary provides a
concise overview of the information contained in the full
Financial Report.
The Department of the Treasury, in coordination with the
Office of Management and Budget (OMB), prepares the
Report, which includes the financial statements for the U.S.
Government. The United States Government Accountability

Office (GAO) is required to audit these statements. The
Report is compiled primarily from individual federal
agencies' audited financial statements and related
information included in the agencies' financial reports.
Inspectors General are generally responsible for annually
auditing the financial statements for their respective
agencies. The agency and Government wide financial
statements are generally required to be prepared in
conformity with U.S.’ generally accepted accounting
principles as promulgated by the Federal Accounting
Standards Advisory Board (FASAB).
The complete Financial Report, can be accessed easily
through the internet at:
https://fiscal.treasury.gov/reports-statements/financialreport/current-report.html

March 2020

FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT

Financial Statements
of the United States Government
for the Fiscal Years Ended September 30,
2019, and 2018
The consolidated financial statements of the U.S. government were prepared using GAAP. The consolidated financial
statements include the accrual-based financial statements and the sustainability financial statements, which are discussed in
more detail below, and the related notes to the consolidated financial statements. Collectively, the accrual-based financial
statements, the sustainability financial statements, and the notes represent basic information that is deemed essential for the
consolidated financial statements to be presented in conformity with GAAP.

ACCRUAL-BASED FINANCIAL STATEMENTS
The accrual-based financial statements present historical information on what the federal government owns (assets) and
owes (liabilities) at the end of the year, what came in (revenues) and what went out (net costs) during the year, and how
accrual-based net operating costs of the federal government reconcile to the budget deficit and changes in its cash balance
during the year. The following sections discuss each of the accrual-based financial statements.

Statements of Net Cost
These statements present the net cost of the government operations for fiscal years 2019 and 2018, including the
operations related to funds from dedicated collections. Costs and earned revenues are categorized on the Statement of Net
Cost by significant entity, providing greater accountability by showing the relationship of the entities’ net cost to the
governmentwide net cost. Costs and earned revenues are presented in this Financial Report on an accrual basis, while the
budget presents outlays and receipts, generally on a cash basis. The focus of the budget of the U.S. is by entity. Budgets are
prepared, defended, and monitored by entity. In reporting by entity, we are assisting the external users in assessing the budget
integrity, operating performance, stewardship, and systems and controls of the government.
The Statements of Net Cost contain the following four components:
 Gross cost—is the full cost of all the departments and entities excluding (gain)/loss from changes in assumptions.
These costs are assigned on a cause-and-effect basis, or reasonably allocated to the corresponding entities.
 Earned revenue—is exchange revenue resulting from the government providing goods and services to the public at a
price.
 (Gain)/loss from changes in assumptions—is the gain or loss from changes in long-term assumptions used to
measure the liabilities reported for federal civilian and military employee pensions, OPEB, and ORB, including
veterans’ compensation.
 Net cost—is computed by subtracting earned revenue from gross cost, adjusted by the (gain)/loss from changes in
assumptions.
Individual entity net cost amounts will differ from the entity’s financial statements primarily because of reallocations
completed at the governmentwide level which are listed below.
 Employee benefit costs.
 Intragovernmental eliminations, as adjusted for buy/sell costs and related revenues.
 Imputed costs.
Because of its specific function, most of the employee benefit costs originally associated with the OPM have been
reallocated to the user entities for governmentwide reporting purposes. The remaining costs for OPM on the Statements of
Net Cost are the administrative operating costs, the expenses from prior costs from health and pension plan amendments, and
the actuarial gains and losses, if applicable.

March 2020

FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT

GSA is the primary provider of goods and services to federal entities. GSA’s net cost is adjusted for its
intragovernmental buy/sell costs and related revenues. The remaining costs for GSA on the Statements of Net Cost are
administrative operating costs. With regard to intragovernmental buy/sell costs and related revenues, the amounts recognized
by each entity are added to, and subtracted from, respectively, the individual entity non-federal net cost amounts.
In addition, the intragovernmental imputed costs recognized for the receipt of goods and services, financed in whole or
part by the providing entities, are added to the individual entity non-federal net cost amounts. The most significant types of
imputed costs that are recorded relate to post-retirement and health benefits, FECA, and the Treasury Judgment Fund. The
consolidated Statements of Net Cost is intended to show the full cost for each entity, therefore, the amount of these imputed
costs is added back to the reporting entities’ gross cost line item and subtracted from the applicable administering entities’
gross cost line item. These imputed costs have a net effect of zero on the Statements of Net Cost in the Financial Report.
The interest on securities issued by the Treasury and held by the public is reported on Treasury’s financial statements,
but, because of its importance and the dollar amounts involved, it is reported separately in these statements.

Statements of Operations and Changes in Net Position
These statements report the results of government operations, net operating costs, which include the results of
operations for funds from dedicated collections. They include non-exchange revenues, which are generated from transactions
that do not require a government entity to give value directly in exchange for the inflow of resources. The government does
not “earn” the non-exchange revenue. These are generated principally by the government’s sovereign power to tax, levy
duties, and assess fines and penalties. These statements also include the net cost reported in the Statements of Net Cost. They
further include certain adjustments and unreconciled transactions that affect the net position.

Revenue
Inflows of resources to the government that the government demands or that it receives by donations are identified as
non-exchange revenue. The inflows that it demands include individual income tax and tax withholdings, excise taxes,
corporate income taxes, unemployment taxes, custom duties, and estate and gift taxes. The non-exchange revenue is
recognized when collected and adjusted for the change in net measurable and legally collectable amounts receivable.
Individual income tax and tax withholdings include FICA/SECA taxes and other taxes.
Individual income tax and tax withholding and corporate income tax include the TCJA of 2017, which imposed a onetime tax on previously unrepatriated foreign earnings at a reduced rate that taxpayers may elect to pay over an eight-year
installment schedule.
Excise taxes consist of taxes collected for various items, such as airline tickets, gasoline products, distilled spirits and
imported liquor, tobacco, firearms, and other items.
Other taxes and receipts include FRBs earnings, tax related fines, penalties and interest, and railroad retirement taxes.
Miscellaneous earned revenues consist of earned revenues received from the public with virtually no associated cost.
These revenues include rents and royalties on the Outer Continental Shelf Lands resulting from the leasing and development
of mineral resources on public lands.
Generally, funds from dedicated collections are financed by specifically identified revenues, provided to the
government by non-federal sources, often supplemented by other financing sources, which remain available over time. These
specifically identified revenues and other financing sources are required by statute to be used for designated activities,
benefits or purposes, and must be accounted for separately from the government’s general revenue. See Note 20—Funds
from Dedicated Collections for detailed information.
Intragovernmental interest represents interest earned from the investment of surplus dedicated collections, which
finance the deficit spending of all other fund’s non-dedicated operations. These investments are recorded as
intragovernmental debt holdings and are included in Note 11—Federal Debt Securities Held by the Public and Accrued
Interest, in the table titled Intragovernmental Debt Holdings: Federal Debt Securities Held as Investments by Government
Accounts. These interest earnings and the associated investments are eliminated in the consolidation process.

March 2020

FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT

Net Cost of Government Operations
The net cost of government operations—gross cost (including gains/losses from changes in assumptions) less earned
revenue—flows through from the Statements of Net Cost.

Intragovernmental Transfers
Intragovernmental transfers reflect budgetary and other financing sources for funds from dedicated collections,
excluding financing sources related to non-exchange revenues, intragovernmental interest, and miscellaneous revenues.
These intragovernmental transfers include appropriations, transfers, and other financing sources. These amounts are labeled
as “other changes in fund balance” in Note 20—Funds from Dedicated Collections. Some transfers reflect amounts required
by statute to be transferred from the General Fund to funds from dedicated collections.

Unmatched Transactions and Balances
Unmatched transactions and balances are adjustments needed to bring the change in net position into balance due
primarily to unreconciled intragovernmental differences. See Note 1.R—Unmatched Transactions and Balances for detailed
information.
The unmatched transactions and balances are included in net operating cost to make the sum of net operating costs and
adjustments to beginning net position for the year equal to the change in the net position balance.

Net Operating Cost
The net operating cost equals revenue less net cost of government operations (that flows from the Statement of Net
Cost) adjusted by unmatched transactions and balances. See Note 1.R—Unmatched Transactions and Balances for detailed
information.

Net Position, Beginning of Period
The net position, beginning of period, reflects the amount reported on the prior year’s Balance Sheet as of the end of
that fiscal year. The net position for funds from dedicated collections is shown separately.
Adjustments to beginning net position may include corrections of material errors or changes in accounting principles.
See Note 1.S—Adjustments to Beginning Net Position for detailed information.

Net Position, End of Period
The net position, end of period, reflects the amount as of the end of the fiscal year. The net position for funds from
dedicated collections is separately shown.

Reconciliations of Net Operating Cost and Budget Deficit
These statements reconcile the results of operations (net operating cost) on the Statements of Operations and Changes in
Net Position to the budget deficit (result of outlays exceeding receipts during a particular fiscal year). The premise of the
reconciliation is that the accrual and budgetary accounting basis share transaction data.

March 2020

FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT

Receipts and outlays in the budget are measured primarily on a cash basis and differ from the accrual basis of
accounting used in the Financial Report. Refer to Note 1.B—Basis of Accounting and Revenue Recognition for details on
the accrual basis of accounting. These statements begin with the net results of operations (net operating cost) and report
activities where the basis of accounting for the components of net operating cost and the budget deficit differ.
Some presentations of the budget deficit make the distinction between on-budget and off-budget totals. On-budget totals
reflect the transactions of all government entities, except those excluded from the budget by law. Off-budget totals reflect the
transactions of government entities that are excluded from the on-budget totals by law. Under current law, the off-budget
totals include the Social Security trust funds and USPS. The budget deficit, as presented in the Financial Report, combines
the on-budget and off-budget totals to derive consolidated totals for federal activity.

Components of Net Operating Cost Not Part of the Budget Deficit
This information includes the operating components, such as the changes in benefits payable for veterans, military and
civilian employees, environmental and disposal liabilities, and depreciation expense, not included in the budget results.

Components of the Budget Deficit Not Part of Net Operating Cost
This information includes the budget components, such as the acquisition of capital assets (that are recorded as outlays
in the budget when cash is disbursed and reflected in net operating cost through depreciation expense over the useful life of
the asset) and increases in other assets that are not included in the operating results.

Statements of Changes in Cash Balance from Budget and Other
Activities
The primary purpose of these statements is to report how the annual budget deficit relates to the change in the
government’s cash and other monetary assets, as well as debt held by the public. It explains why the budget deficit normally
would not result in an equivalent change in the government’s cash and other monetary assets.
These statements reconcile the budget deficit to the change in cash and other monetary assets during the fiscal year.
They also serve to explain how the budget deficits were financed. These statements show the adjustments for non-cash
outlays included in the budget, and items affecting the cash balance not included in the budget, to explain the change in cash
and other monetary assets.
The budget deficit is primarily financed through borrowings from the public. When receipts exceed outlays, the
difference is a surplus. The budget treats borrowing and debt repayment as a means of financing, not as receipts and
outlays. The budget records outlays for the interest on the public issues of Treasury debt securities as the interest accrues,
not when the cash is paid.
Non-cash flow amounts in the budget related to loan financing account activity also reflect intragovernmental
transactions such as interest expense paid or interest revenue received from Treasury, entity year-end credit reform
subsidy reestimates, and the receipt of subsidy expense from program accounts. Cash flow from non-budget activities
related to loan financing account activity includes all cash flows to and from the public, including direct loan
disbursements/default payments to lenders, fees collected, principal and interest repayments, collections on defaulted
guarantee loans, and sale proceeds of foreclosed property. The budget totals exclude the transactions of the financing
accounts because they are not a cost to the government. However, since loan financing accounts record all credit cash
flows to and from the public, they affect the means of financing a budget deficit.

March 2020

FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT

Balance Sheets
The Balance Sheets show the government’s assets, liabilities, and net position. When combined with stewardship
information, this information presents a more comprehensive understanding of the government’s financial position. The net
position for funds from dedicated collections is shown separately.

Assets
Assets included on the Balance Sheets are resources of the government that remain available to meet future needs. The
most significant assets that are reported on the Balance Sheets are loans receivable, net; PP&E, net; inventories and related
property, net; and cash and other monetary assets. There are, however, other significant resources available to the government
that extend beyond the assets presented in these Balance Sheets. Those resources include Stewardship Land and Heritage
Assets in addition to the government’s sovereign powers to tax and set monetary policy.

Liabilities and Net Position
Liabilities are obligations of the government resulting from prior actions that will require financial resources. The most
significant liabilities reported on the Balance Sheets are federal debt securities held by the public and accrued interest, and
federal employee and veteran benefits payable. Liabilities also include environmental and disposal liabilities, benefits due
and payable, as well as insurance and guarantee program liabilities.
As with reported assets, the government’s responsibilities, policy commitments, and contingencies are much broader
than these reported Balance Sheet liabilities. They include the social insurance programs reported in the SOSI and disclosed
in the unaudited RSI—Social Insurance section, fiscal long-term projections of non-interest spending reported in the SLTFP,
and a wide range of other programs under which the government provides benefits and services to the people of this nation,
as well as certain future loss contingencies.
The government has entered into contractual commitments requiring the future use of financial resources and has
unresolved contingencies where existing conditions, situations, or circumstances create uncertainty about future losses.
Contingencies and commitments that do not meet the criteria for recognition as liabilities on the Balance Sheets, but for
which there is at least a reasonable possibility that losses have been incurred, are disclosed in Note 18—Contingencies and
Note 19—Commitments.
The collection of certain taxes and other revenue is credited to the corresponding funds from dedicated collections that
will use these funds to meet a particular government purpose. If the collections from taxes and other sources exceed the
payments to the beneficiaries, the excess revenue is invested in Treasury securities or deposited in the General Fund;
therefore, the trust fund balances do not represent cash. An explanation of the trust funds for social insurance is included in
Note 20—Funds from Dedicated Collections. That note also contains information about trust fund receipts, disbursements,
and assets.
Due to its sovereign power to tax and borrow, and the country’s wide economic base, the government has unique access
to financial resources through generating tax revenues and issuing federal debt securities. This provides the government with
the ability to meet present obligations and those that are anticipated from future operations and are not reflected in net
position.
The net position is the residual difference between assets and liabilities and is the cumulative results of operations since
inception. For detailed components that comprise the net position, refer to the section “Statement of Operations and Changes
in Net Position.”

SUSTAINABILITY FINANCIAL STATEMENTS
The sustainability financial statements are comprised of the SLTFP, covering all federal government programs, and the
SOSI and the SCSIA, covering social insurance programs (Social Security, Medicare, Railroad Retirement, and Black Lung

March 2020

FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT

programs). The sustainability financial statements are designed to illustrate the relationship between projected receipts and
expenditures if current policy is continued over a 75 year time horizon.1 In preparing the sustainability financial statements,
management selects assumptions and data that it believes provide a reasonable basis to illustrate whether current policy is
sustainable. Current policy is based on current law but includes several adjustments. In the Statement of Long-Term Fiscal
Projections, notable adjustments to current law are: (1) projected spending, receipts, and borrowing levels assume raising or
suspending the current statutory limit on federal debt, (2) continued discretionary appropriations are assumed throughout the
projections period, (3) scheduled Social Security and Medicare Part A benefit payments are assumed to occur beyond the
projected point of trust fund depletion, (4) many mandatory programs with expiration dates prior to the end of the 75-year
projection period are assumed to be reauthorized, and (5) tax changes under the TCJA of 2017 are assumed to continue
beyond 2025. In the Statement of Social Insurance, the one adjustment to current law is that scheduled Social Security and
Medicare Part A benefit payments are assumed to occur beyond the projected point of trust fund depletions. Assumptions
underlying such sustainability information do not consider changes in policy or all potential future events that could affect
future income, future expenditures, and, hence, sustainability. The projections do not reflect any adverse economic
consequences resulting from continuously rising debt levels. A large number of factors affect the sustainability financial
statements and future events and circumstances cannot be estimated with certainty. Therefore, even if current policy is
continued, there will be differences between the estimates in the sustainability financial statements and actual results, and
those differences may be material. The unaudited RSI section of this report includes present value projections using different
assumptions to illustrate the sensitivity of the sustainability financial statements to changes in certain assumptions. The
sustainability financial statements are intended to help citizens understand current policy and the importance and magnitude
of policy reforms necessary to make it sustainable.
By accounting convention, General Fund transfers to Medicare Parts B and D reported in the SOSI are eliminated when
preparing the governmentwide consolidated financial statement. The SOSI shows the projected General Fund transfers as
eliminations that, under current law, would be used to finance the remainder of the expenditures in excess of revenues for
Medicare Parts B and D reported in the SOSI. The SLTFP include all revenues (including general revenues) of the federal
government.

