BULLETIN

MARCH2023

FEATURES

Department of the Treasury

Bureau of the Fiscal Service

Profile of the Economy

Financial Operations

International Statistics

Special Reports

Produced and Published by
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. 

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www.fiscal.treasury.gov 
Table of Contents 

FINANCIAL OPERATIONS 

PROFILE OF THE ECONOMY 

Analysis—Summary of Economic Indicators........................................................................................................................ 1

FEDERAL FISCAL OPERATIONS 

Introduction—Federal Fiscal Operations............................................................................................................................. 12

Analysis—Budget Results and Financing of the U.S. Government and Fourth-Quarter Receipts by Source ..................... 13

FFO-A—Chart: Monthly Receipts and Outlays ................................................................................................................. 15

FFO-B—Chart: Budget Receipts by Source........................................................................................................................ 15

FFO-1—Summary of Fiscal Operations.............................................................................................................................. 16

FFO-2—On-Budget and Off-Budget Receipts by Source ................................................................................................... 17

FFO-3—On-Budget and Off-Budget Outlays by Agency ................................................................................................... 19

FFO-4—Summary of U.S. Government Receipts by Source and Outlays by Agency ........................................................ 21

FEDERAL DEBT 

Introduction—Federal Debt................................................................................................................................................. 22

FD-1—Summary of Federal Debt ....................................................................................................................................... 23

FD-2—Debt Held by the Public .......................................................................................................................................... 24

FD-3—Government Account Series .................................................................................................................................... 25

FD-4—Interest-Bearing Securities Issued by Government Agencies.................................................................................. 26

FD-5—Maturity Distribution and Average Length of Marketable Interest-Bearing Public Debt Held by 

 Private Investors .................................................................................................................................................... 27

FD-6—Debt Subject to Statutory Limit............................................................................................................................... 28

FD-7—Treasury Holdings of Securities Issued by Government Corporations and Other Agencies................................... 29

BUREAU OF THE FISCAL SERVICE OPERATIONS 

Introduction—Bureau of the Fiscal Service Operations ...................................................................................................... 31

TREASURY FINANCING ................................................................................................................................................. 31

PDO-1—Offerings of Regular Weekly Treasury Bills........................................................................................................ 40

PDO-2—Offerings of Marketable Securities Other than Regular Weekly Treasury Bills .................................................. 42

OWNERSHIP OF FEDERAL SECURITIES 

Introduction—Ownership of Federal Securities .................................................................................................................. 43

OFS-1—Distribution of Federal Securities by Class of Investors and Type of Issues........................................................ 44

OFS-2—Estimated Ownership of U.S. Treasury Securities ................................................................................................ 45

U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION

Introduction—U.S. Currency and Coin Outstanding and in Circulation ............................................................................. 46

USCC-1—Amounts Outstanding and in Circulation; Currency, Coins............................................................................... 46

USCC-2—Amounts Outstanding and in Circulation; by Denomination, Per Capita Comparative Totals .......................... 47

INTERNATIONAL STATISTICS 

FOREIGN CURRENCY POSITIONS 

Introduction—Foreign Currency Positions .......................................................................................................................... 49
Table of Contents 

SECTION I—Canadian Dollar Positions 

FCP-I-1—Weekly Report of Major Market Participants ..................................................................................................... 50

FCP-I-2—Monthly Report of Major Market Participants ................................................................................................... 51

FCP-I-3—Quarterly Report of Large Market Participants .................................................................................................. 51

SECTION II—Japanese Yen Positions 

FCP-II-1—Weekly Report of Major Market Participants ................................................................................................... 52

FCP-II-2—Monthly Report of Major Market Participants.................................................................................................. 53

FCP-II-3—Quarterly Report of Large Market Participants ................................................................................................. 53

SECTION III—Swiss Franc Positions 

FCP-III-1—Weekly Report of Major Market Participants .................................................................................................. 54

FCP-III-2—Monthly Report of Major Market Participants ................................................................................................. 55

FCP-III-3—Quarterly Report of Large Market Participants ................................................................................................ 55

SECTION IV—Sterling Positions 

FCP-IV-1—Weekly Report of Major Market Participants .................................................................................................. 56

FCP-IV-2—Monthly Report of Major Market Participants ................................................................................................. 57

FCP-IV-3—Quarterly Report of Large Market Participants ................................................................................................ 57

SECTION V—U.S. Dollar Positions 

FCP-V-1—Weekly Report of Major Market Participants................................................................................................... 58

FCP-V-2—Monthly Report of Major Market Participants.................................................................................................. 59

FCP-V-3—Quarterly Report of Large Market Participants ................................................................................................. 59

SECTION VI—Euro Positions 

FCP-VI-1—Weekly Report of Major Market Participants .................................................................................................. 60

FCP-VI-2—Monthly Report of Major Market Participants ................................................................................................. 60

FCP-VI-3—Quarterly Report of Large Market Participants ................................................................................................ 61

EXCHANGE STABILIZATION FUND 

Introduction—Exchange Stabilization Fund........................................................................................................................ 62

ESF-1—Balance Sheet ........................................................................................................................................................ 63

ESF-2—Statement of Net Cost............................................................................................................................................64

SPECIAL REPORTS 

TRUST FUNDS 

Introduction—Airport and Airway Trust Fund .................................................................................................................... 66 

TF-1—Airport and Airway Trust Fund ............................................................................................................................... 67 

Introduction—Uranium Enrichment Decontamination and Decommissioning Fund .......................................................... 68 

TF-2—Uranium Enrichment Decontamination and Decommissioning Fund...................................................................... 69 

Introduction—Black Lung Disability Trust Fund ................................................................................................................ 70 

TF-3—Black Lung Disability Trust Fund ........................................................................................................................... 71 

Introduction—Harbor Maintenance Trust Fund .................................................................................................................. 72 

TF-4—Harbor Maintenance Trust Fund .............................................................................................................................. 73 

Introduction—Hazardous Substance Superfund .................................................................................................................. 74 

TF-5—Hazardous Substance Superfund .............................................................................................................................. 75 

Introduction—Highway Trust Fund .................................................................................................................................... 77 

TF-6—Highway Trust Fund ................................................................................................................................................ 78 

TF-6A—Highway Trust Fund; Highway Account, Mass Transit Account ......................................................................... 80 

Introduction—Inland Waterways Trust Fund ...................................................................................................................... 81 
Table of Contents 

TF-7—Inland Waterways Trust Fund .................................................................................................................................. 81 

Introduction—Leaking Underground Storage Tank Trust Fund .......................................................................................... 82 

TF-8—Leaking Underground Storage Tank Trust Fund ..................................................................................................... 83 

Introduction—Nuclear Waste Fund ..................................................................................................................................... 84 

TF-9—Nuclear Waste Fund ................................................................................................................................................. 84 

TF-A—Chart: Major Trust Funds, Interest on Investments ................................................................................................. 85 

TF-B—Chart: Major Trust Funds, Receipts and Expenses.................................................................................................. 85 

Introduction—Reforestation Trust Fund .............................................................................................................................. 86 

TF-10—Reforestation Trust Fund ....................................................................................................................................... 86 

Introduction— Sport Fish Restoration and Boating Safety Trust Fund ............................................................................... 87 

TF-11—Sport Fish Restoration and Boating Safety Trust Fund .......................................................................................... 88 

Introduction—Oil Spill Liability Trust Fund ....................................................................................................................... 89 

TF-12—Oil Spill Liability Trust Fund ................................................................................................................................ 90 

Introduction—Vaccine Injury Compensation Trust Fund ................................................................................................... 91 

TF-13—Vaccine Injury Compensation Trust Fund ............................................................................................................. 91 

Introduction—Wool Research, Development, and Promotion Trust Fund .......................................................................... 92 

TF-14—Wool Research, Development, and Promotion Trust Fund ................................................................................... 93 

Introduction— Agriculture Disaster Relief Trust Fund ....................................................................................................... 94 

TF-15—Agricultural Disaster Relief Trust Fund ................................................................................................................. 94 

Introduction—Patient Centered Outcomes Research Trust Fund ........................................................................................ 96 

TF-16—Patient Centered Outcomes Research Trust Fund .................................................................................................. 97 

Introduction— United States Victims of State Sponsored Terrorism Fund ......................................................................... 98 

TF-17—United States Victims of State Sponsored Terrorism Fund ................................................................................... 99 

GLOSSARY ...................................................................................................................................................................... 100

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.
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. 

Issues 

March 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 ............................... √ 

 

 

 
OPERATIONS

Profile of theEconomy

FederalFiscalOperations

Account of theU.S.Treasury

FederalDebt

Fiscal Service Operations

OwnershipofFederalSecurities

U.S. Currency andCoinOutstanding

andinCirculation
1

Profile of the Economy 

(Office of Macroeconomic Analysis) 

February 15, 2023 

Introduction 

The U.S. economy maintained a healthy pace of growth in the fourth quarter, showing resilience 

in the face of global and pandemic-related economic headwinds. Real gross domestic product 

(GDP) grew at a 2.9 percent annualized rate. Labor markets remain tight: over the three months 

through January, employers have added an average of 356,000 payroll jobs—a pace well-above 

that needed to maintain a stable unemployment rate. In addition, the unemployment rate dropped 

to a 53-year low of 3.4 percent in January 2023. Despite still-tight labor markets, inflation 

continues to slow: after peaking in June 2022, 12-month headline inflation (as measured by the 

consumer price index) has fallen by 2.7 percentage points, owing to sharp declines in energy 

prices and moderating non-energy goods inflation over the second half of last year. Core 

inflation (excluding food and energy) slowed by less than headline, largely due to elevated 

shelter inflation—though timely measures of house prices and rents suggest a reprieve in the 

coming year. Housing markets showed considerable weakening, correcting from pandemicrelated imbalances and responding to tighter monetary policy. 

In 2023, the economy is facing significant challenges as it transitions from a historically rapid 

recovery to steady and healthy growth. On January 19, 2023, the outstanding debt of the United 

States reached the statutory limit. Absent an increase in the debt ceiling once the Treasury’s 

extraordinary measures to prevent default are exhausted around mid-year, the threat of default 

could weigh on the confidence of consumers, businesses, and investors. The economy continues 

to transition from the COVID-19 pandemic to an endemic; as of mid-January 2023, over 80 

percent of the U.S. population have received at least one dose of the COVID-19 vaccines, 

although less than 20 percent of people ages 5 or older have received an updated, bivalent 

booster dose, leaving the country potentially vulnerable to the threat of new variants. Despite an 

overall slowing of price pressures, inflation remains well-above recent historical experience and 

the Federal Reserve’s inflation target. A further escalation of Russia’s illegal invasion of 

Ukraine could again raise prices of energy as well as prices of products that are dependent on 

energy inputs, notably food. Persistently high core inflation (which excludes food and energy) 

partly reflects elevated shelter inflation, although timely measures of house and rental unit prices 

do show signs of easing. This would improve affordability but could also have negative wealth 

effects. Although high interest rates have led to dramatic reductions in structures investment, 

particularly in the residential sector, the pace of monetary tightening began to slow in late 2022 

and in early 2023. Finally, as a result of Russia’s invasion of Ukraine, Europe is facing 

inflationary pressures, tightening financial conditions, and an energy crisis, creating risks for 

global growth, which could feed back into the U.S. outlook by weakening international demand 

for U.S. goods and services exports. 
2

Economic Growth 

In the final quarter of 2022, real GDP rose 2.9 percent at an annual rate according to the advance 

estimate, a solid gain that followed the third quarter’s 3.2 percent rise. Growth in the fourth 

quarter was propelled primarily by personal consumption and a strong build in private 

inventories, as well as by positive contributions from government spending and net exports. 

Strong GDP in the second half of the year more than offset the mild contraction during the first 

half; as a result, real GDP was up 1.0 percent over the four quarters of 2022, following a 5.7 

percent advance over the previous four quarters. 

Real private domestic final purchases (PDFP)—the sum of personal consumption, business fixed 

investment, and residential investment—ticked up 0.2 percent in the fourth quarter, slowing from 

the 1.1 percent pace in third quarter. This measure—which excludes government spending, 

international demand for goods and services, and the change in private inventories— is typically 

a stronger indicator of future GDP increases and generally represents the private sector’s 

capacity to generate self-sustaining growth. In the fourth quarter, however, one sub-component 

of business fixed investment, investment in structures, turned positive after six consecutive 

quarters of contractions. 

Real PCE—the largest component of PDFP and roughly two-thirds of real GDP—rose by 2.1 

percent in the fourth quarter on an annualized basis, slowing only somewhat from the 2.3 percent 

pace in the third quarter. Consumers continue to rotate consumption towards services, but 

slowly: the services share of PCE rose from 65.9 percent in the third quarter to 66.3 percent in 

the fourth quarter of 2022, still below the pre-pandemic average of about 69 percent. 

Consumption of services rose 2.6 percent, led by demand for international travel, food services 

and accommodations, and health care. Meanwhile, consumption of goods increased by 1.1 

percent, as nondurables purchases grew by 1.5 percent and consumption of durables rose by 0.5 

percent. 

