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BULLETIN

MARCH 2021

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.
The publication staff can also be reached by electronic mail.

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 ........................................................................................................ 46
PDO-2—Offerings of Marketable Securities Other than Regular Weekly Treasury Bills .................................................. 48
OWNERSHIP OF FEDERAL SECURITIES
Introduction—Ownership of Federal Securities .................................................................................................................. 51
OFS-1—Distribution of Federal Securities by Class of Investors and Type of Issues ........................................................ 52
OFS-2—Estimated Ownership of U.S. Treasury Securities ................................................................................................ 53
U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION
Introduction—U.S. Currency and Coin Outstanding and in Circulation ............................................................................. 54
USCC-1—Amounts Outstanding and in Circulation; Currency, Coins ............................................................................... 54
USCC-2—Amounts Outstanding and in Circulation; by Denomination, Per Capita Comparative Totals .......................... 55

INTERNATIONAL STATISTICS
FOREIGN CURRENCY POSITIONS
Introduction—Foreign Currency Positions .......................................................................................................................... 57

March 2021

Table of Contents
SECTION I—Canadian Dollar Positions
FCP-I-1—Weekly Report of Major Market Participants ..................................................................................................... 58
FCP-I-2—Monthly Report of Major Market Participants ................................................................................................... 59
FCP-I-3—Quarterly Report of Large Market Participants .................................................................................................. 59
SECTION II—Japanese Yen Positions
FCP-II-1—Weekly Report of Major Market Participants ................................................................................................... 60
FCP-II-2—Monthly Report of Major Market Participants .................................................................................................. 61
FCP-II-3—Quarterly Report of Large Market Participants ................................................................................................. 61
SECTION III—Swiss Franc Positions
FCP-III-1—Weekly Report of Major Market Participants .................................................................................................. 62
FCP-III-2—Monthly Report of Major Market Participants ................................................................................................. 63
FCP-III-3—Quarterly Report of Large Market Participants ................................................................................................ 63
SECTION IV—Sterling Positions
FCP-IV-1—Weekly Report of Major Market Participants .................................................................................................. 64
FCP-IV-2—Monthly Report of Major Market Participants................................................................................................. 65
FCP-IV-3—Quarterly Report of Large Market Participants................................................................................................ 65
SECTION V—U.S. Dollar Positions
FCP-V-1—Weekly Report of Major Market Participants ................................................................................................... 66
FCP-V-2—Monthly Report of Major Market Participants .................................................................................................. 67
FCP-V-3—Quarterly Report of Large Market Participants ................................................................................................. 67
SECTION VI—Euro Positions
FCP-VI-1—Weekly Report of Major Market Participants .................................................................................................. 68
FCP-VI-2—Monthly Report of Major Market Participants................................................................................................. 69
FCP-VI-3—Quarterly Report of Large Market Participants................................................................................................ 69
EXCHANGE STABILIZATION FUND
Introduction—Exchange Stabilization Fund ........................................................................................................................ 70
ESF-1—Balance Sheet ........................................................................................................................................................ 71
ESF-2—Income and Expense .............................................................................................................................................. 72

SPECIAL REPORTS
FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT
Introduction—Financial Report Excerpt.............................................................................................................................. 74
Financial Report Excerpt ..................................................................................................................................................... 75
TRUST FUNDS
Introduction—Airport and Airway Trust Fund .................................................................................................................... 95
TF-1—Airport and Airway Trust Fund ............................................................................................................................... 96
Introduction—Uranium Enrichment Decontamination and Decommissioning Fund .......................................................... 97
TF-2—Uranium Enrichment Decontamination and Decommissioning Fund...................................................................... 98
Introduction—Black Lung Disability Trust Fund ................................................................................................................ 99
TF-3—Black Lung Disability Trust Fund ......................................................................................................................... 100
Introduction—Harbor Maintenance Trust Fund ................................................................................................................ 101
TF-4—Harbor Maintenance Trust Fund ............................................................................................................................ 102
Introduction—Hazardous Substance Superfund ................................................................................................................ 103
TF-5—Hazardous Substance Superfund............................................................................................................................ 104

March 2021

Table of Contents
Introduction—Highway Trust Fund .................................................................................................................................. 106
TF-6—Highway Trust Fund .............................................................................................................................................. 107
TF-6A—Highway Trust Fund; Highway Account, Mass Transit Account ....................................................................... 109
Introduction—Inland Waterways Trust Fund .................................................................................................................... 110
TF-7—Inland Waterways Trust Fund ................................................................................................................................ 110
Introduction—Leaking Underground Storage Tank Trust Fund........................................................................................ 111
TF-8—Leaking Underground Storage Tank Trust Fund ................................................................................................... 112
Introduction—Nuclear Waste Fund ................................................................................................................................... 113
TF-9—Nuclear Waste Fund............................................................................................................................................... 113
TF-A—Chart: Major Trust Funds, Interest on Investments............................................................................................... 114
TF-B—Chart: Major Trust Funds, Receipts and Expenses................................................................................................ 114
Introduction—Reforestation Trust Fund............................................................................................................................ 115
TF-10—Reforestation Trust Fund ..................................................................................................................................... 115
Introduction— Sport Fish Restoration and Boating Safety Trust Fund ............................................................................. 116
TF-11—Sport Fish Restoration and Boating Safety Trust Fund........................................................................................ 117
Introduction—Oil Spill Liability Trust Fund ..................................................................................................................... 118
TF-12—Oil Spill Liability Trust Fund .............................................................................................................................. 119
Introduction—Vaccine Injury Compensation Trust Fund ................................................................................................. 120
TF-13—Vaccine Injury Compensation Trust Fund ........................................................................................................... 120
Introduction—Wool Research, Development, and Promotion Trust Fund ........................................................................ 121
TF-14—Wool Research, Development, and Promotion Trust Fund ................................................................................. 122
Introduction— Agriculture Disaster Relief Trust Fund ..................................................................................................... 123
TF-15—Agricultural Disaster Relief Trust Fund............................................................................................................... 123
Introduction—Patient Centered Outcomes Research Trust Fund ...................................................................................... 125
TF-16—Patient Centered Outcomes Research Trust Fund ................................................................................................ 126
Introduction— United States Victims of State Sponsored Terrorism Fund ....................................................................... 127
TF-17—United States Victims of State Sponsored Terrorism Fund ................................................................................. 128

GLOSSARY ...................................................................................................................................................................... 129
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 2021

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 2021

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 2021

4
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.

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)

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 2021

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 2021

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.

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.

March 2021

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 2021

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.

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

March 2021

FEDERAL FISCAL OPERATIONS
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]

The following capsule analysis of budget receipts, by
source, for the first quarter of Fiscal Year 2021
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 $347.0 billion for the first
quarter of Fiscal Year 2021. This is a decrease of $37.9
billion over the comparable prior year quarter. Withheld
receipts decreased by $46.6 billion and non-withheld
receipts increased by $12.7 billion during this period.
Refunds increased by $3.9 billion over the comparable
Fiscal Year 2020 quarter. There was a decrease of $4.1
billion in accounting adjustments between individual income
tax receipts and the Social Security and Medicare trust funds
over the comparable quarter in Fiscal Year 2020.
Corporate income taxes—Net corporate income tax
receipts were $68.9 billion for the first quarter of Fiscal Year
2021. This is an increase of $3.5 billion compared to the
prior year first quarter. The $3.5 billion change is comprised
of an increase of $10.1 billion in estimated and final
payments, and an increase of $6.6 billion in corporate
refunds.

Employment taxes and contributions—Employment
taxes and contributions receipts for the first quarter of Fiscal
Year 2021 were $306.1 billion, an increase of $23.4 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 $17.3 billion, $2.9 billion, and $7.3 billion
respectively.
There was a $6.1 billion accounting
adjustment for prior years employment tax liabilities made
in the first quarter of Fiscal Year 2021. There was a $2.0
billion adjustment in the first quarter of Fiscal Year 2020.
Unemployment insurance—Unemployment insurance
receipts, net of refunds, for the first quarter of Fiscal Year
2021 were $9.4 billion, an increase of $3.8 billion over the
comparable quarter of Fiscal Year 2020. Net State taxes
deposited in the U.S. Treasury increased by $3.9 billion to
$8.8 billion. Net Federal Unemployment Tax Act taxes
decreased by $0.1 billion to $0.6 billion.
Contributions for other insurance and retirement—
Contributions for other retirement were $1.5 billion for the
first quarter of Fiscal Year 2021. This was an increase of
$0.1 billion from the comparable quarter of Fiscal Year
2020.

March 2021

10
Excise taxes—Net excise tax receipts for the first
quarter of Fiscal Year 2021 were $15.7 billion, a decrease of
$4.9 billion over the comparable prior year quarter. Total
excise tax refunds for the quarter were $0.7 billion, not a
significant change over the comparable prior year quarter.
Estate and gift taxes—Net estate and gift tax receipts
were $6.2 billion for the first quarter of Fiscal Year 2021.
These receipts represent an increase of $1.6 billion over the
same quarter in Fiscal Year 2020.

Customs duties—Customs duties net of refunds were
$18.2 billion for the first quarter of Fiscal Year 2021. This
is a decrease of $3.0 billion over the comparable prior year
quarter.
Miscellaneous receipts—Net miscellaneous receipts
for the first quarter of Fiscal Year 2021 were $30.5 billion,
an increase of $10.3 billion over the comparable prior year
quarter. This change is due in part to deposits of earnings by
Federal Reserve banks increasing by $8.1 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 2021
year to date

First quarter 2021
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 ...........................

803,370
576,988
226,382
1,376,270
1,126,215
250,054
-572,899
-549,227
-23,672

613,930
53,110
-94,141
572,899

First-Quarter Net Budget Receipts by Source, Fiscal Year 2021
[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 .....................................................

October
108.7
9.2
93.5
1.9
0.5
4.7
2.1
6.2
10.9
237.7

November
93.8
-3.2
101.4
3.8
0.5
5.6
1.8
6.0
9.8
219.6

December
144.5
62.9
111.2
3.7
0.5
5.3
2.2
6.0
9.8
346.1

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

March 2021

FEDERAL FISCAL OPERATIONS

March 2021

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)

2016 ............................... 3,266,689
2017 ............................... 3,314,893
2018 ............................... 3,328,745
2019 ............................... 3,462,195
2020 ............................... 3,419,955

2,456,509
2,464,275
2,473,999
254,893
2,454,528

810,180
850,617
854,747
914,302
965,427

3,854,101
3,980,720
4,107,741
4,446,583
6,551,871

3,077,747
3,179,518
3,259,170
3,539,967
5,596,291

776,354
801,202
848,573
906,617
955,579

-587,413
-665,826
-778,995
-984,386
-3,131,917

-621,238
-715,242
-785,172
-992,072
-3,141,766

33,826
49,416
6,175
7,686
9,847

1,419,286
666,472
1,258,348
1,208,690
4,234,396

2021 – Est1 ..................... 3,631,874
2022 – 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

2019 – Dec. ....................
2020 – Jan .....................
Feb .....................
Mar .....................
Apr ......................
May.....................
June....................
July .....................
Aug .....................
Sept ....................
Oct ......................
Nov. ....................
Dec. ....................

335,805
372,288
187,951
236,766
241,863
173,861
240,829
563,496
223,221
373,169
237,698
219,553
346,119

259,671
281,546
112,136
153,068
142,052
96,428
145,640
491,021
148,959
287,264
168,235
144,274
264,479

76,135
90,742
75,815
83,698
99,811
77,433
95,188
72,475
74,262
85,905
69,463
75,279
81,640

349,091
404,883
423,229
355,754
979,885
572,614
1,104,903
626,487
423,233
497,780
521,769
364,819
489,682

302,065
326,440
334,290
266,410
900,847
481,642
1,049,284
547,234
333,469
407,747
439,355
274,627
412,233

47,026
78,443
88,939
89,344
79,038
90,972
55,619
79,253
89,764
90,033
82,413
90,192
77,449

-13,286
-32,595
-235,278
-118,988
-738,022
-398,754
-864,074
-62,992
-200,012
-124,611
-284,071
-145,266
-143,562

-42,394
-44,894
-222,155
-113,342
-758,795
-385,215
-903,644
-56,214
-184,510
-120,483
-271,120
-130,354
-147,753

29,108
12,299
-13,124
-5,646
20,773
-13,539
39,569
-6,778
-15,502
-4,128
-12,950
-14,913
4,191

126,179
22,617
186,216
283,377
1,294,085
773,267
729,695
50,113
205,178
217,501
190,533
310,077
302,308

Fiscal year 2021 to date... 803,370

576,988

226,382

1,376,270

1,126,215

250,054

-572,899

-549,227

-23,672

802,918

Other
(18)

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

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)

Total
Financing
(20)

2016 ......................................
2017 ......................................
2018 ......................................
2019 ......................................
2020 ......................................

269
3
-1,545
-1,366
-1,304

367,731
168,172
172,343
155,715
16,813

1,051,824
498,301
1,084,458
1,051,606
4,216,280

154,593
-193,988
225,390
-2,230
1,399,197

-279
1,390
-527
-941
1,754

-1,268
-935
-2,661
-1,210
-309

230
1,938
3,857
7,593
8,253

-310,961
-24,443
-79,242
-63,946
2,494,110

-171
259
-160
-62
853

587,416
665,714
778,997
984,386
3,131,918

2021 – Est1............................
2022 – 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

2019 – Dec............................
2020 – Jan ............................
Feb ............................
Mar ............................
Apr.............................

10
-130
-325
428
-75

60,421
-19,411
-14,228
15,841
-92,518

65,767
41,898
200,119
267,964
1,386,528

61,235
131
-46,732
158,006
664,778

397
-216
-86
-312
58

-133
66
-25
-256
-39

607
-26
-191
55
1,005

168
-110
-68
-183
20

13,286
32,595
235,278
118,988
738,022

May ...........................
June ..........................
July ............................
Aug ............................
Sept ...........................
Oct.............................
Nov. ...........................
Dec. ...........................

-704
614
-97
-193
-578
-57
115
-3

12,575
14,037
-56,398
16,233
19,645
111,860
58,943
18,242

759,988
716,272
106,415
759,988
197,279
78,616
251,250
284,064

269,095
272,903
41,058
-57,108
75,697
-182,881
24,188
105,583

227
135
1,373
220
-417
150
685
105,583

25
94
234
220
-365
250
-9
112

2,937
1,294
3,107
-29
-394
367
352
2,493

-114,755
-9,148
82,261
-306,286
1,314,328
-633,636
-126,688
-89,992
-503,405
-146,961
387,477
-131,614
-354,508

118
64
797
126
-228
92
414
235

398,754
864,074
62,992
200,012
124,611
284,071
145,266
143,562

189,045

613,930

-53,110

106,418

353

3,212

-98,645

741

572,899

Fiscal year 2021 to date…

March 2021

13
1

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

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)

1,245,698
1,309,265
1,325,106
1,328,271
1,245,088

551,660
539,528
626,555
634,339
601,920

251,286
261,678
268,126
244,755
238,346

1,546,076
1,587,120
1,683,536
1,717,858
1,608,663

345,981
338,978
263,168
277,416
263,847

46,411
41,929
58,433
47,172
52,003

299,572
297,048
204,734
230,244
211,846

1,845,646
1,884,168
1,888,270
1,948,102
1,820,509

1,060,162
1,109,837
1,118,641
1,195,506
1,257,205

3,159
3,290
3,234
3,632
-

1,056,993
1,106,547
1,115,407
1,191,874
1,257,205

2021 – Est1 ........... 1,805,420
2022 – 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

3,872

101,976
117,112
96,587
106,670
129,590
99,175
124,227
93,831
96,236
112,264
93,137
101,093
110,858

3,872

305,088

2016 .....................
2017 .....................
2018 .....................
2019 .....................
2020 .....................

Net
(4)

Gross
(5)

Refunds
(6)

Net
(7)

Net income
taxes
(8)

Withheld
(1)

Gross
(9)

2019 – Dec. ..........
2020 – Jan ...........
Feb ...........
Mar ...........
Apr ............
May...........
June..........
July ...........
Aug ...........
Sept ..........
Oct ............
Nov. ..........
Dec. ..........

139,853
123,436
122,599
148,378
79,598
72,199
73,997
101,787
85,228
84,138
87,725
91,573
127,808

15,839
95,208
11,161
15,294
655
11,784
27,849
291,774
12,425
82,976
32,666
10,239
22,564

2,986
1,984
64,134
65,356
4,996
36,224
9,730
20,454
8,168
5,636
11,644
8,037
5,893

152,706
216,660
69,626
98,316
75,257
47,760
92,116
373,106
89,485
161,478
108,748
93,775
144,481

61,054
11,619
4,365
12,166
6,507
2,402
10,674
76,198
8,111
54,031
14,914
5,147
67,776

2,744
1,127
6,406
1,776
2,566
4,197
4,967
8,208
6,024
4,371
5,762
8,339
4,855

58,311
10,492
-2,041
10,390
3,940
-1,795
5,707
67,991
2,088
49,660
9,152
-3,192
62,920

211,017
227,152
67,585
108,706
79,197
45,965
97,823
441,097
91,573
211,138
117,900
90,583
207,401

101,976
117,112
96,587
106,670
129,590
99,175
124,227
93,831
96,236
112,264
93,137
101,093
114,730

Fiscal year
2021 to date......

307,106

65,469

25,574

347,004

87,837

18,956

68,880

415,884

308,960

Fiscal year
or month

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

Refunds
(10)

Net
(11)

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

2016 ............................
2017 ............................
2018 ............................
2019 ............................
2020 ............................

5,316
5,349
5,753
5,610
4,590

3
1
4
90
144

5,312
5,349
5,749
5,519
4,445

1,062,305
1,111,896
1,121,156
1,197,395
1,261,650

49,043
45,961
45,161
41,193
43,224

191
154
121
259
120

48,853
45,810
45,041
40,934
43,103

3,877
4,158
4,471
4,730
5,172

28
34
31
29
29

3,906
4,191
4,501
4,759
5,201

2021 – Est1..................
2022 – 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

2019 – Dec..................
2020 – Jan ..................
Feb ..................
Mar ..................
Apr...................
May .................
June ................
July ..................
Aug ..................
Sept .................
Oct...................
Nov. .................
Dec. .................

427
507
635
536
392
357
-211
529
202
338
318
352
340

4
15
-17
40
3
7
2
9

423
492
652
495
392
355
-217
529
202
336
318
352
330

102,399
117,604
97,239
107,165
129,982
99,529
124,009
94,360
96,438
112,600
93,455
101,445
111,189

264
3,024
2,282
316
9,091
11,724
1,785
3,762
3,531
2,084
1,899
3,817
3,676

15
5
3
20
28
3
5
22
7
3
8
7
11

248
3,019
2,279
296
9,063
11,720
1,780
3,740
3,524
2,081
1,891
3,810
3,666

446
420
398
402
400
504
468
433
412
420
519
464
475

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

449
422
400
405
402
505
471
436
414
422
522
466
477

Fiscal year 2021 to date

1,010

1,000

306,089

9,392

9,367

1,458

1,465

See footnotes at end of table

March 2021

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”]

Fiscal year
or month

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

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)

2016………………
2017………………
2018………………
2019………………
2020………………

1,115,063
1,161,897
1,170,699
1,243,087
1,309,954

14,379
14,952
15,532
15,825
9,034

16
15
15
14
20

14,363
14,936
15,516
15,811
9,015

465
426
394
213
300

41,432
41,555
42,979
44,186
43,201

63
431
438
440
440

41,369
41,126
42,541
43,746
42,763

45,284
32,495
39,650
44,773
43,997

6,440
5,162
3,116
5,629
9,298

38,846
27,334
36,535
39,144
34,701

2021 – Est1 ……..
2022 – Est1 ……..

1,290,239
1,367,289

17,056
18,038

170
164

43,121
43,575

48,303
50,165

2019 – Dec.……..
2020 – Jan………
Feb………
Mar………
Apr………
May……...
June……..
July………
Aug………
Sept……..
Oct……….
Nov.……..
Dec.……..

103,096
121,045
99,918
107,866
139,447
111,754
126,260
98,536
100,376
115,103
95,868
105,721
115,332

1,416
1,473
2,861
1,291
662
-563
8
13
12
-114
3
15
13

7
9
2
2
-

1,416
1,473
2,854
1,291
662
-571
8
13
10
-116
3
15
13

15
16
24
23
22
8
20
35
38
77
8
32
28

3,836
3,893
3,672
3,248
3,055
719
2,224
3,883
4,742
8,499
1,001
4,086
3,508

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

3,807
3,863
3,641
3,217
3,018
675
2,181
3,840
4,699
8,435
986
4,057
3,477

2,025
1,421
320
2,345
353
3,019
1,609
4,425
3,020
19,008
3,882
1,694
2,070

247
465
155
462
3,702
430
139
2,088
116
1,206
131
196
254

1,779
955
165
1,883
-3,349
2,589
1,470
2,337
2,904
17,802
3,751
1,497
1,816

Fiscal year
2021 to date ……….

316,921

8,595

8,520

7,646

581

7,064

Fiscal year
or month

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)

2016………………
2017………………
2018………………
2019………………
2020………………

95,044
83,821
94,987
98,915
86,782

22,337
23,779
23,864
17,565
18,198

983
1,012
883
894
571

21,354
22,770
22,982
16,672
17,625

36,468
36,260
43,097
73,461
75,636

1,630
1,686
1,796
2,677
7,085

34,836
34,573
41,298
70,784
68,550

115,671
81,288
70,751
52,793
81,880

2021 – Est1
2022 – Est1

108,650
111,942

19,284
19,997

64,336
43,324

49,474
52,781

2019 – Dec.……..
2020 – Jan………
Feb………
Mar………
Apr………
May……...
June……..
July………
Aug………
Sept……..
Oct……….
Nov.……..
Dec.……..

7,017
6,308
6,685
6,415
353
2,701
3,678
6,226
7,652
26,198
4,747
5,602
5,333

1,761
2,380
1,731
1,198
71
742
636
2,903
1,525
2,205
4,893
5,827
5,617

63
19
146
-19
58
6
6
32
88
56
146
225
284

1,698
2,361
1,584
1,217
13
736
630
2,871
1,436
2,149
2,149
1,839
2,212

6,934
7,270
6,694
5,403
4,712
4,460
5,310
5,897
6,532
6,925
6,851
6,784
6,712

485
352
408
588
599
627
829
885
636
875
695
819
665

6,449
6,918
6,286
4,815
4,114
3,833
4,480
5,013
5,896
6,049
6,156
5,965
6,047

Fiscal year 2021 to date.....

15,682

16,337

655

6,200

20,347

2,179

18,168

39,070
46,380
39,755
31,843
34,659

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

154,744
127,666
110,505
84,637
116,538

2,456,508
2,464,275
2,473,999
2,547,893
2,454,527

810,180
850,617
854,747
914,302
965,427

42,417
45,334

91,891
98,115

2,685,416
2,831,699

946,458
1,001,675

5,252
5,803
4,134
6,068
10,005
7,587
6,545
8,266
8,743
9,726
7,429
7,448
8,177

1,277
2,702
1,759
1,680
8,734
1,285
1,413
1,486
7,546
2,806
3,450
2,395
1,617

6,529
8,506
5,892
7,749
18,739
8,871
7,958
9,752
16,289
12,532
10,879
9,843
9,794

259,671
281,546
112,136
153,068
142,052
96,428
145,640
491,021
148,959
287,264
168,235
144,274
264,479

76,135
90,742
75,815
83,698
99,811
77,433
95,188
72,475
74,262
85,905
69,463
75,279
81,640

23,054

7,462

30,516

576,988

226,382

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 2021

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)

2016 .................................
2017 .................................
2018 .................................
2019 .................................
2020 .................................

4,344
4,499
4,670
4,955
5,365

7,497
7,565
7,780
7,958
8,251

138,161
127,563
136,713
150,120
184,221

9,162
10,303
8,561
11,326
15,918

565,365
568,905
600,705
653,979
690,420

76,981
111,703
63,706
104,365
204,415

25,852
25,794
26,479
28,936
32,047

1,102,966
1,116,763
1,120,503
1,213,807
1,503,953

45,194
50,502
68,374
56,328
91,963

26,393
55,623
54,666
29,188
33,190

12,584
12,141
13,210
13,907
16,417

29,523
30,979
34,522
35,107
39,606

41,371
40,121
39,637
35,810
477,529

2021 – Est1 .......................
2022 – 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

2019 – Dec. ......................
2020 – Jan .......................
Feb .......................
Mar .......................
Apr ........................
May.......................
June......................
July .......................
Aug .......................
Sept ......................
Oct ........................
Nov. ......................
Dec. ......................

586
460
385
455
384
443
521
451
387
486
505
468
416

677
689
631
701
668
776
685
682
603
650
810
684
656

15,062
11,225
13,472
11,229
10,304
12,511
20,789
17,198
17,820
16,950
31,858
19,240
20,972

1,291
1,012
993
1,200
1,478
1,202
1,310
1,108
1,467
1,535
1,282
1,400
2,495

59,042
50,354
52,622
57,855
55,280
58,453
55,003
61,877
48,602
63,026
76,530
51,529
67,000

4,785
9,839
9,295
6,366
5,806
8,862
78,038
5,880
10,002
52,676
7,709
7,076
6,696

2,226
2,830
2,348
2,876
2,662
2,690
2,555
2,613
2,454
3,045
3,109
2,639
2,226

71,871
134,418
101,977
73,527
250,008
128,708
129,788
170,293
80,725
125,167
157,909
75,848
122,881

5,450
4,563
4,299
4,776
5,487
6,031
6,599
5,849
6,955
32,017
13,079
7,684
6,879

4,056
3,667
3,753
4,452
4,093
4,797
-9,864
3,969
4,519
2,114
3,876
3,965
3,817

1,467
1,255
856
1,495
2,120
1,162
1,866
1,388
1,000
1,657
1,208
906
1,654

3,024
3,671
364
3,534
5,645
2,817
3,714
2,332
3,779
4,813
2,597
3,290
3,152

5,147
4,882
3,355
5,649
49,520
93,869
116,684
109,718
54,522
34,194
22,852
26,829
29,951

Fiscal year
2021 to date ........................

1,389

2,150

72,070

5,177

195,059

21,481

7,974

356,638

27,642

11,658

3,768

9,039

79,632

Department of
State
(14)

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

2016 .................................
2017 .................................
2018 .................................
2019 .................................
2020 .................................

29,447
27,061
26,386
28,002
32,859

78,421
79,440
78,494
80,716
100,342

429,964
456,953
521,553
572,914
522,651

96,153
89,445
107,894
116,584
629,072

174,019
176,050
178,508
199,571
218,393

2021 – Est1 .......................
2022 – Est1 .......................

25,295
24,578

86,561
87,517

618,226
662,889

108,678
101,095

2,733
2,411
2,213
2,760
2,858
1,658
2,709
3,286
2,543
4,060
3,493
2,422
2,727

6,533
5,443
7,005
6,272
7,481
9,839
9,615
10,891
10,739
12,561
7,944
7,774
9,896

94,225
33,903
34,891
40,471
41,004
26,503
68,463
31,303
47,167
38,759
20,076
32,744
79,625

Fiscal year
2021 to date ........................