Statements of Long-Term Fiscal Projections
The SLTFP are intended to assist readers of the government’s financial statements in assessing the financial condition
of the federal government and how the government’s financial condition has changed (improved or deteriorated) during the
year and may change in the future. They are also intended to assist readers in assessing whether future budgetary resources of
the government will likely be sufficient to sustain public services and to meet obligations as they come due, assuming that
current policy for federal government public services and taxation is continued without change.
The SLTFP display the present value of 75-year projections by major category of the federal government’s receipts and
non-interest spending. These projections show the extent to which future receipts of the government exceed or fall short of
the government’s non-interest spending. The projections are presented both in terms of present value dollars and in terms of
present value dollars as a percent of present value GDP. The projections are on the basis of policies currently in place and are
neither forecasts nor predictions. These projections are consistent with the projections for Social Security and Medicare
presented in the SOSI and are based on the same economic and demographic assumptions as underlie the SOSI. These
statements also display the fiscal gap, which is a summary measure of the change in receipts or non-interest spending
necessary to hold the ratio of debt held by the public to GDP at the end of the projection period to its value at the beginning
of the period. Note 23—Long-Term Fiscal Projections, further explains the methods used to prepare these projections and
provides additional information. Unaudited RSI further assesses the sustainability of current fiscal policy and provides results
based on alternative assumptions to those used in the basic statement.
As discussed further in Note 23, a sustainable policy is one where the debt-to-GDP ratio is stable or declining over the
long term. GDP measures the size of the nation’s economy in terms of the total value of all final goods and services that are
produced in a year. Considering financial results relative to GDP is a useful indicator of the economy’s capacity to sustain the
government’s many programs.

With the exception of the Black Lung program, which has a rolling 25-year projection period that begins on the September 30 valuation date each year.

March 2020

FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT

Statements of Social Insurance and Changes in Social Insurance
Amounts
SOSI provides estimates of the status of the most significant social insurance programs: Social Security, Medicare,
Railroad Retirement, and Black Lung.2 They are administered by SSA, HHS, RRB, and DOL, respectively. The SSA and
HHS projections are based on the economic and demographic assumptions representing the Trustees’ reasonable estimates of
likely future economic and demographic conditions, as set forth in the applicable Social Security and Medicare Trustees’
Reports as well as in the AFRs of HHS and SSA. RRB’s projections are based on assumptions from the 27th Valuation on the
Assets and Liabilities Under the Railroad Retirement Acts of December 31, 2016 with Technical Supplement, which was
published in September 2018 and from the 2019 Section 502 Report, as well as in RRB’s PAR. DOL’s (Black Lung)
projections are based on assumptions disclosed in its AFR. The SOSI projections, with one exception related to Medicare
Part A and OASDI, are based on current law; that is, they assume that scheduled social insurance benefit payments would
continue after related trust funds are projected to be depleted, contrary to current law. By law, once assets are depleted,
expenditures cannot be made except to the extent covered by ongoing tax receipts and other trust fund income.
Note 22—Social Insurance describes the social insurance programs, reports long-range estimates that can be used to
assess the financial condition of the programs, and explains some of the factors that impact the various programs. The SCSIA
show two reconciliations: (1) change from the period beginning on January 1, 2018 to the period beginning on January 1,
2019; and (2) change from the period beginning on January 1, 2017 to the period beginning on January 1, 2018.
The SOSI was updated with additional lines in fiscal year 2019 to disclose the General Fund transfer for the estimated
future revenue of Medicare Parts B and D. The SOSI also reports, by accounting convention, the elimination of such
transfers. The new presentation does not affect the net totals of the SOSI and reports the transfers from the General Fund with
the purpose of making the SOSI more consistent with the entities’ financial statements. Some previously reported amounts in
the SOSI and SCSIA were adjusted for rounding differences.

In relation to the amounts presented in the SOSI and SCSIA, because the combined Railroad Retirement and Black Lung programs account for less than
one-quarter of 1 percent of the statement totals, they are not material from the governmentwide perspective.

March 2020

FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT

United States Government
Statement of Net Cost
for the Year Ended September 30, 2019
(In billions of dollars)

Gross
Cost

Department of Health and Human Services ................
Social Security Administration .....................................
Department of Defense ................................................
Department of Veterans Affairs....................................
Interest on Treasury Securities Held by the Public ......
Department of the Treasury .........................................
Department of Agriculture ............................................
Department of Education .............................................
Office of Personnel Management ................................
Department of Transportation ......................................
Department of Homeland Security ...............................
Department of Energy ..................................................
Department of Labor ....................................................
Security Assistance Accounts ......................................
Department of Justice ..................................................
Department of State.....................................................
Department of Housing and Urban Development ........
National Aeronautics and Space Administration ..........
Department of the Interior ............................................
U.S. Agency for International Development .................
Railroad Retirement Board ..........................................
Federal Communication Commission ..........................
Department of Commerce............................................
Environmental Protection Agency ................................
Pension Benefit Guaranty Corporation ........................
National Science Foundation .......................................
U.S. Postal Service ......................................................
Smithsonian Institution .................................................
Millennium Challenge Corporation ...............................
National Credit Union Administration ...........................
U.S. Nuclear Regulatory Commission .........................
Farm Credit System Insurance Corporation.................
Small Business Administration.....................................
Overseas Private Investment Corporation ...................
Securities and Exchange Commission ........................
National Railroad Retirement Investment Trust ...........
Export-Import Bank of the U.S. ....................................
General Services Administration..................................
Tennessee Valley Authority .........................................
Federal Deposit Insurance Corporation .......................
All other entities ...........................................................
Total .............................................................................

1,341.4
1,101.2
813.6
364.7
403.6
181.0
149.1
153.9
118.5
82.2
77.0
59.3
40.5
38.6
40.8
33.9
29.6
21.0
21.1
12.2
12.1
11.2
13.8
8.8
35.7
7.3
77.5
1.5
0.5
0.4
0.8
0.1
0.3
(0.2)
1.8
0.1
(0.1)
0.1
9.9
0.4
22.0
5,287.2

Earned
Revenue
119.1
0.3
44.2
5.1
25.3
8.3
31.9
24.1
1.1
14.0
5.7
3.5
4.6
1.8
0.2
2.6
0.1
0.4
3.6
0.3
27.8
70.2
0.4
0.2
0.7
0.2
0.4
0.1
2.1
0.7
0.5
0.8
11.3
5.0
1.8
418.4

Subtotal
1,222.3
1,100.9
769.4
359.6
403.6
155.7
140.8
122.0
94.4
81.1
63.0
53.6
40.5
38.6
37.3
29.3
27.8
20.8
18.5
12.1
12.1
10.8
10.2
8.5
7.9
7.3
7.3
1.1
0.5
0.2
0.1
(0.1)
(0.1)
(0.3)
(0.3)
(0.6)
(0.6)
(0.7)
(1.4)
(4.6)
20.2
4,868.8

(Gain)/Loss
from
Changes in
Assumptions
139.0
58.0
0.3
0.9
0.7
198.9

Net
Cost
1,222.3
1,100.9
908.4
417.6
403.6
155.7
140.8
122.0
94.7
81.1
63.9
53.6
40.5
38.6
37.3
30.0
27.8
20.8
18.5
12.1
12.1
10.8
10.2
8.5
7.9
7.3
7.3
1.1
0.5
0.2
0.1
(0.1)
(0.1)
(0.3)
(0.3)
(0.6)
(0.6)
(0.7)
(1.4)
(4.6)
20.2
5,067.7

The accompanying notes are an integral part of these financial statements.

March 2020

FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT

United States Government
Statement of Net Cost
for the Year Ended September 30, 2018
(In billions of dollars)

Gross
Cost

1,252.6
1,038.5
719.8
272.5
357.3
150.5
137.0
79.2
101.3
79.0
78.3
147.0
41.1
37.9
35.4
32.3
43.3
20.3
20.4
13.1
13.1
10.8
11.8
8.3
(7.8)
7.3
71.4
1.5
0.8
0.9
0.9
0.2
0.7
1.8
0.1
9.9
1.3
18.7
4,808.5

The accompanying notes are an integral part of these financial statements.

March 2020

Earned
Revenue
110.5
0.2
38.2
4.8
21.9
6.6
31.4
23.4
1.1
14.8
6.1
1.9
4.8
1.8
0.2
2.9
0.4
3.6
0.4
16.7
69.7
0.5
0.6
0.7
0.2
0.3
0.1
2.3
1.9
0.5
0.8
11.2
10.8
1.5
392.8

Subtotal
1,142.1
1,038.3
681.6
267.7
357.3
128.6
130.4
47.8
77.9
77.9
63.5
140.9
41.1
37.9
33.5
27.5
41.5
20.1
17.5
13.1
13.1
10.4
8.2
7.9
(24.5)
7.3
1.7
1.0
0.8
0.3
0.2
0.4
(0.1)
(0.5)
(1.8)
(0.5)
(0.8)
(1.3)
(9.5)
17.2
4,415.7

(Gain)/Loss
from
Changes in
Assumptions
0.4
16.8
79.2
26.2
1.1
1.5
125.2

Net
Cost
1,142.5
1,038.3
698.4
346.9
357.3
128.6
130.4
47.8
104.1
77.9
64.6
140.9
41.1
37.9
33.5
29.0
41.5
20.1
17.5
13.1
13.1
10.4
8.2
7.9
(24.5)
7.3
1.7
1.0
0.8
0.3
0.2
0.4
(0.1)
(0.5)
(1.8)
(0.5)
(0.8)
(1.3)
(9.5)
17.2
4,540.9

FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT

United States Government
Statement of Operations and Changes in Net Position
for the Year Ended September 30, 2019
Funds other
those from
Dedicated
Collections
(Combined)
(In billions of dollars)

Funds from
Dedicated
Collections
(Note 20)
(Combined) Eliminations Consolidated
2019

Revenue (Note 17):
Individual income tax and tax withholdings....
Corporate income taxes ............................
Excise taxes ...........................................
Unemployment taxes ...............................
Customs duties .......................................
Estate and gift taxes ................................
Other taxes and receipts ...........................
Miscellaneous earned revenues .................
Intragovernmental interest .........................
Total Revenue ........................................

1,687.6
322.5
42.1
72.6
16.7
102.4
12.0
2,255.9

1,218.6
60.7
39.4
0.1
42.9
3.4
95.5
1,460.6

(95.5)
(95.5)

2,906.2
322.5
102.8
39.4
72.7
16.7
145.3
15.4
3,621.0

Net Cost of Government Operations:
Net cost .................................................
Intragovernmental interest .........................
Total net cost ..........................................

3,237.5
95.5
3,333.0

1,830.2
1,830.2

(95.5)
(95.5)

5,067.7
5,067.7

..................

(406.0)

406.0

1.6

Intragovernmental transfers

Unmatched transactions and balances
(Note 1.R) .............................................

1.6

Net operating (cost)/revenue ..................

(1,481.5)

36.4

(1,445.1)

Net position, beginning of period ...........
Adjustments to beginning net position
(Note 1.S) ...........................................
Net operating (cost)/revenue ......................
Net position, end of period ....................

(25,001.4)

3,480.7

(21,520.7)

13.0
(1,481.5)
(26,469.9)

36.4
3,517.1

13.0
(1,445.1)
(22,952.8)

The accompanying notes are an integral part of these financial statements.

March 2020

FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT

United States Government
Statement of Operations and Changes in Net Position
for the Year Ended September 30, 2018 (Restated)
Funds other than
those from
Dedicated
Collections
(Combined)
(In billions of dollars)

Funds from
Dedicated
Collections
(Note 20)
(Combined)
2018

Eliminations Consolidated

Revenue (Note 17):
Individual income tax and tax withholdings.......
Corporate income taxes ...............................
Excise taxes ..............................................
Unemployment taxes ..................................
Customs duties ..........................................
Estate and gift taxes ...................................
Other taxes and receipts ..............................
Miscellaneous earned revenues ....................
Intragovernmental interest ............................
Total Revenue ...........................................

1,655.2
208.9
33.7
41.4
23.0
123.8
9.3
2,095.3

1,138.0
63.1
43.2
0.1
40.3
4.3
98.5
1,387.5

(98.5)
(98.5)

2,793.2
208.9
96.8
43.2
41.5
23.0
164.1
13.6
3,384.3

Net Cost of Government Operations:
Net cost ....................................................
Intragovernmental interest ............................
Total net cost .............................................

2,822.2
98.5
2,920.7

1,718.7
1,718.7

(98.5)
(98.5)

4,540.9
4,540.9

Intragovernmental transfers .............................

(369.8)

369.8

Unmatched transactions and balances
(Note 1.R) ................................................

(2.4)

Net operating (cost)/revenue ............................

(1,197.6)

38.6

(1,159.0)

Net position, beginning of period......................
Adjustments to beginning net position
(Note 1.S) ..............................................
Net operating (cost)/revenue .........................
Net position, end of period...............................

(23,781.3)

3,419.5

(20,361.8)

(22.5)
(1,197.6)
(25,001.4)

22.6
38.6
3,480.7

0.1
(1,159.0)
(21,520.7)

The accompanying notes are an integral part of these financial statements.

March 2020

FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT

United States Government
Reconciliations of Net Operating Cost and Budget Deficit
for the Years Ended September 30, 2019, and 2018
(In billions of dollars)
Net operating cost ......................................................................................................
Components of net operating cost not part of the budget deficit
Excess of accrual-basis expenses over budget outlays
* Federal employee and veteran benefits payable
Pension and accrued benefits ...............................................................................
Veterans compensation and burial benefits ..............................................................
Post-retirement health and accrued benefits .............................................................
Other benefits ....................................................................................................
Subtotal - federal employee and veteran benefits payable ........................................
* Insurance and guarantee program liabilities ...............................................................
* Environmental and disposal liabilities ........................................................................
* Accounts payable .................................................................................................
* Benefits due and payable .......................................................................................
* Other liabilities .....................................................................................................
Subtotal - excess of accrual-basis expenses over budget outlays ...............................
Amortized expenses not included in budget outlays
Property, plant, and equipment depreciation expense ..................................................
Other expenses that are not reported as budget outlays
Property, plant, and equipment disposals and revaluations ...........................................
Excess of accrual-basis revenue over budget receipts
Accounts receivable, net ........................................................................................
Taxes receivable, net .............................................................................................
Other losses/(gains) and cost/(revenue) that are not budget receipts
* Investments in government-sponsored enterprises ......................................................
Subtotal - components of net operating cost not part of budget deficit .........................
Components of the budget deficit that are not part of net operating cost
Budget receipts not included in net operating cost
Credit reform and other loan activities .......................................................................
Budget outlays not included in net operating cost
Acquisition of capital assets .....................................................................................
* Debt and equity securities ......................................................................................
* Inventories and related property ..............................................................................
* Other assets ........................................................................................................
Subtotal - components of the budget deficit that are not part of net operating cost .........
Adjustments to beginning net position
Other
All other reconciling items .......................................................................................
Budget deficit.............................................................................................................

2019

Restated
2018

(1,445.1)

(1,159.0)

183.1
173.5
55.0
46.4
458.0
24.3
18.1
11.3
12.5
31.4
555.6

88.4
146.3
33.0
14.5
282.2
(32.3)
112.8
15.9
(7.7)
5.8
376.7

88.4

72.7

(38.8)

(4.0)

(4.0)
(89.1)

6.2
(7.8)

1.1
513.2

(20.6)
423.2

45.3

5.0

(66.0)
(6.1)
(18.2)
1.2
(43.8)
13.0

(72.2)
4.0
(10.8)
35.9
(38.1)
0.1

(21.7)
(984.4)

(5.2)
(779.0)

* The amounts represent the year over year net change in the Balance Sheet line items.
The accompanying notes are an integral part of these financial statements.

March 2020

FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT

United States Government
Statements of Changes in Cash Balance from Budget and Other Activities
for the Years Ended September 30, 2019, and 2018
(In billions of dollars)
Cash flow from budget activities
Total budget receipts ..........................................................................................
Total budget outlays ..........................................................................................
Budget deficit ....................................................................................................

2019

2018

3,462.2
(4,446.6)
(984.4)

3,328.7
(4,107.7)
(779.0)

Adjustments for non-cash outlays included in the budget
Non-cash flow amounts in the budget related to federal debt securities
Accrued interest ................................................................................................
Net amortization ................................................................................................
Other...............................................................................................................
Subtotal - adjustments for non-cash flow amounts in the budget related to federal debt
securities .........................................................................................................
Non-cash flow amounts in the budget related to loan financing account activity
Interest revenue on uninvested funds .....................................................................
Interest expense on entity borrowings ....................................................................
Entities' downward reestimates/negative subsidy payments ........................................
Entities' subsidy expense/upward reestimates .........................................................
Subtotal - adjustments for non-cash flow amounts in the budget related to loan financing
account activity..................................................................................................
Total of adjustments for non-cash outlays included in the budget ...................................

305.5
65.7
(33.3)

268.5
41.9
1.1

337.9

311.5

7.1
(43.2)
(22.8)
47.7

7.9
(42.1)
(37.3)
35.8

(11.2)
326.7

(35.7)
275.8

Cash flow from activities not included in the budget
Cash flow from non-budget activities related to federal debt securities
Interest paid .....................................................................................................

(305.7)

(260.4)

Subtotal - cash flow from non-budget activities related to federal debt securities .............