Business fixed investment (BFI) grew by 0.7 percent at an annual rate in the fourth quarter, 

slowing from the 6.2 percent surge in the third quarter, but marking the tenth consecutive 

quarterly increase. Fourth quarter BFI growth was led by investment in intellectual property 

products, which rose a solid 5.3 percent after a 6.8 percent advance in the third quarter. 

Investment in this category has not declined since the first quarter of 2015, but recent growth 

rates, though solid, have trended lower from double-digit surges in recent years. Investment in 

structures rose 0.4 percent in the fourth quarter, following six consecutive quarterly declines. By 

contrast, investment in equipment posed a drag on growth, falling 3.6 percent in the fourth 

quarter after increasing by 10.6 percent in the third quarter. 

Real residential investment—the third and final component of PDFP—dropped 26.7 percent at 

an annual rate in the fourth quarter, after falling 27.1 percent in the third quarter. The 

contraction in this sector, which started in the second quarter of 2021, has persisted and 

deepened in recent quarters, reflecting the ongoing correction in housing markets and tighter 

monetary policy. In the fourth quarter, lower residential investment was led by decreases in new 

single-family construction and brokers’ commissions. Single-family structures spending fell 
3

38.5 percent but multi-family structures investment was up 17.3 percent. Other structures 

investment—which includes manufactured homes, group housing, and ancillary spending like 

brokers’ commissions—dropped 23.1 percent in the fourth quarter. 

The remaining components of GDP comprise the change in the buildup or drawdown of private 

inventories, international demand, and public sector demand. The change in private inventories 

(CIPI) was the strongest driver of overall growth in the fourth quarter. Firms added $129.9 

billion (constant 2012 dollars) to inventories in the fourth quarter, which was a strong 

acceleration from the $38.7 billion added in the third quarter. As a result, CIPI added 1.5 

percentage points to real GDP growth in the fourth quarter. Inventories tend to be a volatile 

component of GDP and became even more so through the pandemic, given changing household 

consumption patterns and supply-chain disruptions. 

On the international side, the narrowing of the trade deficit helped drive GDP growth in the 

fourth quarter, through to a lesser extent than in the third. Net exports increased by $36.4 billion 

to -$1,232.4 billion, adding 0.6 percentage points to fourth quarter GDP growth. Total exports of 

goods and services fell by 1.3 percent at an annual rate. Meanwhile, total imports decreased 4.6 

percent. The increase in net exports was the third consecutive quarter of improvement. 

After subtracting from GDP growth in each of the five quarters through 2022 Q2, public-sector 

demand for goods and services rose by 3.7 percent at an annual rate the fourth quarter, matching 

the third quarter’s gain. In the fourth quarter, federal government consumption and investment 

grew by 6.2 percent, driven by nondefense spending, while state and local government 

consumption increased 2.3 percent, mainly reflecting increases in compensation for state and 

local government employees. 

Growth of Real GDP  

(Quarterly percent change at annual rate)
4

Labor Markets and Wages 

Labor markets remain very tight, and signs of loosening at the margins have receded somewhat. 

Firms added 4.8 million payroll jobs in 2022, following a record gain of 7.3 million in 2021. 

The economy added another 517,000 in January 2023. In 2021, the headline unemployment rate 

registered the largest drop on record in a single calendar year, falling 2.8 percentage points to 3.9 

percent. By December 2022, the headline unemployment rate had fallen a further 0.4 percentage 

points to 3.5 percent, returning to the five-decade low. In January 2023, the headline 

unemployment rate fell to a 53-year low of 3.4 percent. The broadest measure of 

unemployment—the U-6 rate, a measure of labor underutilization that includes 

underemployment and discouraged workers in addition to the unemployed—dropped to 6.5 

percent in December 2022, the lowest U-6 rate in the history of the series, which dates from 

January 1994. As of January 2023, the U-6 rate had ticked up to 6.6 percent. The long-term (27 

or more weeks) unemployment rate, expressed as a percentage of the labor force, continued to 

trend lower in 2022 and stood at 0.65 percent in December, before edging up slightly to 0.67 in 

January 2023. These rates are below the pre-pandemic level of 0.68 percent in February 2020. 

The total labor force participation rate (LFPR) hovered between 62.1 and 62.4 percent during 

2022, before returning to the top of that range in January 2023, a rate that is 0.9 percentage 

points below the pre-pandemic level. For prime-age (ages 25 to 54) workers, the LFPR climbed 

to 82.8 percent in August 2022, 0.3 percentage points below the nearly twelve-year high of 83.1 

percent reached in January 2020. Although the rate trended lower in the intervening months, it 

rose again to 82.7 percent in January 2023. The LFPR for prime-age men reached 88.8 percent 

in February 2022, 0.6 percentage points below the pre-pandemic level, but has since trended 

lower, and stood at 88.5 percent in January 2023. In contrast, the LFPR for prime-age women 

rose to 77.1 percent in August 2022, exceeding the pre-pandemic level, then trended slightly 

lower to 76.9 percent, matching the pre-pandemic rate. For those workers aged 55 years or 

older, the LFPR reached 39.1 percent in February 2022 but has since trended down to 38.7 

percent as of January 2023. Between 2016 and 2019, the LFPR for those 55 or older averaged 

40.1 percent but has averaged 38.8 percent since February 2020, possibly suggesting a 

downward shift in labor force participation among older adults due to such factors as lingering 

Covid concerns and an increased preference or need to retire. 

The gap between labor supply and demand remains significant. The demand for labor has 

hovered near record highs for almost two years. Before the pandemic, the record for the number 

of job openings was 7.6 million in November 2018. Yet openings peaked in March 2022 at 11.9 

million, or roughly 57 percent above the pre-pandemic high. Although job openings have 

declined in the intervening months, they were still at 11.0 million as of the end of December 

2022 (latest available data)—or 45 percent above the pre-pandemic peak. The excess demand 

for labor has provided workers consequential leverage in terms of job mobility and wage 

demands. For example, the quits rate remains exceptionally strong: by the end of December 

2022, the number of job quits remained at 4.1 million, little changed in recent months, and 

almost 12 percent above the pre-pandemic high. Moreover, the official number of unemployed 

persons per job opening ticked down in December to 0.52 workers, just above the record low of 

0.5 and remaining significantly below the average ratio of 1.0 that prevailed during the three 

years before the pandemic. 
5

Strong nominal wage growth has been a hallmark of tight labor markets in the United States: in 

each of the twelve months through August 2022, nominal wage growth for production and 

nonsupervisory workers remained above 6 percent on a yearly basis, averaging 6.6 percent. 

Since then, wage growth has trended lower, dropping to 5.1 percent over the year through 

January 2023 – much slower than the 6.8 percent pace over the year through January 2022. The 

Employment Cost Index (ECI), which better controls for changes in labor composition and is a 

more comprehensive measure of total compensation, showed private sector wages increasing 5.1 

percent over the twelve months ending in December 2022, decelerating somewhat from the 

twelve-month pace of 5.2 percent through September, but still faster than the 5.0 percent rate 

over the year through December 2021. 

Payroll Employment

(Monthly average for year shown and monthly amounts)

Unemployment Rate

(Percent)
6

Nonfarm Productivity of Labor 

Nonfarm productivity growth rates have improved in recent quarters. Quarterly nonfarm 

productivity growth declined in each of the first quarters of 2022, as strong growth in labor hours 

combined with declines in output. However, productivity growth rose by 1.4 percent at an 

annual rate in last year’s third quarter, then more than doubled to 3.0 percent in the final quarter 

of the year. The latest quarter’s gain reflected a 3.5 percent advance in output, which more than 

offset a 0.5 percent increase in worker hours. On a year-over-year basis, productivity growth 

was down 1.5 percent through the fourth quarter of 2022, contrasting with the four-quarter gain 

of 1.9 percent a year earlier. Productivity growth on a four-quarter basis has declined for four 

consecutive quarters, including a 2.1 percent plunge over the four quarters through the second 

quarter, which marked the largest four-quarter decline since 1974. 

Nominal hourly compensation costs in the nonfarm business sector rose 4.1 percent at an annual 

rate in the fourth quarter of 2022, picking up from the 3.4 percent pace in the third quarter of the 

year. Compensation costs rose by 3.0 percent over the four most recent quarters, slowing from a 

5.2 percent, year-earlier pace. Unit labor costs, defined as the average cost of labor per unit of 

output, have slowed dramatically recent quarters, and were up 1.1 percent at an annual rate in the 

fourth quarter, well below the 8.5 percent pace in the first quarter of the year. However, these 

costs were up 4.5 percent over the most recent four quarters, accelerating from the 3.2 percent 

pace over the four quarters through the fourth quarter of 2021. 

Industrial Production, Manufacturing, and Services 

Total industrial production trended higher between 2021 through April 2022, but since then, has 

leveled off or trended lower. In the past four months, output at factories, mines, and utilities has 

either declined or been flat, despite an easing of supply-chain disruptions. In January, output 

was flat, although total industrial production still was up 0.8 percent over the year. This was a 

smaller advance than the 2.9 percent gain over the twelve months through January 2021. 

Manufacturing production, which accounts for about 74 percent of all industrial output, has 

presented a mixed picture: over the past four months, manufacturing output fell by a cumulative 

1.3 percent, but in January 2023 it advanced 1.0 percent. Twelve-month growth has slowed 

considerably, with output in manufacturing rising 0.3 percent over the year through January 

2023, far less than the 2.0 percent pace over the twelve months through January 2022. The 

contribution from the automotive sector has been mixed, but after declining in November and 

December, production of motor vehicles and parts was up 0.5 percent. Twelve-month 

production rates have slowed from the double-digit paces seen last year from April to October 

(associated with increased availability of semi-conductors), but production was still up 4.7 

percent over the year through January 2023. Other measures of manufacturing were mixed in 

January. Output at select high-technology factories was down 0.1 percent and was also 1.5 

percent lower over the past year. Excluding motor vehicles and parts and high-technology 

industries, however, manufacturing output was up 1.0 percent, even though it was flat over the 

year. 

Output at mines, most of which is crude oil and natural gas extraction and related support 

activities, accounts for 16 percent of industrial output. As a result, mining activity is sensitive to 
7

energy prices; the trend of rising energy prices in 2021 and well into 2022 contributed to strong 

mining output growth. Nonetheless, mining activity has trended lower since last August in the 

wake of fluctuating energy prices. After large declines in November and December, output 

turned positive in January 2023, rising by 2.0 percent. Monthly oil and gas extraction rose 1.8 

percent in January, after declining in each of the three prior months. Over the 12 months through 

January 2023, oil and gas extraction was up 7.8 percent, and mining output was up 8.6 percent. 

Utilities output, the remaining 10 percent of total industrial output, dropped 9.9 percent in 

January 2023, following two consecutive monthly gains. Weather is usually a factor 

contributing to swings in this sector; unseasonable weather in months often causes sharp swings 

in output from one month to the next. Over the 12 months through January 2023, utilities 

production was down 8.9 percent. 

According to survey measures of manufacturing and service-sector businesses, growth has turned 

negative in manufacturing, and has continued to slow in services. The Institute for Supply 

Management’s (ISM) manufacturing index has remained below the 50 level for the past three 

months and fell to 47.4 in January 2023. This was the lowest reading since May 2020 and 

signals contraction. The ISM’s services index also dipped below the 50 mark but only in 

December 2022, and bounced back in January 2023 to 55.2. This index has signaled expansion 

in 31 of the past 32 months but has trended lower since reaching an all-time high of 68.4 in 

November 2021. 

Housing Markets 

The correction in housing markets that began early in 2022 has begun to stabilize to some extent, 

even though much higher mortgage rates and still-high house prices continue to dampen demand. 

Existing and new home sales started trending lower at the start of 2022. In December, existing 

home sales—which account for 90 percent of all home sales—declined 1.5 percent over the 

month and were down 34.0 percent on a twelve-month basis. But new single-family homes sales 

grew in each month of 2022’s final quarter, including a 2.3 percent gain in December. Even so, 

new home sales were 26.6 percent lower over the year. Inventories of homes available for sale 

have risen from all-time lows to higher ranges in recent month, partly reflecting declines in sales. 

The months’ supply of existing homes for sale stood at 2.9 months in December, nearly double 

the supply available at the beginning of the year, but still below the average 3.9 months of supply 

in 2019. Inventories have also surged for the new homes market. Months’ supply stood at 9.0 

months in December, up from 5.7 months of sales in January 2022. 

Measured with a lag, house prices remain elevated following a sharp acceleration for more than 

two years. However, twelve-month rates slowed, after running at double-digit paces for almost 

two years, and monthly rates slowed noticeably during the latter half of 2022. The Case-Shiller 

national house price index—which measures sales prices of existing homes—has declined each 

month since July 2022, including a 0.5 percent drop in November (latest data available). The 

index was up 6.8 percent over the year through November, roughly one-third the 18.3 percent 

advance over the previous twelve months. The FHFA house price index showed flat or negative 

growth in four of the previous five months, edging down 0.1 percent in November, but was up 

8.1 percent over the year ending in November, less than one-half the 17.8 percent pace over the 
8

previous year through November 2021. However, rental rates on new lease agreements, a more 

timely measure of housing costs, are declining, which may indicate some easing of inflationary 

pressures from shelter in coming months. 