8,642

25,614

132,445

Fiscal year
or month

Department
of the
Treasury,
other
(17)

Department of
Veterans
Affairs
(18)

Other
Defense,
civil
programs
(20)

Environmental
Protection
Agency
(21)

Executive
Office
of the
President
(22)

General
Services
Administration
(23)

6,389
6,452
5,083
6,456
7,632

64,505
58,695
55,367
60,930
65,265

8,729
8,087
8,085
8,064
8,723

395
412
383
423
403

-734
-664
-590
-1,100
-266

16,242
18,925
21,628
23,578
21,677

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

9,272
6,375
60,060
22,626
392,098
71,967
28,139
24,526
16,376
-18,207
16,213
10,663
8,220

17,014
17,982
17,798
7,294
18,618
19,491
17,637
27,162
9,926
20,724
29,924
8,848
28,049

785
731
663
795
1,089
326
472
814
714
-151
847
617
1,089

5,360
6,191
5,026
515
5,014
5,875
7,189
10,882
-1,060
4,798
11,663
487
10,623

777
826
707
690
638
753
749
665
603
655
813
687
686

33
32
32
33
31
44
34
39
33
26
44
33
33

-17
-27
400
-3
-128
-226
57
-1
-170
-143
56
-234
334

-706
2,489
1,442
5,373
2,499
1,205
882
1,033
2,372
1,310
1,035
2,825
1,213

35,096

66,821

2,553

22,773

2,186

110

156

5,073

Corps of
Engineers
(19)

International
Assistance
Program
(24)

See footnotes at end of table

March 2021

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)

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

2020 ..................

21,524

7,278

105,626

577,411

1,153,912

17,654

-99,993

-135,215

-3,645

5,596,291

955,579

2021 – Est1........

23,289

7,394

796

1,156,311

20,057

-102,699

-143,957

-5,327

-5,629

3,714,389

962,568

2022 – 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

2019 - Dec .......

2,346

549

8,102

104

93,173

1,014

-7,112

-59,103

-672

302,065

47,026

2020 - Jan .........

1,318

578

9,445

95,566

1,759

-6,895

-1,716

-480

326,440

78,443

Feb ........

1,489

535

9,062

102

95,634

2,403

-6,741

-3,729

-115

334,290

88,939

Mar ........

1,864

538

8,988

-1,056

91,869

2,772

-6,760

-2,767

-631

266,410

89,344

Apr ........

1,625

522

9,286

15,367

96,581

5,156

-6,810

-6,312

-188

900,847

79,038

May .......

1,862

541

7,815

10,844

97,130

1,531

-7,449

535

481,642

90,972

June ......

1,963

601

7,635

511,355

101,464

-3,448

-7,927

-50,151

-221

1,049,284

55,619

July ........

1,835

677

9,443

26,137

101,221

1,649

-6,582

-1,586

-264

547,234

79,253

Aug ........

1,642

741

8,434

12,351

92,389

587

-6,992

-7,749

-247

333,469

89,764

Sept .......

2,072

722

9,359

1,960

97,001

-2,296

-7,220

-3,677

-139

407,747

90,033

Oct.........

1,993

600

8,888

2,476

102,355

4,833

-26,054

11,168

-47

439,355

82,413

Nov. .......

1,818

565

8,743

670

92,719

2,871

-7,683

-2,848

-278

274,627

90,192

Dec. .......

2,403

517

8,868

595

126,674

-2,229

-7,677

-51,432

-353

412,233

77,449

Fiscal year
2021 to date .......

6,214

1,682

26,499

3,741

321,748

5,475

-41,414

-43,112

-678

1,126,215

250,054

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 2021

TABLE FFO-4—Summary of U.S. Government Receipts by Source and Outlays by Agency,
December 2020 and Other Periods
[In millions of dollars. Source: Bureau of the Fiscal Service]

General
funds
(1)

Classification
Budget receipts:
Individual income taxes...............................................
346,949
Corporation income taxes ...........................................
68,880
Social insurance and retirement receipts:
Employment and general retirement (off-budget) ...
Employment and general retirement (on-budget) ...
22
Unemployment insurance .......................................
*
Other retirement ......................................................
Excise taxes ................................................................
6,332
Estate and gift taxes ...................................................
6,199
Customs duties ...........................................................
11,724
Miscellaneous receipts................................................
25,585
Total receipts .......................................................
465,691
(On-budget) .....................................................
465,691
(Off-budget) .....................................................
0
Budget outlays:
Legislative branch .......................................................
1,397
Judicial branch ............................................................
1,928
Department of Agriculture ...........................................
56,500
Department of Commerce...........................................
3,593
Department of Defense-military ..................................
191,991
Department of Education ............................................
21,495
Department of Energy .................................................
9,133
Department of Health and Human Services ...............
286,995
Department of Homeland Security..............................
27,914
Department of Housing and Urban Development.......
11,601
Department of the Interior ...........................................
3,285
Department of Justice .................................................
7,988
Department of Labor ...................................................
75,954
Department of State ....................................................
7,334
Department of Transportation .....................................
32,889
Department of the Treasury:
Interest on the public debt...........................................
Other .......................................................................
132,444
Department of Veterans Affairs ..................................
34,983
Corps of Engineers .....................................................
67,785
Other defense civil programs ......................................
2,453
Environmental Protection Agency...............................
105,146
Executive Office of the President................................
2,059
General Services Administration ................................
107
International Assistance Program ...............................
55
National Aeronautics and Space Administration ........
5,306
National Science Foundation ......................................
6,182
Office of Personnel Management ...............................
1,632
Small Business Administration ...................................
3,380
Social Security Administration ....................................
3,741
Other independent agencies .......................................
29,352
Undistributed offsetting receipts:
3,937
Interest ........................................................................
Other .......................................................................
-470
Total outlays ............................................................ 1,138,090
(On-budget) ......................................................... 1,138,032
(Off-budget) .....................................................
58
Surplus or deficit (-) ......................................... -672,399
(On-budget) ......................................................... -672,341
(Off-budget) .....................................................
-58
-No Transactions
* Less than $500,000

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)

55
-

347,003
68,880

384,803
65,414

56
-

384,858
65,414

384
6,039
4,745
11,222
11,222
0

226,382
79,685
9,367
1,465
8,966
405
186
326,456
100,074
226,382

226,382
79,707
9,367
1,465
15,682
6,199
18,168
30,515
803,370
576,988
226,382

-45
2
7,046
4,627
14,129
15,747
491,723
491,723
0

305
6,625
4,339
11,324
11,324
0

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

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

6
238
15,571
1,582
2,986
-14
-186
3,392
-303
*
392
1,108
-2,884
1,047
148
-

-15
-16
-1
2
82
*
*
66,252
30
58
90
-57
6,562
260
-7,423
-

1,388
2,150
72,069
5,177
195,059
21,481
8,947
356,639
27,642
11,658
3,768
9,040
79,632
8,641
25,613
-

1,379
2,104
31,260
3,269
184,761
17,728
8,668
226,874
15,629
11,647
3,140
8,141
1,862
8,100
1,680
-

19
263
21,470
1,297
2,541
-77
-694
3,110
-272
-11
376
847
-4,042
301
112
-

-4
-201
-5
47
46
*
*
79,356
30
54
102
-50
7,316
-39
18,703
-

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
-

70
-1,090
232
-4,737
-28
*
100
-81
32
29
322
*
*
-92
-8,829
9,010
10,111
-1,101
2,212
1,111
1,101

42
125
-132
-77,636
155
4
-151
*
22
22,797
292,395
1,629
-43,112
-32,793
229,169
-21,929
251,097
97,288
122,003
-24,715

132,444
35,095
66,820
2,554
22,773
2,186
111
155
5,074
6,214
1,682
26,499
3,741
321,748
5,474
-43,112
-42,092
1,376,269
1,126,215
250,054
-572,899
-549,227
-23,672

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
926,203
926,144
59
-434,480
-434,421
-59

-120
-1,230
28
-6,045
-4
*
-65
12
45
33
391
4
*
1,914
-8,224
11,983
11,341
642
-659
-17
-642

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

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

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

March 2021

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

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.

March 2021

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)

2016 ...............................
2017 ...............................
2018 ...............................
2019 ...............................
2020 ...............................

19,597,812
20,269,269
21,538,880
22,740,857
26,965,542

19,573,445
20,244,900
21,516,058
22,719,402
26,945,391

24,367
24,369
22,822
21,455
20,151

5,395,699
5,563,074
5,737,252
5,893,424
5,907,764

5,395,695
5,563,073
5,737,252
5,893,424
5,907,764

4
1
-

14,202,113
14,706,195
15,801,628
16,847,433
21,057,778

14,177,750
14,681,827
15,778,806
16,825,978
21,037,627

24,363
24,368
22,822
21,455
20,151

2019 - Dec. ....................
2020 - Jan ......................
Feb .....................
Mar .....................
Apr .....................
May ....................
June ...................
July ....................
Aug.....................
Sept....................
Oct. ....................
Nov.....................
Dec.....................

23,222,591
23,708,055
23,430,714
23,244,893
24,995,281
25,766,665
26,498,260
26,545,875
26,966,120
26,965,542
27,155,572
27,466,498
27,768,006

23,201,380
23,686,871
23,409,959
23,223,813
24,974,172
25,746,260
26,477,241
26,524,953
26,945,391
26,945,391
27,135,477
27,446,288
27,747,798

21,211
21,184
20,755
21,080
21,109
20,405
21,019
20,922
20,729
20,151
20,095
20,210
20,208

6,013,988
5,994,397
5,980,003
5,995,035
5,902,393
5,914,931
5,928,866
5,872,303
5,888,362
5,907,764
6,019,517
6,078,238
6,096,382

17,208,603
17,713,658
17,450,711
17,249,858
19,092,888
19,851,734
20,569,394
20,673,572
21,077,758
21,057,778
21,136,055
21,388,260
21,671,624

17,187,392
17,692,474
17,429,956
17,228,778
19,071,779
19,831,329
20,548,375
20,652,650
21,057,029
21,037,627
21,115,960
21,368,050
21,651,416

21,211
21,184
20,755
21,080
21,109
20,405
21,019
20,922
20,729
20,151
20,095
20,210
20,208

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)

2016 ...............................
2017 ...............................
2018 ...............................
2019 ...............................
2020 ...............................

19,597,812
20,269,269
21,538,880
22,740,857
26,965,542

60,393
65,378
78,187
72,840
64,433

19,537,417
20,203,891
21,460,692
22,668,015
26,901,109

5,395,699
5,563,074
5,737,252
5,893,424
5,907,764

26,706
25,909
27,744
28,201
25,727

5,368,993
5,537,165
5,709,509
5,865,224
5,882,037

14,202,113
14,706,195
15,801,628
16,847,433
21,057,778

33,687
39,469
50,443
44,639
38,706

14,168,425
14,666,725
15,751,183
16,802,792
21,019,071

2019 - Dec. ....................
2020 - Jan ......................
Feb .....................
Mar .....................
Apr .....................
May ....................
June ...................
July .....................
Aug .....................
Sept ....................
Oct......................
Nov. ....................
Dec. ....................

23,222,591
23,708,055
23,430,714
23,244,893
24,995,281
25,766,665
26,498,260
26,545,875
26,966,120
26,965,542
27,155,572
27,466,498
27,768,006

82,471
82,287
82,218
75,753
68,969
67,790
69,075
66,675
65,379
64,433
63,986
64,720
63,921

23,140,119
23,162,605
23,348,496
23,632,301
24,926,311
25,698,875
26,429,184
26,479,200
26,684,185
26,901,109
27,071,490
27,401,777
27,704,083

6,013,988
5,994,397
5,980,003
5,995,035
5,902,393
5,914,931
5,928,866
5,872,303
5,888,362
5,907,764
6,019,517
6,078,238
6,096,382

27,727
27,547
27,382
26,572
26,448
26,410
26,308
26,144
25,969
25,727
25,619
25,398
25,301

5,986,261
5,966,850
5,952,621
5,968,463
5,875,945
5,888,520
5,902,557
5,846,159
5,862,392
5,882,037
5,993,898
6,052,840
6,071,082

17,208,603
17,713,658
17,450,711
17,249,858
19,092,888
19,851,734
20,569,394
20,673,572
21,077,758
21,057,778
21,136,055
21,388,260
21,671,624

54,744
54,740
54,836
49,181
42,521
41,380
42,767
40,531
39,410
38,706
38,367
39,322
38,620

17,153,857
17,195,755
17,395,874
17,663,838
19,050,367
19,810,354
20,526,627
20,633,041
20,821,793
21,019,071
21,097,687
21,348,937
21,633,001

End of fiscal
year or month

March 2021

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)

2016 ..........................
2017 ..........................
2018 ..........................
2019 ..........................
2020 ..........................

14,173,424
14,673,429
15,761,155
16,809,092
21,018,952

13,638,303
14,175,677
15,250,078
16,322,637
20,352,950

1,644,759
1,799,570
2,239,473
2,376,370
5,028,127

8,624,253
8,798,940
9,150,301
9,755,985
10,655,969

1,825,338
1,948,414
2,114,982
2,311,517
2,668,116

1,209,814
1,286,124
1,376,180
1,454,698
1,522,418

334,139
342,630
369,142
424,067
478,320

535,120
497,752
511,077
486,455
666,002

2019 - Dec.................
2020 - Jan .................
Feb ................
Mar ................
Apr.................
May ...............
June ..............
July ................
Aug ................
Sept ...............
Oct. ................
Nov. ...............
Dec. ...............

17,170,442
17,212,635
17,413,050
17,674,771
19,053,619
19,812,782
20,530,278
20,634,400
20,822,038
21,018,952
21,633,001
21,349,472
21,632,419

16,657,894
16,695,918
16,894,347
17,139,137
18,512,020
19,208,457
19,884,443
19,986,091
20,168,949
20,352,950
20,420,124
20,670,657
20,958,523

2,416,417
2,403,862
2,564,220
2,657,089
4,000,897
4,629,046
5,078,833
5,078,133
5,075,875
5,028,127
4,984,441
4,942,664
4,963,056

9,920,786
9,990,403
9,985,777
10,084,217
10,155,648
10,168,689
10,306,753
10,419,742
10,516,332
10,655,969
10,721,511
10,911,912
11,084,744

2,373,513
2,390,076
2,408,017
2,424,353
2,441,632
2,467,632
2,528,444
2,567,981
2,619,323
2,668,116
2,691,618
2,781,069
2,833,625

1,506,394
1,498,585
1,505,312
1,524,472
1,492,075
1,501,322
1,508,647
1,485,915
1,501,097
1,522,418
1,544,239
1,560,512
1,578,599

440,783
412,991
431,020
449,006
421,767
441,767
461,767
434,322
456,322
478,320
478,315
474,500
498,499

512,549
516,717
518,703
535,634
541,599
604,324
645,835
648,308
653,089
666,002
676,850
678,814
673,896

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)

2016 ..........................
2017 ..........................
2018 ..........................
2019 ..........................
2020 ..........................

167,524
161,705
156,809
152,355
148,677

264
264
264
264
264

226,349
223,787
250,680
248,052
291,831

109,211
80,359
71,753
53,809
106,607

29,995
29,995
29,995
29,995
116,100

1,777
1,641
1,575
1,981
2,523

2019 - Dec. ...............
2020 - Jan .................
Feb ................
Mar ................
Apr ................
May ...............
June ..............
July ................
Aug ................
Sept ...............
Oct.................
Nov. ...............
Dec. ...............

151,347
150,729
150,369
150,008
150,101
150,083
149,819
149,448
149,077
148,677
148,286
147,882
147,130

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

255,668
264,487
263,845
273,375
276,049
282,214
283,020
288,268
289,279
291,831
297,682
300,591
296,812

77,752
73,720
76,748
84,402
87,257
88,608
89,242
91,851
95,901
106,607
116,844
116,269
115,786

25,473
25,473
25,473
25,473
25,473
80,724
121,107
116,089
116,094
116,100
111,102
111,108
111,112

2,045
2,044
2,003
2,112
2,454
2,432
2,383
2,389
2,474
2,523
2,672
2,700
2,793

March 2021

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)

2016 ..................
2017 ..................
2018 ..................
2019 ..................
2020 ..................

5,604,069
5,771,144
5,977,617
6,133,658
6,174,279

13,400
13,404
14,212
15,018
7,900

71,524
78,486
94,431
104,015
108,949

45,167
45,680
46,616
48,199
49,129

22,680
22,090
22,311
22,622
11,170

45,880
69,669
93,401
96,520
97,209

874,141
912,438
931,838
950,211
974,802

192,209
197,835
202,805
198,625
133,735

36,441
30,879
26,975
50,601
67,937

2019 - Dec. .......
2020 - Jan .........
Feb ........
Mar ........
Apr ........
May .......
June ......
July ........
Aug ........
Sept .......
Oct.........
Nov. .......
Dec. .......

6,262,363
6,251,581
6,236,576
6,261,804
6,173,018
6,192,110
6,208,461
6,208,461
6,157,049
6,174,279
6,314,081
6,375,655
6,390,322

15,355
15,374
15,796
15,947
15,617
12,151
11,270
10,144
9,271
7,900
20,552
19,789
18,205

104,429
104,142
101,623
106,056
105,526
104,432
107,107
107,265
107,742
108,949
106,072
108,864
110,403

48,399
48,457
48,472
48,475
48,490
48,551
48,598
48,614
49,126
49,129
49,176
49,217
49,253

22,664
22,694
22,677
22,688
12,689
11,171
11,172
11,173
11,169
11,170
11,171
11,165
11,166

93,138
94,566
93,582
93,627
96,229
95,208
98,357
97,529
96,485
97,209
95,802
95,138
90,703

951,540
947,166
942,900
938,641
934,058
930,731
941,296
936,952
932,709
974,802
971,125
967,720
976,112

193,967
188,341
183,032
189,079
129,922
128,684
130,290
126,392
133,207
133,735
119,479
130,884
134,505

52,431
53,019
53,898
53,348
53,899
54,468
53,754
66,885
67,313
67,937
69,527
68,563
70,735

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)

2016 .....................
2017 .....................
2018 .....................
2019 .....................
2020 .....................

2,796,712
2,820,200
2,801,254
2,804,396
2,811,213

828
839
852
872
881

63,336
70,589
98,197
104,716
87,477

64,629
52,332
41,212
28,192
12,081

4,246
3,604
3,015
2,456
1,946

8,527
10,965
10,493
9,341
14,991

685
419
612
698
307

53,776
60,711
72,576
84,361
50,515

1,309,888
1,381,004
1,516,817
1,612,815
1,744,037

2019 - Dec. ..........
2020 - Jan ............
Feb ...........
Mar ...........
Apr ...........
May ..........
June .........
July ...........
Aug ...........
Sept ..........
Oct............
Nov. ..........
Dec. ..........

2,804,355
2,814,717
2,802,598
2,796,581
2,813,811
2,802,004
2,838,213
2,831,581
2,816,601
2,811,213
2,786,189
2,800,868
2,793,146

878
880
881
881
881
881
881
881
881
881
882
882
882

108,069
89,053
95,640
116,046
83,543
92,743
91,700
69,275
93,135
87,477
131,420
71,036
142,775

25,225
25,088
24,754
24,079
23,106
18,823
16,526
14,562
13,643
12,081
24,465
24,576
24,029

2,362
2,302
2,258
2,197
2,144
2,096
2,086
2,041
1,999
1,946
1,869
1,906
1,851

8,774
9,137
9,264
9,852
14,181
13,214
13,692
14,526
15,078
14,991
14,050
13,677
16,052

436
746
557
625
641
436
419
678
408
307
363
476
654

83,826
81,737
82,797
78,585
72,764
104,546
80,744
59,353
52,642
50,515
62,097
57,707
59,468

1,746,515
1,754,162
1,755,847
1,765,097
1,765,517
1,771,971
1,762,356
1,810,610
1,755,640
1,744,037
1,849,842
1,953,187
1,890,383

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

March 2021

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)

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

24,367

24,175

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

24,369

24,209

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

22,822

22,696

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

21,455

21,367

2020 ...........................

20,151

20,075

2019 - Dec. ................

21,211

21,122

2020 - Jan ..................

21,080

20,991

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

20,755

20,674

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

21,184

21,102

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

21,109

21,027

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

20,405

20,322

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

21,019

20,935

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

20,922

20,838

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

20,729

20,653

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

20,151

20,075

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

20,095

20,018

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

20,210

20,133

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

20,208

20,130

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

* Less than $500,000.

March 2021

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)

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

11,184,046

3,321,283

4,478,458

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

11,642,870

3,263,065

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

12,880,947

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

Maturity classes
5-10
years
(4)

10-20
years
(5)

20 years
or more
(6)

Average length
(months)
(7)

2,219,048

167,666

997,590

4,746,209

2,320,739

151,686

1,161,170

3,794,461

5,181,488

2,444,652

121,319

1,339,027

14,225,142

4,147,209

5,821,560

2,625,077

104,901

1,526,394

2020 ...............................

15,922,190

6,374,061

5,567,746

2,332,037

242,437

1,405,908

2019 - Dec. .....................

14,344,337

4,105,461

5,922,961

2,643,163

118,184

1,554,568

2020 - Jan ......................

14,299,621

4,070,628

5,935,495

2,607,084

118,121

1,568,294

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

14,338,845

4,185,011

5,910,707

2,533,876

148,778

1,560,473

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

13,886,350

4,160,444

5,690,478

2,437,426

132,608

1,465,394

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

14,548,307

5,389,092

5,363,115

2,288,900

125,449

1,381,751

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

15,017,875

5,985,793

5,307,002

2,224,677

129,382

1,371,021

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

15,687,979

6,416,071

5,442,307

2,287,195

166,049

1,376,357

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

15,705,195

6,414,454

5,430,892

2,293,832

182,551

1,383,466

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

15,807,471

6,412,882

5,504,849

2,275,322

220,413

1,394,003

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

15,922,190

6,374,061

5,567,746

2,332,037

242,437

1,405,908

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

15,769,769

6,342,837

5,443,753

2,325,158

242,348

1,415,673

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

16,078,428

6,330,355

5,635,499

2,389,470

301,145

1,421,959

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

16,279,260

6,356,589

5,716,708

2,454,885

317,935

1,433,143

End of fiscal
year or month

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

March 2021

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)

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

2020 .......................................

26,920,380

26,945,391

25,011

2019 - Dec. .............................

23,155,700

23,201,380

45,680

2020 - Jan ..............................

23,180,804

23,223,813

43,009

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

23,370,134

23,409,959

39,826

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

23,654,178

23,686,871

32,693

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

24,944,144

24,974,172

30,028

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

25,716,563

25,746,260

29,697

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

26,450,464

26,477,241

26,777

July……………………

26,500,106

26,524,953

24,847

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

26,702,456

26,728,836

26,380

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

26,920,380

26,945,391

25,011

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

27,420,529

27,446,288

25,759

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

27,109,188

27,135,477

26,288

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

27,721,341

27,747,798

26,457

(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.

(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.

March 2021

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)

1,389,173
1,442,633
1,512,469
1,570,919
1,813,390

25,620
19,810
23,005
39,017
43,575

24,585
21,940
19,325
21,473
21,396

24,130
26,992
26,797
29,605
30,483

654
645
583
660
637

636
601
453
432
363

2019 - Dec. ...........................
2020 - Jan .............................
Feb ............................
Mar ............................
Apr ............................
May ...........................
June ..........................
July ............................
Aug ............................
Sept ...........................
Oct.............................
Nov. ...........................
Dec. ...........................

1,619,796
1,633,513
1,638,310
1,670,273
1,707,721
1,826,820
1,917,615
1,916,562
1,915,906
1,813,390
1,843,219
1,862,833
1,859,398

37,700
32,843
36,525
35,200
34,967
41,370
41,707
26,972
29,683
43,575
28,117
34,099
28,781

21,454
21,513
21,563
20,267
20,403
20,513
20,689
20,689
21,271
21,396
21,504
21,598
21,756

30,203
30,439
30,664
30,021
29,145
29,308
29,438
29,438
29,936
30,483
30,668
30,963
31,298

669
673
675
554
559
560
568
568
612
637
636
642
648

432
432
432
432
432
432
432
432
363
363
363
363
363

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)

1,126,370
1,178,495
1,258,499
1,287,510
1,249,871

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

30,318
27,954
24,709
30,386
44,722

128
128
134
24
30

59,043
61,270
61,584
63,751
71,373

2019 - Dec. ...........................
2020 - Jan .............................
Feb ............................
Mar ............................
Apr ............................
May ...........................
June ..........................
July ...........................
Aug............................
Sept ...........................
Oct.............................
Nov. ...........................
Dec. ...........................

1,333,325
1,350,827
1,350,827
1,368,364
1,376,702
1,376,702
1,306,769
1,327,515
1,327,500
1,249,871
1,292,454
1,292,456
1,292,020

5,530
5,530
5,530
5,530
5,770
5,820
5,870
5,842
5,887
5,649
5,649
5,640
5,643

30,386
30,386
30,386
44,722
44,722
44,722
44,722
44,722
51,817
44,722
51,817
51,817
51,817

25
25
25
25
25
25
25
25
23
30
30
30
30

65,060
65,200
65,670
66,520
70,921
71,430
72,370
72,308
72,178
71,373
71,974
72,681
72,366

March 2021

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)

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

2020 ......................................

15,388

4,384

176,174

149,345

2019 - Dec. ...........................

16,946

5,062

11,334

61,670

2020 - Jan .............................

16,946

5,454

11,334

61,911

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

16,946

5,734

11,334

61,999

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

16,946

6,086

13,437

62,169

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

16,946

6,475

38,074

62,580

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

16,946

6,870

68,084

144,038

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

16,946

3,021

218,115

156,943

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

16,946

3,490

218,115

149,500

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

15,388

3,903

218,149

139,196

15,388

4,384

176,174

149,345

15,389

4,852

176,174

143,592

15,390

5,745

188,096

143,313

15,389

5,271

188,096

145,920

End of fiscal
year or month

Sept ...........................
Oct. ...........................
Nov. ...........................
Dec. ...........................

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

March 2021

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 42-Day Cash Management Bills
On September 24, 2020, Treasury announced it would auction $30,000 million of 42-day bills. They were issued
October 1 and matured November 12. The issue was to raise new cash of approximately $165,000 million. Treasury
auctioned the bills on September 29. Tenders totaled $102,490 million; Treasury accepted $30,000 million, including
$16 million of noncompetitive tenders from the public. The high bank discount rate was 0.085 percent.
Auction of 119-Day Cash Management Bills
On September 24, 2020, Treasury announced it would auction $30,000 million of 119-day bills. They were issued
October 1 and will mature January 28, 2021. The issue was to raise new cash of approximately $165,000 million.
Treasury auctioned the bills on September 29. Tenders totaled $125,581 million; Treasury accepted $30,001 million,
including $6 million of noncompetitive tenders from the public. The high bank discount rate was 0.090 percent.
Auction of 105-Day Cash Management Bills
On September 29, 2020, Treasury announced it would auction $25,000 million of 105-day bills. They were issued
October 6 and will mature January 19, 2021. The issue was to raise new cash of approximately $120,000 million.
Treasury auctioned the bills on September 30. Tenders totaled $90,377 million; Treasury accepted $25,001 million,
including $1 million of noncompetitive tenders from the public. The high bank discount rate was 0.095 percent.