(305.7)

(260.4)

Cash flow from non-budget activities related to loan financing account activity
Loan disbursements/default payments ...................................................................
Fees ...............................................................................................................
Principal & interest repayments.............................................................................
Other collections on defaulted loans receivable and sale of foreclosed property ..............
Other loan financing account activities ...................................................................

(214.3)
24.5
125.9
4.5
-

(194.9)

(59.4)
Cash flow from financing federal debt securities
Borrowings ....................................................................................................... 11,813.4
Repayments ..................................................................................................... (10,732.1)
Discount/premium ..............................................................................................
(60.4)
Subtotal - cash flow from financing federal debt securities ..........................................
1,020.9
Total cash flow from activities not included in the budget ..............................................
655.8

(45.9)

Subtotal - cash flow from non-budget activities related to loan financing account activity...

25.0
117.7
5.7
0.6

10,080.1
(8,993.5)
(54.7)
1,031.9
725.6

Other
Total other ..........................................................................................................
Change in cash and other monetary assets balance ...................................................
Beginning cash and other monetary assets balance ....................................................
Ending cash and other monetary assets balance ........................................................
The accompanying notes are an integral part of these financial statements.

March 2020

19.0
17.1
507.5
524.6

13.9
236.3
271.2
507.5

FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT

United States Government
Balance Sheets
as of September 30, 2019, and 2018
(In billions of dollars)
Assets:
Cash and other monetary assets (Note 2) ........................................................
Accounts and taxes receivable, net (Note 3) .....................................................
Loans receivable, net (Note 4) .......................................................................
Inventories and related property, net (Note 5) ....................................................
Property, plant and equipment, net (Note 6) ......................................................
Debt and equity securities (Note 7) .................................................................
Investments in government-sponsored enterprises (Note 8) ..................................
Other assets (Note 9) ..................................................................................
Total assets ............................................................................................
Stewardship land and heritage assets (Note 24)
Liabilities:
Accounts payable (Note 10) ..........................................................................
Federal debt securities held by the public and accrued interest (Note 11) ................
Federal employee and veteran benefits payable (Note 12) ...................................
Environmental and disposal liabilities (Note 13) .................................................
Benefits due and payable (Note 14) ................................................................
Insurance and guarantee program liabilities (Note 15) .........................................
Loan guarantee liabilities (Note 4) ..................................................................
Other liabilities (Note 16) ..............................................................................
Total liabilities .........................................................................................
Contingencies (Note 18) and Commitments (Note 19)
Net Position:
Funds from Dedicated Collections (Note 20) .....................................................
Funds other than those from Dedicated Collections ...........................................
Total net position......................................................................................
Total liabilities and net position ....................................................................

2019

Restated
2018

524.6
238.0
1,425.8
355.7
1,106.9
118.3
112.1
110.6
3,992.0

507.5
144.9
1,419.1
337.5
1,090.5
112.2
113.2
111.8
3,836.7

98.0
16,861.0
8,440.3
595.4
223.6
194.5
21.7
510.3
26,944.8

86.7
15,812.7
7,982.3
577.3
211.1
170.2
38.2
478.9
25,357.4

3,517.1
(26,469.9)
(22,952.8)
3,992.0

3,480.7
(25,001.4)
(21,520.7)
3,836.7

The accompanying notes are an integral part of these financial statements.

March 2020

FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT

United States Government
Statements of Long-Term Fiscal Projections (Note 23)
Present Value of 75-Year Projections as of September 30, 2019 and 20181

In trillions of dollars
2019
2018
Change

Percent of GDP2
2019
2018
Change

Receipts:
Social Security payroll taxes .................
Medicare payroll taxes.........................
Individual income taxes .......................
Corporation income taxes ....................
Other receipts ...................................
Total receipts .........................................

65.7
22.1
161.7
19.3
21.1
289.9

60.6
20.3
143.8
18.8
18.5
262.0

5.1
1.8
17.9
0.5
2.6
27.9

Non-interest spending:
Social Security...................................
Medicare Part A3 ................................
Medicare Parts B & D4.........................
Medicaid ..........................................
Other mandatory ................................
Defense discretionary..........................
Non-defense discretionary ....................
Total non-interest spending .......................

88.7
32.2
40.7
37.3
45.4
48.1
46.6
338.9

82.5
29.1
35.7
34.1
41.0
42.9
42.9
308.2

6.2
3.1
5.0
3.2
4.4
5.2
3.6
30.7

5.8
2.1
2.7
2.4
3.0
3.1
3.0
22.1

5.9
2.1
2.5
2.4
2.9
3.0
3.1
21.9

(0.1)
0.1
0.1
0.1
0.2

Receipts less non-interest spending ........

(49.0)

(46.2)

(2.9)

(3.2)

(3.3)

0.1

Fiscal gap5 ................................................................................................

(3.8)

(4.1)

0.2

4.3
1.4
10.6
1.3
1.4
18.9

4.3
1.4
10.2
1.3
1.3
18.6

0.3
(0.1)
0.1
0.3

1
75-year present value projections for 2019 are as of 9/30/2019 for fiscal years 2020-2094; projections for 2018 are as of 9/30/2018 for fiscal
years 2019-2093.
2
The 75-year present value of nominal GDP, which drives the calculations above is $1,531.8 trillion starting in fiscal year 2020, and was
$1,406.3 trillion starting in fiscal year 2019.
3
Represents portions of Medicare supported by payroll taxes.
4
Represents portions of Medicare supported by general revenues. Consistent with the President's Budget, outlays for Parts B & D are
presented net of premiums.
5
To prevent the debt-to-GDP ratio from rising over the next 75 years, a combination of non-interest spending reductions and receipt increases
that amounts to 3.8 percent of GDP on average is needed (4.1 percent of GDP on average in 2018). See Note 23—Long-Term Fiscal
Projections.

Totals may not equal the sum of components due to rounding.
The accompanying notes are an integral part of these financial statements.

March 2020

FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT

United States Government
Statements of Social Insurance (Note 22)
Present Value of Long-Range (75 Years, except Black Lung) Actuarial Projections
2019

2018

2017

2016

2015

1.5
33.6
35.3
70.4

1.5
31.6
31.8
64.9

1.4
30.2
30.5
62.1

1.3
29.3
29.7
60.3

1.2
27.8
26.6
55.6

(16.9)
(55.8)
(14.5)
(87.2)

(15.9)
(52.2)
(13.0)
(81.1)

(14.7)
(50.2)
(12.6)
(77.5)

(13.6)
(48.4)
(12.4)
(74.4)

(12.8)
(45.3)
(10.9)
(69.0)

(16.8)1

(16.2)2

(15.4)3

(14.1)4

(13.4)5

0.6
12.0
11.8
24.4

0.5
11.3
11.0
22.8

0.5
10.6
10.6
21.7

0.5
10.2
10.0
20.7

0.4
9.1
8.4
17.9

(5.3)
(20.0)
(4.5)
(29.8)

(5.0)
(18.6)
(3.9)
(27.5)

(4.5)
(17.2)
(3.5)
(25.2)

(4.3)
(16.8)
(3.4)
(24.5)

(3.8)
(14.5)
(2.8)
(21.1)

(5.4)1

(4.7)2

(3.5)3

(3.8)4

(3.2)5

1.5
7.5
1.9
28.8
39.7

1.3
6.6
1.5
25.1
34.5

1.1
5.9
1.4
22.4
30.8

1.0
5.3
1.2
20.0
27.5

0.9
4.6
1.0
17.5
24.0

(5.8)
(27.3)
(6.6)
(39.7)

(5.2)
(23.9)
(5.4)
(34.5)

(4.5)
(21.4)
(4.9)
(30.8)

(4.0)
(19.2)
(4.3)
(27.5)

(3.6)
(16.9)
(3.5)
(24.0)

Eliminations.......................................................................

(28.8)

(25.1)

(22.4)

(20.0)

(17.5)

Present value of future expenditures in excess of future
revenue (after eliminations)6 ..................................................

(28.8)1

(25.1)2

(22.4)3

(20.0)4

(17.5)5

(In trillions of dollars)
Federal Old-Age, Survivors and Disability Insurance (Social
Security):11
Revenue (Contributions and Dedicated Taxes) from:
Participants who have attained eligibility age (age 62 and over) ..
Participants who have not attained eligibility age .....................
Future participants............................................................
All current and future participants .........................................
Expenditures for Scheduled Future Benefits for:
Participants who have attained eligibility age (age 62 and over) ..
Participants who have not attained eligibility age .....................
Future participants............................................................
All current and future participants .........................................
Present value of future expenditures in excess of future
revenue ............................................................................
Federal Hospital Insurance (Medicare Part A):11
Revenue (Contributions and Dedicated Taxes) from:
Participants who have attained eligibility age (age 65 and over) ..
Participants who have not attained eligibility age .....................
Future participants............................................................
All current and future participants .........................................
Expenditures for Scheduled Future Benefits for:
Participants who have attained eligibility age (age 65 and over) ..
Participants who have not attained eligibility age .....................
Future participants............................................................
All current and future participants .........................................
Present value of future expenditures in excess of future
revenue ............................................................................
Federal Supplementary Medical Insurance (Medicare Part B):11
Revenue (Premiums) from:
Participants who have attained eligibility age (age 65 and over) ..
Participants who have not attained eligibility age .....................
Future participants............................................................
General Fund Transfers .....................................................
All current and future participants .........................................
Expenditures for Scheduled Future Benefits for:
Participants who have attained eligibility age (age 65 and over) ..
Participants who have not attained eligibility age .....................
Future participants............................................................
All current and future participants .........................................

The accompanying notes are an integral part of these financial statements.
Previously reported amounts have been adjusted for rounding differences.

March 2020

FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT

United States Government
Statements of Social Insurance (Note 22), continued
Present Value of Long-Range (75 Years, except Black Lung) Actuarial Projections
(In trillions of dollars)

2019

2018

2017

2016

2015

Federal Supplementary Medical Insurance (Medicare Part D):11
Revenue (Premiums and State Transfers) from:
Participants who have attained eligibility age (age 65 and over) ..
Participants who have not attained eligibility age ......................
Future participants .............................................................
General Fund Transfers ......................................................
All current and future participants .........................................
Expenditures for Scheduled Future Benefits for:
Participants who have attained eligibility age (age 65 and over) ..
Participants who have not attained eligibility age ......................
Future participants .............................................................
All current and future participants .........................................

0.2
2.1
0.9
8.0
11.2

0.3
2.1
0.8
7.9
11.1

0.3
2.1
0.8
7.6
10.8

0.3
2.2
1.0
8.7
12.2

0.3
1.8
0.8
7.3
10.2

(1.0)
(7.2)
(3.0)
(11.2)

(1.0)
(7.2)
(2.9)
(11.1)

(1.0)
(6.9)
(2.9)
(10.8)

(1.0)
(7.6)
(3.6)
(12.2)

(0.9)
(6.5)
(2.8)
(10.2)

Eliminations ........................................................................

(8.0)

(7.9)

(7.6)

(8.7)

(7.3)

Present value of future expenditures in excess of future
revenue (after eliminations)6...................................................

(8.0)1

(7.9)2

(7.6)3

(8.7)4

(7.3)5

Present value of future expenditures in excess of future
revenue 7 .........................................................................

(0.1)1

(0.1)2

(0.1)3

(0.1)4

(0.1)5

Total present value of future expenditures in excess of future
revenue8, 9, 10 ......................................................................

(59.1)

(54.0)

(49.0)

(46.7)

(41.5)

Other:

The accompanying notes are an integral part of these financial statements.
Previously reported amounts have been adjusted for rounding differences.

March 2020

FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT

United States Government
Statements of Social Insurance (Note 22), continued
Present Value of Long-Range (75 Years, except Black Lung) Actuarial Projections
(In trillions of dollars)
Social Insurance Summary11
Participants who have attained eligibility age:
Revenue (e.g., contributions and dedicated taxes) .................
Expenditures for scheduled future benefits ...........................
Present value of future expenditures in excess of
future revenue ..............................................................
Participants who have not attained eligibility age:
Revenue (e.g., contributions and dedicated taxes) .................
Expenditures for scheduled future benefits ...........................
Present value of future expenditures in excess of
future revenue ..............................................................
Closed-group - Total present value of future expenditures
in excess of future revenue ...............................................
Future participants:
Revenue (e.g., contributions and dedicated taxes) .................
Expenditures for scheduled future benefits ...........................
Present value of future revenue in excess of future
expenditure .................................................................
Open-group - Total present value of future expenditures in
excess of future revenue .....................................................

2019

2018

2017

2016

2015

3.8
(29.1)

3.6
(27.2)

3.3
(24.8)

3.1
(23.0)

2.8
(21.2)

(25.3)

(23.6)

(21.5)

(19.9)

(18.4)

55.2
(110.3)

51.6
(101.9)

48.8
(95.7)

47.0
(92.0)

43.3
(83.2)

(55.1)

(50.3)

(46.9)

(45.0)

(39.9)

(80.4)

(73.9)

(68.4)

(64.9)

(58.3)

49.9
(28.6)

45.1
(25.2)

43.3
(23.9)

41.9
(23.7)

36.8
(20.0)

21.3

19.9

19.4

18.2

16.8

(59.1)

(54.0)

(49.0)

(46.7)

(41.5)

The projection period for Social Security and Medicare is 1/1/2019-12/31/2093 and the valuation date is 1/1/2019.
The projection period for Social Security and Medicare is 1/1/2018-12/31/2092 and the valuation date is 1/1/2018.
3
The projection period for Social Security and Medicare is 1/1/2017-12/31/2091 and the valuation date is 1/1/2017.
4
The projection period for Social Security and Medicare is 1/1/2016-12/31/2090 and the valuation date is 1/1/2016.
5
The projection period for Social Security and Medicare is 1/1/2015-12/31/2089 and the valuation date is 1/1/2015.
6
These amounts represent the present value of the future transfers from the General Fund to the SMI Trust
Fund. These future intragovernmental transfers are included as income in both HHS’ and the CMS’s
Financial Reports but, by accounting convention, are not income from the governmentwide perspective of this report.
7
Includes Railroad Retirement and Black Lung.
8
These amounts do not include the present value of the financial interchange between the railroad retirement and social security systems,
which is included as income in the Railroad Retirement Financial Report, but is not included from the governmentwide perspective of this
report. (See discussion of RRP in the unaudited RSI section of this report).
9
Does not include interest expense accruing on the outstanding debt of the BLDTF.
10
For information on the projection periods and valuation dates for the Railroad Retirement and Black Lung programs, refer to the financial
statements of RRB and DOL, respectively.
11
Current participants for the Social Security and Medicare programs are assumed to be the “closed-group” of individuals who are at least
15 years of age at the start of the projection period, and are participating as either taxpayers, beneficiaries, or both. Amounts shown exclude
General Fund Transfers for Medicare's Parts B and D.
2

The accompanying notes are an integral part of these financial statements.
Previously reported amounts have been adjusted for rounding differences.

March 2020

FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT

United States Government
Statement of Changes in Social Insurance Amounts
for the Year Ended September 30, 2019 (Note 22)

(In trillions of dollars)
Net present value (NPV) of future revenue less
future expenditures for current and future
participants (the “open group”) over the next 75
years, beginning of the year .................................
Reasons for changes in the NPV during the year:
Changes in valuation period ..................................
Changes in demographic data, assumptions, and
methods............................................................
Changes in economic data, assumptions, and
methods............................................................
Changes in law or policy ......................................
Changes in methodology and programmatic data ......
Changes in economic and other health care
assumptions ...................................................
Change in projection base ....................................
Net change in open group measure ........................
Open group measure, end of year ............................

Social
Security1

Medicare
HI1

Medicare
SMI1

Other2

Total

(16.2)

(4.7)

(33.0)

(0.1)

(54.0)

(0.5)

(0.2)

(1.2)

(1.9)

0.4

0.8

(1.0)
0.5

(0.6)
(16.8)

(0.3)
(0.2)
(0.7)
(5.4)

(2.7)
(0.3)
(3.8)
(36.8)

(0.1)

(3.0)
(0.5)
(5.1)
(59.1)

Amounts represent changes between valuation dates 1/1/2018 and 1/1/2019.

Includes Railroad Retirement changes between valuation dates 10/1/2017 and 10/1/2018 and Black Lung changes between 9/30/2018 and
9/30/2019.

The accompanying notes are an integral part of these financial statements.

March 2020

FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT

United States Government
Statement of Changes in Social Insurance Amounts
for the Year Ended September 30, 2018 (Note 22)

(In trillions of dollars)
Net present value (NPV) of future revenue less
future expenditures for current and future
participants (the “open group”) over the next 75
years, beginning of the year .................................
Reasons for changes in the NPV during the year:
Changes in valuation period ..................................
Changes in demographic data, assumptions, and
methods............................................................
Changes in economic data, assumptions, and ..........
methods............................................................
Changes in law or policy ......................................
Changes in methodology and programmatic data ......
Changes in economic and other health care
assumptions .....................................................
Change in projection base ....................................
Net change in open group measure ........................
Open group measure, end of year ............................