Meanwhile, new construction starts and permits for future starts have weakened further. Singlefamily housing starts declined in all but three months during 2022, including an 11.3 percent 

surge in December. After declining for ten consecutive months through the end of 2022, singlefamily permits were down 1.8 percent in January 2023. Construction has also declined in the 

volatile multi-family sector: in January 2023, these starts declined 4.9 percent but multi-family 

permits increased 2.5 percent. 

Although starts and permits have trended much lower, activity in the housing sector remains 

elevated as builders continue to work through construction backlogs. The number of total homes 

under construction—both single-family and multi-family—rose to 1.700 million in January 

2023, below the record high of 1.711 reached in October 2022 (data series begins in 1970). 

Despite the record number of projects under way, builders remain relatively pessimistic about the 

conditions of single-housing markets, although most recently, mood has improved. The National 

Association of Home Builders’ housing market index dropped to 31 in December 2022, less than 

half the level of 84 at the end of 2021. However, the index began to rise in January 2023, and in 

February, on a preliminary basis, rose 7 points (matching the largest gain in nearly a decade) to 

42. 

Prices 

Inflation remains relatively elevated, but monthly increases have trended lower over the past 

several months after fluctuating in a range of 0.4 to 1.2 percent during the first half of 2022. 

Receding supply chain problems, weaker demand, and lower energy prices have helped to 

dampen price pressures. In December 2022, CPI inflation was 0.1 percent, and picked up to 0.5 

percent in January 2023. The CPI for energy goods and services declined in November and 

December but rose 2.0 percent in January 2023. Food price inflation has trended lower, slowing 

from 1.1 percent in May and July 2022 to 0.5 percent in January 2023, but still remains elevated. 

Core CPI inflation (which strips out the volatile energy and food components) was elevated for 

much of 2022 but remained in a lower range of 0.3 percent to 0.4 percent during the final three 

months of the year and remained at 0.4 percent in January 2023. Price growth for services has 

been the largest driving force behind core CPI inflation for the past several months; persistent 

and strong growth of shelter prices, such as rents and owners’ equivalent rents, has set a high 

floor for core services inflation. Core goods prices, meanwhile, have been slowing markedly, 

helping to contain core inflation readings. 

On a twelve-month basis, inflation readings have also slowed. Over the year ending January 

2023, CPI inflation was 6.4 percent—2.7 percentage points slower than the 9.1 percent pace 

recorded over the year through June 2022. Energy price inflation was 8.7 percent over the 

twelve months ending in January 2023, roughly one-quarter of the 41.6 percent twelve-month 

pace seen in June 2022—the peak of which followed the Russian invasion of Ukraine. By 

contrast, food price inflation remains in double-digits, rising by 10.1 percent over the year 

through January 2023, although this was the slowest twelve-month rate since May 2022. Core 
9

inflation has slowed somewhat, rising 5.6 percent over the year ending in January 2023 

compared with a 5.9 percent advance over the year through June 2022. As with monthly 

inflation, price growth of core services—driven by strong shelter inflation—was the primary 

driver of faster core inflation. Core services rose 7.2 percent over the year through January 

2023, the fastest rate in over forty years, again elevated by shelter inflation—over the twelve 

months through January, the CPI for shelter was up 7.9 percent. Over the year through January 

2023, core goods inflation was 1.4 percent, a fraction of the 12.3 percent yearly rate through 

February 2022. 

The Federal Reserves’ preferred measure of inflation is the PCE price index. The PCE price 

index assigns different weights for different components than does the CPI and uses a different 

methodology in its calculation—though the drivers of both measures remain similar. Inflation as 

measured by the PCE price index typically runs at a slower pace than CPI inflation due to these 

methodological and weighting differences—for instance, the PCE price indices have a higher 

weight for health care services, which have seen more normal rates of price increases. From 

2000 to 2019, headline PCE inflation was 0.3 percentage points slower than CPI inflation on a 

year-over-year basis, while core PCE inflation was typically 0.3 percentage points slower than 

core CPI inflation. Gaps widened considerably starting in Spring 2021 and remain far above 

average, but more recently have narrowed somewhat. As of December 2022, PCE inflation was 

5.0 percent on a year-over-year basis, or 1.5 percentage points below the comparable timeframe 

for CPI inflation. The gap between core measures has also widened—though to a lesser extent. 

Core PCE inflation was 4.4 percent over the year ending December, compared with 5.7 percent 

inflation as measured by the core CPI over the same time frame. (Prior to March 2021, inflation 

as measured by the PCE price index had held below the FOMC’s target since November 2018, 

which contributed to the FOMC adopting a new inflation regime. The flexible average inflation 

target regime allows for inflation to exceed 2 percent for some period, such that PCE inflation 

would average 2 percent over time.) 

Consumer Prices

(Percent change from a year earlier)
10

Consumer and Business Sentiment 

Despite still-elevated inflation, rising interest rates, and predictions of possible recession in the 

future, consumer and business sentiment has improved in recent months. Factors such as 

declining energy prices, strong labor markets, and progress in lowering inflation have helped 

boost measures of sentiment in recent months to varying degrees. The Reuters/Michigan 

consumer sentiment index trended lower between April 2021 and June 2022, when it reached a 

record low of 50.0 (series debuted in November 1952). It subsequently fluctuated in a ten-point 

range, but in January 2023, broke above 60 for the first time since April 2022. As of early 

February, the index stood at 66.4, but was still more than 5 points below the early-pandemic low 

reached in April 2020. 

In The Conference Board’s alternative household survey, the consumer confidence index has 

remained above the early pandemic low reached in April 2020 but has also fluctuated in a 

broader range. After reaching 128.9 in June 2021, a level within four points of the pre-pandemic 

high, this index has trended broadly lower, though to a lesser extent than the Reuters/Michigan 

index. Over the past six months, however, the index has remained above 100, and as of January 

2023, stood at 107.1, or about 21 points above the early pandemic low. 

On the business side, the National Federation of Independent Business’s (NFIB) small business 

optimism index has trended lower since mid-2021. As of January 2023, the small business 

optimism index stood at 90.3, dropping 0.6 points below the pandemic low. This marked the 

thirteenth consecutive month below the pre-pandemic long-term average of 98. 

Federal Budget Deficit and Debt 

The federal government’s deficit and debt were trending higher before the pandemic but rose 

sharply following the multiple fiscal responses to combat the pandemic’s effects on the 

economy. At the end of fiscal year 2022, the federal government’s budget deficit was $1.38 

trillion (5.4 percent of GDP)—down from $2.78 trillion (12.3 percent of GDP) at the end of 

fiscal year 2021. Despite the decline in the deficit of $1.40 trillion in the most recent fiscal year, 

the deficit was still up from 4.7 percent of GDP in fiscal year 2019, and also higher than the 40-

year average of 3.8 percent. Federal receipts totaled $4.90 trillion in fiscal year 2022, up $850 

billion (21.0 percent) from fiscal year 2021. Net outlays for fiscal year 2021 were $6.27 trillion, 

down $550 billion (-8.1 percent) from fiscal year 2021, primarily due to the expiration of 

temporary programs to contain the pandemic and mitigate the impact on families and businesses. 

The Treasury’s borrowing limit was raised to $31.38 trillion in December 2021. At the end of 

fiscal year 2022, gross federal debt was $30.9 trillion, up from $28.4 trillion at the end of fiscal 

year 2021. Federal debt held by the public, which includes debt held by the Federal Reserve but 

excludes federal debt held by government agencies, rose from $22.3 trillion at the end of fiscal 

year 2021 (98.4% of GDP) to $24.3 trillion by the end of fiscal year 2022 (97.1 of GDP). On 

January 19, 2023, the outstanding debt of the United States reached the statutory limit. Once at 

the debt limit, Treasury began taking extraordinary measures to prevent the United States from 

default on its obligations. These measures are expected to be exhausted sometime after early 

June 2023. 
11

Economic Policy 

As the pandemic’s impact on economic activity has waned and inflation has grown as the chief 

economic concern, fiscal and monetary policy have shifted away from income support measures 

to policies to ease price pressures. Early in the pandemic, the objective of policy was to mitigate 

the impact of COVID on the economy and provide financial support to households and business. 

In various bills passed from March 2020 to March 2021, Congress authorized over $4 trillion to 

support the economy and provide necessary health resources to combat the pandemic. At the 

same time, the Federal Open Market Committee (FOMC), the governing board of the Federal 

Reserve system, dropped the federal funds rate target range to 0.00-0.25 percent and erected 

several lending facilities to ensure market liquidity. 

In late-2021 and early-2022, however, the objective of public policy turned toward addressing 

inflation, which was being elevated in part by shifts in consumption behavior from services to 

goods, supply-chain disruptions, and labor force shortages. Congress’s first bill to address 

supply-chain vulnerabilities over the long term was the Infrastructure Investment and Jobs Act of 

2021, which among its provisions appropriated funds to rebuild deteriorating transportation 

infrastructure. Meanwhile, the Administration’s Build Back Better framework was modified into 

a second bill in 2022 that would address other long-run supply-side vulnerabilities, particularly 

those arising from climate change. On August 16, 2022, President Biden signed the Inflation 

Reduction Act, which included provisions to reduce health care costs for prescription drugs and 

health care coverage as well as an additional $370 billion for measures to reduce emissions and 

substantial deficit reduction through improved tax compliance and closing of tax loopholes. 

Persistent inflation prompted the FOMC to launch a new cycle of monetary policy tightening at 

the March 2022 meeting, when it raised the Federal funds target range 25 basis points to 0.25 to 

0.50 percent. At subsequent meetings during the remainder of 2022 the Committee hiked the 

target range by a further 400 basis points, including four separate and consecutive increases of 75 

basis points each as well as a smaller, 50 basis point increase at the December meeting. The 

FOMC slowed the pace of tightening again at the January 31/February 1 meeting, when it hiked 

the target range by 25 basis points to a range of 4.5 to 4.75 percent. In the accompanying 

statement issued on February 1, the Committee noted “modest growth in spending and 

production” but also observed that “the unemployment rate has remained low.” The FOMC 

indicated that “Inflation has eased somewhat but remains elevated.” The statement also 

continued to observe that “ongoing increases in the target range will be appropriate.”

In addition, the Federal Reserve has been reducing its holdings of long-run assets of Treasury 

securities and mortgage-backed securities (MBS), putting upward pressure on longer-term 

interest rates. The FOMC’s balance sheet runoff—that is, allowing maturity of longer-term 

assets without reinvestment—began on June 1. In September, monthly runoff caps were raised 

as scheduled to $95 billion ($60 billion for Treasuries and $35 billion for MBS), where they 

remain. 
12

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 
13

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 2023 

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 $504.6 billion for the first 

quarter of Fiscal Year 2023. This is a decrease of $30.8 

billion over the comparable prior year quarter. Withheld 

receipts decreased by $27.6 billion and non-withheld 

receipts increased by $17.3 billion during this period. 

Refunds increased by $20.5 billion over the comparable 

Fiscal Year 2022 quarter. There was a change of $7.3 

billion in accounting adjustments between individual income 

tax receipts and the Social Security and Medicare trust funds 

over the comparable quarter in Fiscal Year 2022. 

Corporate income taxes—Net corporate income tax 

receipts were $105.4 billion for the first quarter of Fiscal 

Year 2023. This is an increase of $6.7 billion compared to 

the prior year first quarter. The $6.7 billion change is 

comprised of an increase of $3.8 billion in estimated and 

final payments, and a decrease of $2.9 billion in corporate 

refunds. 

Employment taxes and contributions—Employment 

taxes and contributions receipts for the first quarter of Fiscal 

Year 2023 were $347.2 billion, an increase of $29.2 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 $17.0 billion, $2.9 billion, and $9.1 billion 

respectively. There was an $11.8 billion accounting 

adjustment for prior years employment tax liabilities made 

in the first quarter of Fiscal Year 2023. There was a $4.5 

billion adjustment in the first quarter of Fiscal Year 2022. 

Unemployment insurance—Unemployment insurance 

receipts, net of refunds, for the first quarter of Fiscal Year 

2023 were $7.3 billion, a decrease of $8.3 billion over the 

comparable quarter of Fiscal Year 2022. Net State taxes 

deposited in the U.S. Treasury decreased by $8.3 billion. 

Net Federal Unemployment Tax Act taxes did not change 

significantly from $0.8 billion. 