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Auction of 154-Day Cash Management Bills
On September 29, 2020, Treasury announced it would auction $30,000 million of 154-day bills. They were issued
October 6 and will mature March 9, 2021. The issue was to raise new cash of approximately $120,000 million.
Treasury auctioned the bills on September 30. Tenders totaled $105,830 million; Treasury accepted $30,001 million,
including $2 million of noncompetitive tenders from the public. The high bank discount rate was 0.105 percent.
Auction of 42-Day Cash Management Bills
On October 1, 2020, Treasury announced it would auction $30,000 million of 42-day bills. They were issued
October 8 and matured November 19. The issue was to raise new cash of approximately $199,000 million. Treasury
auctioned the bills on October 6. Tenders totaled $99,147 million; Treasury accepted $30,001 million, including $28
million of noncompetitive tenders from the public. The high bank discount rate was 0.090 percent.
Auction of 119-Day Cash Management Bills
On October 1, 2020, Treasury announced it would auction $30,000 million of 119-day bills. They were issued
October 8 and will mature February 4, 2021. The issue was to raise new cash of approximately $199,000 million.
Treasury auctioned the bills on October 6. Tenders totaled $93,821 million; Treasury accepted $30,000 million,
including $25 million of noncompetitive tenders from the public. The high bank discount rate was 0.105 percent.
Auction of 52-Week Bills
On October 1, 2020, Treasury announced it would auction $34,000 million of 364-day Treasury bills. They were
issued October 8 and will mature October 7, 2021. The issue was to refund $185,553 million of all maturing bills and
to raise new cash of approximately $13,447 million. Treasury auctioned the bills on October 6. Tenders totaled
$107,174 million; Treasury accepted $34,001 million, including $221 million of noncompetitive tenders from the
public. The high bank discount rate was 0.140 percent.
In addition to the $34,001 million of tenders accepted in the auction process, Treasury accepted $5,165 million
from FRBs for their own accounts.
Auction of 3-Year Notes
On October 1, 2020, Treasury announced it would auction $52,000 million of 3-year notes. The issue was to refund
$20,919 million of securities maturing October 15 and to raise new cash of approximately $89,081 million.
The 3-year notes of Series AS-2023 were dated and issued October 15. They are due October 15, 2023, 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 notes before 12:00 noon Eastern Time (ET) for noncompetitive tenders and before
1:00 p.m. ET for competitive tenders on October 6. Tenders totaled $126,734 million; Treasury accepted $52,000
million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 0.193
percent with an equivalent price of $99.796687. Treasury accepted in full all competitive tenders at yields lower than
0.193 percent. Tenders at the high yield were allotted 24.58 percent. The median yield was 0.165 percent, and the low
yield was 0.080 percent. Noncompetitive tenders totaled $19 million. Competitive tenders accepted from private
investors totaled $51,976 million.
In addition to the $52,000 million of tenders accepted in the auction process, Treasury accepted $1,455 million
from FRBs for their own accounts. The minimum par amount required for Separate Trading of Registered Interest and
Principal Securities (STRIPS) of notes of Series AS-2023 is $100.
Auction of 9-Year 10-Month 0-5/8 Percent Notes

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On October 1, 2020, Treasury announced it would auction $35,000 million of 9-year 10-month 0-5/8 percent notes.
The issue was to refund $20,919 million of securities maturing October 15 and to raise new cash of approximately
$89,081 million.
The 9-year 10-month 0-5/8 percent notes of Series E-2030 were dated August 15 and issued October 15. They are
due August 15, 2030, 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 7. Tenders totaled $86,615 million; Treasury accepted $35,000 million. All
noncompetitive and successful competitive bidders were allotted securities at the high yield of 0.765 percent with an
equivalent price of $98.675865. Treasury accepted in full all competitive tenders at yields lower than 0.765 percent.
Tenders at the high yield were allotted 75.60 percent. The median yield was 0.716 percent, and the low yield was 0.080
percent. Noncompetitive tenders totaled $11 million. Competitive tenders accepted from private investors totaled
$34,989 million. Accrued interest of $1.03601 per $1,000 must be paid for the period from August 15 to October 15.
In addition to the $35,000 million of tenders accepted in the auction process, Treasury accepted $979 million from
FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series E-2030 is $100.
Auction of 29-Year 10-Month 1-3/8 Percent Bonds
On October 1, 2020, Treasury announced it would auction $23,000 million of 29-year 10-month 1-3/8 percent
bonds. The issue was to refund $20,919 million of securities maturing October 15 and to raise new cash of
approximately $89,081 million.
The 29-year 10-month 1-3/8 percent bonds of August 2050 were dated August 15 and issued October 15. They are
due August 15, 2050, 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 8. Tenders totaled $52,619 million; Treasury accepted $23,000 million. All
noncompetitive and successful competitive bidders were allotted securities at the high yield of 1.578 percent with an
equivalent price of $95.183187. Treasury accepted in full all competitive tenders at yields lower than 1.578 percent.
Tenders at the high yield were allotted 18.34 percent. The median yield was 1.513 percent, and the low yield was 1.450
percent. Noncompetitive tenders totaled $4 million. Competitive tenders accepted from private investors totaled
$22,996 million. Accrued interest of $2.27921 per $1,000 must be paid for the period from August 15 to October 15.
In addition to the $23,000 million of tenders accepted in the auction process, Treasury accepted $643 million from
FRBs for their own accounts. The minimum par amount required for STRIPS of bonds of August 2050 is $100.
Auction of 105-Day Cash Management Bills
On October 6, 2020, Treasury announced it would auction $25,000 million of 105-day bills. They were issued
October 13 and will mature January 26, 2021. The issue was to raise new cash of approximately $120,000 million.
Treasury auctioned the bills on October 7. Tenders totaled $86,227 million; Treasury accepted $25,000 million,
including $ million of noncompetitive tenders from the public. The high bank discount rate was 0.100 percent.
Auction of 154-Day Cash Management Bills
On October 6, 2020, Treasury announced it would auction $30,000 million of 154-day bills. They were issued
October 13 and will mature March 16, 2021. The issue was to raise new cash of approximately $120,000 million.
Treasury auctioned the bills on October 7. Tenders totaled $95,232 million; Treasury accepted $30,000 million,
including $1 million of noncompetitive tenders from the public. The high bank discount rate was 0.110 percent.
Auction of 43-Day Cash Management Bills
On October 8, 2020, Treasury announced it would auction $30,000 million of 43-day bills. They were issued
October 15 and matured November 27. The issue was to raise new cash of approximately $165,000 million. Treasury

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auctioned the bills on October 13. Tenders totaled $102,950 million; Treasury accepted $30,000 million, including $32
million of noncompetitive tenders from the public. The high bank discount rate was 0.095 percent.
Auction of 119-Day Cash Management Bills
On October 8, 2020, Treasury announced it would auction $30,000 million of 119-day bills. They were issued
October 15 and will mature February 11, 2021. The issue was to raise new cash of approximately $165,000 million.
Treasury auctioned the bills on October 13. Tenders totaled $100,800 million; Treasury accepted $30,000 million,
including $16 million of noncompetitive tenders from the public. The high bank discount rate was 0.110 percent.
Auction of 105-Day Cash Management Bills
On October 13, 2020, Treasury announced it would auction $25,000 million of 105-day bills. They were issued
October 20 and will mature February 2, 2021. The issue was to raise new cash of approximately $120,000 million.
Treasury auctioned the bills on October 14. Tenders totaled $88,043 million; Treasury accepted $25,001 million,
including $ million of noncompetitive tenders from the public. The high bank discount rate was 0.105 percent.
Auction of 154-Day Cash Management Bills
On October 13, 2020, Treasury announced it would auction $30,000 million of 154-day bills. They were issued
October 20 and will mature March 23, 2021. The issue was to raise new cash of approximately $120,000 million.
Treasury auctioned the bills on October 14. Tenders totaled $97,353 million; Treasury accepted $30,000 million,
including $1 million of noncompetitive tenders from the public. The high bank discount rate was 0.120 percent.
Auction of 42-Day Cash Management Bills
On October 15, 2020, Treasury announced it would auction $30,000 million of 42-day bills. They were issued
October 22 and matured December 3. The issue was to raise new cash of approximately $165,000 million. Treasury
auctioned the bills on October 20. Tenders totaled $109,995 million; Treasury accepted $30,000 million, including $15
million of noncompetitive tenders from the public. The high bank discount rate was 0.090 percent.
Auction of 119-Day Cash Management Bills
On October 15, 2020, Treasury announced it would auction $30,000 million of 119-day bills. They were issued
October 22 and will mature February 18, 2021. The issue was to raise new cash of approximately $165,000 million.
Treasury auctioned the bills on October 20. Tenders totaled $106,215 million; Treasury accepted $30,000 million,
including $7 million of noncompetitive tenders from the public. The high bank discount rate was 0.105 percent.
Auction of 5-Year Treasury Inflation Protected Security (TIPS)
On October 15, 2020, Treasury announced it would auction $17,000 million of 5-year TIPS. The issue was to raise
new cash of approximately $17,000 million.
The 5-year TIPS of Series AE-2025 were dated October 15 and issued October 30. They are due October 15, 2025,
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 22. Tenders totaled $45,151 million; Treasury accepted $17,000 million. All
noncompetitive and successful competitive bidders were allotted securities at the high yield of -1.320 percent with an
equivalent adjusted price of $107.593657. Treasury accepted in full all competitive tenders at yields lower than -1.320
percent. Tenders at the high yield were allotted 87.46 percent. The median yield was -1.361 percent, and the low yield
was -1.500 percent. Noncompetitive tenders totaled $47 million. Competitive tenders accepted from private investors
totaled $16,953 million. Adjusted accrued interest of $0.05159 per $1,000 must be paid for the period from October 15
to October 30. Both the unadjusted price of $107.430363 and the unadjusted accrued interest of $0.05151 were

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adjusted by an index ratio of 1.00152, for the period from October 15 to October 30. The minimum par amount
required for STRIPS of TIPS of Series AE-2025 is $100.
Auction of 105-Day Cash Management Bills
On October 20, 2020, Treasury announced it would auction $25,000 million of 105-day bills. They were issued
October 27 and will mature February 9, 2021. The issue was to raise new cash of approximately $120,000 million.
Treasury auctioned the bills on October 21. Tenders totaled $95,944 million; Treasury accepted $25,001 million,
including $ million of noncompetitive tenders from the public. The high bank discount rate was 0.100 percent.
Auction of 154-Day Cash Management Bills
On October 20, 2020, Treasury announced it would auction $30,000 million of 154-day bills. They were issued
October 27 and will mature March 30, 2021. The issue was to raise new cash of approximately $120,000 million.
Treasury auctioned the bills on October 21. Tenders totaled $108,439 million; Treasury accepted $30,001 million,
including $1 million of noncompetitive tenders from the public. The high bank discount rate was 0.115 percent.
Auction of 42-Day Cash Management Bills
On October 22, 2020, Treasury announced it would auction $30,000 million of 42-day bills. They were issued
October 29 and matured December 10. The issue was to raise new cash of approximately $165,000 million. Treasury
auctioned the bills on October 27. Tenders totaled $103,340 million; Treasury accepted $30,001 million, including $21
million of noncompetitive tenders from the public. The high bank discount rate was 0.080 percent.
Auction of 119-Day Cash Management Bills
On October 22, 2020, Treasury announced it would auction $30,000 million of 119-day bills. They were issued
October 29 and will mature February 25, 2021. The issue was to raise new cash of approximately $165,000 million.
Treasury auctioned the bills on October 27. Tenders totaled $97,933 million; Treasury accepted $30,001 million,
including $19 million of noncompetitive tenders from the public. The high bank discount rate was 0.100 percent.
NOVEMBER
Auction of 19-Year 10-Month 1-1/8 Percent Bonds
On October 15, 2020, Treasury announced it would auction $22,000 million of 19-year 10-month 1-1/8 percent
bonds. The issue was to refund $136,295 million of securities maturing October 31 and to raise new cash of
approximately $73,705 million.
The 19-year 10-month 1-1/8 percent bonds of August 2040 were dated August 15 and issued November 2. They are
due August 15, 2040, 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 21. Tenders totaled $53,433 million; Treasury accepted $22,000 million. All
noncompetitive and successful competitive bidders were allotted securities at the high yield of 1.370 percent with an
equivalent price of $95.765607. Treasury accepted in full all competitive tenders at yields lower than 1.370 percent.
Tenders at the high yield were allotted 96.29 percent. The median yield was 1.325 percent, and the low yield was 0.080
percent. Noncompetitive tenders totaled $2 million. Competitive tenders accepted from private investors totaled
$21,998 million. Accrued interest of $2.41508 per $1,000 must be paid for the period from August 15 to November 2.
In addition to the $22,000 million of tenders accepted in the auction process, Treasury accepted $2,334 million
from FRBs for their own accounts. The minimum par amount required for STRIPS of bonds of August 2040 is $100.
Auction of 2-Year Notes

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On October 22, 2020, Treasury announced it would auction $54,000 million of 2-year notes. The issue was to
refund $136,295 million of securities maturing October 31 and to raise new cash of approximately $73,705 million.
The 2-year notes of Series BH-2022 were dated October 31 and issued November 2. They are due October 31,
2022, with interest payable on April 30 and October 31 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 notes before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET
for competitive tenders on October 27. Tenders totaled $130,003 million; Treasury accepted $54,000 million. All
noncompetitive and successful competitive bidders were allotted securities at the high yield of 0.151 percent with an
equivalent price of $99.948240. Treasury accepted in full all competitive tenders at yields lower than 0.151 percent.
Tenders at the high yield were allotted 76.17 percent. The median yield was 0.120 percent, and the low yield was 0.050
percent. Noncompetitive tenders totaled $141 million. Competitive tenders accepted from private investors totaled
$53,854 million. Accrued interest of $0.00691 per $1,000 must be paid for the period from October 31 to November 2.
In addition to the $54,000 million of tenders accepted in the auction process, Treasury accepted $5,729 million
from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series BH-2022 is $100.
Auction of 2-Year Floating Rate Notes (FRNs)
On October 22, 2020, Treasury announced it would auction $26,000 million of 2-year FRNs. The issue was to
refund $136,295 million of securities maturing October 31 and to raise new cash of approximately $73,705 million.
The 2-year FRNs of Series BJ-2022 were dated October 31 and issued November 2. They are due October 31,
2022, with interest payable on January 31, April 30, July 31, and October 31 until maturity. Treasury set a spread of
0.055 percent after determining which tenders were accepted on a discount margin basis.
Treasury received tenders for the FRNs before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET
for competitive tenders on October 28. Tenders totaled $83,696 million; Treasury accepted $26,000 million. All
noncompetitive and successful competitive bidders were allotted securities at the high discount margin of 0.055 percent
with an equivalent price of $100.000000. Treasury accepted in full all competitive tenders at discount margins lower
than 0.055 percent. Tenders at the high discount margin were allotted 1.01 percent. The median discount margin was
0.045 percent, and the low discount margin was 0.030 percent. Noncompetitive tenders totaled $42 million.
Competitive tenders accepted from private investors totaled $25,959 million. Accrued interest of $0.000861252 per
$100 must be paid for the period from October 31 to November 2.
In addition to the $26,000 million of tenders accepted in the auction process, Treasury accepted $2,758 million
from FRBs for their own accounts.
Auction of 5-Year Notes
On October 22, 2020, Treasury announced it would auction $55,000 million of 5-year notes. The issue was to
refund $136,295 million of securities maturing October 31 and to raise new cash of approximately $73,705 million.
The 5-year notes of Series AF-2025 were dated October 31 and issued November 2. They are due October 31,
2025, with interest payable on April 30 and October 31 until maturity. Treasury set an interest rate of 0-1/4 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 October 28. Tenders totaled $130,795 million; Treasury accepted $55,000 million. All
noncompetitive and successful competitive bidders were allotted securities at the high yield of 0.330 percent with an
equivalent price of $99.604038. Treasury accepted in full all competitive tenders at yields lower than 0.330 percent.
Tenders at the high yield were allotted 39.15 percent. The median yield was 0.289 percent, and the low yield was 0.080
percent. Noncompetitive tenders totaled $20 million. Competitive tenders accepted from private investors totaled
$54,975 million. Accrued interest of $0.01381 per $1,000 must be paid for the period from October 31 to November 2.

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In addition to the $55,000 million of tenders accepted in the auction process, Treasury accepted $5,835 million
from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series AF-2025 is $100.
Auction of 7-Year Notes
On October 22, 2020, Treasury announced it would auction $53,000 million of 7-year notes. The issue was to
refund $136,295 million of securities maturing October 31 and to raise new cash of approximately $73,705 million.
The 7-year notes of Series R-2027 were dated October 31 and issued November 2. They are due October 31, 2027,
with interest payable on April 30 and October 31 until maturity. Treasury set an interest rate of 0-1/2 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 29. Tenders totaled $118,518 million; Treasury accepted $53,000 million. All
noncompetitive and successful competitive bidders were allotted securities at the high yield of 0.600 percent with an
equivalent price of $99.316022. Treasury accepted in full all competitive tenders at yields lower than 0.600 percent.
Tenders at the high yield were allotted 34.59 percent. The median yield was 0.545 percent, and the low yield was 0.080
percent. Noncompetitive tenders totaled $3 million. Competitive tenders accepted from private investors totaled
$52,997 million. Accrued interest of $0.02762 per $1,000 must be paid for the period from October 31 to November 2.
In addition to the $53,000 million of tenders accepted in the auction process, Treasury accepted $5,623 million
from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series R-2027 is $100.
Auction of 105-Day Cash Management Bills
On October 27, 2020, Treasury announced it would auction $25,000 million of 105-day bills. They were issued
November 3 and will mature February 16, 2021. The issue was to raise new cash of approximately $120,000 million.
Treasury auctioned the bills on October 28. Tenders totaled $101,915 million; Treasury accepted $25,000 million,
including $1 million of noncompetitive tenders from the public. The high bank discount rate was 0.095 percent.
Auction of 154-Day Cash Management Bills
On October 27, 2020, Treasury announced it would auction $30,000 million of 154-day bills. They were issued
November 3 and will mature April 6, 2021. The issue was to raise new cash of approximately $120,000 million.
Treasury auctioned the bills on October 28. Tenders totaled $96,773 million; Treasury accepted $30,000 million,
including $ million of noncompetitive tenders from the public. The high bank discount rate was 0.105 percent.
Auction of 42-Day Cash Management Bills
On October 29, 2020, Treasury announced it would auction $30,000 million of 42-day bills. They were issued
November 5 and matured December 17. The issue was to raise new cash of approximately $199,000 million. Treasury
auctioned the bills on November 3. Tenders totaled $96,223 million; Treasury accepted $30,000 million, including $32
million of noncompetitive tenders from the public. The high bank discount rate was 0.085 percent.
Auction of 119-Day Cash Management Bills
On October 29, 2020, Treasury announced it would auction $30,000 million of 119-day bills. They were issued
November 5 and will mature March 4, 2021. The issue was to raise new cash of approximately $199,000 million.
Treasury auctioned the bills on November 3. Tenders totaled $95,995 million; Treasury accepted $30,000 million,
including $5 million of noncompetitive tenders from the public. The high bank discount rate was 0.105 percent.
Auction of 52-Week Bills
On October 29, 2020, Treasury announced it would auction $34,000 million of 364-day Treasury bills. They were
issued November 5 and will mature November 4, 2021. The issue was to refund $186,706 million of all maturing bills
and to raise new cash of approximately $12,294 million. Treasury auctioned the bills on November 3. Tenders totaled

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$120,275 million; Treasury accepted $34,001 million, including $248 million of noncompetitive tenders from the
public. The high bank discount rate was 0.135 percent.
In addition to the $34,001 million of tenders accepted in the auction process, Treasury accepted $5,377 million
from FRBs for their own accounts.
Auction of 105-Day Cash Management Bills
On November 3, 2020, Treasury announced it would auction $25,000 million of 105-day bills. They were issued
November 10 and will mature February 23, 2021. The issue was to raise new cash of approximately $120,000 million.
Treasury auctioned the bills on November 4. Tenders totaled $83,949 million; Treasury accepted $25,001 million,
including $1 million of noncompetitive tenders from the public. The high bank discount rate was 0.100 percent.
Auction of 154-Day Cash Management Bills
On November 3, 2020, Treasury announced it would auction $30,000 million of 154-day bills. They were issued
November 10 and will mature April 13, 2021. The issue was to raise new cash of approximately $120,000 million.
Treasury auctioned the bills on November 4. Tenders totaled $106,544 million; Treasury accepted $30,000 million,
including $3 million of noncompetitive tenders from the public. The high bank discount rate was 0.105 percent.
November Quarterly Financing
On Nov 4, 2020, Treasury announced it would auction $54,000 million of 3-year notes, $41,000 million of 10-year
notes, and $27,000 million of 30-year bonds to refund $60,875 million of securities maturing November 15, 2020 and
to raise new cash of approximately $61,125 million.
The 3-year notes of Series AT-2023 were dated November 15 and issued November 16. They are due November
15, 2023, with interest payable on May 15 and November 15 until maturity. Treasury set an interest rate of 0-1/4
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 9. Tenders totaled $129,665 million; Treasury accepted $54,000 million. All
noncompetitive and successful competitive bidders were allotted securities at the high yield of 0.250 percent with an
equivalent price of $99.999999. Treasury accepted in full all competitive tenders at yields lower than 0.250 percent.
Tenders at the high yield were allotted 39.82 percent. The median yield was 0.230 percent, and the low yield was 0.080
percent. Noncompetitive tenders totaled $31 million. Competitive tenders accepted from private investors totaled
$53,865 million. Accrued interest of $0.00691 per $1,000 must be paid for the period from November 15 to November
16.
In addition to the $54,000 million of tenders accepted in the auction process, Treasury accepted $14,807 million
from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series AT-2023 is $100.
The 10-year notes of Series F-2030 were dated November 15 and issued November 16. They are due November 15,
2030, with interest payable on May 15 and November 15 until maturity. Treasury set an interest rate of 0-7/8 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 10. Tenders totaled $95,243 million; Treasury accepted $41,000 million. All
noncompetitive and successful competitive bidders were allotted securities at the high yield of 0.960 percent with an
equivalent price of $99.191574. Treasury accepted in full all competitive tenders at yields lower than 0.960 percent.
Tenders at the high yield were allotted 41.37 percent. The median yield was 0.912 percent, and the low yield was 0.750
percent. Noncompetitive tenders totaled $26 million. Competitive tenders accepted from private investors totaled
$40,974 million. Accrued interest of $0.02417 per $1,000 must be paid for the period from November 15 to November
16.
In addition to the $41,000 million of tenders accepted in the auction process, Treasury accepted $11,242 million
from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series F-2030 is $100.

March 2021

The 30-year bonds of November 2050 were dated November 15 and issued November 16. They are due November
15, 2050, 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 bonds before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET
for competitive tenders on November 12. Tenders totaled $61,876 million; Treasury accepted $27,000 million. All
noncompetitive and successful competitive bidders were allotted securities at the high yield of 1.680 percent with an
equivalent price of $98.708151. Treasury accepted in full all competitive tenders at yields lower than 1.680 percent.
Tenders at the high yield were allotted 62.77 percent. The median yield was 1.620 percent, and the low yield was 0.080
percent. Noncompetitive tenders totaled $13 million. Competitive tenders accepted from private investors totaled
$26,987 million. Accrued interest of $0.04489 per $1,000 must be paid for the period from November 15 to November
16.
In addition to the $27,000 million of tenders accepted in the auction process, Treasury accepted $7,403 million
from FRBs for their own accounts. The minimum par amount required for STRIPS of bonds of November 2050 is
$100.
Auction of 42-Day Cash Management Bills
On November 5, 2020, Treasury announced it would auction $30,000 million of 42-day bills. They were issued
November 12 and matured December 24. The issue was to raise new cash of approximately $165,000 million. Treasury
auctioned the bills on November 9. Tenders totaled $99,352 million; Treasury accepted $30,001 million, including $13
million of noncompetitive tenders from the public. The high bank discount rate was 0.095 percent.
Auction of 119-Day Cash Management Bills
On November 5, 2020, Treasury announced it would auction $30,000 million of 119-day bills. They were issued
November 12 and will mature March 11, 2021. The issue was to raise new cash of approximately $165,000 million.
Treasury auctioned the bills on November 9. Tenders totaled $113,033 million; Treasury accepted $30,000 million,
including $5 million of noncompetitive tenders from the public. The high bank discount rate was 0.100 percent.

Auction of 105-Day Cash Management Bills
On November 10, 2020, Treasury announced it would auction $25,000 million of 105-day bills. They were issued
November 17 and will mature March 2, 2021. The issue was to raise new cash of approximately $120,000 million.
Treasury auctioned the bills on November 12. Tenders totaled $94,613 million; Treasury accepted $25,001 million,
including $13 million of noncompetitive tenders from the public. The high bank discount rate was 0.095 percent.
Auction of 154-Day Cash Management Bills
On November 10, 2020, Treasury announced it would auction $30,000 million of 154-day bills. They were issued
November 17 and will mature April 20, 2021. The issue was to raise new cash of approximately $120,000 million.
Treasury auctioned the bills on November 12. Tenders totaled $101,350 million; Treasury accepted $30,001 million,
including $4 million of noncompetitive tenders from the public. The high bank discount rate was 0.100 percent.
Auction of 42-Day Cash Management Bills
On November 12, 2020, Treasury announced it would auction $30,000 million of 42-day bills. They were issued
November 19 and will mature December 31. The issue was to raise new cash of approximately $165,000 million.
Treasury auctioned the bills on November 17. Tenders totaled $112,707 million; Treasury accepted $30,000 million,
including $40 million of noncompetitive tenders from the public. The high bank discount rate was 0.095 percent.

March 2021

36
Auction of 119-Day Cash Management Bills
On November 12, 2020, Treasury announced it would auction $30,000 million of 119-day bills. They were issued
November 19 and will mature March 18, 2021. The issue was to raise new cash of approximately $165,000 million.
Treasury auctioned the bills on November 17. Tenders totaled $114,645 million; Treasury accepted $30,003 million,
including $28 million of noncompetitive tenders from the public. The high bank discount rate was 0.095 percent.
Auction of 20-Year Bonds
On November 12, 2020, Treasury announced it would auction $27,000 million of 20-year bonds. The issue was to
refund $77,567 million of securities maturing November 30 and to raise new cash of approximately $130,433 million.
The 20-year bonds of November 2040 were dated November 15 and issued November 30. They are due November
15, 2040, with interest payable on May 15 and November 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 bonds before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET
for competitive tenders on November 18. Tenders totaled $61,311 million; Treasury accepted $27,000 million. All
noncompetitive and successful competitive bidders were allotted securities at the high yield of 1.422 percent with an
equivalent price of $99.185441. Treasury accepted in full all competitive tenders at yields lower than 1.422 percent.
Tenders at the high yield were allotted 60.67 percent. The median yield was 1.362 percent, and the low yield was 0.080
percent. Noncompetitive tenders totaled $1 million. Competitive tenders accepted from private investors totaled
$26,999 million. Accrued interest of $0.56975 per $1,000 must be paid for the period from November 15 to November
30.
In addition to the $27,000 million of tenders accepted in the auction process, Treasury accepted $3,746 million
from FRBs for their own accounts. The minimum par amount required for STRIPS of bonds of November 2040 is
$100.

Auction of 9-Year 8-Month 0-1/8 Percent TIPS
On November 12, 2020, Treasury announced it would auction $12,000 million of 9-year 8-month 0-1/8 percent
TIPS. The issue was to refund $77,567 million of securities maturing November 30 and to raise new cash of
approximately $130,433 million.
The 9-year 8-month 0-1/8 percent TIPS of Series D-2030 were dated July 15 and issued November 30. They are
due July 15, 2030, 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 19. Tenders totaled $32,496 million; Treasury accepted $12,000 million. All
noncompetitive and successful competitive bidders were allotted securities at the high yield of -0.867 percent with an
equivalent adjusted price of $111.642995. Treasury accepted in full all competitive tenders at yields lower than -0.867
percent. Tenders at the high yield were allotted 72.22 percent. The median yield was -0.915 percent, and the low yield
was -1.080 percent. Noncompetitive tenders totaled $11 million. Competitive tenders accepted from private investors
totaled $11,989 million. Adjusted accrued interest of $0.47584 per $1,000 must be paid for the period from July 15 to
November 30. Both the unadjusted price of $109.980096 and the unadjusted accrued interest of $0.46875 were
adjusted by an index ratio of 1.01512, for the period from July 15 to November 30.
In addition to the $12,000 million of tenders accepted in the auction process, Treasury accepted $1,665 million
from FRBs for their own accounts. The minimum par amount required for STRIPS of TIPS of Series D-2030 is $100.
Auction of 105-Day Cash Management Bills

March 2021

37
On November 17, 2020, Treasury announced it would auction $25,000 million of 105-day bills. They were issued
November 24 and will mature March 9, 2021. The issue was to raise new cash of approximately $120,000 million.
Treasury auctioned the bills on November 18. Tenders totaled $97,521 million; Treasury accepted $25,001 million,
including $7 million of noncompetitive tenders from the public. The high bank discount rate was 0.090 percent.
Auction of 154-Day Cash Management Bills
On November 17, 2020, Treasury announced it would auction $30,000 million of 154-day bills. They were issued
November 24 and will mature April 27, 2021. The issue was to raise new cash of approximately $120,000 million.
Treasury auctioned the bills on November 18. Tenders totaled $103,960 million; Treasury accepted $30,001 million,
including $ million of noncompetitive tenders from the public. The high bank discount rate was 0.090 percent.
Auction of 41-Day Cash Management Bills
On November 19, 2020, Treasury announced it would auction $30,000 million of 41-day bills. They were issued
November 27 and will mature January 7, 2021. The issue was to raise new cash of approximately $165,000 million.
Treasury auctioned the bills on November 24. Tenders totaled $94,470 million; Treasury accepted $30,001 million,
including $16 million of noncompetitive tenders from the public. The high bank discount rate was 0.075 percent.
Auction of 118-Day Cash Management Bills
On November 19, 2020, Treasury announced it would auction $30,000 million of 118-day bills. They were issued
November 27 and will mature March 25, 2021. The issue was to raise new cash of approximately $165,000 million.
Treasury auctioned the bills on November 24. Tenders totaled $104,326 million; Treasury accepted $30,000 million,
including $20 million of noncompetitive tenders from the public. The high bank discount rate was 0.090 percent.