Social
Security1

Medicare
HI1

Medicare
SMI1

Other2

Total

(15.4)

(3.5)

(30.0)

(0.1)

(0.6)

(0.2)

(1.2)

(2.0)

0.1

0.4

0.2

0.7

(0.5)
0.2

(0.5)
-

(0.5)
(1.0)
0.2

(0.8)
(16.2)

(0.9)
(1.2)
(4.7)

(1.5)
(3.0)
(33.0)

(0.1)

(49.0)

(1.5)
(0.9)
(5.0)
(54.0)

Amounts represent changes between valuation dates 1/1/2017 and 1/1/2018.

Includes Railroad Retirement changes between valuation dates 10/1/2016 and 10/1/2017 and Black Lung changes between 9/30/2017 and
9/30/2018.

The accompanying notes are an integral part of these financial statements.
Previously reported amounts have been adjusted for rounding differences.

March 2020

84
TRUST FUNDS

INTRODUCTION: Airport and Airway Trust Fund
The Airport and Airway Trust Fund was established on
the books of the Department of Treasury in fiscal year
1971, according to provisions of the Airport and Airway
Revenue Act of 1970 [49 United States Code 1742(a),
repealed]. The Tax Equity and Fiscal Responsibility Act of
1982 (Public Law 97-248, dated September 3, 1982)
reestablished the trust fund in the Internal Revenue Code
(26 United States Code 9502) effective September 1, 1982.
Treasury transfers from the general fund to the trust
fund amounts equivalent to the taxes received from
transportation of persons and property by air, gasoline and
jet fuel used in commercial and noncommercial aircraft,
and an international arrival and departure tax. The Omnibus
Budget Reconciliation Act of 1990 (Public Law 101-508,
dated November 5, 1990) increased rates for the excise
taxes transferred to the fund.
Treasury bases these transfers on estimates made by the
Secretary of the Treasury. These are subject to adjustments
in later transfers in the amount of actual tax receipts. The
FAA Reauthorization Act of 2018 (Public Law 115-254),
effective October 5, 2018, extended the aviation excise
taxes until October 1, 2023. The Act included provisions
that:
 Retained the existing passenger ticket, flight
segment, and freight waybill taxes. The domestic flight
segment tax is indexed to the Consumer Price Index;
effective calendar year 2019, the tax is $4.30. It also
retained a special rule applied to flights between the
continental United States and Alaska or Hawaii. This
departure tax is indexed to the Consumer Price Index;
effective calendar year 2019, the tax is $9.50.
 Retained the existing tax per person for
international flights that begin or end in the United States.
The tax is indexed to the Consumer Price Index; effective
calendar year 2019, the tax is $18.90.

March 2020

 Retained the existing tax on payments to airlines
for frequent flyer and similar awards by banks and credit
card companies, merchants and frequent flyer program
partners, such as other airlines, hotels and rental car
companies, and other businesses. The tax on mileage
awards is 7.5% of the value of the miles.
 Retained the commercial aviation fuel tax and the
general aviation jet fuel/gas taxes. The current tax rate for
commercial aviation fuel is 4.3 cents per gallon and 19.3
cents per gallon for general aviation gas. General aviation
jet fuel is 21.8 cents per gallon.
The FAA Modernization and Reform Act 2012 imposed
a new surtax on fuel used in aircraft that is part of a
fractional ownership program; the surtax applies to fuel
used after March 31, 2012. Currently this is a 14.1 cents
per gallon surcharge of fuel used in fractional ownership
flights. It also changed the classification of transportation as
part of a fractional ownership program from commercial
aviation to noncommercial aviation.
The FAA Modernization and Reform Act 2012 also
repealed the excise tax exemption for transportation by
small jet aircraft operating on non- established lines. (IRS
defines the term “operated on an established line” to mean
operated with some degree of regularity between definite
points).
More recently, however, P.L. 115-97 exempts certain
payments related to the management of private aircraft from
the excise taxes imposed on taxable transportation by air.
Treasury makes available to the Federal Aviation
Administration (FAA), Department of Transportation
(DOT), amounts required for outlays to carry out the
Airport and Airway program. The Secretary of the Treasury
makes other charges to the trust fund to transfer certain
refunds of taxes and certain outfits, under section 34 of the
Internal Revenue Code (IRC).

TRUST FUNDS

TABLE TF-1.—Airport and Airway Trust Fund
Results of Operations, Fiscal Year 2019
[Source: DOT]

Description

IRC section (26 United States Code)

Amount

$16,982,000,000

Receipts:
Grants-in-aid for Airports funding from General Fund………………………. ...........................................................................................................
Excise taxes (transferred from general fund):
4043 ......................................................................................
Liquid fuel in a fractional ownership flight.............................................
Liquid fuel other than gasoline..............................................................
4041 ......................................................................................
Gasoline ................................................................................................
4081 ......................................................................................
Transportation by airseats, berths, etc. ................................................
4261 (a) (b) ...........................................................................
Use of international travel facilities .......................................................
4261 (c).................................................................................
Transportation of property, cargo .........................................................
4271 ......................................................................................
Gross excise taxes .............................................................................................................................................................................................
Less refunds of taxes (reimbursed to general fund):
Liquid fuel other than gasoline..................................................................
4041 ......................................................................................
Gasoline ......................................................................................................................................................................................................................
Total refunds of taxes .............................................................................................................................................................................................
Net taxes .................................................................................................................................................................................................................
General Fund Payments
Refunds on Federal Payments (DOT) ........................................................................................................................................................................
Interest on investments...............................................................................................................................................................................................
CMIA interest income .................................................................................................................................................................................................
Total receipts ..........................................................................................................................................................................................................
Expenses:
Operations ..................................................................................................................................................................................................................
Grants in aid for Airports .............................................................................................................................................................................................
Facilities and equipment .............................................................................................................................................................................................
Research, engineering, and development..................................................................................................................................................................
Air carriers ...................................................................................................................................................................................................................
CMIA Interest Expense ...............................................................................................................................................................................................
Total expenses........................................................................................................................................................................................................
Offsetting collections .......................................................................................................................................................................................................
Balance Sept. 30, 2019 ..................................................................................................................................................................................................

1,000,000,000
17,744,374
649,328,558
27,966,107
10,365,106,438
4,281,268,137
650,373,607
15,991,787,222
11,007,466
4,792,575
15,800,041
15,975,987,180
500,000,000
24,849,772
343,001,731
11,491
16,843,850,176
9,250,000,000
3,466,815,069
2,924,126,296
161,557,944
196,974,136
15,999,473,446
89,320,307
$17,915,697,036

Note.—Detail may not add to totals due to rounding.

Airport and Airway Trust Fund
Expected Condition and Results of Operations, Fiscal Years 2020-2024
[In millions of dollars. Source: DOT]

2020

2021

2022

2023

2024

17,916

17,668

17,813

18,957

21,066

Excise taxes, net of refunds....................................................

17,440

17,987

18,933

19,940

21,123

Interest on investments...........................................................

426

375

507

562

653

Offsetting collections ...............................................................

100

140

143

153

Total receipts ......................................................................

17,966

18,462

19,580

20,645

21,929

Gross Outlays .........................................................................

18,214

18,317

18,436

18,536

18,779

Balance Sept. 30.........................................................................

17,668

17,813

18,957

21,066

24,216

Balance Oct. 1 ............................................................................
Receipts:

Expenses:

March 2020

TRUST FUNDS

INTRODUCTION: Uranium Enrichment
Decontamination and Decommissioning (D&D) Fund
The Uranium Enrichment Decontamination and
Decommissioning Fund was established on the books of the
Treasury in fiscal year (FY) 1993, in accordance with
provisions of the Energy Policy Act of 1992 (42 United
States Code 2297g). Receipts represent (1) fees collected
from domestic public utilities based on their pro rata share of
purchases of separative work units from the Department of
Energy (DOE) and (2) appropriations toward the
Government contribution based on the balance of separative
work unit purchases.

The Energy Policy Act of 1992 (42 USC 2297g-1, as
amended) authorized annual deposits to the fund of $518.2
million (before adjustments for inflation) over a 15-year
period. Funding was provided by fees assessed on domestic
public utilities that purchased enriched uranium and
Government contributions. As specified in the Act, annual
assessments from domestic public utilities (before
adjustment for inflation) were not to exceed $150 million.
The Government was responsible for the remainder ($369.6
million), adjusted for inflation.

Expenditures from the fund include (1) decontaminating
and decommissioning three gaseous diffusion plants (Oak
Ridge, Tennessee; Paducah, Kentucky; and Portsmouth,
Ohio), (2) remedial actions and related environmental
restoration cost at the gaseous diffusion plants, and (3)
reimbursement to uranium/thorium producers for the cost of
decontamination, decommissioning, reclamation, and
remedial action of uranium/thorium sites that are incident to
sales to the U. S. Government.

While the final utility assessments occurred in (FY)
2007, during the same period (i.e., between FYs 1993 and
2007), the Government contributed only $5,362.4 million of
the $6,281.0 million specified in the Act. This resulted in a
$918.6 million shortfall of the authorized Government
contributions. The Government continued to make annual
contributions to eliminate this shortfall. Through the FY
2009 contribution, the overall shortfall (after adjusting for
inflation) was $40.6 million. Also, during FY 2009, the
Government designated $390 million of American Recovery
and Reinvestment Act (ARRA) funding for the Fund’s
mission. While ARRA funding was not an actual deposit
into the fund’s invested balances, it provided a dollar-fordollar reduction in the required outlays from the invested
balances. The Department of Energy recognized the ARRA
funding as an offset to the Government’s contribution
shortfall, thereby, satisfying the Government’s contribution
responsibility.

Amounts available in the fund exceeding current needs
may be invested by the Secretary of the Treasury in
obligations of the United States (1) having maturities
consistent with the needs of the fund and (2) bearing interest
at rates determined appropriate, taking into consideration the
current average market yield on outstanding marketable
obligations of the United States with remaining periods to
maturity comparable to these investments.
Annually, the Secretary of the Treasury, after
consultation with the Secretary of Energy, is required to
provide a report to Congress (see 42 USC 2297g(b)(1)).
This report must present the financial condition and the
results of operations of the fund during the preceding fiscal
year.

March 2020

The last appropriation was made in FY 2017 when
Congress appropriated $563 Million. In FY 2018, Congress
authorized the transfer of about $860.6 million in balances
from a related account.

TRUST FUNDS

TABLE TF-2.—Uranium Enrichment Decontamination and Decommissioning Fund
Results of Operations, Fiscal Year 2019
[Source: DOE]

Balance Oct. 1, 2018 .................................................................................................................................................................................

$9,705,973.86

Receipts:
Fees collected ........................................................................................................................................................................................

Penalties collected .................................................................................................................................................................................

Interest on investments ..........................................................................................................................................................................

60,951,899.05

Total receipts ......................................................................................................................................................................................

60,951,899.05

Nonexpenditure transfers:
Transfers in (+) .......................................................................................................................................................................................

Transfers out (-) .....................................................................................................................................................................................

Net nonexpenditure transfers.............................................................................................................................................................

Outlays:
DOE, decontamination and decommissioning activities........................................................................................................................

825,845,315.19

Cost of investments................................................................................................................................................................................

-777,006,764.65

Total outlays .......................................................................................................................................................................................

48,838,550.54

Balance Sept. 30, 2019..............................................................................................................................................................................

$21,819,322

Uranium Enrichment Decontamination and Decommissioning Fund
Expected Condition and Results of Operations, Fiscal Years 2020-2024
[In thousands of dollars. Source: DOE]

2020

2021

2022

21,819

Fees collected ......................................................................

Interest collected ..................................................................

21,296

9,596

467

Total receipts ...................................................................

21,296

9,596

467

DOE, decontamination and decommissioning fund ............

715,112

797,521

22,129

Investments redeemed ........................................................

-693,816

-787,925

-206,843

Total outlays net of investments redeemed.....................

21,296

9,596

22,286

Balance Sept. 30......................................................................

21,819

Balance Oct. 1 .........................................................................

2023

2024
-

Receipts:

Outlays:

March 2020

TRUST FUNDS

INTRODUCTION: Black Lung Disability Trust Fund
The Black Lung Disability Trust Fund was established on
the books of the Treasury in fiscal year 1978 according to the
Black Lung Benefits Revenue Act of 1977 (Public Law 95227). The Black Lung Benefits Revenue Act of 1981 (Public
Law 97-119) reestablished the fund in the Internal Revenue
Code (IRC), 26 United States Code 9501.
The Consolidated Omnibus Budget Reconciliation Act of
1985 (Public Law 99-272), enacted April 7, 1986, provided
for an increase in the coal tax rates effective April 1, 1986,
through December 31, 1995, and a 5-year forgiveness of
interest retroactive to October 1, 1985. The 5-year moratorium
on interest payments ended on September 30, 1990. Payment
of interest on advances resumed in fiscal year 1991. The
Omnibus Budget Reconciliation Act of 1987 (Public Law
100-203, title X, section 10503), signed December 22, 1987,
extended the temporary increase in the coal tax through
December 31, 2013.
The Emergency Economic Stabilization Act of 2008
(Public Law 110-343, title I, subtitle B, section 113), enacted
October 3, 2008, restructured the Trust Fund Debt by 1)
refinancing the outstanding principal of the repayable
advances and unpaid interest on such advances and 2)
providing a onetime appropriation to the Trust Fund in an
amount sufficient to pay to the general fund of the Treasury
the difference between the market value of the outstanding
repayable advances, plus accrued interest and the proceeds
from the obligations issued by the Trust Fund to the

March 2020

Secretary of the Treasury. The Act also extends the
temporary increase in the coal tax through December 31,
2018, and allows the prepayment of the Trust Fund debt
prior to the maturity date.
The Code designates the following receipts to be
appropriated and transferred from the general fund of the
Treasury to the trust fund: excise taxes on coal sold; taxable
expenditures of self-dealing by, and excess contributions to,
private black lung benefit trusts; reimbursements by
responsible mine operators; and related fines, penalties and
interest charges.
Estimates made by the Secretary of the Treasury
determine monthly transfers of amounts for excise taxes to the
trust fund subject to adjustments in later transfers to actual tax
receipts.
After retirement of the current indebtedness, amounts
available in the fund exceeding current expenditure
requirements will be invested by the Secretary of the Treasury
in interest-bearing public debt securities. Any interest earned
will be credited to the fund. Also credited, if necessary, will
be repayable advances from the general fund to meet outlay
requirements exceeding available revenues.
To carry out the program, amounts are made available to
the Department of Labor (DOL). Also charged to the fund are
administrative expenses incurred by the Department of Health
and Human Services (HHS) and the Treasury, repayments of
advances from the general fund and interest on advances.

TRUST FUNDS

TABLE TF-3.—Black Lung Disability Trust Fund
Results of Operations, Fiscal Year 2019
[Source: DOL]

258,801,698
111,616,648
-448,294
46,608,751
58,870,646
1,395,120
20,106,869
1,870,000,000
2,108,149,741
2,108,149,741
409,863
30,010,372
309,540
35,874,748
66,604,523

Total outlays .................................................................................................................................................................................................
Expenses:
Program expenses—DOL ................................................................................................................................................................................
Repayable advances and interest ...................................................................................................................................................................
Repayment of bond principal ...........................................................................................................................................................................
Interest on principal debt..................................................................................................................................................................................
Total expenses .............................................................................................................................................................................................
Balance Sept. 30, 2019 ........................................................................................................................................................................................
Cumulative debt, end of year ...............................................................................................................................................................................

166,577,570
1,949,400,000
117,606,000
63,888,000
2,297,471,570
2,875,346.90
2,548,780,029

Black Lung Disability Trust Fund
Expected Condition and Results of Operations, Fiscal Years 2020-2024
[In thousands of dollars. Source: DOL]

Balance Oct. 1 ........................................................................................
Receipts:
Excise taxes .......................................................................................
Advances from the general fund........................................................
Fines, penalties, and interest .............................................................
Total receipts .................................................................................
Outlays:
Benefit payments ...............................................................................
Administrative expenses ....................................................................
Repayable advances .........................................................................
Interest on repayable advances ........................................................
Repayment of principal debt ..............................................................
Interest on principal debt ...................................................................
Total outlays...................................................................................
Balance Sept. 30....................................................................................
Cumulative debt, end of year .................................................................

2020

2021

2022

2023

2024

2,875

322,000
2,004,069
2,000
2,328,069

215,000
2,290,072
2,000
2,507,072

164,000
2,662,355
2,000
2,828,355

165,000
3,067,082
2,000
3,234,082

166,000
3,501,347
2,000
3,669,347

151,768
67,562
1,870,000
43,067
118,895
76,777
2,328,069
2,875
2,429,885

151,931
74,362
2,004,069
66,526
120,015
90,169
2,507,072
2,875
2,309,870

151,777
75,635
2,290,072
85,864
121,786
103,221
2,828,355
2,875
2,188,084

151,316
76,929
2,662,355
103,371
123,663
116,448
3,234,082
2,875
2,064,420

150,473
78,245
3,067,082
119,191
124,924
129,432
3,669,347
2,875
1,939,497

Note.—Detail may not add to totals due to rounding.