Contributions for other insurance and retirement—

Contributions for other retirement were $1.6 billion for the 

first quarter of Fiscal Year 2023. This was a negligible 

change from the comparable quarter of Fiscal Year 2022. 
14

Excise taxes—Net excise tax receipts for the first 

quarter of Fiscal Year 2023 were $21.0 billion, an increase 

of $0.4 billion over the comparable prior year quarter. Total 

excise tax refunds for the quarter were $0.9 billion, an 

increase of $0.2 billion over the comparable prior year 

quarter. 

Estate and gift taxes—Net estate and gift tax receipts 

were $7.0 billion for the first quarter of Fiscal Year 2023. 

These receipts represent an increase of $0.4 billion over the 

same quarter in Fiscal Year 2022. 

Customs duties—Customs duties net of refunds were 

$21.9 billion for the first quarter of Fiscal Year 2023. This 

is a decrease of $1.9 billion over the comparable prior year 

quarter. 

Miscellaneous receipts—Net miscellaneous receipts 

for the first quarter of Fiscal Year 2023 were $9.6 billion, a 

decrease of $22.1 billion over the comparable prior year 

quarter. This change is due in part to deposits of earnings by 

Federal Reserve banks decreasing by $26.3 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”] 

 First quarter 2023 

October – December 

 Fiscal year 2023 

 year to date 

Total on- and off-budget results: 

Total receipts ............................................................... 1,025,553 1,025,553

On-budget receipts .................................................. 771,235 771,235

Off-budget receipts .................................................. 254,318 254,318

Total outlays................................................................. 1,446,963 1,446,963

On-budget outlays.................................................... 1,183,051 1,183,051

Off-budget outlays.................................................... 263,912 263,912

Total surplus or deficit (-)............................................. -421,410 -421,410

On-budget surplus or deficit (-)................................ -411,816 -411,816

Off-budget surplus or deficit (-)................................ -9,594 -9,594

Means of financing: 

Borrowing from the public ............................................ 202,055 202,055

Reduction of operating cash ........................................ 189,309 189,309

Other means ................................................................ 30,046 30,046

Total on- and off-budget financing ........................... 421,410 421,410

First-Quarter Net Budget Receipts by Source, Fiscal Year 2023 

[In billions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] 

Source October November December

Individual income taxes...................................................... 175.4 113.7 215.5

Corporate income taxes..................................................... 14.6 2.9 87.8

Employment and general retirement.................................. 103.7 111.8 131.7

Unemployment insurance .................................................. 3.7 3.0 0.5

Contributions for other insurance and retirement .............. 0.5 0.5 0.5

Excise taxes ....................................................................... 5.8 8.0 7.1

Estate and gift taxes .......................................................... 2.8 2.6 1.6

Customs duties .................................................................. 8.2 7.2 6.6

Miscellaneous receipts....................................................... 3.7 2.3 3.6

Total budget receipts ..................................................... 318.5 252.1 454.9

Note.—Detail may not add to totals due to independent rounding. 
15
16

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 

Means of 

financing 

-net transactions 

Borrowing from 

the publicFederal securities 

Public debt 

securities 

(10)

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)

2018 ...............................3,328,745 2,473,999 854,747 4,107,741 3,259,170 848,573 -778,995 -785,172 6,175 1,258,348 

2019 ...............................3,462,195 2,547,893 914,302 4,446,583 3,539,967 906,617 -984,386 -992,072 7,686 1,208,690 

2020 ...............................3,419,955 2,454,528 965,427 6,551,871 5,596,291 955,579 -3,131,917 -3,141,766 9,847 4,234,396 

2021 ...............................4,045,980 3,093,658 952,323 6,818,159 5,814,312 1,003,847 -2,772,178 -2,720,653 -51,525 1,484,000 

2022 ...............................4,896,119 3,830,145 1,065,975 6,271,508 5,190,351 1,081,158 -1,375,389 -1,360,206 -15,183 2,453,245 

2022 – Est1.....................4,940,674 3,873,852 1,066,822 5,972,228 4,887,495 1,084,733 -1,031,554 -1,013,643 -17,911 2,547,296 

2023 – Est1.....................4,732,711 3,596,220 1,136,491 6,032,427 4,826,410 1,206,017 -1,299,716 -1,230,190 -69,526 1,536,012 

2021 – Dec..................... 486,723 400,594 86,129 508,028 447,074 60,953 -21,303 -46,480 25,177 710,023 

2022 – Jan ..................... 465,074 365,402 99,672 346,375 259,080 87,295 118,699 106,321 12,377 392,662 

Feb ..................... 289,857 208,785 81,072 506,447 406,257 100,190 -216,590 -197,471 -19,118 275,581 

Mar ..................... 315,165 225,551 89,615 507,799 407,602 100,198 -192,634 -182,051 -10,583 108,100 

Apr...................... 863,644 753,822 109,822 555,429 465,346 90,083 308,215 288,476 19,739 -33,792

May..................... 388,988 303,706 85,282 455,211 353,894 101,316 -66,223 -50,188 -16,034 119,641

June.................... 460,757 354,444 106,313 549,598 475,908 73,690 -88,842 -121,464 32,623 63,526

July ..................... 269,331 189,317 80,014 480,383 391,024 89,359 -211,052 -201,707 -9,345 22,192

Aug ..................... 303,722 217,544 86,178 523,318 422,042 101,276 -219,596 -204,498 -15,098 332,833

Sept.................... 487,723 394,192 93,531 917,396 817,392 100,004 -429,673 -423,200 -6,474 -15,661 

Oct...................... 318,500 242,627 75,873 406,374 315,869 90,505 -87,874 -73,242 -14,632 262,939

Nov..................... 252,111 170,473 81,638 500,646 399,543 101,103 -248,535 -229,070 -19,465 167,457

Dec..................... 454,942 358,135 96,807 539,943 467,639 72,304 -85,001 -109,504 24,503 4,743 

Fiscal year 2023 to date... 1,025,553 771,235 254,318 1,446,963 1,183,051 263,912 -421,410 -411,816 -9,594 435,139 

Means of financing—net transactions, continued 

Borrowing from the publicFederal securities, continued Cash and monetary assets (deduct) 

Other 

(18)

Transactions 

not applied 

to year’s 

surplus or 

deficit 

(19)

Total 

Financing 

(20)

Fiscal year 

or month 

Agency 

securities 

(11)

Investments 

 of Government 

accounts 

(12)

Total 

10+11-12 

(13)

U.S. Treasury 

operating 

cash 

(14)

Special 

drawing 

rights 

(15)

Other 

(16)

Reserve 

position on the 

U.S. quota in 

the IMF 

(deduct) 

(17)

2018 ...................................... -1,545 172,343 1,084,458 225,390 -527 -2,661 3,857 -79,242 -160 778,997 

2019 ...................................... -1,366 155,715 1,051,606 -2,230 -941 -1,210 7,593 -432,023 -62 616,309 

2020 ...................................... -1,304 16,813 4,216,280 1,399,197 1,754 -309 8,253 323,680 853 3,131,918 

2021 ...................................... -652 215,402 1,267,947 -1,566,518 112,141 -729 1,496 50,539 71 2,772,167 

2022 ...................................... -150 483,278 1,969,817 420,833 -10,700 -467 -6,792 -192,082 576 1,375,388 

2022 – Est1............................ 389 484,695 2,062,989 434,840 * * * -596,596 * 1,031,554 

2023 – Est1............................ 410 169,047 1,367,375 - * * * -67,659 * 1,299,716 

2021 – Dec............................ -460 211,223 498,340 192,955 419 -152 669 -283,146 - 21,303

2022 – Jan ............................ -11 51,668 340,983 336,735 -148 145 -371 -123,321 - -118,699 

Feb ............................ -203 -11,263 286,641 28,421 368 -244 155 -41,351 - 216,590 

Mar............................ -176 8,272 99,652 -119,740 -718 -148 -715 -28,295 4 192,682 

Apr............................. -42 6,820 -40,654 271,717 -4,066 490 -710 -130 - -308,215

May ........................... 201 69,662 50,180 -69,000 662 -216 117 -52,394 - 66,223 

June .......................... 164 60,426 3,264 -71,835 -1,532 122 -6,249 6,084 - 88,842 

July............................ 97 -14,418 36,707 -163,133 -48 346 -163 11,347 - 211,052 

Aug............................ -77 24,475 308,281 50,638 -2,585 -1,048 -449 -42,129 - 219,596 

Sept........................... -389 -38,360 22,310 -33,918 -2,388 -100 -387 370,150 420 429,673

Oct............................. -38 219,657 43,244 -39,524 1,037 180 1,721 8,044 - 87,874

Nov............................ 155 -27,384 194,996 -63,679 4,395 -235 760 -5,220 - 248,535

Dec............................ 330 41,257 -36,184 -86,106 1,930 1,755 577 39,341 - 85,001

Fiscal year 2023 to date... 447 233,530 202,056 -189,309 7,362 1,700 3,058 42,165 - 421,410

1 These estimates are based on the President's FY 2023 Mid-Session Review, released by the Office of Management and Budget on August 23, 

2022. 

* These are not separately estimated. They are included in "other." 

Note: Detail may not add to total due to rounding. 
17

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”] 

Fiscal year 

or month 

Income taxes 

Social insurance 

and retirement receipts 

 Employment and general retirement 

Old-age, disability, and 

hospital insurance Individual Corporation 

Withheld 

(1) 

Other 

(2) 

Refunds 

(3) 

 Net 

 (4) 

 Gross 

 (5) 

Refunds 

(6) 

Net 

 (7) 

Net income 

taxes 

(8) 

 Gross 

 (9) 

Refunds 

 (10) 

 Net 

 (11) 

2018 ..................... 1,325,106 626,555 268,126 1,683,536 263,168 58,433 204,734 1,888,270 1,118,641 3,234 1,115,407 

2019 ..................... 1,328,271 634,339 244,755 1,717,858 277,416 47,172 230,244 1,948,102 1,195,506 3,632 1,191,874 

2020 ..................... 1,245,088 601,920 238,346 1,608,663 263,847 52,003 211,846 1,820,509 1,257,205 - 1,257,205 

2021 ..................... 1,498,655 824,141 278,436 2,044,379 419,351 47,521 371,832 2,416,211 1,254,747 7,605 1,247,142 

2022 ..................... 1,731,530 1,146,929 246,315 2,632,146 476,189 51,324 424,866 3,057,012 1,410,324 5,203 1,405,121 

2022 – Est1........... 2,701,451 - - 2,701,451 404,183 - 404,183 3,105,634 1,406,102 - 1,406,102 

2023 – Est1........... 2,444,000 - - 2,444,000 509,274 - 509,274 2,953,274 1,495,645 - 1,495,645 

2021 – Dec........... 233,750 25,087 5,534 253,304 87,339 4,054 83,285 336,589 116,254 - 116,254

2022 – Jan ........... 152,305 136,923 55 289,173 15,346 1,768 13,577 302,750 129,130 - 129,130

Feb ........... 150,813 19,115 20,587 149,341 7,595 2,771 4,824 154,165 103,966 - 103,966 

Mar ........... 189,108 31,890 70,426 150,573 15,334 5,146 10,188 160,761 114,868 - 114,868

Apr............ 133,289 514,783 54,782 593,290 95,045 6,514 88,531 681,821 143,442 - 143,442

May........... 130,831 110,700 24,650 216,882 12,198 4,491 7,708 224,590 110,056 - 110,056

June.......... 104,526 108,078 11,789 200,815 86,249 3,694 82,555 283,370 144,436 - 144,436

July ........... 121,208 15,343 8,538 128,012 15,682 7,447 8,235 136,247 104,324 - 104,324 

Aug ........... 139,167 15,581 13,812 140,936 6,369 1,734 4,636 145,572 113,041 - 113,041 

Sept.......... 118,527 120,885 11,686 227,726 109,362 3,420 105,941 333,667 130,521 5,203 125,318

Oct............ 138,886 49,834 13,370 175,349 18,992 4,362 14,630 189,979 103,252 - 103,252

Nov........... 122,899 14,274 23,472 113,701 7,951 5,009 2,943 116,644 111,320 - 111,320

Dec........... 202,355 26,863 13,679 215,539 89,897 2,080 87,818 303,357 130,871 - 130,871

Fiscal year 

2023 to date...... 464,140 90,971 50,521 504,589 116,840 11,451 105,391 609,980 345,443 - 345,443

Fiscal year 

or month 

Social insurance and retirement receipts, continued 

Employment and general retirement, continued Unemployment insurance Net for other insurance and retirement 

Railroad retirement Net employment 

and general 

retirement 

(15)

Gross 

(16)

 Refunds 

 (17)

 Net un- 

 employment 

 insurance 

 (18)

Federal 

employees 

retirement 

(19)

Other 

retirement 

(20)

Total 

(21)

Gross 

(12)

Refunds 

(13)

Net 

(14)

2018 ............................ 5,753 4 5,749 1,121,156 45,161 121 45,041 4,471 31 4,501 

2019 ............................ 5,610 90 5,519 1,197,395 41,193 259 40,934 4,730 29 4,759 

2020 ............................ 4,590 144 4,445 1,261,650 43,224 120 43,103 5,172 29 5,201 

2021 ............................ 4,755 38 4,717 1,251,858 56,742 140 56,602 5,604 26 5,630 

2022 ............................ 5,644 27 5,616 1,410,737 66,616 119 66,498 6,271 23 6,294 

2022 – Est1.................. 5,516 - 5,516 1,411,618 48,386 - 48,386 6,331 31 6,362 

2023 – Est1.................. 5,334 - 5,334 1,500,979 53,969 - 53,969 6,873 30 6,903 

2021 – Dec.................. 645 - 645 116,900 1,557 6 1,551 483 2 485 

2022 – Jan .................. 536 - 536 129,666 4,130 2 4,128 464 2 466 

Feb.................. 658 - 658 104,623 3,108 3 3,105 469 2 471 

Mar.................. 487 - 487 115,356 4,299 13 4,286 469 2 471 

Apr................... 495 - 495 143,937 5,133 24 5,109 593 2 595 

May ................. 500 2 498 110,554 20,426 9 20,417 556 2 557 

June ................ -51 - -51 144,385 1,634 18 1,616 513 2 515 

July.................. 513 42 470 104,794 3,043 18 3,025 486 1 487 

Aug.................. 453 -19 472 113,513 8,881 7 8,873 484 2 487 

Sept................. 542 2 540 125,858 410 11 400 624 2 626 

Oct................... 484 1 484 103,735 3,741 - 3,741 542 1 543 

Nov.................. 475 - 475 111,795 3,016 9 3,007 528 1 529 

Dec.................. 798 -16 814 131,685 540 10 530 531 3 534 

Fiscal year 2023 to date 1,757 -15 1,773 347,215 7,297 19 7,278 1,601 5 1,606 

See footnotes at end of table 
18

Fiscal year 

or month 

Excise 

taxes, con. 