Auction of 1-Year 11-Month 0.055 Percent FRNs
On November 19, 2020, Treasury announced it would auction $24,000 million of 1-year 11-month 0.055 percent
FRNs. The issue was to raise new cash of approximately $24,000 million.
The 1-year 11-month 0.055 percent FRNs of Series BJ-2022 were dated October 31 and issued November 27. They
are due October 31, 2022, with interest payable on January 31, April 30, July 31, and October 31 until maturity.
Treasury received tenders for the FRNs before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET
for competitive tenders on November 24. Tenders totaled $69,643 million; Treasury accepted $24,000 million. All
noncompetitive and successful competitive bidders were allotted securities at the high discount margin of 0.053 percent
with an equivalent price of $100.003897. Treasury accepted in full all competitive tenders at discount margins lower
than 0.053 percent. Tenders at the high discount margin were allotted 44.54 percent. The median discount margin was
0.045 percent, and the low discount margin was 0.020 percent. Noncompetitive tenders totaled $14 million.
Competitive tenders accepted from private investors totaled $23,986 million. Accrued interest of $0.011251720 per
$100 must be paid for the period from October 31 to November 27.
Auction of 2-Year Notes
On November 19, 2020, Treasury announced it would auction $56,000 million of 2-year notes. The issue was to
refund $77,567 million of securities maturing November 30 and to raise new cash of approximately $130,433 million.
The 2-year notes of Series BK-2022 were dated and issued November 30. They are due November 30, 2022, with
interest payable on May 31 and November 30 until maturity. Treasury set an interest rate of 0-1/8 percent after
determining which tenders were accepted on a yield auction basis.

March 2021

38
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 23. Tenders totaled $151,885 million; Treasury accepted $56,000 million. All
noncompetitive and successful competitive bidders were allotted securities at the high yield of 0.165 percent with an
equivalent price of $99.920165. Treasury accepted in full all competitive tenders at yields lower than 0.165 percent.
Tenders at the high yield were allotted 97.49 percent. The median yield was 0.140 percent, and the low yield was 0.080
percent. Noncompetitive tenders totaled $123 million. Competitive tenders accepted from private investors totaled
$55,877 million.
In addition to the $56,000 million of tenders accepted in the auction process, Treasury accepted $7,769 million
from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series BK-2022 is $100.
Auction of 5-Year Notes
On November 19, 2020, Treasury announced it would auction $57,000 million of 5-year notes. The issue was to
refund $77,567 million of securities maturing November 30 and to raise new cash of approximately $130,433 million.
The 5-year notes of Series AG-2025 were dated and issued November 30. They are due November 30, 2025, with
interest payable on May 31 and November 30 until maturity. Treasury set an interest rate of 0-3/8 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 23. Tenders totaled $135,812 million; Treasury accepted $57,000 million. All
noncompetitive and successful competitive bidders were allotted securities at the high yield of 0.397 percent with an
equivalent price of $99.891191. Treasury accepted in full all competitive tenders at yields lower than 0.397 percent.
Tenders at the high yield were allotted 42.65 percent. The median yield was 0.349 percent, and the low yield was 0.250
percent. Noncompetitive tenders totaled $14 million. Competitive tenders accepted from private investors totaled
$56,986 million.
In addition to the $57,000 million of tenders accepted in the auction process, Treasury accepted $7,908 million
from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series AG-2025 is $100.
Auction of 7-Year Notes
On November 19, 2020, Treasury announced it would auction $56,000 million of 7-year notes. The issue was to
refund $77,567 million of securities maturing November 30 and to raise new cash of approximately $130,433 million.
The 7-year notes of Series S-2027 were dated and issued November 30. They are due November 30, 2027, with
interest payable on May 31 and November 30 until maturity. Treasury set an interest rate of 0-5/8 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 24. Tenders totaled $132,923 million; Treasury accepted $56,000 million. All
noncompetitive and successful competitive bidders were allotted securities at the high yield of 0.653 percent with an
equivalent price of $99.808717. Treasury accepted in full all competitive tenders at yields lower than 0.653 percent.
Tenders at the high yield were allotted 70.41 percent. The median yield was 0.600 percent, and the low yield was 0.080
percent. Noncompetitive tenders totaled $3 million. Competitive tenders accepted from private investors totaled
$55,997 million.
In addition to the $56,000 million of tenders accepted in the auction process, Treasury accepted $7,769 million
from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series S-2027 is $100.
DECEMBER
Auction of 105-Day Cash Management Bills
On November 24, 2020, Treasury announced it would auction $25,000 million of 105-day bills. They were issued
December 1 and will mature March 16, 2021. The issue was to raise new cash of approximately $120,000 million.

March 2021

39
Treasury auctioned the bills on November 25. Tenders totaled $108,678 million; Treasury accepted $25,001 million,
including $4 million of noncompetitive tenders from the public. The high bank discount rate was 0.085 percent.
Auction of 154-Day Cash Management Bills
On November 24, 2020, Treasury announced it would auction $30,000 million of 154-day bills. They were issued
December 1 and will mature May 4, 2021. The issue was to raise new cash of approximately $120,000 million.
Treasury auctioned the bills on November 25. Tenders totaled $109,369 million; Treasury accepted $30,002 million,
including $1 million of noncompetitive tenders from the public. The high bank discount rate was 0.090 percent.
Auction of 42-Day Cash Management Bills
On November 25, 2020, Treasury announced it would auction $30,000 million of 42-day bills. They were issued
December 3 and will mature January 14, 2021. The issue was to raise new cash of approximately $199,000 million.
Treasury auctioned the bills on December 1. Tenders totaled $100,102 million; Treasury accepted $30,001 million,
including $24 million of noncompetitive tenders from the public. The high bank discount rate was 0.080 percent.
Auction of 119-Day Cash Management Bills
On November 25, 2020, Treasury announced it would auction $30,000 million of 119-day bills. They were issued
December 3 and will mature April 1, 2021. The issue was to raise new cash of approximately $199,000 million.
Treasury auctioned the bills on December 1. Tenders totaled $107,181 million; Treasury accepted $30,001 million,
including $16 million of noncompetitive tenders from the public. The high bank discount rate was 0.090 percent.
Auction of 52-Week Bills
On November 25, 2020, Treasury announced it would auction $34,000 million of 364-day Treasury bills. They
were issued December 3 and will mature December 2, 2021. The issue was to refund $184,857 million of all maturing
bills and to raise new cash of approximately $14,143 million. Treasury auctioned the bills on December 1. Tenders
totaled $126,784 million; Treasury accepted $34,001 million, including $276 million of noncompetitive tenders from
the public. The high bank discount rate was 0.110 percent.
In addition to the $34,001 million of tenders accepted in the auction process, Treasury accepted $4,986 million
from FRBs for their own accounts.
Auction of 105-Day Cash Management Bills
On December 1, 2020, Treasury announced it would auction $25,000 million of 105-day bills. They were issued
December 8 and will mature March 23, 2021. The issue was to raise new cash of approximately $120,000 million.
Treasury auctioned the bills on December 2. Tenders totaled $98,603 million; Treasury accepted $25,000 million,
including $1 million of noncompetitive tenders from the public. The high bank discount rate was 0.085 percent.
Auction of 154-Day Cash Management Bills
On December 1, 2020, Treasury announced it would auction $30,000 million of 154-day bills. They were issued
December 8 and will mature May 11, 2021. The issue was to raise new cash of approximately $120,000 million.
Treasury auctioned the bills on December 2. Tenders totaled $115,081 million; Treasury accepted $30,000 million,
including $2 million of noncompetitive tenders from the public. The high bank discount rate was 0.090 percent.
Auction of 42-Day Cash Management Bills
On December 3, 2020, Treasury announced it would auction $30,000 million of 42-day bills. They were issued
December 10 and will mature January 21, 2021. The issue was to raise new cash of approximately $165,000 million.
Treasury auctioned the bills on December 8. Tenders totaled $114,310 million; Treasury accepted $30,000 million,
including $10 million of noncompetitive tenders from the public. The high bank discount rate was 0.070 percent.

March 2021

40
Auction of 119-Day Cash Management Bills
On December 3, 2020, Treasury announced it would auction $30,000 million of 119-day bills. They were issued
December 10 and will mature April 8, 2021. The issue was to raise new cash of approximately $165,000 million.
Treasury auctioned the bills on December 8. Tenders totaled $107,552 million; Treasury accepted $30,001 million,
including $12 million of noncompetitive tenders from the public. The high bank discount rate was 0.080 percent.
Auction of 3-Year Notes
On December 3, 2020, Treasury announced it would auction $56,000 million of 3-year notes. The issue was to
refund $18,974 million of securities maturing December 15 and to raise new cash of approximately $99,026 million.
The 3-year notes of Series AU-2023 were dated and issued December 15. They are due December 15, 2023, with
interest payable on June 15 and December 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 notes before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET
for competitive tenders on December 8. Tenders totaled $127,411 million; Treasury accepted $56,000 million. All
noncompetitive and successful competitive bidders were allotted securities at the high yield of 0.211 percent with an
equivalent price of $99.742950. Treasury accepted in full all competitive tenders at yields lower than 0.211 percent.
Tenders at the high yield were allotted 45.86 percent. The median yield was 0.187 percent, and the low yield was 0.080
percent. Noncompetitive tenders totaled $51 million. Competitive tenders accepted from private investors totaled
$55,949 million.
In addition to the $56,000 million of tenders accepted in the auction process, Treasury accepted $2,385 million
from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series AU-2023 is $100.
Auction of 9-Year 11-Month 0-7/8 Percent Notes
On December 3, 2020, Treasury announced it would auction $38,000 million of 9-year 11-month 0-7/8 percent
notes. The issue was to refund $18,974 million of securities maturing December 15 and to raise new cash of
approximately $99,026 million.
The 9-year 11-month 0-7/8 percent notes of Series F-2030 were dated November 15 and issued December 15. They
are due November 15, 2030, 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 9. Tenders totaled $88,500 million; Treasury accepted $38,000 million. All
noncompetitive and successful competitive bidders were allotted securities at the high yield of 0.951 percent with an
equivalent price of $99.282076. Treasury accepted in full all competitive tenders at yields lower than 0.951 percent.
Tenders at the high yield were allotted 88.79 percent. The median yield was 0.904 percent, and the low yield was 0.080
percent. Noncompetitive tenders totaled $6 million. Competitive tenders accepted from private investors totaled
$37,994 million. Accrued interest of $0.72514 per $1,000 must be paid for the period from November 15 to December
15.
In addition to the $38,000 million of tenders accepted in the auction process, Treasury accepted $1,619 million
from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series F-2030 is $100.
Auction of 29-Year 11-Month 1-5/8 Percent Bonds
On December 3, 2020, Treasury announced it would auction $24,000 million of 29-year 11-month 1-5/8 percent
bonds. The issue was to refund $18,974 million of securities maturing December 15 and to raise new cash of
approximately $99,026 million.
The 29-year 11-month 1-5/8 percent bonds of November 2050 were dated November 15 and issued December 15.
They are due November 15, 2050, with interest payable on May 15 and November 15 until maturity.

March 2021

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 10. Tenders totaled $59,542 million; Treasury accepted $24,000 million. All
noncompetitive and successful competitive bidders were allotted securities at the high yield of 1.665 percent with an
equivalent price of $99.059547. Treasury accepted in full all competitive tenders at yields lower than 1.665 percent.
Tenders at the high yield were allotted 85.21 percent. The median yield was 1.626 percent, and the low yield was 0.080
percent. Noncompetitive tenders totaled $3 million. Competitive tenders accepted from private investors totaled
$23,997 million. Accrued interest of $1.34669 per $1,000 must be paid for the period from November 15 to December
15.
In addition to the $24,000 million of tenders accepted in the auction process, Treasury accepted $1,022 million
from FRBs for their own accounts. The minimum par amount required for STRIPS of bonds of November 2050 is
$100.
Auction of 105-Day Cash Management Bills
On December 8, 2020, Treasury announced it would auction $25,000 million of 105-day bills. They were issued
December 15 and will mature March 30, 2021. The issue was to raise new cash of approximately $120,000 million.
Treasury auctioned the bills on December 9. Tenders totaled $92,559 million; Treasury accepted $25,000 million,
including $5 million of noncompetitive tenders from the public. The high bank discount rate was 0.085 percent.
Auction of 154-Day Cash Management Bills
On December 8, 2020, Treasury announced it would auction $30,000 million of 154-day bills. They were issued
December 15 and will mature May 18, 2021. The issue was to raise new cash of approximately $120,000 million.
Treasury auctioned the bills on December 9. Tenders totaled $105,373 million; Treasury accepted $30,001 million,
including $2 million of noncompetitive tenders from the public. The high bank discount rate was 0.090 percent.
Auction of 42-Day Cash Management Bills
On December 10, 2020, Treasury announced it would auction $30,000 million of 42-day bills. They were issued
December 17 and will mature January 28, 2021. The issue was to raise new cash of approximately $165,000 million.
Treasury auctioned the bills on December 15. Tenders totaled $96,318 million; Treasury accepted $30,001 million,
including $25 million of noncompetitive tenders from the public. The high bank discount rate was 0.075 percent.
Auction of 119-Day Cash Management Bills
On December 10, 2020, Treasury announced it would auction $30,000 million of 119-day bills. They were issued
December 17 and will mature April 15, 2021. The issue was to raise new cash of approximately $165,000 million.
Treasury auctioned the bills on December 15. Tenders totaled $103,982 million; Treasury accepted $30,001 million,
including $25 million of noncompetitive tenders from the public. The high bank discount rate was 0.085 percent.
Auction of 105-Day Cash Management Bills
On December 15, 2020, Treasury announced it would auction $25,000 million of 105-day bills. They were issued
December 22 and will mature April 6, 2021. The issue was to raise new cash of approximately $120,000 million.
Treasury auctioned the bills on December 16. Tenders totaled $95,382 million; Treasury accepted $25,000 million,
including $7 million of noncompetitive tenders from the public. The high bank discount rate was 0.085 percent.
Auction of 154-Day Cash Management Bills
On December 15, 2020, Treasury announced it would auction $30,000 million of 154-day bills. They were issued
December 22 and will mature May 25, 2021. The issue was to raise new cash of approximately $120,000 million.
Treasury auctioned the bills on December 16. Tenders totaled $98,270 million; Treasury accepted $30,001 million,
including $ million of noncompetitive tenders from the public. The high bank discount rate was 0.090 percent.

March 2021

42
Auction of 8-Day Cash Management Bills
On December 17, 2020, Treasury announced it would auction $25 million of 8-day bills. They were issued
December 21 and matured December 29. The issue was to raise new cash of approximately $25 million. Treasury
auctioned the bills on December 17. Tenders totaled $163 million; Treasury accepted $25 million. The high bank
discount rate was 0.060 percent.
Auction of 19-Year 11-Month 1-3/8 Percent Bonds
On December 17, 2020, Treasury announced it would auction $24,000 million of 19-year 11-month 1-3/8 percent
bonds. The issue was to refund $71,282 million of securities maturing December 31 and to raise new cash of
approximately $143,718 million.
The 19-year 11-month 1-3/8 percent bonds of November 2040 were dated November 15 and issued December 31.
They are due November 15, 2040, 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 21. Tenders totaled $57,474 million; Treasury accepted $24,000 million. All
noncompetitive and successful competitive bidders were allotted securities at the high yield of 1.470 percent with an
equivalent price of $98.367014. Treasury accepted in full all competitive tenders at yields lower than 1.470 percent.
Tenders at the high yield were allotted 14.51 percent. The median yield was 1.411 percent, and the low yield was 0.870
percent. Noncompetitive tenders totaled $1 million. Competitive tenders accepted from private investors totaled
$23,999 million. Accrued interest of $1.74724 per $1,000 must be paid for the period from November 15 to December
31.
In addition to the $24,000 million of tenders accepted in the auction process, Treasury accepted $3,651 million
from FRBs for their own accounts. The minimum par amount required for STRIPS of bonds of November 2040 is
$100.
Auction of 42-Day Cash Management Bills
On December 17, 2020, Treasury announced it would auction $30,000 million of 42-day bills. They were issued
December 24 and will mature February 4, 2021. The issue was to raise new cash of approximately $165,000 million.
Treasury auctioned the bills on December 22. Tenders totaled $101,499 million; Treasury accepted $30,001 million,
including $43 million of noncompetitive tenders from the public. The high bank discount rate was 0.080 percent.
Auction of 119-Day Cash Management Bills
On December 17, 2020, Treasury announced it would auction $30,000 million of 119-day bills. They were issued
December 24 and will mature April 22, 2021. The issue was to raise new cash of approximately $165,000 million.
Treasury auctioned the bills on December 22. Tenders totaled $102,457 million; Treasury accepted $30,000 million,
including $27 million of noncompetitive tenders from the public. The high bank discount rate was 0.090 percent.
Auction of 4-Year 10-Month 0-1/8 Percent TIPS
On December 17, 2020, Treasury announced it would auction $15,000 million of 4-year 10-month 0-1/8 percent
TIPS. The issue was to refund $71,282 million of securities maturing December 31 and to raise new cash of
approximately $143,718 million.
The 4-year 10-month 0-1/8 percent TIPS of Series AE-2025 were dated October 15 and issued December 31. They
are due October 15, 2025, 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 22. Tenders totaled $42,941 million; Treasury accepted $15,000 million. All
noncompetitive and successful competitive bidders were allotted securities at the high yield of -1.575 percent with an
equivalent adjusted price of $108.871082. Treasury accepted in full all competitive tenders at yields lower than -1.575
percent. Tenders at the high yield were allotted 29.03 percent. The median yield was -1.620 percent, and the low yield

March 2021

43
was -2.000 percent. Noncompetitive tenders totaled $19 million. Competitive tenders accepted from private investors
totaled $14,981 million. Adjusted accrued interest of $0.26535 per $1,000 must be paid for the period from October 15
to December 31. Both the unadjusted price of $108.489200 and the unadjusted accrued interest of $0.26442 were
adjusted by an index ratio of 1.00352, 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 $2,282 million
from FRBs for their own accounts. The minimum par amount required for STRIPS of TIPS of Series AE-2025 is $100.
Auction of 1-Year 10-Month 0.055 Percent FRNs
On December 17, 2020, Treasury announced it would auction $24,000 million of 1-year 10-month 0.055 percent
FRNs. The issue was to raise new cash of approximately $24,000 million.
The 1-year 10-month 0.055 percent FRNs of Series BJ-2022 were dated October 31 and issued December 28. They
are due October 31, 2022, with interest payable on January 31, April 30, July 31, and October 31 until maturity.
Treasury received tenders for the FRNs before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET
for competitive tenders on December 23. Tenders totaled $67,886 million; Treasury accepted $24,000 million. All
noncompetitive and successful competitive bidders were allotted securities at the high discount margin of 0.060 percent
with an equivalent price of $99.990678. Treasury accepted in full all competitive tenders at discount margins lower
than 0.060 percent. Tenders at the high discount margin were allotted 87.46 percent. The median discount margin was
0.054 percent, and the low discount margin was 0.020 percent. Noncompetitive tenders totaled $16 million.
Competitive tenders accepted from private investors totaled $23,984 million. Accrued interest of $0.023114334 per
$100 must be paid for the period from October 31 to December 28.
Auction of 105-Day Cash Management Bills
On December 22, 2020, Treasury announced it would auction $25,000 million of 105-day bills. They were issued
December 29 and will mature April 13, 2021. The issue was to raise new cash of approximately $120,000 million.
Treasury auctioned the bills on December 23. Tenders totaled $90,521 million; Treasury accepted $25,000 million,
including $1 million of noncompetitive tenders from the public. The high bank discount rate was 0.090 percent.
Auction of 154-Day Cash Management Bills
On December 22, 2020, Treasury announced it would auction $30,000 million of 154-day bills. They were issued
December 29 and will mature June 1, 2021. The issue was to raise new cash of approximately $120,000 million.
Treasury auctioned the bills on December 23. Tenders totaled $104,316 million; Treasury accepted $30,000 million,
including $5 million of noncompetitive tenders from the public. The high bank discount rate was 0.095 percent.
Auction of 42-Day Cash Management Bills
On December 24, 2020, Treasury announced it would auction $30,000 million of 42-day bills. They were issued
December 31 and will mature February 11, 2021. The issue was to raise new cash of approximately $199,000 million.
Treasury auctioned the bills on December 29. Tenders totaled $109,876 million; Treasury accepted $30,001 million,
including $37 million of noncompetitive tenders from the public. The high bank discount rate was 0.085 percent.
Auction of 119-Day Cash Management Bills
On December 24, 2020, Treasury announced it would auction $30,000 million of 119-day bills. They were issued
December 31 and will mature April 29, 2021. The issue was to raise new cash of approximately $199,000 million.
Treasury auctioned the bills on December 29. Tenders totaled $112,051 million; Treasury accepted $30,001 million,
including $26 million of noncompetitive tenders from the public. The high bank discount rate was 0.095 percent.
Auction of 52-Week Bills
On December 24, 2020, Treasury announced it would auction $34,000 million of 364-day Treasury bills. They
were issued December 31 and will mature December 30, 2021. The issue was to refund $178,642 million of all

March 2021

44
maturing bills and to raise new cash of approximately $20,358 million. Treasury auctioned the bills on December 29.
Tenders totaled $108,974 million; Treasury accepted $34,001 million, including $202 million of noncompetitive
tenders from the public. The high bank discount rate was 0.110 percent.
In addition to the $34,001 million of tenders accepted in the auction process, Treasury accepted $5,731 million
from FRBs for their own accounts.

Auction of 2-Year Notes
On December 24, 2020, Treasury announced it would auction $58,000 million of 2-year notes. The issue was to
refund $71,282 million of securities maturing December 31 and to raise new cash of approximately $143,718 million.
The 2-year notes of Series BL-2022 were dated and issued December 31. They are due December 31, 2022, with
interest payable on June 30 and December 31 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 notes before 11:00 a.m. ET for noncompetitive tenders and before 11:30 a.m. ET
for competitive tenders on December 28. Tenders totaled $142,281 million; Treasury accepted $58,000 million. All
noncompetitive and successful competitive bidders were allotted securities at the high yield of 0.137 percent with an
equivalent price of $99.976041. Treasury accepted in full all competitive tenders at yields lower than 0.137 percent.
Tenders at the high yield were allotted 69.37 percent. The median yield was 0.110 percent, and the low yield was 0.050
percent. Noncompetitive tenders totaled $124 million. Competitive tenders accepted from private investors totaled
$57,876 million.
In addition to the $58,000 million of tenders accepted in the auction process, Treasury accepted $8,824 million
from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series BL-2022 is $100.
Auction of 5-Year Notes
On December 24, 2020, Treasury announced it would auction $59,000 million of 5-year notes. The issue was to
refund $71,282 million of securities maturing December 31 and to raise new cash of approximately $143,718 million.
The 5-year notes of Series AH-2025 were dated and issued December 31. They are due December 31, 2025, with
interest payable on June 30 and December 31 until maturity. Treasury set an interest rate of 0-3/8 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 28. Tenders totaled $141,051 million; Treasury accepted $59,000 million. All
noncompetitive and successful competitive bidders were allotted securities at the high yield of 0.394 percent with an
equivalent price of $99.906021. Treasury accepted in full all competitive tenders at yields lower than 0.394 percent.
Tenders at the high yield were allotted 61.36 percent. The median yield was 0.350 percent, and the low yield was 0.080
percent. Noncompetitive tenders totaled $14 million. Competitive tenders accepted from private investors totaled
$58,981 million.
In addition to the $59,000 million of tenders accepted in the auction process, Treasury accepted $8,977 million
from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series AH-2025 is $100.
Auction of 7-Year Notes
On December 24, 2020, Treasury announced it would auction $59,000 million of 7-year notes. The issue was to
refund $71,282 million of securities maturing December 31 and to raise new cash of approximately $143,718 million.

March 2021

45
The 7-year notes of Series T-2027 were dated and issued December 31. They are due December 31, 2027, with
interest payable on June 30 and December 31 until maturity. Treasury set an interest rate of 0-5/8 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 29. Tenders totaled $136,576 million; Treasury accepted $59,000 million. All
noncompetitive and successful competitive bidders were allotted securities at the high yield of 0.662 percent with an
equivalent price of $99.747318. Treasury accepted in full all competitive tenders at yields lower than 0.662 percent.
Tenders at the high yield were allotted 16.82 percent. The median yield was 0.608 percent, and the low yield was 0.550
percent. Noncompetitive tenders totaled $6 million. Competitive tenders accepted from private investors totaled
$58,994 million.
In addition to the $59,000 million of tenders accepted in the auction process, Treasury accepted $8,977 million
from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series T-2027 is $100.