March 2020

TRUST FUNDS

INTRODUCTION: Harbor Maintenance Trust Fund
The Harbor Maintenance Trust Fund was established on
the books of the Treasury on April 1, 1987, according to the
Water Resources Development Act of 1986 (Public Law 99662, November 17, 1986) (26 United States Code 9505).
Amounts in the Harbor Maintenance Trust Fund are
available as provided by appropriations acts for making
expenditures to carry out section 210(a) of the Water
Resources Development Act of 1986. The appropriations act
for the Department of Transportation (DOT) for fiscal year
1995 (Public Law 103-331, September 28, 1994), section
339, waived collection of charges or tolls on the Saint
Lawrence Seaway in accordance with section 13(b) of the
Act of May 13, 1954 (as in effect on April 1, 1987).
Legislation was passed in the North American Free Trade
Agreement Implementation Act (Public Law 103-182,
section 683), which amends paragraph (3) of section 9505(c)
of the IRC of 1986, to authorize payment of up to $5 million
annually to Treasury for all expenses of administration
incurred by the Treasury, the U.S. Army Corps of Engineers
and the Department of Commerce (Commerce) related to the
administration of subchapter A of chapter 36 (relating to the
harbor maintenance tax). Section 201 of the Water
Resources Development Act of 1996 (Public Law 104-303)
authorizes use of the Harbor Maintenance Trust Fund for
construction of dredged material disposal facilities

March 2020

associated with the operation and maintenance of Federal
navigation projects for commercial navigation.
A summary judgment issued October 25, 1995, by the
United States Court of International Trade in the case United
States Shoe Corp. v. United States (Court No. 94-11-00668)
found the Harbor Maintenance tax unconstitutional under the
Export Clause of the Constitution (Article I, section 9, clause
5) and enjoined the Customs and Border Protection from
collecting the fee on exports.
The decision was affirmed by the Supreme Court on
March 31, 1998 (118 Supreme Court 1290). With the tax on
exports no longer collected, revenues have been reduced by
approximately 30 percent.
The Secretary of the Treasury invests in interest-bearing
obligations of the United States that portion of the trust fund,
in his judgment, not required to meet current withdrawals.
The interest on, and proceeds from, the sale or redemption of
any obligation held in the trust fund is credited to the trust
fund.
The Code requires the Secretary of the Treasury to
submit an annual report to Congress [26 United States Code
9602(a)]. The report must present the financial condition and
results of operations of the fund during the past fiscal year
and the expected condition and operations of the fund during
the next five fiscal years.

TRUST FUNDS

TABLE TF-4.—Harbor Maintenance Trust Fund
Results of Operations, Fiscal Year 2019
[Source: Department of the Army Corps of Engineers]

$9,321,645,923

1,280,032,428
92,604,789
15,373,615
167,396,626
214,369,078
1,769,776,536
1,745,402,444
36,000,000
3,274,000
1,784,676,444
9,306,746,015

Harbor Maintenance Trust Fund
Expected Condition and Results of Operations, Fiscal Years 2020-2024 *
[In millions of dollars. Source: Department of the Army Corps of Engineers]

Balance Oct. 1 .....................................................................................................
Receipts:
Harbor maintenance fee ..................................................................................
Interest on investments....................................................................................
Total receipts ...............................................................................................
Total available ..............................................................................................
Outlays:
Harbor Maintenance Trust Fund, legislative proposal
not subject to paygo .....................................................................................
Corps of Engineers operation, maintenance,
and administrative expenses .......................................................................
Corps of Engineers construction .....................................................................
Saint Lawrence Seaway Development Corporation/DOT ...............................
Administrative expenses for Department of Homeland Security
(Customs Service) ...................................................................................................
Total outlays.................................................................................................
Balance Sept. 30..................................................................................................

2020

2021

2022

2023

2024

9,306.7

9,404.9

10,199.7

11,034.5

11,911.0

1,602.1
184.4
1,786.5
11,093.2

1,650.1
200.0
1,850.1
11,255.0

1,699.6
216.4
1,916.0
12,115.7

1,750.6
233.6
1,984.2
13,018.7

1,803.1
251.6
2,054.7
13,965.7

1,559.7

967.9

990.4

1,011.4

1,033.0

88.9
36.5
3.3

47.1
37.0
3.3

50.0
37.5
3.3

55.0
38.0
3.3

60.0
38.5
3.3

1,688.4
9,404.9

1,055.3
10,199.7

1,081.2
11,034.5

1,107.7
11,911.0

1,134.8
12,830.9

* Outyear projections are for planning purposes and are based on economic conditions and
agencies’ best projections of revenues and expenses.

March 2020

TRUST FUNDS

INTRODUCTION: Hazardous Substance Superfund
The Hazardous Substance Response Trust Fund was
established on the books of the Treasury in fiscal year 1981,
in accordance with section 221 of the Hazardous Substance
Response Revenue Act of 1980 [42 United States Code
9631(a), repealed]. The trust fund was renamed the
Hazardous Substance Superfund (Superfund) and relocated
in accordance with section 517 of the Superfund
Amendments and Reauthorization Act of 1986 [Public Law
99-499, dated October 17, 1986 (26 United States Code
9507)].
The authority to collect excise taxes on petroleum and
chemicals, and an environmental tax for all corporations
with modified alternative taxable income in excess of $2
million expired in 1995. To implement the Superfund
program, amounts are appropriated from the start of year
balance of the Superfund (augmented as necessary by
general revenues) to the Environmental Protection Agency
(EPA) for programmatic and administrative expenses.
In 2015 the EPA implemented a Hazardous Substance
Superfund Trust Fund Receipt Account for Special Accounts
that were previously accounted for as off-setting collections.

March 2020

Settlement funds received by the Agency now flow through
the receipt account to be placed in EPA interest bearing
special accounts to perform response actions at the site in
accordance with the supporting settlement agreement. Due
to large settlements EPA received in fiscal year 2015, the
EPA developed this new process for managing its Special
Accounts. The Special Account subaccount to the Superfund
Trust Fund was established as a mechanism for Special
Account funds to be placed directly into the trust fund, and
begin earning interest upon receipt. Monthly, the U.S.
Department of the Treasury’s Bureau of the Fiscal Services
will prepare separate financial statements for the Special
Accounts subaccount within the Superfund Trust Fund
financial statements.
An annual report to Congress by the Secretary of
Treasury is required by 26 United States Code 9602(a).
These reports present the financial condition of the
Superfund and the results of operation for the past fiscal
year, and its expected condition during the next 5 fiscal
years.

TRUST FUNDS

TABLE TF-5.—Hazardous Substance Superfund 1,2
Results of Operations, Fiscal Year 2019
[Source: EPA]

$192,000,000

Receipts:
Crude and petroleum ..................................................................................................................................................................................

Certain chemicals........................................................................................................................................................................................

Corporate environmental ............................................................................................................................................................................

General fund appropriation .........................................................................................................................................................................

$1,084,000,000

Cost recoveries ...........................................................................................................................................................................................

$73,000,000

Fines and penalties .....................................................................................................................................................................................

$3,000,000

Interest on investments ...............................................................................................................................................................................

$94,000,000

Special Accounts.........................................................................................................................................................................................

$372,000,000

Agency for Toxic Substance and Disease Registry....................................................................................................................................

Total receipts ...........................................................................................................................................................................................

$1,626,000,000

Expenses:
EPA expense ..............................................................................................................................................................................................

$1,160,000,000

Other expenses ...........................................................................................................................................................................................

$435,000,000

Rounding adjustment ..................................................................................................................................................................................

-$2,000,000

Total expenses…………………………………………………………………………………………………………………………………..
Balance Sept. 30, 2019...................................................................................................................................................................................

1 Reporting in this Superfund Trust Fund table is consistent with previously reported
presentations. However, the structure of this table may not accurately reflect the status of
this Trust Fund. As a result, this table may be revised in future reports and other
resources should be utilized for accurate Trust Fund reporting.

$1,593,000,000
$225,000,000

In 2015, EPA implemented a Hazardous Substance Superfund Trust Fund Receipt
Account for Special Accounts. Settlement funds received by the Agency may be placed in
EPA interest bearing special accounts to perform response actions at the site in
accordance with the supporting settlement agreement. These accounts are mandatory
accounts and are included in the "Other Expenses" line.

March 2020

TRUST FUNDS

Hazardous Substance Superfund
Expected Condition and Results of Operations, Fiscal Years 2020-2024 1, 2, 3
[In millions of dollars. Source: EPA]

2020

2021

2022

2023

2024

$225

$114

$115

Interest .........................................................................................................

$75

$76

$77

$79

Recoveries ...................................................................................................

$84

Fines and penalties ......................................................................................

Taxes ..........................................................................................................

Special Accounts .........................................................................................

$350

General revenues ........................................................................................

$960

$965

$964

Total receipts ...........................................................................................

$1,471

$1,477

$1,478

$1,477

$1,479

Appropriations 2................................................................................................

$1,185

$1,079

Other expenses 3 .............................................................................................

$397

$398

Balance Sept. 30..............................................................................................

$114

$115

$117

Balance Oct. 1 .................................................................................................
Receipts:

Reporting in this Superfund Trust Fund table is consistent with previously reported
presentations. However, the structure of this table may not accurately reflect the status of
this Trust Fund. As a result, this table may be revised in future reports and other resources
should be utilized for accurate Trust Fund reporting.

March 2020

2 FY 2022 - FY 2024 Appropriation amounts are straight-lined from FY 2021 President's
Budget Request Level.
3 Other Expenses include Special Accounts.

TRUST FUNDS

INTRODUCTION: Highway Trust Fund
The Highway Trust Fund was established on the
books of the Treasury in fiscal year 1957, according to
provisions of the Highway Revenue Act of 1956 (Act of
June 29, 1956, chapter 462, section 209). It has been
amended and extended by various highway surface
transportation and other acts since 1959. The FAST Act
extends through September 30, 2020, the authority to make
expenditures from the Highway Trust Fund for authorized
purposes. After that date, expenditures from the Trust Fund
are authorized only to liquidate obligations made before
that date. Any other expenditure will cause the cessation of
deposits of highway-user taxes to the Trust Fund. [FAST
Act § 31101, 26 U.S.C. 9503].
Amounts equivalent to taxes on gasoline, diesel fuel,
special motor fuels, certain tires, heavy trucks and trailers,
and heavy vehicle use are designated by the Act to
be appropriated and transferred from the general fund of
the Treasury to Highway Account of the trust fund. These
transfers are made twice monthly based on estimates by the
Secretary of the Treasury, subject to later adjustments to
reflect the amount of actual tax receipts. Amounts
available in the fund exceeding outlay requirements are
invested in non-interest-bearing public debt securities.
The Highway Trust Fund’s Mass Transit Account is
funded by a portion of the excise tax collections under
sections 4041 and 4081 of the IRC (title 26 United
States Code). The funds from this account are used for
expenditures in accordance with chapter 53 of title 49
United States Code, the Intermodal Surface

Transportation Efficiency Act of 1991 (Public Law 102240), the Transportation Equity Act for the 21st Century
(TEA-21), SAFETEA-LU, Moving Ahead for Progress in the
21st Century Act (MAP-21) and as amended by Fixing
America’s Surface Transportation (FAST) Act. The
remaining excise taxes are included in a separate account
within the trust fund commonly referred to as the highway
account. Expenditures from this account are made according
to the provisions of various transportation acts.
Amounts required for outlays to carry out the eligible
surface transportation programs are made available to the
responsible operating administrations within the Department
of Transportation. Other charges to the trust fund are made
by the Secretary of the Treasury for transfer of certain taxes
to the Land and Water Conservation Fund and the Aquatic
Resources Trust Fund. In addition, the Secretary of the
Treasury is required by 26 U.S.C. 9503(d)(7) to report to
specified Congressional Committees any estimate which he,
in consultation with the Secretary of Transportation, makes
pursuant to 26 U.S.C.9503(d)(1) or any determination
which he makes pursuant to 26 U.S.C. 9503(d)(2). The
congressional committees are the Committee on Ways and
Means of the House of Representatives, the Committee on
Finance of the Senate, the Committees on the Budget
of both Houses, the Committee on Transportation and
Infrastructure of the House of Representatives, and the
Committee on Environment and Public Works of the Senate.

March 2020

TRUST FUNDS

TABLE TF-6.—Highway Trust Fund
Results of Operations, Fiscal Year 2019
[Source: DOT]

Description

IRC section (26 United States Code)

Balance Oct. 1, 2018 ...........................................................................................................................................................................................
Receipts:
Excise taxes (transferred from general fund):
4081 ..........................................................................
Gasoline .......................................................................................................
Diesel and special motor fuels .....................................................................
4041 ..........................................................................
Highway tires................................................................................................
4071 ..........................................................................
Retail tax on trucks.......................................................................................
4051 ..........................................................................
Heavy vehicle use ........................................................................................
4481 ..........................................................................
Total excise taxes ....................................................................................................................................................................................
Less refunds and tax credits (reimbursed to general fund):
Diesel fuel.....................................................................................................................................................................................................
Gasoline .......................................................................................................................................................................................................
Total refunds and tax credits....................................................................................................................................................................
Less transfers:
To Land and Water Conservation Fund.......................................................................................................................................................
To Aquatic Resources Trust Fund ...............................................................................................................................................................
To Airport and Airway Trust Fund ................................................................................................................................................................
Total transfers ..........................................................................................................................................................................................
Other income:
Fines and penalties ......................................................................................................................................................................................
Interest .........................................................................................................................................................................................................
Transfer from the General Fund .................................................................................................................................................................
Total other income ...................................................................................................................................................................................
Net receipts ..........................................................................................................................................................................................
Expenses:
Federal Highway Administration:
Federal aid to highways ...............................................................................................................................................................................
Right-of-way revolving fund .........................................................................................................................................................................
Appalachian Development Highway System ...............................................................................................................................................
Other ............................................................................................................................................................................................................
Total .........................................................................................................................................................................................................
Federal Motor Carrier Safety Administration ...............................................................................................................................................
Federal Transit Administration .....................................................................................................................................................................
National Highway Traffic Safety Administration:
Operations and research .........................................................................................................................................................................
Highway traffic safety grants ....................................................................................................................................................................
National driver register .............................................................................................................................................................................
Total .....................................................................................................................................................................................................
Federal Railroad Administration ......................................................................................................................................................................
Office of the Secretary of Transportation.................................................................................................................................................
Other agencies .............................................................................................................................................................................................
Total expenses .........................................................................................................................................................................................
Balance Sept. 30, 2019........................................................................................................................................................................................

Note.—Detail may not add to totals due to rounding.

March 2020

Amount
44,507,434,333

26,450,616,196
11,246,500,921
534,571,760
5,329,674,245
1,285,164,153
44,846,527,275
1,000,000
438,754,000
832,628,838
1,272,382,838
97,614,321
849,426,189
947,040,511
44,521,184,948

44,166,588,456
87,963
8,854,270
44,175,530,688
583,502,715
10,515,264,495
143,919,862
701,711,613
845,631,475
2,744,946
31,748
56,122,706,068
32,905,913,213

TRUST FUNDS

Highway Trust Fund
Expected Condition and Results of Operations, Fiscal Years 2020-2024
[In billions of dollars. Source: DOT]

Combined Statement Highway and Mass Transit Accounts

Balance Oct. 1 ...............................................................

2020

2021

2022

2023

2024

-13

-28

Receipts:
Excise taxes, net of refunds.......................................
Interest, net ................................................................

Total receipts .........................................................

Adjustments 1 .........................................................

Outlays ...........................................................................

Balance Sept. 30............................................................

-13

-28

-44

Mass Transit Account
2020

2021

2022

2023

2024

-1

-6

-11

Excise taxes, net of refunds............................................

Interest, net .....................................................................

Total receipts ..............................................................

Flex fund transfers ..........................................................

Adjustments 1 ..................................................................

Outlays ................................................................................

Balance Sept. 30.................................................................

-1

-6

-11

-16

Balance Oct. 1 ....................................................................
Receipts:

Highway Account
2020

2021

2022

2023

2024

-7

-18

Excise taxes, net of refunds.................................................

Interest, net ..........................................................................

Total receipts ...................................................................

Flex fund transfers ...............................................................

-1

Adjustments 1 .......................................................................

Outlays .....................................................................................

Balance Sept. 30......................................................................

-7

-18

-28

Unfunded authorizations (EOY)...............................................

107

119

Forty-eight-month revenue estimate........................................

146

147

148

149

Balance Oct. 1 .........................................................................
Receipts:

Assumes the revenues and spending levels prescribed in the Public Law 114-94 are extended.

Note.—Numbers may not add due to rounding.

March 2020

TRUST FUNDS

TABLE TF-6A.—Highway Trust Fund
The following information is released according to the
provisions of the Byrd Amendment [codified at 26 United
States Code 9503(d)] and represents data concerning the
Highway Trust Fund. The figure described as “unfunded
authorizations” is the latest estimate received from the DOT.