Net excise 

taxes 

(35)

Estate and gift taxes Customs duties 

Net miscellaneous receipts 

Total receipts 

Deposits of 

earnings by 

Federal 

Reserve 

banks 

(42)

Universal 

service fund

and all 

other 

(43)

Total 

(44)

 Gross 

 (36)

 Refunds 

 (37)

Net 

(38)

Gross 

(39)

Refunds 

(40)

Net 

(41)

On-budget 

(45)

Off-budget 

(46)

2018.................. 94,987 23,864 883 22,982 43,097 1,796 41,298 70,751 39,755 110,505 2,473,999 854,747 

2019.................. 98,915 17,565 894 16,672 73,461 2,677 70,784 52,793 31,843 84,637 2,547,893 914,302 

2020.................. 86,782 18,198 571 17,625 75,636 7,085 68,550 81,880 34,659 116,538 2,454,527 965,427 

2021.................. 75,271 28,046 906 27,141 86,950 6,965 79,984 100,055 33,233 133,288 3,093,658 952,323 

2022.................. 87,727 33,355 805 32,550 106,092 6,186 99,908 106,676 28,723 135,397 3,830,145 1,065,975 

2022 – Est1 85,804 30,339 - 30,339 101,014 - 101,014 115,423 36,094 151,517 3,873,852 1,066,822 

2023 – Est1 86,484 23,718 - 23,718 65,203 - 65,203 5,291 36,890 42,181 3,596,220 1,136,491 

2021– Dec.......... 7,155 2,367 14 2,353 8,633 447 8,187 11,918 1,600 13,519 400,594 86,129 

2022 – Jan......... 5,285 2,341 5 2,336 8,876 289 8,587 10,152 1,708 11,861 365,402 99,672 

 Feb......... 5,486 1,790 80 1,710 8,529 480 8,049 10,690 1,588 12,278 208,785 81,072 

 Mar......... 7,426 3,726 112 3,615 8,641 490 8,151 13,126 1,982 15,107 225,551 89,615 

 Apr......... 6,626 4,275 90 4,184 9,570 408 9,162 10,294 1,920 12,214 753,822 109,822

 May......... 8,046 3,340 167 3,173 8,505 409 8,095 11,768 1,794 13,561 303,706 85,282

 June......... 7,651 2,482 83 2,399 8,988 625 8,364 10,339 2,123 12,462 354,444 106,313 

 July......... 6,461 2,657 27 2,630 9,028 498 8,530 5,922 1,239 7,161 189,317 80,014 Aug......... 8,552 2,537 111 2,426 9,133 678 8,456 6,612 9,236 15,848 217,544 86,178

 Sept......... 11,678 3,443 -19 3,462 9,374 633 8,741 1,059 2,231 3,290 394,192 93,531 

 Oct.......... 5,812 2,852 46 2,806 8,690 527 8,163 111 3,686 3,797 242,627 75,873 

 Nov.......... 8,043 2,744 125 2,618 7,758 586 7,171 188 2,116 2,304 170,473 81,638 

 Dec.......... 7,106 1,893 282 1,611 7,312 760 6,552 154 3,414 3,568 358,135 96,807 

Fiscal year 2023 to date...... 20,961 7,489 453 7,035 23,760 1,873 21,886 453 9,140 9,593 771,235 254,318 

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

1 These estimates are based on the President's FY 2023 Mid-Session Review, released by the Office of Management 

and Budget on August 23, 2022. 

TABLE FFO-2—On-Budget and Off-Budget Receipts by Source, continued 

[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] 

Social 

insurance 

and retirement 

receipts, con. 

Net social 

insurance and 

retirement 

receipts 

(22)

Excise taxes 

Fiscal year 

or month 

Airport and Airway Trust Fund 

Black Lung Disability 

Trust Fund Highway Trust Fund Miscellaneous 

Gross 

(23)

Refunds

 (24)

 Net (25)Gross 

(26)

Refunds

(27)

Net 

(28)

Gross 

(29)

Refunds 

(30)

 Net 

 (31)

 Gross 

 (32)

 Refunds 

 (33)

 Net 

 (34)

2018.................. 1,170,699 15,532 15 15,516 394 - 394 42,979 438 42,541 39,650 3,116 36,535 

2019.................. 1,243,087 15,825 14 15,811 213 - 213 44,186 440 43,746 44,773 5,629 39,144 

2020.................. 1,309,954 9,034 20 9,015 300 - 300 43,201 440 42,763 43,997 9,298 34,701 

2021.................. 1,314,090 10,946 13 10,935 270 - 270 40,920 442 40,488 31,578 7,995 23,581 

2022.................. 1,483,529 11,403 27 11,376 180 - 180 47,076 444 46,632 36,610 7,070 29,537 

2022 – Est1 ......... 1,466,366 13,989 - 13,989 182 - 182 43,360 - 43,360 28,273 - 28,273 

2023 – Est1 ......... 1,561,851 15,944 - 15,944 136 - 136 40,909 - 40,909 29,495 - 29,495 

2021 – Dec.......... 118,936 1,433 - 1,433 30 - 30 3,809 29 3,779 2,139 226 1,912

2022 – Jan......... 134,260 1,353 - 1,353 28 - 28 3,596 30 3,566 1,772 1,434 338 Feb......... 108,199 -427 - -427 -7 - -7 4,448 31 4,417 1,527 24 1,502 Mar......... 120,113 480 - 480 9 - 9 3,813 31 3,782 3,361 205 3,155 Apr......... 149,641 578 - 578 11 - 11 4,591 38 4,554 2,646 1,162 1,484 May......... 131,528 -763 16 -779 -9 - -9 3,260 44 3,215 5,858 239 5,619 June......... 146,516 652 - 652 18 - 18 4,781 45 4,737 2,482 238 2,244 July......... 108,306 631 - 631 17 - 17 4,625 44 4,581 3,033 1,801 1,232 Aug......... 122,873 3,655 5 3,650 20 - 20 1,800 43 1,757 3,419 294 3,125 Sept......... 126,884 1,844 6 1,838 21 - 21 7,063 65 6,998 3,929 1,108 2,821 Oct.......... 108,019 233 - 233 3 - 3 894 15 879 5,084 387 4,697 Nov.......... 115,331 1,348 - 1,348 29 - 29 4,549 30 4,519 2,291 145 2,146 Dec.......... 132,749 4,355 - 4,355 10 - 10 1,107 30 1,077 1,926 263 1,663

Fiscal year 

2023 to date ........... 356,099 5,936 - 5,936 42 - 42 6,550 75 6,475 9,301 795 8,506
19

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 

Defense, 

military 

(5)

 Depart- 

 ment of 

Education (6)

 Depart- 

 ment of 

 Energy 

 (7)

 Depart- 

 ment of 

 Health 

 and 

 Human 

 Services (8)

 Depart- 

 ment of 

 Home- 

 land 

 Security (9)

Department of 

Housing 

and 

Urban 

Development 

(10)

 Depart- 

 ment of 

 the 

 Interior 

 (11)

Department of 

Justice 

(12)

 Depart- 

 ment of 

 Labor 

 (13)

2018 ................................. 4,670 7,780 136,713 8,561 600,705 63,706 26,479 1,120,503 68,374 54,666 13,210 34,522 39,637 

2019 ................................. 4,955 7,958 150,120 11,326 653,979 104,365 28,936 1,213,807 56,328 29,188 13,907 35,107 35,810 

2020 ................................. 5,365 8,251 184,221 15,918 690,420 204,415 32,047 1,503,953 91,963 33,190 16,417 39,606 477,529 

2021 ................................. 5,265 8,310 235,194 13,135 717,585 260,452 33,695 1,466,673 91,069 31,779 15,788 39,262 404,772 

2022 ................................. 5,752 8,720 245,218 11,734 726,571 639,367 22,439 1,642,892 80,864 29,309 13,916 39,603 51,734 

2022 – Est1....................... 6,465 9,022 259,176 13,945 719,470 231,346 23,019 1,660,606 91,031 29,286 15,509 41,460 103,387 

2023 – Est1....................... 6,686 9,726 227,087 14,780 781,096 186,517 46,584 1,659,150 84,666 72,004 22,751 45,227 66,808 

2021 – Dec....................... 427 647 24,959 977 70,927 12,947 2,909 134,866 6,950 3,651 1,307 3,007 5,706 

2022 – Jan ....................... 469 692 20,490 823 44,217 14,375 2,242 137,399 6,483 4,514 1,032 3,065 5,170 

Feb ....................... 462 663 17,847 858 55,287 13,807 2,514 127,627 5,912 4,432 960 3,038 5,666 

Mar ....................... 441 669 18,600 897 61,668 3,152 2,467 139,280 6,836 4,384 825 3,528 4,447 

Apr........................ 432 772 18,029 821 58,164 15,588 1,960 170,272 6,489 4,963 454 3,294 3,345 

May....................... 556 681 18,533 1,203 54,303 11,702 952 90,602 7,243 5,175 1,181 3,844 8,244 

June...................... 438 692 23,097 903 60,214 52,748 1,173 136,715 7,059 -18,540 1,824 3,324 3,415 

July ....................... 485 748 18,727 829 58,853 9,635 602 138,652 5,369 4,659 1,175 3,055 2,977 

Aug ....................... 479 732 19,577 934 59,329 33,544 377 137,355 6,826 4,713 1,139 3,642 4,518 

Sept...................... 507 871 15,863 710 77,310 445,657 1,558 175,419 7,279 2,283 1,502 3,500 671 

Oct........................ 684 667 25,901 1,039 73,110 14,970 947 87,490 8,276 4,902 1,279 3,674 -1,505 

Nov....................... 495 693 25,933 934 58,393 22,394 1,704 143,932 6,649 4,662 1,226 3,637 4,111 

Dec....................... 432 732 21,301 1,034 72,836 17,884 2,983 136,305 8,392 5,354 1,156 3,137 5,801 

Fiscal year 

2023 to date ........................ 1,611 2,092 73,135 3,007 204,339 55,248 5,634 367,727 23,317 14,918 3,661 10,448 8,407 

Fiscal year 

or month 

Department of 

State 

(14)

Department of 

Transportation 

(15)

Department 

of the 

Treasury, 

interest on 

Treasury 

debt 

securities 

(gross) 

(16)

Department 

of the 

Treasury, 

other 

(17)

Department of 

Veterans 

Affairs 

(18)

Corps of 

Engineers 

(19)

Other 

Defense, 

civil 

programs 

(20)

Environmental 

Protection 

Agency 

(21)

Executive 

Office 

of the 

President 

(22)

General 

Services 

Administration 

(23)

International 

Assistance 

Program 

(24)

2018 ................................. 26,386 78,494 521,553 107,894 178,508 5,083 55,367 8,085 383 -590 21,628 

2019 ................................. 28,002 80,716 572,914 116,584 199,571 6,456 60,930 8,064 423 -1,100 23,578 

2020 ................................. 32,859 100,342 522,651 629,072 218,393 7,632 65,265 8,723 403 -266 21,677 

2021 ................................. 35,814 104,937 562,389 1,071,359 233,782 7,936 58,085 8,310 426 -1,269 20,047 

2022 ................................. 33,232 113,770 717,612 444,610 273,868 8,181 56,868 9,278 458 -1,204 35,813 