March 2021

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
Maturity
of days to of bids
date
maturity 1 tendered
(1)
(2)
(3)

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

High
price per
hundred
(7)

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

Regular weekly:
(4 week, 8 week, 13 week, and 26 week)

2020-Oct. 01
Oct. 06
Oct. 08
Oct. 13
Oct. 15
Oct. 20
Oct. 22
Oct. 27
Oct. 29
Nov. 03
Nov. 05
Nov. 10
Nov. 12
Nov. 17
Nov. 19
Nov. 24
Nov. 27
Dec. 01
Dec. 03
Dec. 08
Dec. 10
Dec. 15
Dec. 17
Dec. 22

2020-Dec. 31
2021-Apr. 01
2020-Nov. 03
Dec. 01
2021-Jan. 07
Apr. 08
2020-Nov. 10
Dec. 08
2021-Jan. 14
Apr. 15
2020-Nov. 17
Dec. 15
2021-Jan. 21
Apr. 22
2020-Nov. 24
Dec. 22
2021-Jan. 28
Apr. 29
2020-Dec. 01
Dec. 29
2021-Feb. 04
May 06
2020-Dec. 08
2021-Jan. 05
Feb. 11
May 13
2020-Dec. 15
2021-Jan. 12
Feb. 18
May 20
2020-Dec. 22
2021-Jan. 19
Feb. 25
May 27
2020-Dec. 29
2021-Jan. 26
Mar. 04
June 03
Jan. 05
Feb. 02
Mar. 11
June 10
Jan. 12
Feb. 09
Mar. 18
June 17
Jan. 19
Feb. 16

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

160,092.4
162,715.6
102,977.1
129,822.1
159,762.1
156,401.9
102,582.5
123,500.7
153,015.2
159,691.4
101,658.3
115,794.2
169,136.7
161,820.6
109,715.2
126,021.0
161,294.5
182,624.3
101,832.7
124,129.6
159,331.3
160,141.7
102,075.2
111,671.1
149,139.6
157,707.7
104,852.9
117,164.4
176,594.7
169,158.1
108,860.7
116,479.8
148,874.3
186,576.4
104,475.9
124,987.2
166,363.5
170,653.1
103,463.2
120,085.8
172,325.9
173,769.8
112,064.6
121,595.9
162,119.2
166,191.6
109,034.5
121,630.9

58,499.0
55,248.5
32,947.9
38,440.0
62,203.4
58,747.2
32,439.3
37,845.9
59,913.5
56,584.6
32,892.2
38,373.9
60,910.1
57,526.9
32,831.3
38,303.0
58,880.0
55,608.1
32,929.2
38,416.2
62,539.9
59,065.9
32,407.8
37,809.2
59,862.4
56,535.9
32,904.2
38,388.1
61,293.3
57,887.5
32,841.2
38,314.2
58,574.1
55,320.8
32,939.1
38,428.9
61,919.7
58,479.6
32,425.3
37,828.8
58,645.8
55,387.5
32,897.0
38,380.5
59,529.7
56,224.2
32,835.5
38,308.7

52,625.0
50,087.0
28,645.4
34,040.7
52,503.0
49,767.8
28,678.3
33,910.2
52,675.9
50,152.6
28,572.1
34,262.7
52,794.8
50,085.7
28,972.3
34,256.1
52,302.3
49,496.4
28,114.1
33,759.8
52,970.3
50,368.6
28,501.0
34,547.1
52,960.1
50,337.4
28,936.5
34,548.7
52,904.6
50,223.4
28,476.3
34,552.6
52,403.0
49,551.2
28,569.8
33,847.6
52,971.8
50,433.0
28,534.3
34,442.8
52,845.5
50,256.5
28,603.1
34,614.5
52,946.1
50,249.9
28,539.6
34,523.4

629.1
431.5
924.9
193.4
646.5
450.3
949.0
189.2
724.9
458.8
861.4
209.6
705.2
499.1
860.5
244.5
699.1
504.1
887.0
240.4
673.3
459.5
939.6
196.8
641.3
463.2
846.9
151.7
756.1
501.6
892.3
207.6
600.7
450.2
830.7
152.9
624.4
367.1
915.6
188.6
780.6
544.3
837.2
211.4
797.3
548.8
861.7
220.6

99.974722
99.946917
99.993389
99.986778
99.975986
99.944389
99.993000
99.986000
99.973458
99.941861
99.993000
99.985222
99.974722
99.941861
99.993389
99.986000
99.974722
99.944389
99.993778
99.986778
99.975986
99.944389
99.993778
99.986778
99.974722
99.944389
99.993389
99.986000
99.977250
99.949444
99.994556
99.989111
99.978750
99.954750
99.993778
99.987556
99.978514
99.954500
99.994167
99.988333
99.979778
99.954500
99.994944
99.988333
99.981042
99.957028
99.994167
99.987556

0.100
0.105
0.085
0.085
0.095
0.110
0.090
0.090
0.105
0.115
0.090
0.095
0.100
0.115
0.085
0.090
0.100
0.110
0.080
0.085
0.095
0.110
0.080
0.085
0.100
0.110
0.085
0.090
0.090
0.100
0.070
0.070
0.085
0.090
0.080
0.080
0.085
0.090
0.075
0.075
0.080
0.090
0.065
0.075
0.075
0.085
0.075
0.080

0.101
0.107
0.086
0.086
0.096
0.112
0.091
0.091
0.106
0.117
0.091
0.096
0.101
0.117
0.086
0.091
0.101
0.112
0.081
0.086
0.096
0.112
0.081
0.086
0.101
0.112
0.086
0.091
0.091
0.101
0.071
0.071
0.086
0.091
0.081
0.081
0.086
0.091
0.076
0.076
0.081
0.091
0.066
0.076
0.076
0.086
0.076
0.081

March 2021

47
Continued from Table PDO-1
Dec. 24
Dec. 29
Dec. 31
1

Mar. 25
June 24
Jan. 26
Feb. 23
Apr. 01
July 01

91
182
28
56
91
182

154,635.3
162,507.2
104,071.2
117,779.9
161,037.7
166,501.4

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.

56,099.8
52,983.3
32,933.1
38,422.1
63,102.6
59,598.2

52,789.0
50,386.9
28,586.4
34,241.7
52,510.1
49,629.6

640.7
413.9
837.7
237.7
590.2
371.9

99.977250
99.954500
99.993778
99.986000
99.975986
99.949444

0.090
0.090
0.080
0.090
0.095
0.100

0.091
0.091
0.081
0.091
0.096
0.101

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.

March 2021

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]

Description of securities 1
(2)

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

Amount
tendered
(4)

Amount
accepted 3, 4
(5)

Auction date

Issue date
(1)

09/29/20

10/01/20

0.085% CMB—11/12/20

42d

102,490

30,000

09/29/20

10/01/20

0.090% CMB—01/28/21

119d

125,581

30,001

09/30/20

10/06/20

0.095% CMB—01/19/21

105d

90,377

25,001

09/30/20

10/06/20

0.105% CMB—03/09/21

154d

105,830

30,001
30,001

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

10/06/20

10/08/20

0.090% CMB—11/19/20

42d

99,147

10/06/20

10/08/20

0.105% CMB—02/04/21

119d

93,821

30,000

10/06/20

10/08/20

0.140% bill—10/07/21

364d

112,338

39,165

10/06/20

10/15/20

0.125% note—10/15/23-AS

128,189

53,455

10/07/20

10/13/20

0.100% CMB—01/26/21

105d

86,227

25,000

10/07/20

10/13/20

0.110% CMB—03/16/21

154d

95,232

30,000

10/07/20

10/15/20

0.625% note—08/15/30-E

10m

87,594

35,979

0.765 - 98.675865

10/08/20

10/15/20

1.375% bond—08/15/50

29y

10m

53,262

23,643

1.578 - 95.183187

10/13/20

10/15/20

0.095% CMB—11/27/20

43d

102,950

30,000
30,000

0.193 - 99.796687

10/13/20

10/15/20

0.110% CMB—02/11/21

119d

100,800

10/14/20

10/20/20

0.105% CMB—02/02/21

105d

88,043

25,001

10/14/20

10/20/20

0.120% CMB—03/23/21

154d

97,353

30,000

10/20/20

10/22/20

0.090% CMB—12/03/20

42d

109,995

30,000

10/20/20

10/22/20

0.105% CMB—02/18/21

119d

106,215

30,000

10/21/20

10/27/20

0.100% CMB—02/09/21

105d

95,944

25,001

10/21/20

10/27/20

0.115% CMB—03/30/21

154d

108,439

30,001

10/21/20

11/02/20

1.125% bond—08/15/40

19y

55,767

24,334

1.370 - 95.765607

10/22/20

10/30/20

0.125% TIPS—10/15/25-AE

45,151

17,000

-1.320 107.593657

10/27/20

10/29/20

0.080% CMB—12/10/20

42d

103,340

30,001

10/27/20

10/29/20

0.100% CMB—02/25/21

119d

97,933

30,001

10/27/20

11/02/20

0.125% note—10/31/22-BH

10/28/20

11/03/20

0.095% CMB—02/16/21

10m

135,732

59,729

105d

101,915

25,000

154d

0.151 - 99.948240

10/28/20

11/03/20

0.105% CMB—04/06/21

96,773

30,000

10/28/20

11/02/20

0.055% FRN—10/31/22-BJ

86,454

28,759

0.055 - 100.000000

10/28/20

11/02/20

0.250% note—10/31/25-AF

136,630

60,835

0.330 - 99.604038

10/29/20

11/02/20

0.500% note—10/31/27-R

124,141

58,623

0.600 - 99.316022

11/03/20

11/05/20

0.085% CMB—12/17/20

96,223

30,000

11/03/20

11/05/20

0.105% CMB—03/04/21

119d

95,995

30,000

11/03/20

11/05/20

0.135% bill—11/04/21

364d

125,652

39,377

11/04/20

11/10/20

0.100% CMB—02/23/21

105d

83,949

25,001

11/04/20

11/10/20

0.105% CMB—04/13/21

154d

106,544

30,000

11/09/20

11/12/20

0.095% CMB—12/24/20

42d

99,352

30,001

11/09/20

11/12/20

0.100% CMB—03/11/21

11/09/20

11/16/20

0.250% note—11/15/23-AT

11/10/20

11/16/20

0.875% note—11/15/30-F

10y

11/12/20

11/17/20

0.095% CMB—03/02/21

42d

119d

105d

113,033

30,000

144,472

68,807

0.250 - 99.999999

106,485

52,242

0.960 - 99.191574

94,613

25,001

March 2021

11/12/20

11/17/20

0.100% CMB—04/20/21

11/12/20

11/16/20

1.625% bond—11/15/50

154d
30y

101,350

30,001

69,279

34,403

1.680 - 98.708151

11/17/20

11/19/20

0.095% CMB—12/31/20

42d

112,707

30,000

11/17/20

11/19/20

0.095% CMB—03/18/21

119d

114,645

30,003

11/18/20

11/24/20

0.090% CMB—03/09/21

105d

97,521

25,001

11/18/20

11/24/20

0.090% CMB—04/27/21

154d

103,960

30,001

11/18/20

11/30/20

1.375% bond—11/15/40

20y

65,057

30,746

1.422 - 99.185441

11/19/20

11/30/20

0.125% TIPS—07/15/30-D

34,161

13,665

-0.867 - 111.642995

11/23/20

11/30/20

0.125% note—11/30/22-BK

159,654

63,769

0.165 - 99.920165

11/23/20

11/30/20

0.375% note—11/30/25-AG

143,719

64,908

0.397 - 99.891191

11/24/20

11/27/20

0.075% CMB—01/07/21

41d

94,470

30,001

11/24/20

11/27/20

0.090% CMB—03/25/21

118d

104,326

30,000

11/24/20

11/27/20

0.055% FRN—10/31/22-BJ

11/24/20

11/30/20

0.625% note—11/30/27-S

11/25/20

12/01/20

0.085% CMB—03/16/21

11/25/20

12/01/20

12/03/20

12/01/20
12/01/20
12/02/20

11m

69,643

24,000

0.053 - 100.003897

140,691

63,769

0.653 - 99.808717

105d

108,678

25,001

0.090% CMB—05/04/21

154d

109,369

30,002

0.080% CMB—01/14/21

42d

100,102

30,001

12/03/20

0.090% CMB—04/01/21

119d

107,181

30,001

12/03/20

0.110% bill—12/02/21

364d

131,771

38,988

12/08/20

0.085% CMB—03/23/21

105d

98,603

25,000

12/02/20

12/08/20

0.090% CMB—05/11/21

154d

115,081

30,000

12/08/20

12/10/20

0.070% CMB—01/21/21

42d

114,310

30,000

12/08/20

12/10/20

0.080% CMB—04/08/21

119d

107,552

30,001

12/08/20

12/15/20

0.125% note—12/15/23-AU

129,796

58,385

12/09/20

12/15/20

0.085% CMB—03/30/21

105d

92,559

25,000

12/09/20

12/15/20

0.090% CMB—05/18/21

154d

105,373

30,001

12/09/20

12/15/20

0.875% note—11/15/30-F

11m

90,118

39,619

0.951 - 99.282076

29y

11m

1.665 - 99.059547

12/10/20

12/15/20

1.625% bond—11/15/50

60,564

25,022

12/15/20

12/17/20

0.075% CMB—01/28/21

42d

96,318

30,001

12/15/20

12/17/20

0.085% CMB—04/15/21

119d

103,982

30,001

12/16/20

12/22/20

0.085% CMB—04/06/21

105d

95,382

25,000

12/16/20

12/22/20

0.090% CMB—05/25/21

154d

98,270

30,001

12/17/20

12/21/20

0.060% CMB—12/29/20

12/21/20

12/31/20

1.375% bond—11/15/40

12/22/20

12/24/20

0.080% CMB—02/04/21

12/22/20

12/24/20

0.090% CMB—04/22/21

12/22/20

12/31/20

0.125% TIPS—10/15/25-AE

12/23/20

12/29/20

0.090% CMB—04/13/21

12/23/20

12/29/20

0.095% CMB—06/01/21

12/23/20

12/28/20

0.055% FRN—10/31/22-BJ

12/28/20

12/31/20

0.125% note—12/31/22-BL

12/28/20

12/31/20

0.375% note—12/31/25-AH

0.211 - 99.742950

163

61,126

27,652

42d

101,499

30,001

119d

102,457

30,000

45,223

17,282

105d

90,521

25,000

154d

104,316

30,000

67,886

24,000

0.060 - 99.990678

151,105

66,824

0.137 - 99.976041

150,028

67,977

0.394 - 99.906021

19y

11m

10m

12/29/20

12/31/20

0.085% CMB—02/11/21

42d

109,876

30,001

12/29/20

12/31/20

0.095% CMB—04/29/21

119d

112,051

30,001

1.470 - 98.367014

-1.575 - 108.871082

March 2021

12/29/20

12/31/20

0.110% bill—12/30/21

12/29/20

12/31/20

0.625% note—12/31/27-T

364d
7y

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.

114,705

39,732

145,553

67,977

0.662 - 99.747318

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 2021

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.

 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.)

March 2021

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]

Total
Federal
securities
outstanding
(1)

Total
outstanding
(2)

2016 ................................................
2017 ................................................
2018 ................................................
2019 ................................................
2020 ................................................

19,597,812
20,269,269
21,538,880
22,740,857
26,965,542

19,573,445
20,244,900
21,516,058
22,719,402
26,945,391

2019 - Dec .......................................
2020 - Jan .......................................
Feb ......................................
Mar ......................................
Apr .......................................
May......................................
June.....................................
July ......................................
Aug ......................................
Sept .....................................
Oct. ......................................
Nov. .....................................
Dec. .....................................

23,222,591
23,708,055
23,430,714
23,244,893
24,995,281
25,766,665
26,498,260
26,545,875
26,966,120
26,965,542
27,155,572
27,466,498
27,768,006

23,201,380
23,686,871
23,409,959
23,223,813
24,974,172
25,746,260
26,477,241
26,524,953
26,945,391
26,945,391
27,135,477
27,446,288
27,747,798

End of
fiscal year
or month

Public debt securities
Held by U.S. Government accounts
Marketable
(4)

Nonmarketable
(5)

Public issues
held by Federal
Reserve banks
(6)

5,395,699
5,563,074
5,737,252
5,893,424
5,907,764

2,830,115
2,867,555
2,697,860
2,436,438
4,872,973

6,013,988
5,994,397
5,980,003
5,995,035
5,902,393
5,914,931
5,928,866
5,872,303
5,888,362
5,907,764
6,019,517
6,078,238
6,096,382

2,637,320
2,713,573
2,787,019
3,559,553
4,300,244
4,497,502
4,615,353
4,709,565
4,798,517
4,872,973
4,958,328
5,039,121
5,127,835

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)

11,347,631
11,814,271
13,080,946
14,378,700
16,164,654

10,830,489
11,332,237
12,580,185
13,810,667
15,501,967

517,142
482,034
500,761
478,637
662,687

24,367
24,369
22,822
21,455
20,151

24,363
24,368
22,822
21,455
20,151

4
1
-

2019 – Dec. .....................................
2020 - Jan .......................................
Feb ......................................
Mar ......................................
Apr .......................................
May......................................
June.....................................
July ......................................
Aug ......................................
Sept .....................................
Oct. ......................................
Nov. .....................................
Dec. .....................................

14,550,072
14,515,843
14,642,937
14,132,283
14,771,535
15,333,827
15,933,022
15,946,085
16,041,957
16,164,654
13,996,327
14,628,901
15,253,024

14,044,816
14,006,429
14,131,506
13,603,254
14,235,360
14,734,537
15,290,612
15,298,299
15,392,229
15,501,967
14,273,711
14,866,844
14,104,204

505,256
509,414
511,431
529,029
536,175
599,290
642,410
644,787
649,727
662,687
504,547
360,330
417,839

21,211
21,184
20,755
21,080
21,109
20,405
21,019
20,922
20,729
20,151
20,095
20,210
20,208

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 2021

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
2020 - Dec.
Sept.
June
Mar.
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.
1

Total
public
debt 1
(1)

Federal
Reserve and
Government
accounts 2
(2)

27,747.8
26,945.4
26,477.4
23,686.9
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

10,809.2
10,371.9
10,157.7
9,279.7
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

Total
U.S.
privately Depository savings
held
institutions 3, 4 bonds 5
(3)
(4)
(5)
16,938.6
16,573.5
16,319.6
14,407.2
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

0.0
1,236.9
1,158.9
948.5
937.5
911.7
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

147.1
148.6
149.8
150.0
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

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

Private 6
(6)

State and Insurance
compalocal
nies 3
governments
(7)
(8)

0.0
783.7
765.3
744.3
684.8
670.6
447.7
440.6
636.9
615.2
604.8
589.5
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

0.0
222.0
261.9
352.1
368.2
370.1
388.8
358.9
367.9
301.7
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

0.0
253.3
242.2
243.9
215.3
214.3
206.4
203.6
203.7
225.9
225.6
361.6
372.6
359.4
348.2
338.2
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

Mutual
funds 3, 7
(9)
0.0
3,495.1
3,559.4
2,384.6
2,350.6
2,217.3
1,951.2
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

State and
local
Foreign
govern- and interments 3
national 8
(10)
(11)
0.0
1,086.4
1,049.3
902.2
837.0
810.8
811.1
814.9
771.5
789.0
784.3
755.6
759.3
728.7
735.1
749.6
742.3
735.9
712.6
694.9
680.9
646.0
652.8
663.3
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

0.0
7,071.0
7,046.6
6,949.5
6,844.2
6,923.5
6,625.9
6,474.0
6,270.1
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

Other
investors 9
(12)
0.0
2,276.5
2,086.1
1,732.1
2,452.6
2,425.2
2,683.8
2,752.7
2,678.5
2,551.4
2,275.0
1,997.3
1,699.9
1,509.4
1,584.0
1,566.5
1,600.7
1,332.0
1,242.2
1,336.6
1,360.6
1,240.2
1,103.5
1,001.8
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

6 Includes

U.S. Treasury securities held by the Federal Employees Retirement System
Thrift Savings Plan "G Fund".
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.

7 Includes

March 2021

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, 2020
[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)

$2,242,585,392,766

$2,192,605,228,788

2,192,130,235,261

$238,982,666

$236,010,861

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

107,820,775

46,424,775

46,205,213

7,505

212,057

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

153,418,012,021

151,854,906,328

151,854,867,695

334

38,299

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

$2,089,059,559,970

$2,040,703,897,685

$2,040,229,162,353

$238,974,827

$235,760,505

Less amounts held by:

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

Total
(1)

Dollars 2, 3
(2)

Fractional
coins
(3)

$49,980,163,978

6,547,064,108

43,433,099,870

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

61,396,0000

48,770,000

12,626,000

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

1,563,105,693

1,044,187,944

518,917,749

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

$48,355,662,285

$5,454,106,164

$ 42,901,556,121

Less amounts held by:

See footnotes following table USCC-2.

March 2021

TABLE USCC-2—Amounts Outstanding and in Circulation, Dec. 31, 2020
[Source: Bureau of the Fiscal Service]

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

Total
(1)

U.S. notes
(3)

Currency no
longer issued
(4)

$12,967,861,138

$143,503

$139,522,514

Federal Reserve notes 1
(2)

$13,107,527,155

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

2,721,164,590

2,589,727,010

131,425,014

12,566

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

16,106,716,090

15,976,926,935

107,385,010

22,404,145

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

22,547,157,410

22,527,409,250

6,290

19,741,870

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

234,908,723,640

234,888,620,820

3,820

20,099,000

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

114,167,890,200

114,156,401,500

500

11,488,200

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

1,636,832,611,500

1,636,810,651,200

100

21,960,200

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

141,745,500

141,561,500

5,500

178,500

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

165,146,000

164,943,000

5,000

198,000

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

1,765,000

1,710,000

55,000

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

3,450,000

3,350,000

100,000

Partial notes 5 ..............................................................

600

510

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

$ 2,040,703,897,685

$2,040,229,162,353

$ 238,974,827

$235,760,505

Amounts (in millions)
(1)

Comparative totals of currency and coins in circulation—selected dates

Per capita 4
(2)

Dec. 31, 2020 .......................................................................................

2,089,060

6,313

Nov. 30, 2020.......................................................................................

2,067,209

6,250

Oct. 31, 2020 .......................................................................................

2,045,705

6,188

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.

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

March 2021

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 2021

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]

Spot, forward and future contracts
Report date

Purchased
(1)

Sold
(2)

Net options
positions
(3)

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

07/01/20 ................................................................

1,661,221

1,724,522

-237

1.3579

07/08/20 ................................................................

1,542,844

1,599,095

-218

1.3539

07/15/20 ................................................................

1,594,475

1,644,385

-224

1.3521

07/22/20 ................................................................

1,569,050

1,622,742

-228

1.3407

07/29/20 ................................................................

1,602,332

1,643,816

-321

1.3370

08/05/20 ................................................................

1,641,498

1,696,730

-316

1.3254

08/12/20 ................................................................

1,706,035

1,762,646

-307

1.3250

08/19/20 ................................................................

1,655,952

1,704,040

-289

1.3173

08/26/20 ................................................................

1,678,209

1,735,699

-282

1.3145

09/02/20 ................................................................

1,757,573

1,814,548

-382

1.3061

09/09/20 ................................................................

1,759,280

1,825,089

-285

1.3163

09/16/20 ................................................................

1,524,741

1,586,214

-257

1.3164

09/23/20 ................................................................

1,553,322

1,612,175

-240

1.3373

9/30/20 ..................................................................

1,547,888

1,603,582

-244

1.3323

10/07/20 ................................................................

1,570,006

1,622,799

-228

1.3283

10/14/20 ................................................................

1,623,310

1,674,992

-236

1.3147

10/21/20 ................................................................

1,621,663

1,675,375

-235

1.3130

10/28/20 ................................................................

1,645,238

1,692,438

-238

1.3321

11/04/20 ................................................................

1,598,993

1,655,855

-234

1.3113

11/10/20 ................................................................

1,637,295

1,694,070

-270

1.2998

11/18/20 ................................................................

1,655,685

1,698,461

-297

1.3049

11/25/20 ................................................................

1,701,787

1,732,785

-327

1.2994

12/02/20 ................................................................

1,755,453

1,784,131

-292

1.2934

12/09/20 ................................................................

1,827,417

1,857,569

-246

1.2791

12/16/20 ................................................................

1,640,750

1,670,830

-254

1.2755

12/23/20 ................................................................

1,618,439

1,649,692

-244

1.2841

12/30/20 ................................................................

1,582,813

1,612,282

-220

1.2764

March 2021

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]

Foreign currency
denominated

Spot, forward
and future contracts
Purchased
(1)

Sold
(2)

Assets
(3)

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

1,738,245

1,819,509

2019 – Dec.. .................

1,638,356

2020 – Jan. ..................

Options positions
Puts

Calls

Net delta
equivalent
(9)

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

Liabilities
(4)

Bought
(5)

Written
(6)

Bought
(7)

Written
(8)

313,369

302,946

43,236

38,625

76,598

72,266

-5

1.3644

1,699,212

383,381

n.a

49,215

46,379

65,623

63,132

-129

1.2962

1,779,799

1,849,366

413,962

n.a

47,493

46,346

69,306

63,548

-171

1.322

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

1,932,800

2,010,357

440,202

n.a

57,471

52,991

86,169

83,187

-203

1.3411

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

1,865,276

1,922,160

252,425

n.a

71,395

60,722

103,975

97,906

283

1.4123

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

1,841,130

1,910,795

258,951

n.a

69,158

57,720

105,000

100,201

-70

1.3911

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

1,819,304

1,878,733

270,223

n.a

68,144

56,195

94,046

96,715

-157

1.3809

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

1,580,213

1,639,903

252,213

n.a

65,025

53,887

94,868

98,647

-189

1.3614

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

1,677,198

1,731,687

279,492

n.a

66,430

59,284

95,432

93,843

-232

1.3384

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

1,786,728

1,849,915

277,732

n.a

59,414

53,096

88,067

88,484

-218

1.3034

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

1,691,002

1,743,107

228,690

n.a

45,672

45,176

81,755

78,328

-192

1.3323

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

1,703,429

1,758,534

224,685

n.a

48,430

45,795

81,609

77,280

-190

1.3332

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

1,792,131

1,833,180

273,359

195,891

55,702

54,430

91,951

84,834

-225

1.2982

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

1,615,296

1,653,883

271,333

191,964

53,008

50,684

77,418

70,360

-141

1.2753

Report date

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
2017 - Dec ....................
2018 - Mar ....................
June...................
Sept ...................
Dec ....................
2019 - Mar ....................
June...................
Sept ...................
Dec ....................
2020 - Mar ....................
June...................
Sept. ..................

Purchased
(1)

Sold
(2)

33,411
30,951
35,482
36,139
29,734
44,154
61,181
65,325
45,259
37,877
35,105
52,279

65,839
67,926
69,299
66,217
61,026
77,412
92,673
98,507
78,619
79,185
75,424
74,098

Foreign currency
denominated
Assets
(3)
131,559
138,067
150,243
154,540
139,329
136,922
141,337
135,411
130,707
123,492
120,966
129,196

Liabilities
(4)
88,031
96,580
n.a.
107,071
98,110
n.a
n.a
n.a
n.a
n.a
n.a
98,229

Options positions
Puts

Calls
Bought
(5)

Written
(6)

Bought
(7)

Written
(8)

Net delta
equivalent
(9)

534
1,522
920
608
696
326
1,612
527
449
284
531
353

483
1,210
1,052
493
346
276
922
393
352
541
414
281

n.a.
1,761
3,455
2,173
3,017
4,592
n.a
n.a
n.a
4,177
n.a
n.a

1,372
n.a.
2,751
n.a.
1,941
n.a
427
653
463
1,611
755
411

n.a.
-374
n.a.
n.a.
18
4
n.a
-2
-5
n.a
26
3

Exchange rate
(Canadian
dollars per
U.S. dollar)
(10)
1.2517
1.2891
1.3140
1.2922
1.3644
1.3360
1.3091
1.3243
1.2962
1.4123
1.3614
1.3323

March 2021

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
Report date

Purchased
(1)

Sold
(2)

Net options positions
(3)

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

07/01/20 .............................................................

565,570

568,809

-86

107.50

07/08/20 .............................................................

553,203

554,971

-87

107.39

07/15/20 .............................................................

549,014

550,794

-81

106.92

07/22/20 .............................................................

535,018

536,023

-86

107.18

07/29/20 .............................................................

550,755

553,669

-92

105.06

08/05/20 .............................................................

547,817

548,784

-89

105.44

08/12/20 .............................................................

567,416

567,335

n.a.

106.85

08/19/20 .............................................................

559,054

546,846

-85

105.71

08/26/20 .............................................................

561,794

549,575

-90

106.13

09/02/20 .............................................................

586,864

575,413

-87

106.15

09/09/20 .............................................................

592,353

580,443

-89

106.23

09/16/20 .............................................................

544,957

532,531

-71

104.94

09/23/20 .............................................................

561,800

552,251

-69

105.34

09/30/20 .............................................................

524,878

515,956

-73

105.58

10/07/20 .............................................................

556,549

546,408

-75

105.97

10/14/20 .............................................................

548,447

539,217

-64

105.08

10/21/20 .............................................................

554,450

544,552

-65

104.58

10/28/20 .............................................................

567,603

557,276

-56

104.33

11/04/20 .............................................................

571,348

558,524

-63

104.39

11/10/20 .............................................................

580,365

601,213

-65

105.36

11/18/20 .............................................................

553,404

554,088

-37

103.72

11/25/20 .............................................................

565,779

563,740

-38

104.39

12/02/20 .............................................................

588,371

588,246

-46

104.52

12/09/20 .............................................................

580,508

579,908

-46

104.28

12/16/20 .............................................................

534,385

529,333

-42

103.59

12/23/20 .............................................................

558,545

521,979

-37

103.52

12/30/20 .............................................................

537,778

498,704

-40

103.31

March 2021

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

2018 - Dec ...................
2019 - Dec. ..................
2020 - Jan. ..................
Feb ..................
Mar ..................
Apr. ..................
May..................
June.................
July. .................
Aug ..................
Sept .................
Oct. ..................
Nov. .................
Dec. .................