The 48-month revenue estimates for the highway and
mass transit accounts, respectively, include the latest
estimates received from Treasury’s Office of Tax
Analysis for excise taxes, net of refunds. They represent net
highway
receipts
for
those
periods.

Highway Account
[In billions of dollars. Source: DOT]

Commitments (unobligated balances plus unpaid obligations, fiscal year 2021) ..............................................................................................................

less:
Cash balance (fiscal year 2021) .........................................................................................................................................................................................

Unfunded authorizations (fiscal year 2021) ........................................................................................................................................................................

48-month revenue estimate (fiscal years 2022, 2023, 2024, and 2025) ............................................................................................................................

147

Mass Transit Account
[In billions of dollars. Source: DOT]

Commitments (unobligated balances plus unpaid obligations, fiscal year 2021) ..............................................................................................................

-1

48-month revenue estimate (fiscal years 2022, 2023, 2024, and 2025) ............................................................................................................................

Assumes the revenues and spending levels prescribed in the Public Law 114-94 are extended

March 2020

Note.—Numbers may not add due to rounding.

TRUST FUNDS

INTRODUCTION: Inland Waterways Trust Fund
The Inland Waterways Trust Fund was established by the
Treasury, pursuant to section 203 of the Inland Waterways
Revenue Act of 1978 (Public Law 95-502) and continued
pursuant to section 1405 of the Water Resources Development
Act of 1986 (Public Law 99-662, codified at 26 United States
Code 9506). Under 26 United States Code 9506(b), amounts
from taxes on fuel used in commercial transportation on
inland waterways, as determined by the Secretary of the
Treasury, are appropriated to the trust fund.
The Technical and Miscellaneous Revenue Act of 1988
(Public Law 100-647, approved November 10, 1988)
increased the tax each year, 1990 through 1995. The passage
of the Achieving a Better Life Experience Act (Public Law
113-295) in December 2014 increased the tax from 20 cents to
29 cents per gallon effective April 1, 2015. These amounts are
transferred quarterly from the general fund based on estimates
made by the Secretary, subject to adjustments in later transfers
to the amounts of actual tax receipts.

The Secretary of the Treasury invests in interest-bearing
obligations of the United States that portion of the trust fund,
in his judgment, not required to meet current withdrawals. The
interest on, and proceeds from, the sale or redemption of any
obligation held in the trust fund is credited to the trust fund.
The Inland Waterways Revenue Act of 1978 (Public Law
95-502) provides that amounts in the trust fund shall be
available as provided, by appropriations acts, for construction
and rehabilitation expenditures for navigation on the inland
and intracoastal waterways of the United States described in
33 United States Code 1804. Expenditures must be otherwise
authorized by law.
Annual reports to Congress are required by 26 United
States Code 9602(a) to be submitted by the Secretary of the
Treasury. These reports are required to cover the financial
condition and the results of operations of the fund during the
past fiscal year and its expected condition and operations
during the next five fiscal years.

TABLE TF-7.—Inland Waterways Trust Fund
Results of Operations, Fiscal Year 2019
[Source: Department of the Army Corps of Engineers]

$130,933,650
117,048,484
4,196,479
121,244,963
183,217,537
$68,961,076

Inland Waterways Trust Fund
Expected Condition and Results of Operations, Fiscal Years 2020-2024 *
[In millions of dollars. Source: Department of the Army Corps of Engineers]

Balance Oct. 1.......................................................................................................
Receipts:
Fuel taxes ..........................................................................................................
Interest on investments ....................................................................................
Total receipts .................................................................................................
Transfers:
Corps of Engineers ...........................................................................................
Balance Sept. 30 ..................................................................................................

2020

2021

2022

2023

2024

118
4
122

119
4
123

120
4
124

131
60

122
60

123
60

124
60

* Outyear projections are based on economic conditions and agencies’ best projections of
revenues and expenditures.

March 2020

100

TRUST FUNDS

INTRODUCTION: Leaking Underground Storage Tank Trust Fund
The Leaking Underground Storage Tank (LUST) Trust
Fund was established in fiscal year 1981 according to
provisions of the Comprehensive Environmental Response,
Compensation and Liability Act of 1980 (Public Law 96-510,
codified at 26 United States Code 9508), as amended by the
Superfund Amendments and Re-authorization Act of 1986
(Public Law 99-499, dated October 17, 1986), sections 13163I
and 13242(d)(42) of the Omnibus Budget Reconciliation Act
of 1993 (Public Law 103-66, dated August 10, 1993), section
1033 of the Taxpayer Relief Act of 1997 (Public Law 105-34,
dated August 5, 1997), section 1362 of the Energy Policy Act
of 2005 (Public Law 109-058, dated August 8, 2005) section
141 (c) of the Surface and Air Transportation Programs
Extension Act of 2011 (Public Law 112-30, dated September
11, 2011), sections 40101(c) and 40201 of the Moving Ahead
for Progress in the 21st Century Act (Public Law 112-141,
dated July 6, 2012), sections 2001(c), 2002(b) and 2002(c) of
the Highway and Transportation Funding Act of 2014 (Public
Law 113-159, dated August 8, 2014), and section 31203 of the

March 2020

Fixing America’s Surface Transportation (FAST) Act of
2015 (Public Law 114-94, dated December 4, 2015).
The LUST Trust Fund is financed by taxes collected on
gasoline, diesel fuels, special motor fuels, aviation fuels and
fuels used in commercial transportation on inland
waterways. Amounts available in the LUST Trust Fund,
exceeding current expenditure requirements, are invested by
the Secretary of the Treasury in interest-bearing Government
securities (e.g., Treasury bills). All interest earned is credited
directly to the LUST Trust Fund.
To carry out the LUST program, amounts are
appropriated for the LUST Trust Fund to the EPA for
programmatic and administrative expenses.
An annual report to Congress by the Secretary of the
Treasury is required by 26 United States Code 9602(a).
These reports present the financial condition of the LUST
Trust Fund and results of operations for the past fiscal year
and its expected condition and operations during the next
five fiscal years.

TRUST FUNDS

101

TABLE TF-8.—Leaking Underground Storage Tank Trust Fund
Results of Operations, Fiscal Year 2019 1
[Source: EPA]

$545,000,000
$226,000,000
$16,000,000
$242,000,000
$93,000,000
$93,000,000
$694,000,000

Reporting in this trust fund table is consistent with previously reported presentations.
However, the structure of this table may not accurately reflect the status of this trust fund.
As a result, this table may be revised in future reports and other resources should be
utilized for accurate trust fund reporting.

Leaking Underground Storage Tank Trust Fund
Expected Condition and Results of Operations, Fiscal Years 2020-2024 1, 2
[In millions of dollars. Source: EPA]

Balance Oct. 1.................................................................................................................
Receipts:
Taxes 3 ........................................................................................................................
Interest 3 ......................................................................................................................
Total receipts ...........................................................................................................
Appropriations .................................................................................................................
Other Expenses ..............................................................................................................
Balance Sept. 30 .............................................................................................................

1 Reporting in this Trust Fund table is consistent with previously reported presentations.
However, the structure of this table may not accurately reflect the status of the Trust Fund.
As a result, this table may be revised in future reports and other resources should be
utilized for accurate trust fund reporting.

2020

2021

2022

2023

2024

$694

$832

$1,015

$1,199

$1,381

$214
$16
$230
$92
$832

$214
$17
$231
$48
$1,015

$215
$17
$232
$48
$1,199

$213
$17
$230
$48
$1,381

$213
$17
$230
$48
$1,563

2 FY

2022 - FY 2024 Appropriation amounts are straight-lined from FY 2020 President's
Budget levels.
3 Taxes and interest are estimated.

March 2020

102

TRUST FUNDS

INTRODUCTION: Nuclear Waste Fund
The Nuclear Waste Fund was established on the books of
the Treasury in fiscal year 1983, according to section 302 of
the Nuclear Waste Policy Act of 1982 [Public Law 97-425,
codified at 42 United States Code 10222I]. Receipts
represent fees collected from public utilities based on
electricity generated by nuclear power reactors and spent
nuclear fuel, and Interest on investment. Expenditures from
the fund are for purposes of radioactive waste disposal
activities.
The NWPA requires the civilian owners and generators
of nuclear waste to pay their share of the full cost of the
NWF and, to that end, establishes a fee for electricity
generated and sold by civilian nuclear power reactors which
the Department must collect and annually assess to
determine its adequacy. A one-time fee was recorded by the
NWF as of April 7, 1983, related to the disposal of SNF
generated prior to that date. Fees recognized by the NWF
are based upon kilowatt (kWh) of electricity generated and
sold by civilian nuclear reactors on and after April 7, 1983.

The Department set the per kWh portion of the fee to zero in
2014.
Amounts available in the fund exceeding current needs
may be invested by the Secretary of the Treasury in
obligations of the United States (1) having maturities in
tandem with the needs of the waste fund and (2) bearing
interest at rates determined appropriate. The interest rates
take into consideration the current average market yield on
outstanding marketable obligations of the United States with
remaining periods to maturity comparable to the maturities
of such investments, except the interest rate on such
investments shall not exceed the average interest rate
applicable to existing borrowings.
An annual report to Congress by the Secretary of the
Treasury, after consultation with the Secretary of the
Department of Energy (DOE), is required by 42 United
States Code 10222(e)(1). This report must present the
financial condition and the results of operations of the waste
fund
during
the
preceding
fiscal
year.

TABLE TF-9.—Nuclear Waste Fund
Results of Operations, Fiscal Year 2019
[Source: DOE]

$ 3,422,674

Receipts:
Fees Collected .................................................................................................................................................................................................
Interest on investments ....................................................................................................................................................................................

145,000,000
1,526,652,115

1,671,652,115

Nonexpenditure transfers:
SF-1151 transfers in (+) ...................................................................................................................................................................................

SF-1151 transfers out (-)..................................................................................................................................................................................

-3,600,000

Net nonexpenditure transfers.......................................................................................................................................................................

-3,600,000

Outlays:
DOE radioactive waste disposal activities .......................................................................................................................................................

4,098,912

Cost investments..............................................................................................................................................................................................

1,665,452,936

1,669,551,848

Balance Sept. 30, 2019........................................................................................................................................................................................

$1,922,941

March 2020

TRUST FUNDS

103

CHARTS TF-A and B.—Major Trust Funds
[Data depicted in these charts are derived from the Trust Fund tables, which are provided by various
Government agencies. See tables TF-1, TF-3, TF-5, TF-6 and TF-9.]

March 2020

104

TRUST FUNDS

INTRODUCTION: Reforestation Trust Fund
The Reforestation Trust Fund was established on the
books of the Treasury in fiscal year 1981 to continue
through September 30, 1985, according to provisions of
Title III—Reforestation, of the Recreational Boating Safety
and Facilities Improvement Act of 1980 [Public Law 96451, codified at 16 United States Code 1606a(a)].
The act provides that the Secretary of the Treasury shall
transfer to the trust fund tariffs, limited to not more than $30
million for any fiscal year, received in the Treasury from
October 1, 1979, through September 30, 1985, on (1) rough
and primary wood products and wood waste; (2) lumber,
flooring and moldings; and (3) wood veneers, plywood,
other wood-veneer assemblies and building boards. Public
Law 99-190, title II, 99 Statutes at Large 1245, extended the
receipts for the trust fund. Amounts available in the
reforestation trust fund exceeding current withdrawals are
invested in interest-bearing obligations of the United States

or in obligations guaranteed as to both principal and interest
by the United States. The interest on, and the proceeds from
the sale or redemption of, any obligations are credited to the
trust fund.
The Secretary of the Department of Agriculture is
authorized to obligate available sums in the trust fund
(including any amounts not obligated in previous years) for
(1) reforestation and timber stand improvement and (2)
administrative costs of the Government for these activities.
Annual reports are required by 16 United States Code
1606aI (1) to be submitted by the Secretary of the Treasury,
after consultation with the Secretary of Agriculture, on the
financial condition and the results of the operations of the
trust fund during the past fiscal year and on its expected
condition and operations during the next fiscal year.

TABLE TF-10.—Reforestation Trust Fund
Results of Operations, Fiscal Year 2019
[Source: Department of Agriculture]

$7,729,188

Receipts:
Excise taxes (tariffs) .........................................................................................................................................................................................

30,000,000

Redemption of investment ...............................................................................................................................................................................

30,000,000

Expenses:
Expenditure ......................................................................................................................................................................................................

29,609,161

Total expenses .............................................................................................................................................................................................

29,609,161

Adjustment ...........................................................................................................................................................................................................

$8,120,027

1 Minor

difference to beginning balance due to rounding.

Reforestation Trust Fund
Expected Condition and Results of Operations, Fiscal Year 2020
[In thousands of dollars. Source: Department of Agriculture]

Balance Oct. 1 .....................................................................................................................................................................................................

8,120

30,000

Redemption of investment ..............................................................................................................................................................................

30,000

Outlays ................................................................................................................................................................................................................

29,800

Balance Sept. 30 .................................................................................................................................................................................................

8,320

March 2020

TRUST FUNDS

105

INTRODUCTION: Sport Fish Restoration and Boating Trust Fund
The Aquatic Resources Trust Fund (ARTF) was
established on the books of the Treasury pursuant to the
Deficit Reduction Act of 1984 [Public Law 98-369, division
A, title X, section 1016(a), approved July 18, 1984]. The
ARTF was restructured and renamed the Sport Fish
Restoration and Boating Trust Fund by the Safe,
Accountable, Flexible, Efficient Transportation Equity Act:
A Legacy for Users or “SAFETEA-LU” [Public Law 10959, title XI, subtitle B, part 2, section 11115, approved
August 10, 2005,] as amended by the Sportfishing and
Recreational Boating Safety Amendments Act of 2005
[Public Law 109-74, approved September 29, 2005].
Section 3 of the Dingell-Johnson Sport Fish Restoration
Act, 16 United States Code 777, provides authorization of
appropriations to the states to carry out the provisions of the
act, and Section 4 provides the division of the remaining
annual appropriation not authorized in Section 3.
SAFETEA-LU comprehensively amended Section 3 and
reauthorized the Sport Fish Restoration Program (for fiscal
years 2006-2009) to permanently appropriate boating safety
funds; to modify distribution of funds whereby all accounts
receive a fixed percentage of the total fund annually; and to
modify the excise tax on certain sport fishing equipment.
From October 1, 2010, through June 30, 2012, the authority
for SAFETEA-LU was extended via several public laws. In
June 2012, Public Law 112-141, Moving Ahead for Progress
in the 21st Century Act (MAP-21), established new authority
for Section 4 through September 30, 2014. From October 1,
2015, through November 20, 2015, the authority for MAP21 was extended via several public laws. On December 4,
2015, Public Law 114-94, Fixing America's Surface

Transportation (FAST) Act, Sec. 10001, amended Section 3
and Section 4 to provide the division of appropriations for
each of the Fiscal Years 2016 thru 2021.
Effective October 1, 2005, motorboat fuel taxes (less $1
million transferred to the Land and Water Conservation
Fund) and small engine gasoline taxes [pursuant to the
Omnibus Budget Reconciliation Act of 1990, Public Law
101-508, title XI, sections 11211(i)(2) and (3)] were
transferred from the Highway Trust Fund to the Sport Fish
Restoration and Boating Trust Fund. In addition, amounts
equivalent to the excise taxes received on sport fishing
equipment and import duties on fishing tackle, yachts, and
pleasure craft are appropriated into the fund.
Amounts in the trust fund are used, as provided by
appropriation acts, for the purposes of carrying out the
Dingell-Johnson Sport Fish Restoration Act, approved
August 9, 1950; Section 7404(d) of the Transportation
Equity Act for the 21st Century; and the Coastal Wetlands
Planning, Protection and Restoration Act (each as in effect
on the date of enactment of the FAST Act).
The general provisions of 26 United States Code 9602(b)
are responsible for making amounts available in the fund
exceeding outlay requirements to be invested in public debt
securities with the interest credited to the fund.
As required by 26 United States Code 9602(a), annual
reports to Congress must be submitted by the Secretary of
the Treasury. These reports will cover the financial condition
and results of operations of the fund during the past fiscal
year and those expected during the next five fiscal years.

March 2020

106

TRUST FUNDS

TABLE TF-11.—Sport Fish Restoration and Boating Trust Fund
Sport Fish Restoration Results of Operations, Fiscal Year 2019
[Source: Department of the Interior]

$1,950,097,461

Revenue:
Tax revenue:
Gas, motorboat ..............................................................................................................................................................................................
Fish equipment...............................................................................................................................................................................................
Tackle boxes ..................................................................................................................................................................................................
Rods and poles ..............................................................................................................................................................................................
Electric outboard motors ................................................................................................................................................................................
Customs/import duties ...................................................................................................................................................................................
Gas, motorboat small engines .......................................................................................................................................................................
Total, tax revenue ......................................................................................................................................................................................