2022 – Est1....................... 36,646 122,892 680,976 456,357 281,470 8,315 54,199 8,295 540 -36 37,103

2023 – Est1....................... 35,907 127,591 767,248 144,215 295,186 8,649 70,582 15,513 592 -435 35,330 

2021 – Dec....................... 2,078 9,195 97,969 30,451 30,647 915 9,222 990 32 135 -916

2022 – Jan ....................... 2,412 10,225 43,202 11,976 10,181 656 -16 661 33 -404 3,013

Feb ....................... 2,268 6,802 41,377 80,873 20,863 664 4,491 668 33 -177 2,094

Mar ....................... 2,671 11,990 52,773 55,289 22,205 742 4,383 863 31 220 2,617

Apr........................ 2,104 7,919 60,052 47,932 36,210 520 7,671 717 49 -251 2,043

May....................... 2,747 8,648 72,760 54,759 10,863 683 -2,513 560 37 -209 5,495

June...................... 2,031 10,429 97,855 76,827 21,537 403 4,901 873 35 118 3,866

July ....................... 1,931 8,311 68,525 20,426 21,236 730 3,867 664 36 -343 3,345

Aug ....................... 4,556 12,670 88,132 18,028 22,270 931 1,466 789 44 -102 5,499

Sept...................... 4,206 11,660 39,999 -17,082 35,716 476 11,464 949 45 -71 3,491

Oct........................ 2,651 8,751 47,574 20,046 11,408 505 -127 770 42 -284 3,589

Nov....................... 2,268 9,216 55,019 13,564 22,506 1,109 5,576 706 37 128 5,709

Dec....................... 4,010 8,995 107,412 24,661 34,927 1,072 11,317 849 40 64 283 

Fiscal year 

2023 to date ........................ 8,929 26,962 210,005 58,271 68,841 2,686 16,766 2,325 119 -92 9,581 

See footnotes at end of table 
20

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”] 

Undistributed offsetting receipts 

Fiscal year 

or month 

National 

Aeronautics

and 

Space 

Administration 

(25) 

National 

Science 

Foundation 

(26) 

Office of 

Personnel 

Management 

(27) 

Small 

Business 

Administration 

(28) 

Social 

Security 

Administration 

(29) 

Independent 

agencies 

(30) 

Employer 

share, 

employee 

retirement 

(31) 

Interest 

received 

by trust 

funds 

(32) 

Rents 

and 

royalties 

on the 

Outer 

Continental Shelf 

lands 

(33) 

Other 

(34) 

Total outlays 

Onbudget 

(35) 

 Offbudget 

 (36) 

2018 .................. 19,756 7,167 98,803 44 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 .................. 22,249 7,353 108,553 322,721 1,192,451 13,556 -110,687 -149,578 -4,231 -8,942 5,814,310 1,003,847 

2022 .................. 23,080 8,133 113,072 23,199 1,282,055 29,831 -119,129 -183,966 -11,831 -103,508 5,190,351 1,081,158 

2022 – Est1........ 23,795 8,183 114,504 23,845 1,279,128 40,169 -118,958 -174,064 -11,611 -103,242 4,887,495 1,084,733 

2023 – Est1........ 25,232 9,309 120,143 1,769 1,407,722 27,930 -120,775 -154,215 -8,146 -2 4,826,410 1,206,017 

2021 - Dec ....... 2,232 636 9,242 3,226 105,261 1,604 -8,416 -55,165 -574 - 447,074 60,953 

2022 - Jan ......... 1,407 565 10,042 3,067 101,911 1,607 -7,250 -6,407 -386 -81,089 259,080 87,295 

Feb ........ 1,544 534 9,001 2,188 106,875 3,673 -7,676 -8,133 -592 - 406,257 100,190 

Mar........ 1,968 647 9,820 2,156 107,399 1,139 -7,962 -7,805 -537 - 407,602 100,198 

 Apr ........ 1,770 609 9,701 2,542 112,540 4,255 -8,712 -11,980 -4,837 - 465,346 90,083 

May ....... 1,740 564 9,101 2,532 103,589 4,353 -9,346 -14,273 -1,094 - 353,894 101,316 

June ...... 2,074 707 9,453 -1,145 113,161 -3,828 -8,154 -53,571 -1,036 - 475,908 73,690 

 July........ 1,760 834 9,948 414 108,097 4,803 -7,937 -11,759 -270 1 391,024 89,359 

Aug........ 2,221 983 9,957 387 108,550 2,550 -8,135 -19,471 -1,175 - 422,042 101,276 

Sept....... 2,267 835 8,315 222 113,186 2,056 -9,266 -1,238 -543 -22,420 817,392 100,004 

Oct......... 1,715 691 10,103 290 104,621 6,278 -28,832 -4,136 -715 -1 315,869 90,505 

Nov........ 2,109 653 10,110 157 109,080 2,631 -8,151 -5,972 -571 - 399,543 101,103 

Dec........ 3,008 625 9,536 107 114,088 1,535 -8,253 -51,422 -261 -1 467,639 72,304 

Fiscal year 

2023 to date ....... 6,832 1,969 29,749 554 327,789 10,444 -45,236 -61,530 -1,547 -2 1,183,051 263,912 

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

1 These estimates are based on the President's FY 2023 Mid-Session Review, released by the Office of 

Management and Budget on August 23, 2022. 
21

TABLE FFO-4—Summary of U.S. Government Receipts by Source and Outlays by Agency, 

December 2022 and Other Periods 

[In millions of dollars. Source: Bureau of the Fiscal Service] 

This fiscal year to date Prior fiscal year to date 

Classification 

General 

funds 

(1) 

Management, 

consolidated, 

revolving and 

special funds 

(2) 

Trust 

funds 

(3) 

 Total 

 funds 

 (4) 

 General 

 funds 

 (5) 

Management, 

consolidated, 

revolving and 

special funds 

(6) 

Trust 

funds 

(7) 

Total 

funds 

(8) 

Budget receipts: 

Individual income taxes............................................... 504,525 63 - 504,589 535,366 32 - 535,398

Corporation income taxes........................................... 105,391 - - 105,391 98,671 - - 98,671

Social insurance and retirement receipts: 

Employment and general retirement (off-budget)... - - 254,318 254,318 - - 234,476 234,476

Employment and general retirement (on-budget)... 132 - 92,766 92,897 64 - 83,510 83,574

Unemployment insurance ....................................... 9 377 7,268 7,278 3 - 15,536 15,539

Other retirement...................................................... - - 1,606 1,606 - - 1,619 1,619

Excise taxes ................................................................ 7,561 377 13,023 20,961 7,199 454 12,862 20,515

Estate and gift taxes ................................................... 7,035 - - 7,035 6,615 - - 6,615

Customs duties ........................................................... 14,315 7,018 554 21,887 15,773 7,492 508 23,773

Miscellaneous receipts................................................ 2,542 6,868 183 9,592 27,467 3,900 312 31,679

Total receipts....................................................... 641,510 14,325 369,718 1,025,553 691,157 11,878 348,823 1,051,858

(On-budget)..................................................... 641,510 14,325 115,400 771,235 691,157 11,878 114,347 817,382

(Off-budget)..................................................... - - 254,318 254,318 - - 234,476 234,476

Budget outlays: 

Legislative branch ....................................................... 1,597 14 * 1,611 1,450 40 -7 1,483

Judicial branch ............................................................ 1,966 148 -23 2,092 2,151 69 -21 2,199

Department of Agriculture ........................................... 59,175 13,984 -26 73,134 62,709 11,763 -17 74,455

Department of Commerce........................................... 2,752 254 1 3,007 2,647 1,107 1 3,755

Department of Defense-military .................................. 202,395 1,866 79 204,339 196,710 412 104 197,226

Department of Education ............................................ 55,255 -7 * 55,248 39,336 -177 * 39,159

Department of Energy................................................. 5,785 -150 * 5,635 8,652 -58 * 8,594

Department of Health and Human Services ............... 328,290 4,169 35,269 367,728 322,548 2,786 64,240 389,573

Department of Homeland Security.............................. 21,716 1,500 101 23,317 21,271 85 13 21,368

Department of Housing and Urban Development....... 14,830 28 59 14,917 12,753 -75 48 12,725

Department of the Interior........................................... 3,617 -150 194 3,661 3,394 335 95 3,825

Department of Justice ................................................. 9,212 1,221 16 10,449 7,892 1,478 -56 9,313

Department of Labor................................................... 2,477 -982 6,910 8,405 5,666 -2,037 9,652 13,280

Department of State.................................................... 8,277 413 240 8,930 7,518 528 261 8,306

Department of Transportation..................................... 8,202 125 18,634 26,962 125,268 73 -100,241 25,100

Department of the Treasury: 

Interest on Treasury Debt Securities (Gross)............. 210,005 - - 210,005 152,937 - - 152,937

Other ....................................................................... 55,189 2,968 114 58,271 95,788 -233 27 95,582

Department of Veterans Affairs .................................. 69,672 -919 88 68,841 73,710 -1,035 111 72,787

Corps of Engineers ..................................................... 2,483 260 -57 2,686 2,081 261 33 2,376

Other defense civil programs...................................... 130,474 -11,166 -102,543 16,766 122,017 -7,407 -93,455 21,154

Environmental Protection Agency............................... 2,254 20 51 2,325 6,087 -4 -3,548 2,535

Executive Office of the President................................ 113 1 5 120 111 * 3 114

General Services Administration ................................ 51 -142 - -91 46 -31 - 15

International Assistance Program............................... 14,032 -75 -4,377 9,580 6,237 13 -1,900 4,349

National Aeronautics and Space Administration ........ 6,796 36 - 6,832 6,299 30 - 6,329

National Science Foundation...................................... 1,941 35 -6 1,969 1,778 28 48 1,854

Office of Personnel Management ............................... 3,584 1,626 24,539 29,749 3,589 1,009 23,135 27,733

Small Business Administration ................................... 628 -74 - 554 11,009 -173 - 10,836

Social Security Administration .................................... 28,074 * 299,715 327,789 31,925 * 274,823 306,748

Other independent agencies....................................... 5,916 1,620 2,909 10,445 5,023 1,127 3,074 9,224

Undistributed offsetting receipts: 

Interest ........................................................................ - - -61,529 -61,529 - - -49,330 -49,330

Other ....................................................................... -1,852 -9,727 -35,204 -46,784 -1,087 -9,883 -35,082 -46,052

Total outlays............................................................ 1,254,906 6,898 185,159 1,446,963 1,337,515 28 92,008 1,429,552

(On-budget)......................................................... 1,254,840 5,833 -77,622 1,183,052 1,337,412 -1,192 -144,414 1,191,806

 (Off-budget)......................................................... 65 1,066 262,781 263,911 103 1,220 236,423 237,746

 Surplus or deficit (-)................................................. -613,396 7,427 184,559 -421,410 -646,358 11,850 256,814 -377,694

(On-budget)......................................................... -613,330 8,492 193,021 -411,817 -646,255 13,071 258,761 -374,424

 (Off-budget)......................................................... -65 -1,066 -8,462 -9,593 -103 -1,220 -1,946 -3,270

-No Transactions

* Less than $500,000 

Note.—Detail may not add to totals due to rounding 
22

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. 
23

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 

Amount outstanding 

Securities held by 

Government accounts The public 

Total 

(1) 

Public debt 

securities 

(2) 

Agency 

securities 

(3) 

Total 

(4) 

Public debt 

securities 

(5) 

Agency 

securities 

(6) 

Total 

(7) 

Public debt 

securities 

(8) 

Agency 

securities 

(9) 

2018............................... 21,538,880 21,516,058 22,822 5,737,252 5,737,252 - 15,801,628 15,778,806 22,822 

2019............................... 22,740,857 22,719,402 21,455 5,893,424 5,893,424 - 16,847,433 16,825,978 21,455 

2020............................... 26,965,542 26,945,391 20,151 5,907,764 5,907,764 - 21,057,778 21,037,627 20,151 

2021............................... 28,448,421 28,428,919 19,502 6,123,040 6,123,040 - 22,325,381 22,305,879 19,502 

2022............................... 30,948,265 30,928,912 19,353 6,608,706 6,608,706 - 24,339,559 24,320,206 19,353 

2021 - Dec. .................... 29,637,003 29,617,215 19,788 6,448,886 6,448,886 - 23,188,117 23,168,329 19,788 

2022 - Jan...................... 30,032,163 30,012,386 19,777 6,500,497 6,500,497 - 23,531,666 23,511,889 19,777 

Feb..................... 30,309,927 30,290,353 19,574 6,489,253 6,489,253 - 23,820,674 23,801,100 19,574 

Mar..................... 30,420,358 30,400,960 19,398 6,497,680 6,497,680 - 23,922,678 23,903,280 19,398 

 Apr ..................... 30,393,512 30,374,155 19,357 6,504,558 6,504,558 - 23,888,954 23,869,597 19,357 

May .................... 30,519,177 30,499,619 19,558 6,574,537 6,574,537 - 23,944,640 23,925,082 19,558 