Purchased
(1)

Foreign currency
denominated

Options positions
Puts

Calls
Bought
(5)

Written
(6)

Bought
(7)

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

Net delta
equivalent
(9)

Sold
(2)

Assets
(3)

Liabilities
(4)

Written
(8)

563,910

575,977

148,629

116,910

32,541

33,380

53,035

53,747

122

109.70

514,008
535,693
576,326
589,962
589,164
568,008
559,664
571,100
586,727
560,205
551,159
583,969
551,945

518,815
543,117
583,699
590,317
587,185
566,109
560,995
570,595
572,430
549,301
549,301
582,439
515,485

89,712
87,022
97,443
92,368
91,266
87,358
94,239
96,990
88,350
88,384
88,637
86,824
93,852

73,001
72,337
86,210
80,754
81,766
76,126
81,863
87,137
79,089
75,801
77,844
76,272
78,209

29,712
31,814
35,640
40,090
37,104
34,470
36,371
35,414
34,100
33,066
29,742
30,927
26,458

31,697
33,768
37,364
41,475
38,387
35,371
36,846
36,745
36,188
34,752
31,765
32,800
27,754

46,539
48,528
53,210
59,480
55,117
52,631
54,856
56,876
53,773
50,830
45,209
45,772
40,126

50,688
52,024
57,804
64,273
59,061
56,174
58,729
60,506
56,854
54,384
48,076
48,846
42,187

-34
-18
-14
34
-1
-29
-42
-37
-48
-29
3
11
40

108.67
108.50
108.12
107.53
106.94
107.77
107.77
105.78
105.84
105.58
104.54
104.38
103.19

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

Spot, forward
and future contracts
Report date

2017 - Dec .....................
2018 - Mar .....................
June ...................
Sept ....................
Dec .....................
2019 - Mar .....................
June ...................
Sept ....................
Dec .....................
2020 - Mar .....................
June ...................
Sept. ...................

Foreign currency
denominated

Options positions
Puts

Calls

Purchased
(1)

Sold
(2)

Assets
(3)

Liabilities
(4)

Bought
(5)

Written
(6)

Bought
(7)

Written
(8)

6,451
7,528
8,528
8,632
8,255
7,790
7,769
7,691
7,446
9,603
8,072
7,917

6,017
5,557
6,807
8,294
5,873
7,262
6,437
6,782
6,168
9,032
7,575
8,259

7,824
8,133
8,813
9,056
8,065
9,387
9,348
8,470
8,607
7,929
8,972
9,802

6,224
5,332
6,062
6,455
6,269
6,865
6,519
5,769
6,269
5,746
6,114
6,137

n.a.
n.a.
371
432
489
297
499
302
86
172
150
159

373
568
432
518
505
513
554
445
287
313
322
330

537
568
446
387
440
425
665
550
417
426
328
326

n.a.
312
259
145
153
122
186
135
133
179
91
111

Net delta
equivalent
(9)
3
-1
-4
-9
49
3
-38
1
n.a
n.a.
6
2

Exchange rate
(Japanese yen
per U.S. dollar)
(10)
112.69
106.20
110.71
113.48
109.70
110.68
107.84
108.11
108.67
107.53
107.77
105.58

March 2021

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)

07/01/20 ..................................................................

904,732

908,279

n.a.

0.9455

07/08/20 ..................................................................

886,631

882,151

n.a.

0.9382

07/15/20 ..................................................................

898,197

894,921

n.a.

0.9439

07/22/20 ..................................................................

855,254

852,855

n.a.

0.9288

07/29/20 ..................................................................

849,093

851,467

n.a.

0.9141

08/05/20 ..................................................................

862,023

856,864

n.a.

0.9053

08/12/20 ..................................................................

881,371

882,483

n.a.

0.9109

08/19/20 ..................................................................

846,831

848,232

n.a.

0.9114

08/26/20 ..................................................................

845,231

841,925

n.a.

0.9086

09/02/20 ..................................................................

897,879

902,666

n.a.

0.9107

09/09/20 ..................................................................

943,311

949,809

n.a.

0.9131

09/16/20 ..................................................................

827,372

830,304

n.a.

0.9080

09/23/20 ..................................................................

813,873

821,524

n.a.

0.9233

09/30/20 ..................................................................

795,385

803,644

n.a

0.9188

10/07/20 ..................................................................

834,248

839,848

n.a

0.9168

10/14/20 ..................................................................

860,885

865,866

n.a

0.9127

10/21/20 ..................................................................

888,184

891,775

n.a

0.9042

10/28/20 ..................................................................

894,360

897,372

n.a

0.9097

11/04/20 ..................................................................

862,340

868,642

n.a

0.9107

11/10/20 ..................................................................

883,642

885,616

n.a

0.9136

11/18/20 ..................................................................

857,227

865,886

n.a

0.9096

11/25/20 ..................................................................

860,888

876,855

n.a

0.9090

12/02/20 ..................................................................

926,857

936,503

n.a

0.8961

12/09/20 ..................................................................

890,331

903,336

n.a

0.8901

12/16/20 ..................................................................

818,311

836,997

n.a

0.8861

12/23/20 ..................................................................

789,745

805,346

n.a

0.8882

12/30/20 ..................................................................

761,909

777,146

n.a

0.8832

March 2021

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]

Spot, forward
and future contracts

Report date
2018 - Dec .....................
2019 - Dec. ....................
2020 – Jan. ...................
Feb ....................
Mar ....................
Apr. ....................
May....................
June...................
July. ...................
Aug ....................
Sept ...................
Oct. ....................
Nov. ...................
Dec. ...................

Foreign currency
denominated

Options positions
Puts

Calls

Purchased
(1)

Sold
(2)

Assets
(3)

Liabilities
(4)

Bought
(5)

903,658
875,026
994,355
1,065,027
1,063,516
1,020,472
1,038,532
889,360
908,472
919,655
916,414
957,045
939,685
788,408

958,551
919,323
1,024,500
1,097,649
1,086,862
1,019,767
1,034,686
893,775
922,263
931,052
941,467
972,381
966,047
818,907

140,373
94,699
96,193
89,911
86,798
88,097
86,450
90,126
92,858
91,978
80,315
82,486
79,537
84,653

74,358
70,094
69,982
68,584
69,394
69,384
68,148
70,360
73,932
74,491
60,526
59,614
59,193
61,459

41,440
41,629
46,513
47,236
45,839
48,997
50,534
46,665
46,149
43,348
39,568
36,546
34,296
30,684

Written
(6)
40,908
39,815
44,284
45,141
45,627
47,007
47,800
43,727
42,599
39,871
36,235
33,368
32,042
29,500

Bought
(7)

Written
(8)

71,023
66,118
69,965
65,978
74,146
69,202
73,666
65,573
62,196
58,502
55,222
50,714
50,156
46,891

66,935
62,231
67,047
63,666
68,087
63,702
67,694
62,186
58,714
57,482
55,320
49,187
48,387
45,610

Net delta
equivalent
(9)
n.a
n.a
n.a
n.a
n.a
n.a
n.a
n.a
n.a
n.a
n.a
n.a
n.a
n.a

Exchange rate
(Swiss francs
per U.S. dollar)
(10)
0.9832
0.9677
0.9645
0.9671
0.9627
0.9669
0.9618
0.9467
0.9113
0.9012
0.9188
0.9165
0.9060
0.8841

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

Options positions
Spot, forward
and future contracts

Foreign currency
denominated

Report date

Purchased
(1)

Sold
(2)

Assets
(3)

2017 - Dec .....................
2018 - Mar .....................
June ...................
Sept ....................
Dec .....................
2019 - Mar .....................
June ....................
Sept ....................
Dec .....................
2020 - Mar .....................
June ...................
Sept. ...................

13,981
16,766
16,890
19,130
15,001
15,382
15,792
15,906
11,913
16,612
n.a
n.a

15,244
16,882
20,470
19,387
18,474
18,508
24,077
20,908
18,354
17,786
12,899
11,677

137,271
n.a.
142,369
123,956
n.a
116,780
111,660
109,813
106,584
106,117
75,161
95,156

Liabilities
(4)
21,087
16,258
20,256
18,990
21,413
17,956
16,940
16,485
17,110
13,924
12,614
13,035

Puts

Calls

Bought
(5)

Written
(6)

Bought
(7)

Written
(8)

n.a.
n.a.
447
1,571
n.a
n.a
n.a
82
n.a
n.a
n.a
n.a

n.a.
n.a.
n.a.
n.a.
n.a
n.a
n.a
n.a
n.a
n.a
n.a
530

n.a.
n.a.
n.a.
n.a.
n.a
1,002
n.a
148
n.a
n.a
n.a
n.a

n.a.
n.a.
18
n.a.
n.a
n.a
n.a
67
n.a
27
n.a
59

Net delta
equivalent
(9)
n.a.
n.a.
8
n.a.
n.a
n.a
n.a
n.a
n.a
n.a
n.a
n.a

Exchange rate
(Swiss francs per
U.S. dollar)
(10)
0.9738
0.9532
0.9922
0.9758
0.9832
0.9962
0.9758
0.9978
0.9677
0.9627
0.9467
0.9188

March 2021

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)

07/01/20 ..................................................................

2,901,058

3,091,480

-87

1.2474

07/08/20 ..................................................................

2,728,908

2,887,859

-63

1.2593

07/15/20 ..................................................................

2,756,108

2,922,615

-132

1.2586

07/22/20 ..................................................................

2,683,085

2,843,250

-106

1.2729

07/29/20 ..................................................................

2,789,732

2,966,401

-54

1.2974

08/05/20 ..................................................................

2,730,447

2,895,124

-47

1.3141

08/12/20 ..................................................................

2,791,916

2,978,580

-71

1.3047

08/19/20 ..................................................................

2,773,363

2,951,699

-33

1.3191

08/26/20 ..................................................................

2,801,912

2,979,899

-40

1.3186

09/02/20 ..................................................................

2,892,295

3,054,062

1.3315

09/09/20 ..................................................................

3,044,980

3,204,646

-110

1.3011

09/16/20 ..................................................................

2,789,460

2,949,114

-43

1.2980

09/23/20 ..................................................................

2,788,578

2,953,615

-87

1.2750

09/30/20 ..................................................................

2,858,364

3,037,657

-78

1.2921

10/07/20 ..................................................................

2,800,902

2,974,125

-16

1.2914

10/14/20 ..................................................................

2,931,810

3,087,100

-54

1.3023

10/21/20 ..................................................................

2,865,714

3,032,092

-37

1.3143

10/28/20 ..................................................................

3,028,704

3,182,638

-77

1.2997

11/04/20 ..................................................................

3,019,360

3,149,798

-124

1.3021

11/10/20 ..................................................................

3,107,551

3,220,867

1.3234

11/28/20 ..................................................................

3,033,616

3,182,601

1.3299

11/25/20 ..................................................................

3,035,461

3,189,598

1.3378

12/05/20 ..................................................................

3,191,624

3,359,219

1.3348

12/09/20 ..................................................................

3,244,597

3,431,454

143

1.3392

12/16/20 ..................................................................

2,967,661

3,150,239

139

1.3503

12/23/20 ..................................................................

2,914,300

3,119,084

148

1.3510

12/30/20 ..................................................................

2,888,736

3,105,554

160

1.3605

March 2021

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]

Spot, forward
and future contracts
Report date

Purchased
(1)

Sold
(2)

Foreign currency
denominated

Options positions
Puts

Calls

Assets
(3)

Liabilities
(4)

Bought
(5)

Written
(6)

Bought
(7)

Written
(8)

Net delta
equivalent
(9)

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

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 – Dec….…

2,782,534

3,002,683

657,263

535,326

159,065

163,213

105,419

96,965

n.a

1.3269

2020 – Jan…….

3,085,125

3,289,926

662,147

547,746

125,856

129,034

84,291

79,450

n.a

1.3195

Feb…….

3,039,361

3,222,077

695,560

595,904

108,688

109,546

85,322

80,166

-265

1.2778

Mar…….

3,138,105

3,315,938

694,060

606,479

112,334

109,827

90,332

83,233

-75

1.2454

Apr……..

2,987,286

3,160,213

662,150

555,773

88,216

85,904

77,586

70,839

-119

1.2602

May……

3,003,523

3,173,289

641,487

542,145

80,616

76,412

73,891

67,743

-144

1.2320

June…...

2,871,428

3,064,521

667,983

575,234

70,618

69,518

73,033

66,466

-156

1.2369

July…….

2,950,888

3,153,353

694,056

607,331

69,072

64,886

63,164

58,327

1.3133

Aug…….

3,039,636

3,226,248

661,794

570,503

68,135

64,430

65,188

61,872

1.3375

Sept……

3,067,850

3,263,317

638,283

568,045

83,074

80,765

82,073

75,679

-55

1.2921

Oct……..

3,232,180

3,394,734

655,529

557,915

111,934

108,000

80,289

82,582

-64

1.2933

Nov…….

3,307,523

3,477,920

700,787

585,524

98,597

94,155

83,970

88,187

1.3338

Dec…….

3,002,184

3,213,613

721,561

592,495

95,736

93,253

81,783

74,031

137

1.3662

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

Spot, forward
and future contracts

Report date
2017 - Dec .....................
2018 - Mar .....................
June ...................
Sept ....................
Dec .....................
2019 - Mar .....................
June ...................
Sept ....................
Dec .....................
2020 - Mar .....................
June ...................
Sept. ...................

Foreign currency
denominated

Options positions
Puts

Calls

Purchased
(1)

Sold
(2)

Assets
(3)

Liabilities
(4)

Bought
(5)

25,399

53,184

191,984

55,362

n.a.

30,475
29,048
41,040
35,003
38,710
33,103
38,175
37,609
39,590
34,001
31,675

53,016
52,235
58,126
56,301
60,551
59,034
64,162
60,334
67,544
62,438
58,932

199,384
194,834
201,492
196,698
212,555
205,735
207,780
206,699
207,204
209,014
211,807

59,382
55,851
60,050
56,905
66,770
61,990
63,653
61,553
73,531
76,302
78,738

981
1,208
1,700
7,323
11,947
1,363
5,195
7,341
2,203
1,417
1,303

Written
(6)

Net delta
equivalent
(9)

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

Bought
(7)

Written
(8)

n.a.

1.3529

1,011
1,396
1,559
5,123
10,874
1,645
3,823
6,449
2,029
1,178
1,088

2,162
2,551
2,739
2,941
2,508
1,897
3,871
2,795
1,626
2,131
2,281

n.a.
n.a.
2,481
2,060
2,109
1,197
3,397
n.a
1,214
2,125
1,968

41
-26
33
118
57
-37
83
247
134
151
207

1.4027
1.3197
1.3053
1.2763
1.3032
1.2704
1.2305
1.3269
1.2454
1.2369
1.2921

March 2021

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)

07/01/20 ................................................................

25,083,486

24,440,413

-1,840

n.a.

07/08/20 ................................................................

24,288,228

23,713,957

-1,889

n.a.

07/15/20 ................................................................

24,449,342

23,900,663

-1,983

n.a.

07/22/20 ................................................................

24,268,267

23,745,599

-1,678

n.a.

07/29/20 ................................................................

24,949,609

24,434,164

-2,577

n.a.

08/05/20 ................................................................

24,755,232

24,237,713

-2,768

n.a.

08/12/20 ................................................................

25,343,288

24,813,478

-2,094

n.a.

08/19/20 ................................................................

25,270,577

24,753,090

-2,150

n.a.

08/26/20 ................................................................

25,739,440

25,225,083

-2,175

n.a.

09/02/20 ................................................................

26,401,414

25,803,699

-2,029

n.a.

09/09/20 ................................................................

27,373,424

26,724,726

-1,959

n.a.

09/16/20 ................................................................

24,905,955

24,492,522

-1,810

n.a.

09/23/20 ................................................................

25,147,017

24,459,970

-1,080

n.a.

09/30/20 ................................................................

24,453,430

23,678,379

-1,545

n.a.

10/07/20 ................................................................

24,728,000

24,016,467

-1,362

n.a.

10/14/20 ................................................................

25,211,696

24,534,699

-1,312

n.a.

10/21/20 ................................................................

25,258,278

24,587,895

-1,066

n.a.

10/28/20 ................................................................

25,772,076

25,266,119

-683

n.a.

11/04/20 ................................................................

25,605,424

25,103,264

-1,047

n.a.

11/10/20 ................................................................

26,580,588

26,091,069

-1,029

n.a.

11/18/20 ................................................................

26,231,998

25,720,417

-1,095

n.a.

11/25/20 ................................................................

26,541,481

25,897,437

-1,289

n.a.

12/05/20 ................................................................

27,739,396

27,003,417

-1,090

n.a.

12/09/20 ................................................................

28,283,085

27,512,501

-1,363

n.a.

12/16/20 ................................................................

25,699,631

25,072,753

-1,375

n.a.

12/23/20 ................................................................

25,263,446

24,602,099

-934

n.a.

12/30/20 ................................................................

24,906,659

24,132,345

-957

n.a.

March 2021

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]

Report date
2018 - Dec

Spot, forward
and future contracts
Purchased
Sold
(1)
(2)
25,392,480

24,612,467

Foreign currency
denominated
Assets
Liabilities
(3)
(4)
-

Calls
Bought
(5)

Written
(6)

1,523,947

1,488,815

Options positions
Puts
Bought
Written
(7)
(8)
1,300,684

1,276,938

Net delta
equivalent
(9)

Exchange
rate
(10)

1,281

n.a.

2019 – Dec.

24,180,933

23,475,477

1,314,653

1,305,332

1,109,429

1,106,074

-1,902

n.a.

2020 – Jan.

26,288,090

25,596,527

1,363,899

1,380,408

1,184,501

1,148,168

-1,366

n.a.

Feb

27,703,334

27,013,747

1,557,226

1,587,528

1,265,035

1,237,457

-998

n.a.

Mar

27,248,371

26,611,540

1,630,356

1,663,835

1,366,642

1,365,870

713

n.a.

Apr.

26,459,016

25,873,845

1,506,705

1,536,993

1,267,422

1,277,225

-559

n.a.

May

26,307,968

25,702,780

1,509,774

1,539,411

1,218,664

1,251,305

-792

n.a.

June

24,851,800

24,245,694

1,519,578

1,509,168

1,211,803

1,251,072

-976

n.a.

July.

25,999,106

25,423,523

1,532,311

1,526,221

1,325,310

1,365,900

-1,202

n.a.

Aug

26,866,602

26,334,076

1,499,717

1,502,328

1,338,197

1,349,100

-224

n.a.

Sept

26,062,176

25,467,118

1,442,221

1,442,951

1,271,881

1,279,101

-112

n.a.

Oct.

26,310,379

25,787,833

1,384,975

1,374,666

1,241,723

1,249,970

117

n.a.

Nov.

28,284,969

27,161,281

1,406,692

1,388,649

1,319,213

1,339,533

-772

n.a.

Dec.

25,233,574

24,492,626

1,328,145

1,297,830

1,224,642

1,268,973

-917

n.a.

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

Spot, forward
and future contracts
Report date
2017 - Dec ....................
2018 - Mar ....................
June ..................
Sept ...................
Dec ....................
2019 - Mar ....................
June ..................
Sept ...................
Dec ....................
2020 - Mar ....................
June ..................
Sept. ..................

Options positions

Foreign currency
denominated

Puts

Calls

Purchased
(1)

Sold
(2)

Assets
(3)

Liabilities
(4)

Bought
(5)

Written
(6)

Bought
(7)

Written
(8)

Net delta
equivalent
(9)

Exchange
rate
(10)

413,086
409,805
453,783
460,821
424,656
479,088
492,795
517,152
489,523
527,617
453,275
445,071

391,712
388,908
396,708
345,464
368,534
367,085
384,134
383,695
335,160
368,051
339,004
345,176

22,767
22,041
27,521
23,367
23,014
24,392
22,611
22,698
15,286
18,296
16,423
23,624

13,886
14,030
21,915
20,128
25,224
24,220
19,703
19,505
16,703
18,350
18,642
28,790

11,689
17,127
18,996
14,757
26,202
27,390
22,966
21,249
19,970
16,512
22,614
15,855

15,952
23,531
22,059
15,794
25,804
26,982
20,310
19,635
18,665
19,723
19,932
15,680

3,468
2,909
3,559
3,811
2,684
1,982
2,439
1,960
2,134
2,356
847
645

n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.

March 2021

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)

07/01/20 .............................................................................

7,417,763

7,628,427

-90

0.8882

07/08/20 .............................................................................

7,077,373

7,289,202

-305

0.8827

07/15/20 .............................................................................

7,173,138

7,357,403

-473

0.8767

07/22/20 .............................................................................

7,083,314

7,242,102

-621

0.8630

07/29/20 .............................................................................

7,241,006

7,399,487

-415

0.8496

08/05/20 .............................................................................

7,143,091

7,297,623

-109

0.8405

08/12/20 .............................................................................

7,291,644

7,441,041

-259

0.8477

08/19/20 .............................................................................

7,113,751

7,273,847

104

0.8405

08/26/20 .............................................................................

7,105,164

7,291,820

-112

0.8465

09/02/20 .............................................................................

7,416,354

7,587,173

-45

0.8446

09/09/20 .............................................................................

7,544,755

7,735,950

-206

0.8467

09/16/20 .............................................................................

6,957,609

7,131,314

-59

0.8450

09/23/20 .............................................................................

6,970,697

7,182,594

-355

0.8564

09/30/20 .............................................................................

6,810,165

7,005,391

-286

0.8530

10/07/20 .............................................................................

6,880,133

7,063,560

-174

0.8499

10/14/20 .............................................................................

7,151,439

7,341,768

-320

0.8507

10/21/20 .............................................................................

7,165,318

7,358,279

-117

0.8425

10/28/20 .............................................................................

7,448,754

7,590,469

-359

0.8510

11/06/20 .............................................................................

7,365,673

7,491,759

-402

0.8525

11/10/20 .............................................................................

7,563,035

7,699,910

-299

0.8467

11/18/20 .............................................................................

7,473,155

7,626,707

-269

0.8425

11/25/20 .............................................................................

7,439,507

7,586,826

-183

0.8398

12/02/20 .............................................................................

7,877,877

8,023,891

-82

0.8269

12/09/20 .............................................................................

7,873,540

8,009,763

127

0.8278

12/16/20 .............................................................................

7,405,484

7,601,961

166

0.8214

12/23/20 .............................................................................

7,131,759

7,277,402

276

0.8201

12/30/20 .............................................................................

7,073,106

7,279,893

589

0.8143

March 2021

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]

Report date

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

Foreign currency
denominated
Assets
Liabilities
(3)
(4)

Calls
Bought
(5)

Written
(6)

Options positions
Puts
Bought
Written
(7)
(8)

Net delta
equivalent
(9)

Exchange
rate
(10)

2018 - Dec ................... 6,855,887

7,081,645

2,342,011

2,797,839

504,551

499,156

366,025

351,874

654

0.8729

2019 - Dec ................... 6,756,072

6,851,499

1,411,269

1,433,139

452,926

441,518

313,106

309,793

-76

0.8907

2020 – Jan. ................. 7,285,961

7,331,455

1,532,508

1,456,626

459,220

442,111

305,713

304,297

-127

0.9024

Feb .................. 7,780,386

7,887,143

1,542,028

1,469,699

510,380

502,068

355,452

355,121

-195

0.9090

Mar .................. 7,805,377

7,990,868

1,479,544

1,475,386

604,517

598,153

367,595

362,819

215

0.9078

Apr. .................. 7,637,602

7,811,742

1,422,476

1,437,799

530,015

538,550

358,952

340,364

-142

0.9146

May.................. 7,663,178

7,864,702

1,462,033

1,513,407

524,746

529,955

351,391

333,556

-102

0.9003

June................. 7,374,067

7,549,259

1,471,701

1,491,901

518,239

530,089

344,896

328,221

-68

0.8899

July. ................. 7,658,361

7,771,813

1,603,291

1,576,443

635,900

637,924

359,736

339,880

-272

0.8459

Aug .................. 7,514,678

7,688,086

1,542,516

1,485,333

658,450

658,714

350,406

334,381

0.8368

Sept ................. 7,330,142

7,499,167

1,465,244

1,365,571

608,184

601,419

355,530

341,386

-310

0.8530

Oct. .................. 7,610,961

7,731,933

1,629,698

1,441,998

573,385

567,065

355,937

342,392

-381

0.8586

Nov. ................. 7,985,834

8,129,044

1,607,199

1,540,279

581,051

575,894

345,375

332,602

-158

0.8370

Dec. ................. 7,296,388

7,446,168

1,588,358

1,479,214

563,482

551,133

327,482

324,693

333

0.8177

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

Options positions
Spot, forward
and future contracts

Foreign currency
denominated

Calls

Puts

Purchased
(1)

Sold
(2)

Assets
(3)

Liabilities
(4)

Bought
(5)

Written
(6)

Bought
(7)

Written
(8)

Net delta
equivalent
(9)

Exchange
rate
(10)

132,848
121,906
127,433
148,337
120,635
123,672
138,570
143,594
119,978
130,902
110,528
117,852

141,002
133,637
149,132
150,159
151,502
155,693
152,753
164,534
156,168
158,097
137,567
137,004

424,027
438,501
420,024
420,886
403,637
399,029
415,773
418,921
419,532
382,290
405,125
396,308

221,785
239,147
228,919
233,535
243,374
230,690
246,478
259,403
240,205
238,619
235,074
247,487

7,219
7,782
9,337
6,139
9,724
6,690
7,578
5,806
5,216
5,922
11,006
4,399

5,647
8,243
9,142
6,305
9,224
6,683
6,376
6,451
4,731
7,220
8,743
4,053

6,446
11,826
15,583
13,161
14,938
16,534
8,135
8,774
6,979
8,181
8,475
7,656

3,750
7,446
10,718
7,093
10,156
12,516
4,478
5,174
4,235
4,094
5,323
5,867

1,410
n.a.
-38
n.a.
219
n.a
n.a
449
n.a
n.a
1,127
n.a

0.8318
0.8117
0.8564
0.8604
0.8729
0.8906
0.8792
0.9170
0.8907
0.9078
0.8899
0.8530

March 2021

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.
Section 4027 of H.R. 748, the Coronavirus Aid, Relief,
and Economic Security Act (CARES Act), enacted on
March 27, 2020 as Pub. Law 116-136, appropriated $500
billion to the ESF. The CARES Act authorized the Secretary
of the Treasury to make loans, loan guarantees, and other
investments in support of eligible businesses, States, and
municipalities and to provide the subsidy amounts necessary
for such loans, loan guarantees, and other investments in
accordance with the provisions of the Federal Credit Reform
Act of 1990 (2 U.S.C. 661 et seq.). The CARES Act
appropriation is used to fund the credit subsidy portion of
loans, loan guarantees, and other investments authorized
under section 4003 of the CARES Act, and the remaining
portion of such disbursements is funded by borrowings from
Treasury through the Bureau of Fiscal Service. This
appropriated balance and borrowings from Treasury are held
as a fund balance with Treasury until disbursed.
On December 27, 2020, the Consolidated Appropriations
Act, 2021, rescinded $429 billion of the $500 billion
appropriation provided to Treasury under Section 4027 of
the CARES Act. As a result, the Fund Balance with
Treasury was reduced, from $480 billion as of September
30, 2020 to $51 billion as of December 31, 2020. Further,
the Consolidated Appropriations Act, 2021 provided that the
remaining unobligated appropriation as of January 9, 2021
be rescinded as of that date other than with respect to those
funds made available for administrative expenses pursuant to
Section 4003(f), for the Special Inspector General for
Pandemic Recovery pursuant to Section 4018(g), and for the

Congressional Oversight Commission pursuant to Section
4020.
Resources of the fund include (a) Fund Balance, which
reflects the appropriation from the CARES Act minus the
subsequent rescission of funds resulting from the passage of
the Consolidated Appropriations Act, 2021, the subsidy
portion of investments and loans receivable and expenditures
for administrative expenses in support of the CARES Act,
(b) U.S. Government securities (dollar balances), (c) special
drawing rights -SDRs, and (d) foreign currencies. Principal
sources of income -+ or loss -- for the fund are profits -+ or
losses -- on SDRs and foreign exchange, interest earned on
U.S Government and foreign securities, and SDRs.
 Table ESF-1 presents the assets, liabilities, and
capital of the fund. The figures are in U.S. dollars. Amounts
and transactions pertaining to foreign currencies have been
converted to U.S. dollars based on current exchange rates
computed according to the accrual method of accounting.
Investments and loans receivable are reported at cost. 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. The
additional appropriated capital represents the $500 billion
appropriated under the CARES Act Sec 4027 minus
transfers, expenditures, and a subsequent rescission of $429
billion resulting from the passage of Consolidated
Appropriations Act, 2021. Conversion gains and losses are
reflected in the cumulative net income -+ or loss -- account.
 Table ESF-2 shows the results of operations for the
current quarter and year-to-date. Figures are in U.S. dollars
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. CARES Act related
administrative costs incurred in connection with the loans,
loan guarantees and other investments are accrued.