315,747,000.00
105,251,517
1,923,066
22,102,708
5,975,069
62,585,622
123,007,000
636,591,982

Investment revenue:
Interest on investments (accrual basis) .........................................................................................................................................................
Loss on sale of securities ...............................................................................................................................................................................
Total, investment revenue..........................................................................................................................................................................
Total revenue .............................................................................................................................................................................................
Nonexpenditure appropriations:
Interior ............................................................................................................................................................................................................
Interior (U.S. Coast Guard) ............................................................................................................................................................................
Interior (Corps of Engineers)..........................................................................................................................................................................
Total appropriations ...................................................................................................................................................................................
Balance Sept. 30, 2019 ..........................................................................................................................................................................................

42,639,232
42,639,232
679,231,214
-425,800,000
-116,101,711
-52,000,000
-593,901,711
$2,035,426,965

Sport Fish Restoration and Boating Trust Fund
Sport Fish Expected Condition and Results of Operations, Fiscal Years 2020-2024
[In thousands of dollars. Source: Department of the Interior]

Balance Oct. 1 .....................................................................................
Receipts/revenue:
Taxes ............................................................................................
Interest ..........................................................................................
Transfers .......................................................................................
Total receipts ............................................................................
Expenses:
Expenses/transfers .......................................................................
Total expenses..........................................................................
Balance Sept. 30...............................................................................

March 2020

2020

2021

2022

2023

2024

2,035,426,965

2,035,421,410

2,035,427,476

2,035,432,564

2,035,439,704

639,000
15,206
654,206

645,000
15,272
660,272

650,000
15,360
665,360

657,000
15,500
672,500

663,000
15,670
678,670

659,761
659,761
2,035,421,410

654,206
654,206
2,035,427,476

660,272
660,272
2,035,432,564

665,360
665,360
2,035,439,704

672,500
672,500
2,035,445,874

TRUST FUNDS

107

INTRODUCTION: Oil Spill Liability Trust Fund
The Oil Spill Liability Trust Fund was established on the
books of the Treasury by section 8033 of the Omnibus Budget
Reconciliation Act of 1986 (Public Law 99-509). It was made
effective on January 1, 1990, by section 7811(m)(3) of the
Omnibus Budget Reconciliation Act of 1989 (Public Law
101-239) and amended by section 9001of the Oil Pollution
Act of 1990 (Public Law 101-380). The Energy Improvement
and Extension Act of 2008 (Public Law 110-343) increased
the barrel tax on petroleum from five cents per barrel to eight
cents from 2009 through 2016, and to nine cents in 2017. The
act also repeals the requirement that the tax be suspended
when the unobligated balance exceeds $2.7 billion. The barrel
tax expired on December 31, 2018, but was reinstated by
Congress starting January 1, 2020, and ending December
31, 2020 at nine cents per barrel.

Amounts equivalent to the taxes received from the
environmental tax on petroleum, but only to the extent of the
Oil Spill Liability Trust Fund rate, are appropriated to the
fund.
Certain amounts were transferred from other funds and
were appropriated to the Oil Spill Liability Trust Fund as
provided by 26 United States Code 9509(b). Certain paid
penalties and amounts recovered for damages are also
appropriated to the fund.
Amounts in the fund are available for oil spill cleanup
costs and certain other related purposes as provided by
appropriations acts or section 6002(b) of the Oil Pollution Act
of 1990 (Public Law 101-380).

March 2020

108

TRUST FUNDS

TABLE TF-12.—Oil Spill Liability Trust Fund
Results of Operations, Fiscal Year 2019
[Source: Bureau of the Fiscal Service, Funds Management Branch]

$6,570,705,718

-35,112,791
125,051
214,513
53,526,835
76,722,046
191,025,425
286,501,079
145,589,176
145,589,176
432,090,255
-165,000
-2,993,070
-14,899,000
-18,209,000
-23,288,000
-7,525,617
-71,504,788
-45,000,000
-183,419,475
-183,584,475
$6,819,211,498

The Balances as of October 1, 2018, and September 30, 2019, tie to the published
financial statements by Treasury/FMB and are posted at:
http://www.federalinvestments.gov/govt/reports/ tfmp/oilspill/oilspill.htm.

Oil Spill Liability Trust Fund
Expected Condition and Results of Operations, Fiscal Years 2020-2024
[In millions of dollars. Source: Department of Homeland Security]

Balance Oct. 1 ...............................................................................................
Estimated receipts .........................................................................................
Estimated expenses ......................................................................................
Balance Sept. 30............................................................................................

March 2020

2020

2021

2022

2023

2024

6,819
797
202
7,414

7,414
989
202
8,201

8,201
1,034
202
9,033

9,033
1,056
202
9,887

9,887
1,021
202
10,706

TRUST FUNDS

109

INTRODUCTION: Vaccine Injury Compensation Trust Fund
The Vaccine Injury Compensation Trust Fund was created
on the books of the Treasury by Section 9202 of the Revenue
Act of 1987 (Public Law 100-203, approved December 22,
1987). Excise taxes on diphtheria, pertussis, tetanus, measles,
mumps, rubella, polio, hepatitis B, haemophilus influenza type
b, varicella, rotavirus, pneumococcal conjugate, hepatitis A,
meningococcal, human papillomavirus, and seasonal influenza
vaccines (26 United States Code 4131), are appropriated into
the trust fund, which is the source of funds to pay

compensation awards for a vaccine-related injury or death
occurring after October 1, 1988, as well as program
administrative expenses.
Annual reports to Congress, required by 26 United States
Code 9602(a), are submitted by the Secretary of the
Treasury. These reports are required to cover the financial
condition and results of operations of the fund during the past
fiscal year and those expected during the next five fiscal
years.

TABLE TF-13.—Vaccine Injury Compensation Trust Fund
Results of Operations, Fiscal Year 2019
[Source: Department of the Treasury]

$3,857,743,855

$280,050,142
$80,801,354
$9,305,200
$370,156,696
$7,751,280
$15,721,614
$23,472,894
$251,959,685
$275,432,579
$3,952,467,972

1 Balance

for September 30, 2019: Balance does not tie to the 3310 ending balance in the
September 30, 2018 published financial statement. The equity balance is not affected
throughout the entire fiscal year but changes after adjusting/closing entries are made at the
beginning of the following fiscal year. The balance shown here for September 30, 2019 reflects
the net activity for FY 2019 and adjusting/closing entries made in October 2019.

Vaccine Injury Compensation Trust Fund
Expected Condition and Results of Operations, Fiscal Years 2020-2024
[In thousands of dollars. Source: Department of Health and Human Services]

Balance Oct. 1 ......................................................................................................
Receipts (from tax) ...............................................................................................
Interest on investments.....................................................................................
Total receipts ................................................................................................
Outlays:
U.S. Court of Federal Claims expenses ...........................................................
U.S. Department of Justice expenses ..............................................................
Subtotal outlays ................................................................................................
Nonexpenditure transfers:
HRSA ................................................................................................................
Total outlays/transfers ..................................................................................
Balance Sept. 30...................................................................................................

2020

2021

2022

2023

2024

$3,952,468
$288,452
$83,225
$371,677

$4,041,154
$297,105
$85,722
$382,827

$4,133,204
$306,018
$88,294
$394,312

$4,228,720
$315,199
$90,943
$406,142

$4,327,806
$324,655
$93,671
$418,326

$7,751
$15,722
$23,473

$259,518
$282,991
$4,041,154

$267,304
$290,777
$4,133,204

$275,323
$298,796
$4,228,720

$283,583
$307,056
$4,327,806

$292,090
$315,563
$4,430,569

March 2020

110

TRUST FUNDS

INTRODUCTION: Wool Research, Development,
and Promotion Trust Fund
The Wool Research, Development, and Promotion Trust
Fund was established in fiscal year 2000 with a sunset
provision effective January 1, 2004, according to provisions
of the Trade and Development Act of 2000 (Public Law
106-200, signed May 18, 2000). The Trade Act of 2002
(Public Law 107-210, signed August 6, 2002) extended the
sunset provision to January 1, 2006. The Miscellaneous
Trade and Technical Corrections Act of 2004 (Public Law
108-429, signed December 3, 2004) extended the sunset
provision to 2008. The Pension Protection Act of 2006
(Public Law 109-280, signed August 17, 2006) extended the
sunset provision to 2010. The Emergency Economic
Stabilization Act of 2008 (Public Law 110-343, signed
October 3, 2008) extended the sunset provision to 2015. The
Agriculture Act of 2014 (Public Law 113-79, signed
February 7, 2014) extended the sunset provision to 2019.
Title XII, Section 12604 of the Agriculture Improvement
Act of 2018, (Public Law 115-334, signed December 20,
2018) extended the sunset provision through calendar year
2023.
The Act provides that the Secretary of the Treasury shall
transfer to the trust fund out of the general fund of the U.S.

March 2020

Treasury amounts determined to be equivalent to the duty
received on articles under chapters 51 and 52 of the
Harmonized Tariff Schedule of the United States. The
amount to be transferred is limited to $2,250,000 in any
fiscal year and may be invested in U.S. Treasury securities.
The Secretary of Agriculture is authorized to provide grants
to a nationally recognized council established for the
development of the United States wool market for the
following purposes:
 Assist United States wool producers in improving
the quality of wool and wool production methods for wool
produced in the United States.
 Disseminate information on improvements to United
States wool producers.
 Assist United States wool producers in developing
and promoting the wool market.
Annual reports to Congress are required on the financial
condition and the results of the operations of the trust fund
during the past fiscal year and on its expected condition and
operations during the next fiscal year.

TRUST FUNDS

111

TABLE TF-14.—Wool Research, Development, and Promotion Trust Fund
Results of Operations, Fiscal Year 2019
[In thousands of dollars. Source: Department of Agriculture]

Receipts:
Harmonized tariff ...................................................................................................................................................................................................

2,250

Sequestration return fiscal year 2017 ...................................................................................................................................................................

149

Sequestration ........................................................................................................................................................................................................

-140

2,259

2,110

Balance Sept. 30, 2019 ............................................................................................................................................................................................

149

Wool Research, Development, and Promotion Trust Fund
Expected Condition and Results of Operations, Fiscal Year 2020
[In thousands of dollars. Source: Department of Agriculture]

Balance Oct. 1, 2019 ................................................................................................................................................................................................

149

2,250

Sequestration return fiscal year 18 .......................................................................................................................................................................

140

-133

2,257

March 2020

112

TRUST FUNDS

INTRODUCTION: Agriculture Disaster Relief Trust Fund
The Food, Conservation, and Energy Act of 2008, P.L.
110-246, authorized the implementation of the Supplemental
Agricultural Disaster Assistance Program under Sections
12033 and 15001. The Taxpayer Relief Act of 2012
provided authority for discretionary funds to be used to
execute several of the disaster programs for fiscal year 2013,
but no funds were appropriated. Using funds from the
Agricultural Disaster Relief Trust Fund, established under
section 902 of the Trade Act of 1974, the program is
administered by the USDA Farm Service Agency (FSA).
Funds from the Agricultural Disaster Relief Trust Fund
were used to make payments to farmers and ranchers under
the following five disaster assistance programs:
Supplemental Revenue Assistance Payments (SURE)
Program; Livestock Forage Disaster Program (LFP);
Livestock Indemnity Program (LIP); Tree Assistance

Program (TAP); and Emergency Assistance for Livestock,
Honey Bees, and Farm-Raised Fish (ELAP) Program.
Fiscal Year 2019 obligations, including adjustments to
prior year obligations, totaled $599,876. Total net outlays
were $571,317 including outlays from prior year obligations,
as shown in the table below. In 2019, the amount of customs
receipts credited to the Agricultural Disaster Relief Trust
Fund receipt account totaled $28,381. The outlays reported
in fiscal year 2019 are due to residual payments, corrections,
and/or appeals to obligations incurred for crop years 2008 –
2011.
The Agriculture Act of 2014 shifted the funding
authority for disaster programs from the Agricultural
Disaster Relief Trust Fund to USDA’s Commodity Credit
Corporation.

TABLE TF-15.—Agriculture Disaster Relief Trust Fund
Results of Operations, Fiscal Year 2019
[In thousands of dollars. Source: Department of Agriculture]

Cumulative debt, start of year 2019 .........................................................................................................................................................................

$2,610,132

Borrowing authority .............................................................................................................................................................................................
Repayment of debt ...............................................................................................................................................................................................
Cumulative debt, end of year ...................................................................................................................................................................................

-641
2,609,971

Budgetary resources:
Borrowing Authority .............................................................................................................................................................................................
Mandatory appropriation......................................................................................................................................................................................
Other offsetting collections ..................................................................................................................................................................................
Total budgetary resources ..............................................................................................................................................................................

28
15,151

Obligated balance, Oct. 1, 2018 ..............................................................................................................................................................................

Fiscal Year 2019 obligations ....................................................................................................................................................................................

600

Outlays:
Supplemental Revenue Assistance Payments Program .....................................................................................................................................
Livestock Forage Disaster Program ....................................................................................................................................................................
Livestock Indemnity Program...............................................................................................................................................................................
Tree Assistance Program ....................................................................................................................................................................................
Emergency Assistance of Livestock, Honey Bees, and Farm-Raised Fish Program .........................................................................................
Total outlays .....................................................................................................................................................................................................

515
59
-3
571

Recoveries of Prior Year Obligations
Obligated balance, Sept. 30, 2019...........................................................................................................................................................................

March 2020

3
$46

TRUST FUNDS

113

Agriculture Disaster Relief Trust Fund Trust Fund
Expected Condition and Results of Operations, Fiscal Years 2020-2024
[In thousands of dollars. Source: Department of Agriculture ]

2020

2021

2022

2023

2024

Cumulative debt, start of year .............................................................................

2,609,971

2,609,471

Borrowing authority .........................................................................................

Repayment of debt 1 .......................................................................................

-500

Cumulative debt, end of year ..............................................................................

2,609,471

2,608,971

2,609,471

Borrowing authority ........................................................................................

Mandatory appropriations ...............................................................................

Budgetary Resources:

Other offsetting collections .............................................................................
Total budgetary resources ..........................................................................

Obligated balance, Oct. 1 ...................................................................................

New obligations ...................................................................................................

Recoveries of prior year obligations

Supplemental revenue assistance payments program .................................

Total outlays................................................................................................

Obligated balance, Sept. 30 ..........................................................................

Outlays:

Requires congressional authority to write off debt or appropriations action to repay debt.

Note.—Detail may not add to totals due to rounding.

March 2020

114

TRUST FUNDS

INTRODUCTION: Patient Centered Outcomes Research Trust Fund
The Patient Centered Outcomes Research Trust Fund
(PCORTF) was created on the books of the Treasury by
section 9511 of the Internal Revenue Act of 1986 (Public
Law 111-148, 124 STAT 742, approved March 23, 2010).
General fund appropriations, transfers from the Federal
Hospital Insurance Trust Fund and the Federal
Supplementary Medical Insurance Trust Fund, and Fees
related to health insurance and self-insurance plans are
appropriated into the trust fund until fiscal year 2029. These
appropriations are the source of funds for the established
nonprofit corporation known as the “Patient-Centered
Outcomes Research Institute” which is neither an agency nor
establishment of the United States Government.
For fiscal year 2010, and each subsequent fiscal year to
2029, amounts in the PCORTF are available without further
appropriation, to the Institute to carry out clinical
effectiveness research. The purpose of the Institute is to
assist patients, clinicians, purchasers, and policy makers in
making informed health decisions by advancing the quality
and relevance of evidence concerning the manner in which
diseases, disorders, and other health conditions can
effectively, and appropriately be prevented, diagnosed,
treated, monitored, and managed through research and
evidence synthesis that considers variations in patient
subpopulations, and the dissemination of research findings
with respect to the relative health outcomes, clinical

effectiveness, and appropriateness of the medical treatments,
and services.
Twenty percent of the amounts appropriated or credited
to the PCORTF shall be transferred for each of the fiscal
years 2011 through 2029 to the Secretary of Health and
Human Services to carry out section 937 of the Public
Health Services Act. Of the amounts transferred, with
respect to a fiscal year, the Secretary of Health and Human
Services shall distribute:
 80 percent to the Office of Communication and
Knowledge Transfer of the Agency for Healthcare Research
and Quality to carry out activities described in section 937 of
the Public Health Services Act, and
 20 percent to the Secretary to carry out the activities
described in section 937.
No amounts shall be available for expenditure from the
PCORTF after September 30, 2029, and any amounts
remaining in the trust fund after such date shall be
transferred to the general fund of the Treasury.
Annual reports to Congress, required by 26 United States
Code 9602(a), are submitted by the Secretary of the
Treasury. These reports are required to cover the financial
condition and results of operations of the fund during the
past fiscal year and those expected during the next 5 fiscal
years.

TABLE TF-16.—Patient Centered Outcomes Research Trust Fund
Results of Operations, Fiscal Year 2019
[Source: Bureau of the Fiscal Service]

$40,641,727

Receipts:
General Fund Appropriation.................................................................................................................................................................................
Transfers from FHI and FSMI ..............................................................................................................................................................................
IRS Health Insurance Fees ..................................................................................................................................................................................
Interest on Investments........................................................................................................................................................................................
Total receipts ....................................................................................................................................................................................................