June ................... 30,588,304 30,568,582 19,722 6,635,101 6,635,101 - 23,953,203 23,933,481 19,722 

 July .................... 30,614,928 30,595,109 19,819 6,621,007 6,621,007 - 23,993,921 23,974,102 19,819 

Aug..................... 30,955,816 30,936,075 19,741 6,646,856 6,646,856 - 24,308,960 24,289,219 19,741 

Sept.................... 30,948,265 30,928,912 19,353 6,608,706 6,608,706 - 24,339,559 24,320,206 19,353 

Oct. .................... 31,257,616 31,238,301 19,315 6,864,420 6,864,420 - 24,393,196 24,373,881 19,315 

Nov..................... 31,432,792 31,413,322 19,470 6,838,542 6,838,542 - 24,594,250 24,574,780 19,470 

Dec..................... 31,439,489 31,419,689 19,800 6,880,448 6,880,448 - 24,559,041 24,539,241 19,800 

End of fiscal 

year or month 

Federal debt securities Securities held by Government accounts Securities held by the public 

Amount 

outstanding 

face value 

(10) 

Net 

unamortized 

premium 

and discount 

 (11) 

Accrual 

 amount 

(12) 

Amount 

outstanding 

face value 

(13) 

Net 

unamortized 

premium 

and discount 

(14) 

Accrual 

amount 

(15) 

Amount 

outstanding 

face value 

(16) 

Net 

unamortized 

premium 

and discount 

(17) 

Accrual 

amount 

(18) 

2018 ............................... 21,538,880 78,187 21,460,692 5,737,252 27,744 5,709,509 15,801,628 50,443 15,751,183 

2019 ............................... 22,740,857 72,840 22,668,015 5,893,424 28,201 5,865,224 16,847,433 44,639 16,802,792 

2020 ............................... 26,965,542 64,433 26,901,109 5,907,764 25,727 5,882,037 21,057,778 38,706 21,019,071 

2021 ............................... 28,448,421 63,962 28,384,458 6,123,040 25,601 6,097,438 22,325,381 38,361 22,287,019 

2022 ............................... 30,948,265 110,711 30,837,552 6,608,706 27,988 6,580,718 24,339,559 82,723 24,256,835 

2021 - Dec. .................... 29,637,003 64,095 29,572,907 6,448,886 25,451 6,423,435 23,188,117 38,644 23,149,472 

2022 - Jan ...................... 30,032,163 66,604 29,965,559 6,500,497 25,394 6,475,103 23,531,666 41,210 23,490,456 

Feb ..................... 30,309,927 68,990 30,240,936 6,489,253 25,413 6,463,840 23,820,674 43,577 23,777,096 

Mar..................... 30,420,358 71,497 30,348,860 6,497,680 25,568 6,472,112 23,922,678 45,929 23,876,748 

 Apr ..................... 30,393,512 78,484 30,315,026 6,504,558 25,625 6,478,933 23,888,954 52,859 23,836,094 

May .................... 30,519,177 84,307 30,434,868 6,574,537 25,942 6,548,595 23,944,640 58,365 23,886,273 

June ................... 30,588,304 89,745 30,498,557 6,635,101 26,080 6,609,021 23,953,203 63,665 23,889,536 

 July..................... 30,614,928 94,080 30,520,847 6,621,007 26,403 6,594,604 23,993,921 67,677 23,926,243 

Aug..................... 30,955,816 102,213 30,853,602 6,646,856 27,778 6,619,078 24,308,960 74,435 24,234,524 

Sept.................... 30,948,265 110,711 30,837,552 6,608,706 27,988 6,580,718 24,339,559 82,723 24,256,835 

Oct...................... 31,257,616 157,162 31,100,453 6,864,420 64,045 6,800,375 24,393,196 93,117 24,300,078 

Nov..................... 31,432,792 164,726 31,268,065 6,838,542 65,551 6,772,991 24,594,250 99,175 24,495,074 

Dec..................... 31,439,489 166,351 31,273,138 6,880,448 66,199 6,814,248 24,559,041 100,152 24,458,889 
24

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) 

2018 .......................... 156,809 - 264 250,680 71,753 29,995 1,575

2019 .......................... 152,355 - 264 248,052 53,809 29,995 1,981

2020 .......................... 148,677 - 264 291,831 106,607 116,100 2,523

2021 .......................... 143,662 - 264 120,537 127,047 32,781 3,144

2022 .......................... 166,292 - 264 320,634 109,236 25,894 3,298

2021 - Dec. ............... 146,201 - 264 290,177 109,703 28,592 3,263

2022 - Jan ................. 148,839 - 264 304,046 108,070 28,594 3,445

Feb ................ 149,349 - 264 311,196 112,489 28,597 3,407

Mar................ 149,758 - 264 317,126 118,250 28,602 3,294

 Apr ................ 153,141 - 264 310,816 119,066 28,610 3,189

May ............... 157,698 - 264 318,348 114,308 25,802 3,133

June .............. 160,440 - 264 323,349 108,208 25,816 3,216

 July................ 162,522 - 264 322,715 103,866 25,836 3,264

Aug................ 164,355 - 264 320,612 99,065 25,864 3,220

Sept............... 166,292 - 264 320,634 109,236 25,894 3,298

Oct................. 172,556 - 264 322,954 104,454 25,930 3,427

Nov................ 173,218 - 264 317,927 101,819 23,742 3,415

Dec................ 173,500 - 264 297,915 99,898 23,778 3,603

TABLE FD-2—Debt Held by the Public

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”] 

End of fiscal 

year or month 

Total public 

debt securities 

outstanding 

(1) 

Marketable 

Nonmarketable 

Total 

(8) 

Total 

(2) 

 Bills 

 (3) 

Notes 

(4) 

Bonds 

(5) 

Treasury 

inflationprotected 

securities 

(6) 

Floating 

rate 

 notes 

(7) 

2018 .......................... 15,761,155 15,250,078 2,239,473 9,150,301 2,114,982 1,376,180 369,142 511,077 

2019 .......................... 16,809,092 16,322,637 2,376,370 9,755,985 2,311,517 1,454,698 424,067 486,455 

2020 .......................... 21,018,952 20,352,950 5,028,127 10,655,969 2,668,116 1,522,418 478,320 666,002 

2021 .......................... 22,282,900 21,855,465 3,712,952 12,570,463 3,340,760 1,651,998 579,292 427,435 

2022 .......................... 24,299,193 23,673,574 3,643,675 13,696,488 3,867,672 1,839,843 625,897 625,618 

2021 - Dec................. 23,143,747 22,565,547 3,767,964 12,992,160 3,474,153 1,727,968 603,302 578,200 

2022 - Jan ................. 23,487,181 22,893,924 3,958,703 13,133,211 3,522,479 1,704,403 575,127 593,257 

Feb ................ 23,776,560 23,171,257 4,053,011 13,219,366 3,581,504 1,720,272 597,104 605,303 

Mar................ 23,879,768 23,262,473 3,927,254 13,340,846 3,623,928 1,751,329 619,117 617,294 

 Apr................. 23,847,245 23,232,158 3,826,070 13,401,967 3,650,002 1,735,021 619,099 615,087 

May ............... 23,904,391 23,284,838 3,671,228 13,508,582 3,725,317 1,775,179 604,532 619,554 

June .............. 23,912,160 23,290,866 3,522,601 13,575,955 3,760,442 1,805,356 626,512 621,293 

 July................ 23,952,579 23,334,112 3,513,559 13,623,823 3,781,548 1,788,645 626,538 618,467 

Aug................ 24,267,551 23,654,171 3,723,766 13,664,818 3,837,715 1,823,972 603,900 613,380 

Sept............... 24,299,193 23,673,574 3,643,675 13,696,488 3,867,672 1,839,843 625,897 625,618 

Oct................. 24,352,542 23,722,956 3,664,798 13,727,320 3,897,465 1,860,204 573,169 629,586 

Nov................ 24,553,457 23,933,071 3,810,733 13,711,307 3,934,878 1,880,968 595,185 620,385 

Dec................ 24,517,593 23,918,635 3,696,169 13,745,309 3,952,658 1,907,303 617,196 598,958 
25

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) 

2018 ..................... 2,801,254 852 98,197 41,212 3,015 10,493 612 72,576 1,516,817

2019 ..................... 2,804,396 872 104,716 28,192 2,456 9,341 698 84,361 1,612,815

2020 ..................... 2,811,213 881 87,477 12,081 1,946 14,991 307 50,515 1,744,037

2021 ..................... 2,755,785 882 170,677 12,043 1,476 24,655 862 53,135 1,750,914

2022 ..................... 2,723,601 888 167,964 127,547 1,096 20,924 772 73,587 2,168,205

2021 - Dec. .......... 2,752,688 882 181,774 132,390 1,392 23,373 506 60,415 2,076,730

2022 - Jan ............ 2,761,169 882 175,950 132,990 1,355 24,296 688 59,196 2,098,130

Feb ........... 2,742,311 882 181,994 134,401 1,320 24,202 700 61,053 2,112,938

Mar........... 2,730,161 882 190,778 134,751 1,278 24,845 716 62,600 2,134,315

 Apr ........... 2,746,607 882 164,259 135,956 1,241 22,809 691 56,976 2,140,973

May .......... 2,730,507 883 200,131 135,329 1,213 22,507 593 76,429 2,167,516

June ......... 2,758,523 884 200,275 135,575 1,192 22,519 613 76,046 2,176,010

 July........... 2,749,091 885 193,687 134,624 1,157 22,402 630 76,745 2,189,606

Aug........... 2,733,124 887 198,632 131,074 1,128 22,747 551 75,519 2,204,289

Sept.......... 2,723,601 888 167,964 127,547 1,096 20,924 772 73,587 2,168,205

Oct............ 2,710,885 891 204,431 127,133 1,065 19,653 603 73,694 2,393,923

Nov........... 2,691,100 894 199,979 126,884 1,037 19,724 441 76,288 2,389,299

Dec........... 2,711,919 897 212,017 124,357 1,023 19,800 501 74,641 2,362,272

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

TABLE FD-3—Government Account Series

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”] 

End of fiscal 

year or month 

Total 

(1) 

Airport and 

Airway 

Trust Fund 

(2) 

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) 

2018 .................. 5,977,617 14,212 94,431 46,616 22,311 93,401 931,838 202,805 26,975 

2019 .................. 6,133,658 15,018 104,015 48,199 22,622 96,520 950,211 198,625 50,601 

2020 .................. 6,174,279 7,900 108,949 49,129 11,170 97,209 974,802 133,735 67,937 

2021 .................. 6,243,318 15,902 115,527 50,151 22,837 98,032 940,140 136,168 94,132 

2022 .................. 6,929,803 10,818 125,471 50,990 18,401 114,679 1,027,513 177,397 119,950 

2021 - Dec. ....... 6,739,100 13,284 116,180 50,163 22,004 99,438 1,002,182 142,338 63,361 

2022 - Jan ......... 6,804,276 13,349 117,456 50,190 21,238 102,211 997,812 152,559 94,805 

Feb ........ 6,800,284 11,860 117,818 50,616 21,233 102,101 993,710 147,703 95,442 

Mar........ 6,814,679 10,226 119,708 50,555 20,490 103,141 989,581 144,682 95,970 

 Apr ........ 6,815,264 9,720 118,337 50,571 20,057 107,372 986,085 156,419 96,309 

May ....... 6,891,257 8,500 120,162 50,604 20,046 107,728 982,954 170,325 95,830 

June ...... 6,959,055 7,644 122,284 50,598 18,992 112,415 991,615 186,786 97,084 

 July........ 6,944,610 7,701 120,152 50,606 18,569 112,456 987,201 181,994 97,104 

Aug........ 6,968,348 10,731 123,177 50,921 18,542 113,072 983,129 181,580 119,245 

Sept....... 6,929,803 10,818 125,471 50,990 18,401 114,679 1,027,513 177,397 119,950 

Oct......... 7,188,183 10,775 125,764 51,004 17,825 114,230 1,023,697 191,963 120,647 

Nov........ 7,157,364 11,002 126,646 51,027 17,311 114,508 1,019,841 190,100 121,283 

Dec........ 7,179,347 13,665 125,863 51,068 17,365 118,032 1,028,036 196,089 121,802 
26

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) 

Architect 

of the 

Capitol 

(3) 

Other 

independent 

Tennessee 

Valley Authority 

(4) 

National Archives 

and Records 

Administration 

(5) 

Other/Federal 

Communications 

Commission 

(6) 