See Table ESF-1 and ESF-2 on the following pages.

March 2021

TABLE ESF-1—Balances as of Sept. 30, 2020, and Dec. 31, 2020
[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management]

Assets, liabilities, and capital

Sept. 30, 2020

Oct. 1, 2020,
through
Dec. 31, 2020

Dec. 31, 2020

Assets
U.S. dollars:
Held with treasury:
Fund balance ..................................................................
U.S. Government securities ............................................
Special drawing rights 1...........................................................
Economic recovery program investments ..............................
Economic recovery program loans receivable........................
Foreign exchange and securities:
European euro ....................................................................
Japanese yen ......................................................................
Accounts receivable ................................................................
Total assets .........................................................................

480,643,983
11,169,942
51,732,943
114,118,699
1,821,145

(429,080,095)
(4,306)
1,209,102
534,706

51,563,888
11,165,636
52,942,045
114,118,699
2,355,851

12,609,664
8,853,707
60,237
681,010,320

516,267
204,446
23,102
(426,596,778)

13,125,931
9,058,153
83,339
254,413,542

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

7,870
7,870

2,080
2,080

9,950
9,950

Other liabilities:
SDR certificates ..................................................................
SDR allocations...................................................................
Debt, including accrued interest payable ............................
Total other liabilities ........................................................

5,200,000
49,709,293
87,100,139
142,009,432

1,154,822
1,194,313
2,349,135

5,200,000
50,864,115
88,294,452
144,358,567

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

200,000
498,806,743
467,217
538,993,018
681,010,320

(429,535,788)
(409,828)
(428,947,993)
(426,596,778)

200,000
69,270,955
57,389
110,045,025
254,413,542

See footnote on the following page.

March 2021

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, 2020,
through
Dec. 31, 2020

Fiscal year to date
Oct. 1, 2020
through
Dec. 31, 2020

Income and expense
Profit -+ or loss-- on:

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

752,430

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

47,161

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

509

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

2,379

(10,528)

Appropriations revenue ..................................................

4,710

Administrative expense ..................................................

(5,114)

Facility fees ....................................................................

Net interest revenue and expense .................................

(734,157)

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

57,390

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

57,390

Net income (+) or loss (-):

Foreign exchange

Economic Recovery Program (+) or net charges (-)
on:

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 2021

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 2021

Financial Statements
of the United States Government
for the Fiscal Years Ended September 30,
2020, and 2019
The consolidated financial statements of the U.S. government were prepared using GAAP. These 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 FYs 2020 and 2019, 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 government-wide level which are listed below.
 Employee benefit costs.
 Intra-governmental 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 government-wide 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 2021

76
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 intra-governmental 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 intra-governmental 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 Treasury’s 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 are 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 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. See Note 21—Funds from Dedicated Collections for additional information.
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
unmatched transactions and balances 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, corporate income
taxes, excise taxes, unemployment taxes, custom duties, and estate and gift taxes. The non-exchange revenue is recognized
when collected and adjusted for the change in 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, which imposed a one-time 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.
Intra-governmental 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 12—Federal Debt and Interest Payable, 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 2021

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.

Intra-governmental Transfers
Intra-governmental transfers reflect budgetary and other financing sources for funds from dedicated collections,
excluding financing sources related to non-exchange revenues, intra-governmental interest, and miscellaneous revenues.
These intra-governmental transfers include appropriations, transfers, and other financing sources. These amounts are labeled
as “other changes in fund balance” in Note 21—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 unresolved intra-governmental differences. See Note 1.S—Unmatched Transactions and Balances for additional
information.
The unmatched transactions 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 net position balance. The unmatched balances are included in the
net position, funds other than those from dedicated collections on the Balance Sheet.

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.S—Unmatched Transactions and Balances for additional
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, beginning of period, is shown at the combined level by fund type for FY 2020 and adjusted
through changes in accounting principle to report at a consolidated level by fund type. See Note 21—Funds from Dedicated
Collections for additional information.
Adjustments to beginning net position may include corrections of material errors or changes in accounting principles.
See Note 1.T—Changes in Accounting Principle and Note 1.U—Correction of Errors for additional 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.

March 2021

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.
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 additional
information 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 financial 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 federal debt and interest payable. 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 intra-governmental
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 2021

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 direct loans and loan guarantees receivable, net, general
PP&E, net; inventory 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 PP&E 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 and interest payable and federal employee and veteran
benefits payable. Liabilities also include environmental and disposal liabilities, benefits due and payable, loan guarantees
liability, 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.
Commitments and contingencies 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 19—Commitments and
Note 20—Contingencies.
Unmatched transactions and balances are adjustments needed to bring the change in net position into balance due
primarily to unreconciled intra-governmental differences. See Note 1.S—Unmatched Transactions and Balances for
additional information.
The unmatched transactions are included in net operating cost on the Statement of Operations and Changes in Net
Position to make the sum of net operating costs and adjustments to beginning net position for the year equal to the change in
net position balance. The unmatched balances are included in the net position, funds other than those from dedicated
collections on the Balance Sheet and as a separate reconciling item on the face of the Balance Sheet.
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 21—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.”

March 2021

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
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 SLTFP, 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 are assumed to continue beyond 2025, similar to the presentation in the FY
2021 President’s Budget. 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 PV 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 government-wide 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, including the corresponding Note and RSI, are intended to help readers of the government’s financial
statements assess the federal government’s financial condition and how it has changed during the year and may change in the
future. The statements and corresponding analysis are specifically designed to help readers assess whether future budgetary
resources will be sufficient to sustain public services and to meet obligations as they come due, assuming that current policy
for federal government services and taxation continues without change.
The SLTFP display the PV of 75-year projections by major category of receipts and non-interest spending. The
projections show the extent to which future receipts of the government exceed or fall short of the government’s non-interest
spending and are presented both in terms of PV dollars and in terms of PV dollars as a percent of PV GDP. The projections
reflect policies currently in place and are neither forecasts nor predictions. The 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
that underlie the SOSI. The SLTFP display the fiscal gap, which is a summary measure of the change in receipts or noninterest spending that is necessary to reach a target ratio of debt held by the public to GDP at the end of the projection period.
Note 24—Long-Term Fiscal Projections, explains the methods used to prepare the projections. Unaudited RSI further
assesses the sustainability of current fiscal policy and provides results that are based on alternative assumptions to those used
in the SLTFP.

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 2021

81
As discussed further in Note 24, a sustainable policy is one where the debt-to-GDP ratio is stable or declining over the
long term. Because 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, the debt-to-GDP ratio is a useful indicator of the economy’s capacity to support federal
government’s services.

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 intermediate 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 financial statements 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, the 2020 Annual
Report on the Railroad Retirement System required by Section 502 of the Railroad Retirement Solvency Act of 1983, as well
as in RRB’s financial statements and DOL’s projections are based on assumptions disclosed in its financial statements.
Note 23—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 SOSI
reports the General Fund transfers for the estimated future revenue of Medicare Part B and D which are consistent with the
entities’ financial statements and, by accounting convention, such General Fund transfers are eliminated in the consolidation
of the SOSI at the government-wide level.
The SCSIA show two reconciliations: 1) change from the period beginning on January 1, 2019 to the period beginning
on January 1, 2020; and 2) change from the period beginning on January 1, 2018 to the period beginning on January 1, 2019.
It reconciles the changes (between the current valuation and the prior valuation) in the PV of estimated future revenue less
estimated future expenditures for current and future participants (the open group measure) over the next 75 years (except
Black Lung which has a rolling 25-year projection period through September 20, 2045). The reconciliation identifies several
components of the changes that are significant and provides reasons for the changes in Note 23.

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 government-wide perspective.

March 2021

United States Government
Statement of Net Cost
for the Year Ended September 30, 2020
(In billions of dollars)

Gross
Cost

Earned
Revenue

Subtotal

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

1,537.0
1,157.6
386.3
802.2
581.3
562.1
493.2
371.1
198.0
97.3
190.2
122.3
154.8
108.8
60.9
39.1
36.3
34.6
22.3
23.0
19.4
13.8
13.9
13.1
9.1
79.2
7.3
1.5
0.6
0.8
0.9
0.3
0.1
0.3
2.2
8.8
0.1
19.2

130.0
0.3
4.0
39.8
20.6
3.1
10.1
25.2
33.3
11.8
42.8
1.1
5.4
1.8
2.2
2.8
0.2
2.4
3.9
0.4
0.4
71.7
0.5
0.4
0.7
0.2
0.1
0.2
0.8
3.3
10.1
1.8
22.0

1,407.0
1,157.3
382.3
762.4
560.7
559.0
493.2
371.1
187.9
72.1
156.9
110.5
112.0
107.7
55.5
37.3
34.1
31.8
22.1
20.6
15.5
13.8
13.5
13.1
8.7
7.5
7.3
1.0
0.6
0.4
0.2
0.1
(0.1)
(0.1)
(0.5)
(1.1)
(1.3)
(1.7)
(2.8)

Federal Deposit Insurance Corporation .........................

1.7

6.5

(4.8)

(Gain)/Loss
from
Changes in
Assumption
0.1
602.7
(17.4)
89.9
3.1
1.1
-

Net
Cost
1,407.1
1,157.3
985.0
745.0
560.7
559.0
493.2
371.1
187.9
162.0
156.9
113.6
112.0
107.7
55.5
37.3
34.1
32.9
22.1
20.6
15.5
13.8
13.5
13.1
8.7
7.5
7.3
1.0
0.6
0.4
0.2
0.1
(0.1)
(0.1)
(0.5)
(1.1)
(1.3)
(1.7)
(2.8)
(4.8)

All other entities .............................................................

23.4

1.7

21.7

Total ...............................................................................

7,194.1

461.6

6,732.5

679.5

7,412.0

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

March 2021

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 Veterans Affairs....................................
Department of Defense ................................................
Department of the Treasury .........................................
Small Business Administration.....................................
Department of Labor ....................................................
Interest on Treasury Securities Held by the Public ......
Department of Agriculture ............................................
Office of Personnel Management ................................
Department of Education .............................................
Department of Homeland Security ...............................
Security Assistance Accounts ......................................
Department of Transportation ......................................

1,341.4
1,101.2
364.7
813.6
181.0
0.3
40.5
403.6
149.1
118.5
153.9
77.0
38.6
82.2

Earned
Revenue

Subtotal

(Gain)/Loss
from
Changes in
Assumptions

Net
Cost

119.1
0.3
5.1
44.2
25.3
0.4
8.3
24.1
31.9
14.0
1.1

1,222.3
1,100.9
359.6
769.4
155.7
(0.1)
40.5
403.6
140.8
94.4
122.0
63.0
38.6
81.1

58.0
139.0
0.3
0.9
-

1,222.3
1,100.9
417.6
908.4
155.7
(0.1)
40.5
403.6
140.8
94.7
122.0
63.9
38.6
81.1

0.7
-

53.6
37.3
27.8
30.0
20.8
18.5
10.2
12.1
10.8
12.1
8.5
7.3
7.3
1.1
0.5
(0.6)
0.1
0.2
(0.3)
(0.1)
(0.7)
(0.3)
(1.4)
(0.6)
7.9
(4.6)

Department of Energy ..................................................
Department of Justice ..................................................
Department of Housing and Urban Development ........
Department of State.....................................................
National Aeronautics and Space Administration ..........
Department of the Interior ............................................
Department of Commerce............................................
U.S. Agency for International Development .................
Federal Communications Commission ........................
Railroad Retirement Board ..........................................
Environmental Protection Agency ................................
U.S. Postal Service ......................................................
National Science Foundation .......................................
Smithsonian Institution .................................................
Millennium Challenge Corporation ...............................
Export-Import Bank of the U.S. ....................................
U.S. Nuclear Regulatory Commission .........................
National Credit Union Administration ...........................
Overseas Private Investment Corporation ...................
Farm Credit System Insurance Corporation.................
General Services Administration..................................
Securities and Exchange Commission ........................
Tennessee Valley Authority .........................................
National Railroad Retirement Investment Trust ...........
Pension Benefit Guaranty Corporation ........................
Federal Deposit Insurance Corporation .......................

59.3
40.8
29.6
33.9
21.0
21.1
13.8
12.2
11.2
12.1
8.8
77.5
7.3
1.5
0.5
(0.1)
0.8
0.4
(0.2)
0.1
0.1
1.8
9.9
0.1
35.7
0.4

5.7
3.5
1.8
4.6
0.2
2.6
3.6
0.1
0.4
0.3
70.2
0.4
0.5
0.7
0.2
0.1
0.2
0.8
2.1
11.3
0.7
27.8
5.0

53.6
37.3
27.8
29.3
20.8
18.5
10.2
12.1
10.8
12.1
8.5
7.3
7.3
1.1
0.5
(0.6)
0.1
0.2
(0.3)
(0.1)
(0.7)
(0.3)
(1.4)
(0.6)
7.9
(4.6)

All other entities ...........................................................

22.0

1.8

20.2

Total .............................................................................

5,287.2

418.4

4,868.8

198.9

5,067.7

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

March 2021

United States Government
Statement of Operations and Changes in Net Position
for the Year Ended September 30, 2020 (Consolidated)
Funds other
those from
Dedicated
Collections
(In billions of dollars)

Funds from
Dedicated
Collections
(Note 21)
2020

Eliminati

Total

Revenue (Note 18):
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 .................
Intra-governmental revenue.......................
Total revenue .........................................

1,570.8
317.1
40.8
6.2
66.2
17.6
147.0
16.3
2,182.0

1,283.8
52.2
34.5
0.1
18.9
0.1
107.7
1,497.3

(107.7)
(107.7)

2,854.
6
317.1
93.0
40.7
66.3
17.6
165.9
16.4
3,571.

Net Cost of Government Operations:
Net cost ................................................
Intra-governmental cost ............................
Total net cost .........................................

5,328.9
107.7
5,436.6

2,083.1
2,083.1

(107.7)
(107.7)

7,412.
0
7,412.

........................

(555.6)

555.6

Unmatched transactions and balances
(Note 1.S) .............................................
Net operating (cost)/revenue .........................

11.6
(3,798.6)

(30.2)

11.6
(3,828.
)

Intra-governmental transfers

Net position, beginning of period* .................
Adjustments to beginning net position
Changes in accounting principle (Note 1.T)
Net operating (cost)/revenue .....................
Net position, end of period ..........................

(26,484.6)

3,517.1

(22,967
5)

12.5
(3,798.6)
(30,270.7)

(12.5)
(30.2)
3,474.4

(3,828.
8)
(26,796
)

*Net position, beginning of period is presented above as combined in alignment with the FY 2019 presentation.
The accompanying notes are an integral part of these financial statements.

March 2021

United States Government
Statement of Operations and Changes in Net Position
for the Year Ended September 30, 2019 (Restated)
Funds other than
those from
Dedicated
Collections
(Combined)
(In billions of dollars)

Funds from
Dedicated
Collections
(Note 21)
(Combined)
2019

Eliminations Consolidated

Revenue (Note 18):
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 ....................
Intra-governmental revenue ..........................
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 ....................................................
Intra-governmental cost ...............................
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

Intra-governmental transfers ............................
Unmatched transactions and balances
(Note 1.S) ................................................

(406.0)

0.4

406.0

0.4

Net operating (cost)/revenue ............................

(1,482.7)

36.4

(1,446.3)

Net position, beginning of period......................
Adjustments to beginning net position
Changes in accounting principle ..................
Correction of errors (Note 1.U) ...................
Net operating (cost)/revenue .........................
Net position, end of period...............................

(25,001.4)

3,480.7

(21,520.7)

5.7
(6.2)
(1,482.7)
(26,484.6)

36.4
3,517.1

5.7
(6.2)
(1,446.3)
(22,967.5)

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

March 2021

United States Government
Reconciliations of Net Operating Cost and Budget Deficit
for the Years Ended September 30, 2020, and 2019
(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 .....................................................................................
* Securities and investments .....................................................................................
* Inventory and related property, net ...........................................................................
* Other assets ........................................................................................................
Subtotal - components of the budget deficit that are not part of net operating cost .........
Adjustments to beginning net position
Unmatched transactions and balances
Other
All other reconciling items .......................................................................................
Budget deficit.............................................................................................................

2020

Restated
2019

(3,828.8)

(1,446.3)

160.1
733.3
22.0
53.6
969.0
4.8
7.3
7.1
32.7
57.9
1,078.8

183.1
173.5
55.0
46.4
458.0
24.3
18.1
11.3
12.5
31.4
555.6

77.2

88.4

(50.2)

(38.8)

7.9
(91.1)

(4.0)
(89.1)

3.2
1,025.8

1.1
513.2

44.9

45.3

(65.1)
(3.6)
(24.0)
(150.7)
(198.5)
(11.6)

(66.0)
(6.1)
(18.2)
1.2
(43.8)
(0.5)
14.7

(118.8)
(3,131.9)

(21.7)
(984.4)

* 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 2021

United States Government
Statements of Changes in Cash Balance from Budget and Other Activities
for the Years Ended September 30, 2020, and 2019
(In billions of dollars)
Cash flow from budget activities
Total budget receipts ...........................................................................................................
Total budget outlays ...........................................................................................................
Budget deficit .....................................................................................................................

2020

2019

3,420.0
(6,551.9)
(3,131.9)

3,462.2
(4,446.6)
(984.4)

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 .....................................................................................
Downward reestimates/negative subsidy payments ...................................................................
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 ....................................................

312.1
40.9
63.1

305.5
65.7
(33.3)

416.1

337.9

23.3
(57.6)
(28.9)
713.6

7.1
(43.2)
(22.8)
47.7

650.4
1,066.5

(11.2)
326.7

Cash flow from activities not included in the budget
Cash flow from non-budget activities related to federal debt securities
Interest paid ......................................................................................................................

(314.7)

(305.7)

Subtotal - cash flow from non-budget activities related to federal debt securities ..............................

(314.7)

(305.7)

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 ...............................

(492.5)
26.6
112.0
4.3

(214.3)

Subtotal - cash flow from non-budget activities related to loan financing account activity....................

(349.6)

(59.4)

Cash flow from financing federal debt securities
Borrowings ........................................................................................................................
Repayments ......................................................................................................................
Discount/premium ...............................................................................................................
Subtotal - cash flow from financing federal debt securities ...........................................................
Total cash flow from activities not included in the budget ...............................................................

18,969.1
(14,822.4)
(32.5)
4,114.2
3,449.9

11,813.4
(10,732.1)
(60.4)
1,020.9
655.8

24.5
125.9
4.5

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 .........................................................................

17.8
1,402.3
524.6
1,926.9

19.0
17.1
507.5
524.6

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

March 2021

United States Government
Balance Sheets
as of September 30, 2020, and 2019
(In billions of dollars)
Assets:
Cash and other monetary assets (Note 2) ........................................................
Accounts receivable, net (Note 3) ...................................................................
Direct loans and loan guarantees receivable, net (Note 4) ....................................
Inventory and related property, net (Note 5) ......................................................
General property, plant and equipment, net (Note 6) ...........................................
Securities and investments (Note 7) ................................................................
Investments in special purpose vehicles (Note 8) ...............................................
Investments in government-sponsored enterprises (Note 9)..................................
Other assets (Note 10) .................................................................................
Total assets ............................................................................................
Stewardship property, plant and equipment (Note 25)

2020

Restated
2019

1,926.9
321.2
1,577.4
379.7
1,145.0
121.9
108.4
108.9
261.3
5,950.7

524.6
238.0
1,425.8
355.7
1,106.9
118.3
112.1
110.6
3,992.0

Liabilities:
Accounts payable (Note 11) ..........................................................................
Federal debt and interest payable (Note 12) .....................................................
Federal employee and veteran benefits payable (Note 13) ...................................
Environmental and disposal liabilities (Note 14) .................................................
Benefits due and payable (Note 15) ................................................................
Loan guarantees liability (Note 4) ...................................................................
Insurance and guarantee program liabilities (Note 16) .........................................
Other liabilities (Note 17) ..............................................................................
Total liabilities .........................................................................................
Commitments (Note 19) and Contingencies (Note 20)

105.1
21,082.9
9,409.3
602.7
256.3
520.1
199.3
568.2
32,743.9

98.0
16,861.0
8,440.3
595.4
223.6
21.7
194.5
510.3
26,944.8

Unmatched transactions and balances (Note 1.S).............................................

3.1

14.7

Net Position:
Funds from Dedicated Collections (Note 21) .....................................................
Funds other than those from Dedicated Collections ...........................................
Total net position ......................................................................................
Total liabilities and net position* .....................................................................

3,474.4
(30,270.7)
(26,796.3)
5,950.7

3,517.1
(26,484.6)
(22,967.5)
3,992.0

*Total liabilities and net position equals Total liabilities, Total net position and Unmatched transactions and balances.
The accompanying notes are an integral part of these financial statements.

March 2021

United States Government
Statements of Long-Term Fiscal Projections (Note 24)
Present Value of 75-Year Projections as of September 30, 2020 and 20191

In trillions of dollars
2020
2019
Change

Percent of GDP2
2020
2019
Change

Receipts:
Social Security payroll taxes .................
Medicare payroll taxes.........................
Individual income taxes .......................
Corporation income taxes ....................
Other receipts ...................................
Total receipts .........................................

68.5
22.9
164.4
21.0
18.6
295.4

65.7
22.1
161.7
19.3
21.1
289.9

2.9
0.9
2.7
1.7
(2.5)
5.6

Non-interest spending:
Social Security...................................
Medicare Part A3 ................................
Medicare Parts B & D4.........................
Medicaid ..........................................
Other mandatory ................................
Defense discretionary..........................
Non-defense discretionary ....................
Total non-interest spending .......................

95.2
32.6
45.2
37.4
58.5
53.6
52.4
374.9

88.7
32.2
40.7
37.3
45.4
48.1
46.6
338.9

6.5
0.4
4.5
0.1
13.1
5.5
5.9
36.1

5.8
2.0
2.7
2.3
3.6
3.3
3.2
22.8

5.8
2.1
2.7
2.4
3.0
3.1
3.0
22.1

(0.1)
0.1
(0.2)
0.6
0.1
0.1
0.7

Receipts less non-interest spending ........

(79.5)

(49.0)

(30.5)

(4.8)

(3.2)

(1.6)

Fiscal gap5 ................................................................................................

(5.4)

(3.8)

(1.6)

4.2
1.4
10.0
1.3
1.1
18.0

4.3
1.4
10.6
1.3
1.4
18.9

(0.1)
(0.6)
(0.2)
(1.0)

1
75-year present value projections for 2020 are as of 9/30/2020 for FYs 2021-2095; projections for 2019 are as of 9/30/2019 for FYs 20202094.
2
The 75-year present value of nominal GDP, which drives the calculations above is $1,645.1 trillion starting in FY 2021, and was $1,531.8
trillion starting in FY 2020.
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 5.4 percent of GDP on average is needed (3.8 percent of GDP on average in 2019). See Note 24—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 2021

United States Government
Statements of Social Insurance (Note 23)
Present Value of Long-Range (75 Years, except Black Lung) Actuarial Projections
2020

2019

2018

2017

2016

1.7
35.2
37.0
73.9

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

(18.3)
(59.8)
(15.5)
(93.6)

(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)

(19.7)1

(16.8)2

(16.2)3

(15.4)4

(14.1)5

0.6
12.5
12.5
25.6

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

(6.1)
(20.1)
(4.2)
(30.4)

(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)

(4.8)1

(5.4)2

(4.7)3

(3.5)4

(3.8)5

1.7
9.3
2.5
33.1
46.6

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

(6.2)
(31.8)
(8.6)
(46.6)

(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)

Eliminations.......................................................................

(33.1)

(28.8)

(25.1)

(22.4)

(20.0)

Present value of future expenditures in excess of future
revenue (after eliminations)6 ..................................................

(33.1)1

(28.8)2

(25.1)3

(22.4)4

(20.0)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.

March 2021

United States Government
Statements of Social Insurance (Note 23), continued
Present Value of Long-Range (75 Years, except Black Lung) Actuarial Projections
(In trillions of dollars)

2020

2019

2018

2017

2016

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 .........................................

0.3
2.0
0.9
7.8
11.0

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

(1.0)
(7.0)
(3.0)
(11.0)

(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)

Eliminations ........................................................................

(7.8)

(8.0)

(7.9)

(7.6)

(8.7)

Present value of future expenditures in excess of future
revenue (after eliminations)6...................................................

(7.8)1

(8.0)2

(7.9)3

(7.6)4

(8.7)5

Present value of future expenditures in excess of future
revenue 7 .........................................................................

(0.1)

Total present value of future expenditures in excess of future
revenue8, 9, 10 ......................................................................

(65.5)

(59.1)

(54.0)

(49.0)

(46.7)

Other:

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

March 2021

United States Government
Statements of Social Insurance (Note 23), 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 .....................................................

2020

2019

2018

2017

2016

4.3
(31.6)

3.8
(29.1)

3.6
(27.2)

3.3
(24.8)

3.1
(23.0)

(27.3)

(25.3)

(23.6)

(21.5)

(19.9)

59.0
(118.7)

55.2
(110.3)

51.6
(101.9)

48.8
(95.7)

47.0
(92.0)

(59.7)

(55.1)

(50.3)

(46.9)

(45.0)

(87.0)

(80.4)

(73.9)

(68.4)

(64.9)

52.9
(31.4)

49.9
(28.6)

45.1
(25.2)

43.3
(23.9)

41.9
(23.7)

21.5

21.3

19.9

19.4

18.2

(65.5)

(59.1)

(54.0)

(49.0)

(46.7)

The projection period for Social Security and Medicare is 1/1/2020-12/31/2094 and the valuation date is 1/1/2020.
The projection period for Social Security and Medicare is 1/1/2019-12/31/2093 and the valuation date is 1/1/2019.
3
The projection period for Social Security and Medicare is 1/1/2018-12/31/2092 and the valuation date is 1/1/2018.
4
The projection period for Social Security and Medicare is 1/1/2017-12/31/2091 and the valuation date is 1/1/2017.
5
The projection period for Social Security and Medicare is 1/1/2016-12/31/2090 and the valuation date is 1/1/2016.
6
These amounts represent the PV of the future transfers from the General Fund to the SMI Trust
Fund. These future intra-governmental transfers are included as income in both HHS’ and the CMS’s
Financial Reports but, by accounting convention, are not income from the government-wide perspective of this report.
7
Includes Railroad Retirement and Black Lung.
8
These amounts do not include the PV 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 government-wide 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.

March 2021

United States Government
Statement of Changes in Social Insurance Amounts
for the Year Ended September 30, 2020 (Note 23)

(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

(16.8)

(5.4)

(36.8)

(0.6)

(0.2)

(1.4)

(2.2)

(0.4)

2.6

1.1

3.3

(1.8)
(0.3)
0.2

(0.5)
-

0.2

(1.8)
(0.6)
0.2

(2.9)
(19.7)

(1.7)
0.4
0.6
(4.8)

(3.7)
(0.3)
(4.1)
(40.9)

(0.1)

(59.1)

(5.4)
0.1
(6.4)
(65.5)

Amounts represent changes between valuation dates 1/1/2019 and 1/1/2020.