150,000,000
145,558,000
431,110,769
1,260,307
727,929,075

Expenditure appropriations:
Transfers to PCORI..............................................................................................................................................................................................
Transfers to HHS .................................................................................................................................................................................................
Total outlays .....................................................................................................................................................................................................
Balance Sept. 30, 2019 1 .........................................................................................................................................................................................

-578,527,341
-144,911,564
-723,438,905
$45,131,897

1 Balance

September 30, 2019: Balance does not tie to the 3310 ending balance in the
September 30, 2019, published financial statement. The equity balance is not affected
throughout the entire fiscal year but changes after adjusting/closing entries are made at the
beginning of the following fiscal year. The balance shown here for September 30, 2019,
reflects the net activity for FY 2019 and adjusting/closing entries made in October 2019.

March 2020

TRUST FUNDS

115

Patient Centered Outcomes Research Trust Fund
Expected Condition and Results of Operations, Fiscal Years 2020-2023
[In thousands of dollars. Source: Bureau of the Fiscal Service]

2020

2021

2022

2023

45,132

General Fund Appropriation ...................................................................................

275,500

285,000

293,500

311,500

Transfers from FHI and FSMI .................................................................................

Balance Oct. 1 ...........................................................................................................

Receipts:

IRS Health Insurance Fees.....................................................................................

354,000

371,000

388,000

409,000

Interest on Investments ..........................................................................................

1,513

Total receipts .....................................................................................................

631,013

656,000

681,500

720,500

Transfers to PCORI ...............................................................................................

-540,670

-524,800

-545,200

-576,400

Transfers to HHS ...................................................................................................

-135,475

-131,200

-136,300

-144,100

Total outlays.......................................................................................................

-676,145

-656,600

-681,500

-720,500

Balance Sept. 30....................................................................................................

Expenditure appropriations:

March 2020

116

TRUST FUNDS

INTRODUCTION: United States Victims of State Sponsored Terrorism Fund
The Justice for United States Victims of State Sponsored
Terrorism Act, 34 U.S.C. § 20144, formerly codified at 42
U.S.C. § 0609 (2015) (the “Act”), established the U.S.
Victims of State Sponsored Terrorism Fund (the “Fund”).
The Act provides for the establishment and administration of
the Fund to provide compensation to certain U.S. persons
who were injured in acts of state sponsored terrorism. In
general, the Fund awards compensation to those victims of
international state sponsored terrorism who (1) have secured
final judgments in a United States district court against a
state sponsor of terrorism under the Foreign Sovereign
Immunities Act, or (2) were held hostage at the United
States Embassy in Tehran, Iran from 1979 to 1981 (and their
spouses and children).
The Act established the Fund and established funding for
it, including a single appropriation of $1.025 billion for the
Fund in fiscal year 2017. 34 U.S.C. § 20144(e)(5). Further,
amounts in the Fund shall be available, without further
appropriation, for the payment of eligible claims and
compensation of the Special Master in accordance with the
Act and that the Fund shall be managed and invested in the
same manner as a trust fund under section 9602 of the
Internal Revenue Code of 1986. 34 U.S.C. §§ 20144(e)(3) &
(e)(4).
In addition, the Act mandates that certain penalties and
fines, including forfeiture proceeds, be deposited into the
Fund if “forfeited or paid to the United States after the date
of [the Act’s] enactment.” 34 U.S.C. § 20144(e)(2). The Act
provides that the following shall be deposited or transferred
into the Fund: (1) All funds, and the net proceeds from the
sale of property, forfeited or paid to the United States after
the date of enactment of this Act as a criminal penalty or
fine arising from a violation of any license, order, regulation,
or prohibition issued under the International Emergency
Economic Powers Act (50 U.S.C. 1701 et seq.) or the
Trading with the Enemy Act (50 U.S.C. App. 1 et seq.), or
any related criminal conspiracy, scheme, or other Federal
offense arising from the actions of, or doing business with or
acting on behalf of, a state sponsor of terrorism. (2) One-half

March 2020

of all funds, and one-half of the net proceeds from the sale of
property, forfeited or paid to the United States after the date
of enactment of this Act as a civil penalty or fine arising
from a violation of any license, order, regulation, or
prohibition issued under the International Emergency
Economic Powers Act (50 U.S.C.1701 et seq.) or the
Trading with the Enemy Act (50 U.S.C. App. 1 et seq.), or
any related conspiracy, scheme, or other Federal offense
arising from the actions of, or doing business with or acting
on behalf of, a state sponsor of terrorism. (3) Except as
provided in sub-clause (II), if the United States receives a
final judgment forfeiting the properties and related assets
identified in the proceedings captioned as In Re 650 Fifth
Avenue & Related Properties, No. 08 Civ. 10934 (S.D.N.Y.
filed Dec. 17, 2008), the net proceeds (not including the
litigation expenses and sales costs incurred by the United
States) resulting from the sale of such properties and related
assets by the United States shall be deposited into the Fund.
34 U.S.C. § 20144(e)(2)(A).
The Act further provides that the Fund will make its last
obligations no later than January 2, 2030. 34 U.S.C. §
20144(e)(6)(A). Thus, the Fund may continue to accumulate
funds over its ten-year life.
Effective on the day after all amounts authorized to be
paid from the Fund under [the Act] that were obligated
before January 2, 2030 are expended, any unobligated
balances in the Fund shall be transferred, as appropriate, to
either the Department of the Treasury Forfeiture Fund
established under section 9705 of title 31, United States
Code, or to the Department of Justice Assets Forfeiture
Fund, established under section 524(c)(1) of title 28, United
States Code. 34 U.S.C. § 20144(e)(6)(B).
Annual reports to Congress, required by 26 United States
Code 9602(a), are submitted by the Secretary of the
Treasury. These reports are required to cover the financial
condition and results of operations of the fund during the
past fiscal year and those expected during the next five fiscal
years.

TRUST FUNDS

117

TABLE TF-17.—United States Victims of State Sponsored Terrorism Fund
Results of Operations, Fiscal Year 2019
[Source: Department of Justice]

$1,162,795,621.10

Receipts:
Appropriation .........................................................................................................................................................................................................

0.00

Fines/Penalties......................................................................................................................................................................................................

616,854.05

Forfeitures .............................................................................................................................................................................................................

268,989,061.99

Interest on investments .........................................................................................................................................................................................

805,235,827.59

15,026,859.81

Outlays:

1,089,868,603.44

Salaries & Expenses .............................................................................................................................................................................................

586,324.63

Victim Payments ...................................................................................................................................................................................................

1,074,265,636.27

1,074,851,960.90
$1,177,812,263.64

Balance Sept. 30, 2019 ............................................................................................................................................................................................

United States Victims of State Sponsored Terrorism Fund
Expected Condition and Results of Operations, Fiscal Years 2020-2024
[In thousands of dollars. Source: Department of Justice]

2020

2021

2022

2023

2024

Balance Oct. 1......................................................................................................
Receipts:
Appropriation ....................................................................................................
Fines/Penalties.................................................................................................
Forfeitures ........................................................................................................
Interest on investments ....................................................................................
Total receipts ................................................................................................
Outlays:

1,177,812

43,917

75,414

107,138

139,091

8,934
18,041
26,975

34,216
781
34,997

34,216
1,096
35,312

34,216
1,414
35,630

34,216
1,450
35,666

DOJ, Salaries & Expenses...............................................................................
Victim Payments ..............................................................................................
Total Outlays net of Investments Redeemed ..................................................
Balance Sept. 30 ..................................................................................................

4,995
1,155,876
1,160,871
43,917

3,500
3,500
75,414

3,588
3,588
107,138

3,677
3,677
139,091

3,769
3,769
170,988

March 2020

118

Glossary
With References to Applicable Sections and Tables
Source: Bureau of the Fiscal Service

Amounts outstanding and in circulation (USCC)—Includes
all issues by the Bureau of the Mint purposely intended as a
medium of exchange. Coins sold by the Bureau of the Mint at
premium prices are excluded; however, uncirculated coin sets
sold at face value plus handling charge are included.
Average discount rate (PDO-1, -2)—In Treasury bill auctions,
purchasers tender competitive bids on a discount rate basis.
The average discount rate is the weighted, or adjusted,
average of all bids accepted in the auction.
Budget authority (“Federal Fiscal Operations”)—Congress
passes laws giving budget authority to Government entities,
which gives the agencies the power to spend Federal funds.
Congress can stipulate various criteria for the spending of
these funds. For example, Congress can stipulate that a given
agency must spend within a specific year, number of years, or
any time in the future.
The basic forms of budget authority are appropriations,
authority to borrow, contract authority, and authority to
obligate and expend offsetting receipts and collections. The
period of time during which Congress makes funds available
may be specified as 1-year, multiple-year, or no-year. The
available amount may be classified as either definite or
indefinite; a specific amount or an unspecified amount can
be made available. Authority also may be classified as
current or permanent. Permanent authority requires no
current action by Congress.
Budget deficit—The total, cumulative amount by which
budget outlays (spending) exceed budget receipts (income).
Cash management bills (PDO-1)—Marketable Treasury
bills of irregular maturity lengths, sold periodically to fund
short-term cash needs of Treasury. Their sale, having higher
minimum and multiple purchase requirements than those of
other issues, is generally restricted to competitive bidders.
Competitive tenders (“Treasury Financing Operations”)—
A bid to purchase a stated amount of one issue of Treasury
securities at a specified yield or discount. The bid is accepted
if it is within the range accepted in the auction. (See
Noncompetitive tenders.)

Second Liberty Loan Act of 1917, the nature of the limitation
was modified until, in 1941, it developed into an overall limit
on the outstanding Federal debt.
Pursuant to 31 U.S.C. 3101(b). By the Continuing
Appropriations Act, 2018 and Bipartisan Budget Act, 2018,
Public Law 115-119, the Statutory Debt Limit was suspended
through March 1, 2019.
Discount—The interest deducted in advance when purchasing
notes or bonds. (See Accrued discount.)
Discount rate (PDO-1)—The difference between par value
and the actual purchase price paid, annualized over a 360-day
year. Because this rate is less than the actual yield (couponequivalent rate), the yield should be used in any comparison
with coupon issue securities.
Dollar coins (USCC)—Include standard silver and nonsilver
coins.
Domestic series (FD-2)—Nonmarketable, interest- and noninterest-bearing securities issued periodically by Treasury to
the Resolution Funding Corporation (RFC) for investment of
funds authorized under section 21B of the Federal Home Loan
Bank Act (12 United States Code 1441b).
Federal intrafund transactions (“Federal Fiscal Operations”)—Intrabudgetary transactions in which payments and
receipts both occur within the same Federal fund group
(Federal funds or trust funds).
Federal Reserve notes (USCC)—Issues by the U.S.
Government to the public through the Federal Reserve banks
and their member banks. They represent money owed by the
Government to the public. Currently, the item “Federal
Reserve notes—amounts outstanding” consists of new series
issues. The Federal Reserve note is the only class of currency
currently issued.

Currency no longer issued (USCC)—Old and new series
gold and silver certificates, Federal Reserve notes, national
bank notes, and 1890 Series Treasury notes.

Foreign-targeted issue (PDO-2)—Foreign-targeted issues
were notes sold between October 1984 and February 1986 to
foreign institutions, foreign branches of U.S. institutions,
foreign central banks or monetary authorities, or to
international organizations in which the United States held
membership. Sold as companion issues, they could be
converted to domestic (normal) Treasury notes with the same
maturity and interest rates. Interest was paid annually.

Debt outstanding subject to limitation (FD-6)—The debt
incurred by the Treasury subject to the statutory limit set by
Congress. Until World War I, a specific amount of debt was
authorized to each separate security issue. Beginning with the

Government account series (FD-2)—Certain trust fund
statutes require the Secretary of the Treasury to apply monies
held by these funds toward the issuance of nonmarketable
special securities. These securities are sold directly by

March 2020

GLOSSARY
Treasury to a specific Government agency, trust fund, or
account. Their rate is based on an average of market yields on
outstanding Treasury obligations, and they may be redeemed
at the option of the holder. Roughly 80 percent of these are
issued to five holders: the Federal Old-Age and Survivors
Insurance Trust Fund; the civil service retirement and
disability fund; the Federal Hospital Insurance Trust Fund; the
military retirement fund; and the Unemployment Trust Fund.
Interfund transactions (“Federal Fiscal Operations”)—
Transactions in which payments are made from one fund
group (either Federal funds or trust funds) to a receipt account
in another group.
International Monetary Fund transactions (“Exchange
Stabilization Fund”, ESF-1)—(IMF) Established by the
United Nations, the IMF promotes international trade, stability
of exchange, and monetary cooperation. Members are allowed
to draw from the fund.
Intrabudgetary transactions (“Federal Fiscal Operations”)—
These occur when payment and receipt both occur within the
budget, or when payment is made from off-budget Federal
entities whose budget authority and outlays are excluded from
the budget totals.
Noncompetitive tenders (“Treasury Financing Operations”)—This is a tender or bid to purchase a stated par
amount of securities at the highest yield or discount rate
awarded to competitive bidders for a single-price auction.
Obligations (“Federal Fiscal Operations”)—An unpaid
commitment to acquire goods or services.
Off-budget Federal entities (“Federal Fiscal Operations”)—
Federally owned and controlled entities whose transactions are
excluded from the budget totals under provisions of law. Their
receipts, outlays, and surplus or deficit are not included in
budget receipts, outlays, or deficits. Their budget authority is
not included in totals of the budget.
Outlays (“Federal Fiscal Operations”)—Payments on
obligations in the form of cash, checks, the issuance of bonds
or notes, or the maturing of interest coupons.
Par value—The face value of bonds or notes, including
interest.
Quarterly financing (“Treasury Financing Operations”)—
Treasury has historically offered packages of several
“coupon” security issues on the 15th of February, May,
August, and November, or on the next working day. These
issues currently consist of a 3-year note, a 10-year note, and a
30-year bond. Treasury sometimes offers additional amounts
of outstanding long-term notes or bonds, rather than selling
new security issues. (See Reopening.)
Fractional coins (USCC)—Coins minted in denominations
of 50, 25, and 10 cents, and minor coins (5 cents and 1 cent).

119

Receipts (“Federal Fiscal Operations”)—Funds collected
from selling land, capital, or services, as well as collections
from the public (budget receipts), such as taxes, fines, duties,
and fees.
Reopening (PDO-2)—The offer for sale of additional
amounts of outstanding issues, rather than an entirely new
issue. A reopened issue will always have the same maturity
date, CUSIP-number, and interest rate as the original issue.
Special drawing rights (“Exchange Stabilization Fund,”
ESF-1)—International assets created by IMF that serve to
increase international liquidity and provide additional
international reserves. SDRs may be purchased and sold
among eligible holders through IMF. (See IMF.)
SDR allocations are the counterpart to SDRs issued by
IMF based on members’ quotas in IMF. Although shown in
Exchange Stabilization Fund (ESF) statements as liabilities,
they must be redeemed by ESF only in the event of
liquidation of, or U.S. withdrawal from, the SDR department
of IMF or cancellation of SDRs.
SDR certificates are issued to the Federal Reserve
System against SDRs when SDRs are legalized as money.
Proceeds of monetization are deposited into an ESF account
at the Federal Reserve Bank of New York.
Spot (“Foreign Currency Positions”)—Due for receipt or
delivery within 2 workdays.
State and local government series (SLGS) (FD-2)—Special
nonmarketable certificates, notes, and bonds offered to State
and local governments as a means to invest proceeds from
their own tax-exempt financing. Interest rates and maturities
comply with IRS arbitrage provisions. SLGS are offered in
both time deposit and demand deposit forms. Time deposit
certificates have maturities of up to 1 year. Notes mature in 1
to 10 years and bonds mature in more than 10 years. Demand
deposit securities are 1-day certificates rolled over with a rate
adjustment daily.
Statutory debt limit (FD-6)—By Act of Congress there is a
limit, either temporary or permanent, on the amount of public
debt that may be outstanding. When this limit is reached,
Treasury may not sell new debt issues until Congress
increases or extends the limit. For a detailed listing of changes
in the limit since 1941, see the Budget of the United States
Government. (See debt outstanding subject to limitation.)
STRIPS (PDO-2)—Separate Trading of Registered Interest
and Principal Securities. Long-term notes and bonds may be
divided into principal and interest-paying components, which
may be transferred and sold in amounts as small as $1,000.
STRIPS are sold at auction at a minimum par amount, varying
for each issue. The amount is an arithmetic function of the
issue’s interest rate.

March 2020

120

GLOSSARY

Treasury bills—The shortest term Federal security (maturity
dates normally varying from 3 to 12 months), are sold at a
discount.
Trust fund transaction (“Federal Fiscal Operations”)—
An intrabudgetary transaction in which both payments and
receipts occur within the same trust fund group.

March 2020

United States—Includes the 50 States, District of Columbia,
Commonwealth of Puerto Rico, American Samoa, Midway
Island, Virgin Islands, Wake Island, and all other territories
and possessions.
U.S. notes (USCC)—Legal tender notes of five different
issues: 1862 ($5-$1,000 notes); 1862 ($1-$2 notes); 1863 ($5$1,000 notes); 1863 ($1-$10,000 notes); and 1901 ($10 notes).

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