Includes Railroad Retirement changes between valuation dates 10/1/2018 and 10/1/2019 and Black Lung changes between 9/30/2019 and
9/30/2020.

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

March 2021

United States Government
Statement of Changes in Social Insurance Amounts
for the Year Ended September 30, 2019 (Note 23)

(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 2021

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 2021, 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 2021, the tax is $9.60.
 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 2021, the tax is $19.10.
 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). This was changed by the Tax Cuts and Jobs act
(Public Law 115-97), which exempts certain payments
related to the management of private aircraft from the
excise taxes imposed on taxable transportation by air.
More recently, the Coronavirus Aid, Relief, and
Economic Security (CARES) Act (Public Law 116-136)
enacted in late March suspended most of the aviation excise
taxes through calendar year 2020 in order to provide some
financial relief to the struggling commercial aviation
industry. While fuel taxes paid by General Aviation users
remained in effect, during this period Treasury did not
collect taxes on fuel used by Commercial users, as well as
taxes on commercial passengers and cargo. Combined with
lower levels of aviation activity caused by the pandemic,
this “tax holiday” significantly reduced the tax collections
for FY 2020, thereby lowering the AATF balance.
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).

March 2021

TABLE TF-1.—Airport and Airway Trust Fund
Results of Operations, Fiscal Year 2020
[Source: DOT]

Description

IRC section (26 United States Code)

Amount

$17,915,697,037

Receipts:
Grants-in-aid for Airports funding from General Fund………………………. ...........................................................................................................
Excise taxes (transferred from general fund):
Liquid fuel in a fractional ownership flight.............................................
4043 ......................................................................................
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, 2020 ..................................................................................................................................................................................................

10,400,000,000
15,172,380
346,204,494
28,482,165
6,497,250,713
1,847,101,558
300,478,363
9,034,689,673
14,243,821
4,707,236
18,951,057
9,015,738,616
23,508,819
387,413,522
13,925
19,826,674,883
10,362,900,000
6,896,894,124
2,907,086,182
168,699,675
175,879,030
20,511,459,010
91,698,909
$17,322,611,818

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

Airport and Airway Trust Fund
Expected Condition and Results of Operations, Fiscal Years 2021-2025
[In millions of dollars. Source: DOT]

Balance Oct. 1 ...........................................................................

2021

2022

2023

2024

2025

17,323

19,167

14,347

13,960

15,482

Receipts:
Excise taxes, net of refunds...................................................

25,511

15,591

18,070

19,344

20,698

Interest on investments..........................................................

498

575

448

454

523

Offsetting collections ..............................................................

102

100

143

153

Total receipts .....................................................................

26,111

16,266

18,661

19,951

21,374

Gross Outlays ........................................................................

24,267

21,086

19,048

18,429

18,042

Balance Sept. 30........................................................................

19,167

14,347

13,960

15,482

18,814

Expenses:

March 2021

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.

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.

March 2021

TABLE TF-2.—Uranium Enrichment Decontamination and Decommissioning Fund
Results of Operations, Fiscal Year 2020
[Source: DOE]

Balance Oct. 1, 2019 .................................................................................................................................................................................

$21,819,322.37

Receipts:
Fees collected ........................................................................................................................................................................................

Penalties collected .................................................................................................................................................................................

Interest on investments ..........................................................................................................................................................................

36,024,789.54

Total receipts ......................................................................................................................................................................................

36,024,789.54

Nonexpenditure transfers:
Transfers in (+) .......................................................................................................................................................................................

Transfers out (-) .....................................................................................................................................................................................

Net nonexpenditure transfers.............................................................................................................................................................

Outlays:
DOE, decontamination and decommissioning activities........................................................................................................................

856,964,048.52

Cost of investments................................................................................................................................................................................

-828,927,329.10

Total outlays .......................................................................................................................................................................................

28,036,719.42

Balance Sept. 30, 2020..............................................................................................................................................................................

$29,807,392.49

Uranium Enrichment Decontamination and Decommissioning Fund
Expected Condition and Results of Operations, Fiscal Years 2021-2025
[In thousands of dollars. Source: DOE]

2021

2022

2023

2024

2025

29,807

Fees collected ......................................................................

291,000

Interest collected ..................................................................

577

Total receipts ...................................................................

291,577

DOE, decontamination and decommissioning fund ............

841,000

331,897

Investments redeemed ........................................................

-549,423

-302,024

Total outlays net of investments redeemed.....................

291,577

29,873

Balance Sept. 30......................................................................

29,807

Balance Oct. 1 .........................................................................
Receipts:

Outlays:

March 2021

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, 2018.
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

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.

March 2021

100

TABLE TF-3.—Black Lung Disability Trust Fund
Results of Operations, Fiscal Year 2020
[Source: DOL]

79,392,013
157,533,177
71,560,604
-282,891
72,636,524
2,414,808
21,763,784
2,322,600,000
2,648,226,006
2,648,226,006
415,606
30,906,204
310,530
35,989,486
67,621,826
162,329,144
1,902,668,900
118,894,984
76,777,016
2,260,670,044
399,326,149
2,429,885,045

Black Lung Disability Trust Fund
Expected Condition and Results of Operations, Fiscal Years 2021-2025
[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 .................................................................

2021

2022

2023

2024

2025

399,326

206,000
2,582,299
2,000
2,790,299

156,000
2,911,180
2,000
3,069,180

148,000
3,272,606
2,000
3,422,606

144,000
3,663,818
2,000
3,809,818

139,000
4,088,699
2,000
4,229,699

146,679
70,126
2,322,600
40,710
120,015
90,169
2,790,299
399,326
2,309,870

146,160
76,409
2,582,299
39,305
121,786
103,221
3,069,180
399,326
2,188,084

145,398
78,198
2,911,180
47,719
123,663
116,448
3,422,606
399,326
2,064,420

144,458
80,030
3,272,606
58,368
124,924
129,432
3,809,818
399,326
1,939,497

143,373
81,905
3,663,818
72,789
125,688
142,126
4,229,699
399,326
1,813,808

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

March 2021

101

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, as amended by the
Water Resources Reform and Development Act of 2014
(Public Law 113-121, June 10, 2014), the Water
Infrastructure Improvements for the Nation (WIIN) Act
(Public Law 114-322, December 16, 2016) and the Water
Resources Development Act of 2020 (Public Law 116-260,
December 27, 2020).
The appropriations act for the Department of
Transportation (DOT) for fiscal year 1995 (Public Law 103331, 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 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.

March 2021

102

TABLE TF-4.—Harbor Maintenance Trust Fund
Results of Operations, Fiscal Year 2020
[Source: Department of the Army Corps of Engineers]

$9,306,746,015

1,115,275,706
65,522,632
11,175,352
117,850,379
139,468,270
1,449,292,339
1,568,682,099
38,000,000
3,274,000
1,609,956,099
9,146,082,255

Harbor Maintenance Trust Fund
Expected Condition and Results of Operations, Fiscal Years 2021-2025 *
[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..................................................................................................

2021

2022

2023

2024

2025

9,146.1

9,029.9

8,542.1

7,864.3

7,117.9

1,384.4
188.7
1,573.1
10,719.2

1,445.3
209.2
1,654.5
10,684.4

1,511.3
213.3
1,724.6
10,266.7

1,576.3
202.4
1,778.7
9,643.0

1,638.0
179.0
1,817.0
8,934.9

1,561.1

2,010.0

2,264.6

2,381.8

2,486.8

86.4
38.5
3.3

90.0
39.0
3.3

95.0
39.5
3.3

100.0
40.0
3.3

100.0
40.5
3.3

1,689.3
9,029.9

2,142.3
8,542.1

2,402.4
7,864.3

2,525.1
7,117.9

2,630.6
6,304.3

* Outyear projections are for planning purposes and are based on economic conditions and
agencies’ best projections of revenues and expenses.

March 2021

103

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.

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.

March 2021

104

TABLE TF-5.—Hazardous Substance Superfund 1, 2
Results of Operations, Fiscal Year 2020
[Source: EPA]

$225,000,000

Receipts:
Crude and petroleum ..................................................................................................................................................................................

Certain chemicals........................................................................................................................................................................................

Corporate environmental ............................................................................................................................................................................

General fund appropriation .........................................................................................................................................................................

$1,077,000,000

Cost recoveries ...........................................................................................................................................................................................

$36,000,000

Fines and penalties .....................................................................................................................................................................................

$4,000,000

Interest on investments ...............................................................................................................................................................................

-$16,000,000

Special Accounts.........................................................................................................................................................................................

$202,000,000

Agency for Toxic Substance and Disease Registry....................................................................................................................................

Total receipts ...........................................................................................................................................................................................

$1,303,000,000

Expenses:
EPA expense ..............................................................................................................................................................................................

$1,186,000,000

Other expenses ...........................................................................................................................................................................................

$264,000,000

Rounding adjustment ..................................................................................................................................................................................

$3,000,000

Total expenses…………………………………………………………………………………………………………………………………..
Balance Sept. 30, 2020...................................................................................................................................................................................

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.

$1,453,000,000
$75,000,000

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 2021

105

Hazardous Substance Superfund
Expected Condition and Results of Operations, Fiscal Years 2021-2025 1, 2, 3, 4, 5
[In millions of dollars. Source: EPA]

2021

2022

2023

2024

2025

$75

$52

Interest .........................................................................................................

$79

$80

Recoveries ...................................................................................................

$36

Fines and penalties ......................................................................................

Taxes ..........................................................................................................

Special Accounts .........................................................................................

$350

General revenues ........................................................................................

$1,130

$1,153

Total receipts ...........................................................................................

$1,598

$1,622

Appropriations .................................................................................................

$1,205

Other expenses ...............................................................................................

$416

$417

Balance Sept. 30..............................................................................................

$52

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.

FY 2021 - FY 2025 Appropriation amounts are straight-lined from Consolidated
Appropriations Act, 2021 (P.L. 116-260).
3 Interest, Fines and penalties, Special Accounts, General revenues, Other expenses are
estimated.
4 Recoveries are straight-lined from the FY 2020 actual receipts.
5 Other expenses include Special Accounts.

March 2021

106

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, 2021, 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 2021

107

TABLE TF-6.—Highway Trust Fund
Results of Operations, Fiscal Year 2020
[Source: DOT]

Description

IRC section (26 United States Code)

Balance Oct. 1, 2019 ...........................................................................................................................................................................................
Receipts:
Excise taxes (transferred from general fund):
Gasoline .......................................................................................................
4081 ..........................................................................
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, 2020........................................................................................................................................................................................

Amount
32,905,913,213

25,727,028,507
11,058,174,932
507,044,369
4,951,352,620
1,462,862,252
43,706,462,680
1,000,000
437,500,000
611,450,901
1,049,950,901
107,464,010
195,991,946
303,455,956
42,959,967,735

46,719,494,325
3,131,173
46,722,625,498
617,984,518
9,933,833,250
154,843,462
616,883,671
771,727,132
-29,031
152,831,761
58,198,973,127
17,666,907,821

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

March 2021

108

Highway Trust Fund
Expected Condition and Results of Operations, Fiscal Years 2022-2026
[In billions of dollars. Source: DOT]

Combined Statement Highway and Mass Transit Accounts

Balance Oct. 1 ...............................................................

2022

2023

2024

2025

2026

-3

-18

-33

-47

Receipts:
Excise taxes, net of refunds.......................................
Interest, net ................................................................

Total receipts .........................................................

Adjustments 1 .........................................................

Outlays ...........................................................................

Balance Sept. 30............................................................

-3

-18

-33

-47

-61

Mass Transit Account
2022

2023

2024

2025

2026

-1

-6

-11

-17

Excise taxes, net of refunds............................................

Interest, net .....................................................................

Total receipts ..............................................................

Flex fund transfers ..........................................................

Adjustments 1 ..................................................................

Outlays ................................................................................

Balance Sept. 30.................................................................

-1

-6

-11

-17

-23

Balance Oct. 1 ....................................................................
Receipts:

Highway Account
2022

2023

2024

2025

2026

-2

-13

-22

-30

Excise taxes, net of refunds.................................................

Interest, net ..........................................................................

Total receipts ...................................................................

Flex fund transfers ...............................................................

-1

Adjustments 1 .......................................................................

Outlays .....................................................................................

Balance Sept. 30......................................................................

-2

-13

-22

-30

-38

Unfunded authorizations (EOY)...............................................

105

115

125

Forty-eight-month revenue estimate........................................

152

153

154

155

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 2021

109

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 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.

Highway Account
[In billions of dollars. Source: DOT]

Commitments (unobligated balances plus unpaid obligations, fiscal year 2022) ..............................................................................................................

less:
Cash balance (fiscal year 2022) .........................................................................................................................................................................................

-2

Unfunded authorizations (fiscal year 2022) ........................................................................................................................................................................

48-month revenue estimate (fiscal years 2023, 2024, 2025, and 2026) ............................................................................................................................

152

Mass Transit Account
[In billions of dollars. Source: DOT]

Commitments (unobligated balances plus unpaid obligations, fiscal year 2022) ..............................................................................................................

-1

48-month revenue estimate (fiscal years 2023, 2024, 2025, and 2026) ............................................................................................................................

Assumes the revenues and spending levels prescribed in the Public Law 114-94 are extended.

Note.—Numbers may not add due to rounding.

March 2021

110

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 2020
[Source: Department of the Army Corps of Engineers]

$68,961,076
111,690,580
686,326
112,376,906
50,037,921
$131,300,061

Inland Waterways Trust Fund
Expected Condition and Results of Operations, Fiscal Years 2021-2025 *
[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 ..................................................................................................

2021

2022

2023

2024

2025

131

112
1
113

114
1
115

116
1
117

118
1
119

119
1
120

148
96

161
50

117
50

119
50

120
50

* Outyear projections are based on economic conditions and agencies’ best projections of
revenues and expenditures.

March 2021

111

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

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.

March 2021

112

TABLE TF-8.—Leaking Underground Storage Tank Trust Fund
Results of Operations, Fiscal Year 2020 1
[Source: EPA]

$694,000,000
$219,000,000
$6,000,000
$225,000,000
$92,000,000
$92,000,000
$827,000,000

Reporting in this LUST 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 2021-2025 1, 2, 3
[In millions of dollars. Source: EPA]

Balance Oct. 1.................................................................................................................
Receipts:
Taxes ..........................................................................................................................
Interest .......................................................................................................................
Total receipts ...........................................................................................................
Appropriations .................................................................................................................
Other Expenses ..............................................................................................................
Balance Sept. 30 .............................................................................................................

1 Reporting in this LUST 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.

2021

2022

2023

2024

2025

$827

$924

$1,029

$1,137

$1,243

$183
$6
$189
$92
$924

$196
$1
$197
$92
$1,029

$199
$1
$200
$92
$1,137

$197
$1
$198
$92
$1,243

$196
$1
$197
$92
$1,348

2 FY

2021 - FY 2025 Appropriation amounts are straight-lined from Consolidated
Appropriations Act, 2021 (P.L. 116-260).
3 Taxes and Interest are estimated.

March 2021

113

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 2020
[Source: DOE]

Balance Sep. 30, 2019.........................................................................................................................................................................................

$ 1,922,941

Receipts:
Fees Collected .................................................................................................................................................................................................
Interest on investments ....................................................................................................................................................................................

182,380,783
1,561,679,292

1,744,060,074

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 .......................................................................................................................................................

1,619,746

Cost of investments..........................................................................................................................................................................................

1,738,340,179

Total outlays .................................................................................................................................................................................................

1,739,959,925

Balance Sept. 30, 2020........................................................................................................................................................................................

$2,423,090

March 2021

114

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 2021

115

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 2020
[Source: Department of Agriculture]

$8,120,027

Receipts:
Excise taxes (tariffs) .........................................................................................................................................................................................

30,000,000

Redemption of investment ...............................................................................................................................................................................

30,000,000

Expenses:
Expenditure ......................................................................................................................................................................................................

30,357,487

Total expenses .............................................................................................................................................................................................

30,357,487

Adjustment ...........................................................................................................................................................................................................

$7,762,540

1 Minor

difference to beginning balance due to rounding.

Reforestation Trust Fund
Expected Condition and Results of Operations, Fiscal Year 2021
[In thousands of dollars. Source: Department of Agriculture]

Balance Oct. 1 .....................................................................................................................................................................................................

7,763

30,000

Redemption of investment ..............................................................................................................................................................................

30,000

Outlays ................................................................................................................................................................................................................

29,500

Balance Sept. 30 .................................................................................................................................................................................................

8,263

March 2021

116

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 2021

117

TABLE TF-11.—Sport Fish Restoration and Boating Trust Fund
Sport Fish Restoration Results of Operations, Fiscal Year 2020
[Source: Department of the Interior]

$2,035,426,965

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 ......................................................................................................................................................................................

313,749,000
173,656,129
889,372
27,440,549
7,008,506
57,110,888
123,751,000
703,605,444

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 ..........................................................................................................................................................................................

40,050,440
40,050,440
743,655,884
-426,700,000
-115,242,149
-95,063,080
-637,005,229
$2,142,077,620

Sport Fish Restoration and Boating Trust Fund
Sport Fish Expected Condition and Results of Operations, Fiscal Years 2021-2025
[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...............................................................................

2021

2022

2023

2024

2025

2,142,077,620

2,142,038,472

2,142,019,914

2,142,027,666

2,142,034,261

680,000
23,575
703,575

661,000
24,017
685,017

668,000
24,769
692,769

674,000
25,364
699,364

682,000
26,017
708,017

742,723
742,723
2,142,038,472

703,575
703,575
2,142,019,914

685,017
685,017
2,142,027,666

692,769
692,769
2,142,034,261

699,364
699,364
2,142,042,914

March 2021

118

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
starting January 1, 2020. The Consolidated Appropriations
Act, 2021 (Public Law 116-260) which amended 26 USC

4611 (f) to extend the OSLTF tax until Dec 31, 2025
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 2021

119

TABLE TF-12.—Oil Spill Liability Trust Fund
Results of Operations, Fiscal Year 2020
[Source: Bureau of the Fiscal Service, Funds Management Branch]

$6,819,211,498

-59,771,902
1,630,890
248,241
151,398,825
70,971,545
460,126,750
624,604,348
107,190,366
107,190,366
731,794,714
-165,000
-3,448,693
-14,899,000
-19,581,000
-22,546,871
-11,856,438
-67,347,253
-45,000,000
-184,679,254
-184,844,254
$7,366,161,958

The Balances as of October 1, 2019, and September 30, 2020 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 2021-2025
[In millions of dollars. Source: Department of Homeland Security]

Balance Oct. 1 ...............................................................................................
Estimated receipts .........................................................................................
Estimated expenses ......................................................................................
Balance Sept. 30............................................................................................

2021

2022

2023

2024

2025

7,366
907
202
8,071

8,071
959
202
8,828

8,828
986
202
9,612

9,612
962
202
10,372

10,372
976
202
11,146

March 2021

120

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 2021
[Source: Department of the Treasury]

$3,952,467,972

$310,216,295
$69,908,203
$4,476,633
$384,601,131
$4,830,618
$12,837,729
$17,668,346
$228,540,141
$246,208,487
$4,090,860,616.53

1 Balance

for September 30, 2020: Balance does not tie to the 3310 ending balance in the
September 30, 2020 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, 2020 reflects
the net activity for FY 2020 and adjusting/closing entries made in October 2020.

Vaccine Injury Compensation Trust Fund
Expected Condition and Results of Operations, Fiscal Years 2021-2025
[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...................................................................................................

2021

2022

2023

2024

2025

$4,090,861
$319,523
$72,005
$391,528

$4,229,324
$329,108
$74,166
$403,274

$4,372,472
$338,982
$76,391
$415,372

$4,520,444
$349,151
$78,682
$427,833

$4,673,385
$359,626
$81,043
$440,668

$4,831
$12,838
$17,688

$235,396
$253,065
$4,229,324

$242,458
$260,127
$4,372,472

$249,732
$267,400
$4,520,444

$257,224
$274,892
$4,673,385

$264,941
$282,609
$4,831,444

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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.

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.

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TABLE TF-14.—Wool Research, Development, and Promotion Trust Fund
Results of Operations, Fiscal Year 2020
[In thousands of dollars. Source: Department of Agriculture]

149

Receipts:
Harmonized tariff ...................................................................................................................................................................................................

2,250

Sequestration return fiscal year 2018 ...................................................................................................................................................................

140

Sequestration ........................................................................................................................................................................................................

-133

2,257

Balance Sept. 30, 2020 ............................................................................................................................................................................................

Wool Research, Development, and Promotion Trust Fund
Expected Condition and Results of Operations, Fiscal Year 2021
[In thousands of dollars. Source: Department of Agriculture]

Balance Oct. 1, 2020 ................................................................................................................................................................................................

139

2,250

Sequestration return FY 20 ...................................................................................................................................................................................

133

-128

2,255

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123

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 2020 obligations, including adjustments to
prior year obligations, totaled $45,040. Total net outlays
were $88,400 including outlays from prior year obligations,
as shown in the table below. In 2020, the amount of customs
receipts credited to the Agricultural Disaster Relief Trust
Fund receipt account totaled $38,220. The outlays reported
in fiscal year 2020 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 2020
[In thousands of dollars. Source: Department of Agriculture]

Cumulative debt, start of year 2020 .........................................................................................................................................................................

$2,609,971

Borrowing authority .............................................................................................................................................................................................
Repayment of debt ...............................................................................................................................................................................................
Cumulative debt, end of year ...................................................................................................................................................................................

-108
2,609,863

Budgetary resources:
Borrowing Authority .............................................................................................................................................................................................
Mandatory appropriation......................................................................................................................................................................................
Other offsetting collections ..................................................................................................................................................................................
Total budgetary resources ..............................................................................................................................................................................

38
14,581

Obligated balance, Oct. 1, 2019 ..............................................................................................................................................................................

Fiscal Year 2020 obligations ....................................................................................................................................................................................

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 .....................................................................................................................................................................................................

6
80
2
88

Recoveries of Prior Year Obligations
Obligated balance, Sept. 30, 2020...........................................................................................................................................................................

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Agriculture Disaster Relief Trust Fund Trust Fund
Expected Condition and Results of Operations, Fiscal Years 2021-2025
[In thousands of dollars. Source: Department of Agriculture ]

2021

2022

2023

2024

2025

Cumulative debt, start of year .............................................................................

2,609,863

Borrowing authority .........................................................................................

Repayment of debt 1 .......................................................................................

Cumulative debt, end of year ..............................................................................

2,609,863

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.

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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).
Additional legislative citation related to this is the Further
Consolidated Appropriations Act, 2020, Section 104,
Extension of Appropriations to the Patient-Centered
Outcomes Research Trust Fund, Extension of Certain Health
Insurance Fees (Public Law 116-94, approved December 20,
2019, which amends Section 9511 of the Internal Revenue
Code of 1986) extended the PCORTF to FY 2029. 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.

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TABLE TF-16.—Patient Centered Outcomes Research Trust Fund
Results of Operations, Fiscal Year 2020
[Source: Bureau of the Fiscal Service]

$45,131,897

Receipts:
General Fund Appropriation..................................................................................................................................................................................
Transfers from FHI and FSMI ...............................................................................................................................................................................
IRS Health Insurance Fees ...................................................................................................................................................................................
Interest on Investments.........................................................................................................................................................................................
Total receipts .....................................................................................................................................................................................................

275,500,000
266,155,432
525,337
542,180,769

Expenditure appropriations:
Transfers to PCORI...............................................................................................................................................................................................
Transfers to HHS ..................................................................................................................................................................................................
Total outlays ......................................................................................................................................................................................................
Balance Sept. 30, 2020 1 ..........................................................................................................................................................................................

-469,730,132
-117,551,401
-587,281,533
$31,132

1 Balance

September 30, 2020: Balance does not tie to the 3310 ending balance in the September 30, 2020 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, 2020 reflects the net activity for FY 2020
and adjusting/closing entries made in October 2020.

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]

Balance Oct. 1............................................................................................................

2020

2021

2022

2023

45,132

Receipts:
General Fund Appropriation ...............................................................................................................................................

275,500

285,000

293,500

311,500

Transfers from FHI and FSMI .............................................................................................................................................

IRS Health Insurance Fees .................................................................................................................................................

266,155

371,000

388,000

409,000

Interest on Investments.......................................................................................................................................................

525

542,180

656,000

681,500

720,500

Transfers to PCORI ...............................................................................................

-469,730

-524,800

-545,200

-576,400

Transfers to HHS ...................................................................................................

-117,551

-131,200

-136,300

-144,100

Total outlays .......................................................................................................

-587,281

-656,000

-681,500

-720,500

Balance Sept. 30 ....................................................................................................

Total receipts......................................................................................................

Expenditure appropriations:

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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. § 10609 (2015) (the “Act”), established the United
States 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 also sets forth the Fund’s sources of funding,
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. The Act also establishes 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
December 18, 2015,” 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 December 18,
2015 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) Fifty percent of all funds,
and fifty percent of the net proceeds from the sale of

property, forfeited or paid to the United States between
December 18, 2015 and November 20, 2019 and seventyfive percent of all funds, and seventy-five percent of the net
proceeds from the sale of property, forfeited or paid to the
United States beginning November 21, 2019, the date of the
enactment of the United States Victims of State Sponsored
Terrorism Fund Clarification 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) Generally, 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.
34 U.S.C. § 20144(e)(2).
The Act further provides that the Fund will make its last
obligations no later than January 2, 2039. Thus, the Fund
may continue to accumulate funds until that time.
Effective on the day after all amounts authorized to be
paid from the Fund under [the Act] that were obligated
before January 2, 2039 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 section 9602(a)
of title 26, United States Code, 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.

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TABLE TF-17.—United States Victims of State Sponsored Terrorism Fund
Results of Operations, Fiscal Year 2020
[Source: Department of Justice]

Balance Oct. 1, 2019

......................................................................................................................................................................................

$1,177,812,263.64

Appropriation .............................................................................................................................................................................................................

0.00

Recoveries from prior year .......................................................................................................................................................................................

88,139.00

Fines/Penalties..........................................................................................................................................................................................................

20,327,184.73

Receipts:

Forfeitures .................................................................................................................................................................................................................

40,207,741.92

Interest on investments .............................................................................................................................................................................................

8,516,818.09

69,139,883.74

Outlays:
Salaries & Expenses .................................................................................................................................................................................................

6,621,156.71

Victim Payments .......................................................................................................................................................................................................

1,065,296,145.44

1,071,917,302.15

175,034,845.23

United States Victims of State Sponsored Terrorism Fund
Expected Condition and Results of Operations, Fiscal Years 2021-2025
[In thousands of dollars. Source: Department of Justice]

2021

2022

2023

2024

2025

Balance Oct. 1......................................................................................................
Receipts:
Appropriation ....................................................................................................
Fines/Penalties.................................................................................................
Forfeitures ........................................................................................................
Interest on investments ....................................................................................
Total receipts ................................................................................................
Outlays:

175,035

187,046

181,005

174,725

168,198

18,414
839
19,253

901
901

869
869

837
837

803
803

DOJ, Salaries & Expenses...............................................................................
Victim Payments ..............................................................................................
Total Outlays net of Investments Redeemed ..................................................
Balance Sept. 30 ..................................................................................................

6,739
503
7,242
187,046

6,941
6,941
181,005

7,149
7,149
174,725

7,364
7,364
168,198

7,585
7,585
161,416

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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

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130
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).

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.

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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.

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).

March 2021

DEPARTMENT OF THE TREASURY
BUREAU OF THE FISCAL SERVICE
WASHINGTON, D.C. 20227
OFFICIAL BUSINESS
PENALTY FOR PRIVATE USE, $300

Full text of Treasury Bulletin : March 2021

FRASER