2018 ........................... 22,822 19 80 22,696 27 *

2019 ........................... 21,455 19 69 21,367 * *

2020 ........................... 20,151 19 58 20,075 * *

2021 ........................... 19,502 19 45 19,438 * *

2022 ........................... 19,353 19 31 19,303 * *

2021 - Dec. ................ 19,788 19 46 19,724 * *

2022 - Jan .................. 19,777 19 46 19,713 * *

Feb ................. 19,574 19 38 19,518 * *

Mar................. 19,398 19 38 19,342 * *

 Apr ................. 19,357 19 39 19,300 * *

May ................ 19,558 19 39 19,501 * *

June ............... 19,722 19 39 19,664 * *

 July................. 19,819 19 39 19,761 * *

Aug................. 19,741 19 31 19,692 * *

Sept................ 19,353 19 31 19,303 * *

Oct.................. 19,315 19 31 19,265 * *

Nov................. 19,470 19 32 19,420 * *

Dec................. 19,800 19 32 19,749 * *

Note—Detail may not add to totals due to rounding. * Less than $500,000. 
27

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] 

End of fiscal 

year or month 

Amount 

outstanding 

privately held 

(1) 

Maturity classes 

Within

1 year 

(2)

1-5 

years

(3) 

5-10 

years 

(4) 

10-20

years

(5) 

 20 years 

 or more 

 (6) 

Average length 

(months) 

(7) 

2018 ............................... 12,880,947 3,794,461 5,181,488 2,444,652 121,319 1,339,027 65 

2019 ............................... 14,225,142 4,147,209 5,821,560 2,625,077 104,901 1,526,394 65 

2020 ............................... 15,922,190 6,374,061 5,567,746 2,332,037 242,437 1,405,908 56 

2021 ............................... 16,439,495 5,237,754 6,270,122 2,855,223 537,059 1,539,338 66 

2022 ............................... 18,054,269 5,493,907 6,774,603 3,274,691 796,145 1,714,922 68 

2021 - Dec...................... 16,931,552 5,305,095 6,445,636 3,004,209 600,532 1,576,081 66 

2022 - Jan ...................... 17,194,470 5,540,423 6,409,263 3,034,048 617,719 1,593,017 66 

Feb ..................... 17,441,660 5,656,274 6,475,818 3,052,591 667,274 1,589,703 66 

Mar ..................... 17,519,927 5,559,737 6,541,403 3,126,753 683,615 1,608,419 66 

 Apr...................... 17,332,521 5,487,037 6,399,519 3,138,408 677,868 1,629,689 67

May..................... 17,530,546 5,360,375 6,611,565 3,193,692 724,547 1,640,367 68 

June.................... 17,563,428 5,240,978 6,691,404 3,232,049 738,774 1,660,224 68 

 July..................... 17,456,151 5,276,927 6,551,243 3,208,065 739,186 1,680,731 69 

Aug ..................... 17,975,257 5,530,984 6,724,083 3,239,185 784,133 1,696,872 68 

Sept.................... 18,054,269 5,493,907 6,774,603 3,274,691 796,145 1,714,922 68 

Oct...................... 18,163,671 5,554,740 6,773,463 3,294,531 808,069 1,732,868 68 

Nov..................... 18,432,639 5,760,777 6,816,566 3,277,982 845,465 1,731,849 68 

Dec..................... 18,342,430 5,683,558 6,806,760 3,256,030 845,623 1,750,459 68 

Note—Detail may not add to totals due to rounding. 
28

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 Securities outstanding Securities 

 not subject 

 to limit 

 (7) 

Total 

(2) 

Public debt 

(3) 

Other debt 

(4) 

Public debt

(5)

Other debt 

(6) 

2018 3 ..................................... - 21,474,848 21,474,848 - 21,516,058 - 41,209 

2019 ....................................... - 22,686,617 22,686,617 - 22,719,402 - 32,785 

2020 ....................................... - 26,920,380 26,920,380 - 26,945,391 - 25,011 

2021 ....................................... 28,401,463 2 28,401,438 28,401,438 - 28,428,919 - 27,481 

2022 ....................................... 31,381,463 1 30,869,259 30,869,259 - 30,928,912 - 59,653 

2021 - Dec.............................. 31,381,463 29,590,001 29,590,001 - 29,617,215 - 27,214 

2022 - Jan .............................. 31,381,463 29,982,990 29,982,990 - 30,012,386 - 29,396 

Feb ............................. 31,381,463 30,258,450 30,258,450 - 30,290,353 - 31,902 

Mar ............................. 31,381,463 30,365,315 30,365,315 - 30,400,960 - 35,645 

 Apr.............................. 31,381,463 30,333,895 30,333,895 - 30,374,155 - 40,260 

May............................. 31,381,463 30,458,012 30,458,012 - 30,499,619 - 41,606 

June............................ 31,381,463 30,523,251 30,523,251 - 30,568,582 - 45,331 

 July........................ 31,381,463 30,548,963 30,548,963 - 30,595,109 - 46,146 

 Aug............................ 31,381,463 30,883,745 30,883,745 - 30,936,075 - 52,331 

Sept............................ 31,381,463 30,869,259 30,869,259 - 30,928,912 - 59,653 

 Oct............................. 31,381,463 31,173,740 31,173,740 - 31,238,301 - 64,562 

Nov............................. 31,381,463 31,345,649 31,345,649 - 31,413,322 - 67,674 

Dec............................. 31,381,463 31,347,311 31,347,311 - 31,419,689 - 72,379 

(1)Pursuant to 31 U.S.C. 3101(b), Public law 117-73, the Statutory Debt Limit was permanently 

increased effective December 16, 2021, to $31,381,462,788,891.71.

(2)Pursuant to 31 U.S.C. 3101(b). By the Bipartisan Budget Act of 2019, Public Law 116-37. the 

Statutory Debt Limit has been suspended through July 31, 2021. The Statutory Debt Limit in 31 

U.S.C. 3101(b) was permanently increased effective August 1, 2021 to $28,401,462,788,891.71. 

(3)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. 
29

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) 

Department of Agriculture 

Farm-Service 

Agency 

(2) 

Rural Utilities 

Service 

(3) 

Rural Housing 

and Community 

Development 

Service 

(4) 

Rural Business 

and Cooperative 

Development 

Service 

(5) 

Foreign 

Agricultural 

Service 

(6) 

2018 ...................................... 1,512,469 23,005 19,325 26,797 583 453

2019 ...................................... 1,570,919 39,017 21,473 29,605 660 432

2020 ...................................... 1,813,390 43,575 21,396 30,483 637 363

2021 ...................................... 1,809,674 31,592 21,196 30,286 658 317

2022 ...................................... 1,623,412 32,772 21,918 31,785 601 266

2021 - Dec. ........................... 1,911,421 30,333 21,629 31,039 665 317

2022 - Jan ............................. 1,919,559 31,128 21,752 31,126 666 317

Feb ............................ 1,937,167 32,196 21,842 31,260 667 317

Mar............................ 1,954,853 31,290 20,775 29,420 558 317

 Apr ............................ 1,977,620 29,895 20,856 29,522 560 317

May ........................... 1,989,056 30,696 20,944 29,615 564 317

June .......................... 1,996,058 30,743 21,069 29,867 568 317

 July............................ 2,030,569 31,593 21,069 29,867 557 317

Aug............................ 2,030,332 32,332 21,893 30,416 601 266

Sept........................... 1,623,412 32,772 21,918 31,785 601 266

Oct............................. 1,675,223 44,573 21,996 32,041 603 266

Nov............................ 1,663,357 30,140 22,094 32,352 606 266

Dec............................ 1,660,183 31,935 22,421 32,613 616 266

Department 

of Energy 

Department of Housing 

and Urban Development 

Department 

of the Treasury 

End of fiscal 

year or month 

Department of 

Education 

(7) 

Bonneville Power 

Administration 

(8) 

Federal Housing 

Administration 

(9) 

Other Housing 

programs 

(10) 

Federal 

Financing Bank 

(11) 

2018 ...................................... 1,258,499 5,531 24,709 134 61,584

2019 ...................................... 1,287,510 5,280 30,386 24 63,751

2020 ...................................... 1,249,871 5,649 44,722 30 71,373

2021 ...................................... 1,221,381 5,629 66,271 10 70,500

2022 ...................................... 905,071 5,679 93,564 13 73,447

2021 - Dec. ........................... 1,277,348 5,615 66,271 10 71,819

2022 - Jan............................. 1,277,366 5,595 66,271 11 71,938

Feb............................ 1,277,201 5,927 66,271 11 72,459

Mar............................ 1,287,754 5,922 66,271 11 72,718

 Apr ............................ 1,298,251 5,887 66,271 11 72,075

May ........................... 1,298,279 5,862 66,271 13 72,470

June .......................... 1,272,314 5,861 98,149 13 72,846

 July ........................... 1,298,623 5,758 98,149 13 73,031

Aug............................ 1,298,959 5,771 98,149 13 73,475

Sept........................... 905,071 5,679 93,564 13 73,447

Oct............................. 942,220 5,679 93,564 13 73,839

Nov............................ 948,055 5,679 93,564 13 74,699

Dec............................ 939,257 5,659 93,564 13 75,898
30

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”] 

End of fiscal 

year or month 

Export-Import 

Bank of the 

United States 

(12) 

Railroad 

Retirement 

Board 

(13) 

Small Business 

Administration 

(14) 

Other 

(15) 

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

2021 ...................................... 14,531 4,567 262,655 80,081

2022 ...................................... 13,501 4,417 362,802 77,576

2021 - Dec. ........................... 14,590 5,757 309,269 76,759

2022 - Jan ............................. 14,596 6,187 315,532 77,074

Feb ............................ 14,596 6,515 330,532 77,373

Mar............................ 14,596 6,927 340,533 77,761

 Apr ............................ 14,596 7,338 354,042 77,999

May ........................... 14,596 7,701 363,345 78,383

June .......................... 14,596 3,157 367,138 79,420

 July............................ 14,596 3,605 369,138 84,253

Aug............................ 13,312 3,968 369,138 82,039

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

13,501 4,417 362,802 77,576

 Oct. ........................... 13,501 4,865 363,802 78,261

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

13,501 5,221 360,310 76,857

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

13,501 5,677 360,310 78,453

Note—Detail may not add to totals due to rounding. 
31 

 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 13-

week 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 119-Day Cash Management Bills 

On September 27, 2022, Treasury announced it would auction $30,000 million of 119-day bills. They were issued 

October 4 and will mature January 31, 2023. The issue was to raise new cash of approximately $125,000 million. 

Treasury auctioned the bills on September 28. Tenders totaled $91,633 million; Treasury accepted $30,000 million, 

including $34 million of noncompetitive tenders from the public. The high bank discount rate was 3.590 percent. 

Auction of 52-Week Bills 

On September 29, 2022, Treasury announced it would auction $34,000 million of 364-day Treasury bills. They 

were issued October 6 and will mature October 5, 2023. The issue was to refund $127,006 million of all maturing bills 

and to raise new cash of approximately $2,994 million. Treasury auctioned the bills on October 4. Tenders totaled 

$91,275 million; Treasury accepted $34,000 million, including $1,664 million of noncompetitive tenders from the 

public. The high bank discount rate was 3.955 percent. 

In addition to the $34,000 million of tenders accepted in the auction process, Treasury accepted $4,268 million 

from Federal Reserve Banks (FRBs) for their own accounts. 

Auction of 119-Day Cash Management Bills 

On October 4, 2022, Treasury announced it would auction $30,000 million of 119-day bills. They were issued 

October 11 and will mature February 7, 2023. The issue was to raise new cash of approximately $125,000 million. 

Treasury auctioned the bills on October 5. Tenders totaled $95,670 million; Treasury accepted $30,000 million, 

including $36 million of noncompetitive tenders from the public. The high bank discount rate was 3.700 percent. 
32 

Auction of 3-Year Notes 

On October 6, 2022, Treasury announced it would auction $40,000 million of 3-year notes. The issue was to refund 

$23,235 million of securities maturing October 15 and to raise new cash of approximately $66,765 million. 

The 3-year notes of Series AT-2025 were dated October 15 and issued October 17. They are due October 15, 2025, 

with interest payable on April 15 and October 15 until maturity. Treasury set an interest rate of 4-1/4 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 11. Tenders totaled $102,687 million; Treasury accepted $40,000 

million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 4.318 

percent with an equivalent price of $99.810402. Treasury accepted in full all competitive tenders at yields lower than 

4.318 percent. Tenders at the high yield were allotted 3.17 percent. The median yield was 4.240 percent, and the low 

yield was 4.180 percent. Noncompetitive tenders totaled $398 million. Competitive tenders accepted from private 

investors totaled $39,502 million. Accrued interest of $0.23352 per $1,000 must be paid for the period from October 15 

to October 17. The minimum par amount required for Separate Trading of Registered Interest and Principal Securities 

(STRIPS) of notes of Series AT-2025 is $100. 

Auction of 9-Year 10-Month 2-3/4 Percent Notes 

On October 6, 2022, Treasury announced it would auction $32,000 million of 9-year 10-month 2-3/4 percent notes. 

The issue was to refund $23,235 million of securities maturing October 15 and to raise new cash of approximately 

$66,765 million. 

The 9-year 10-month 2-3/4 percent notes of Series E-2032 were dated August 15 and issued October 17. They are 

due August 15, 2032, 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 12. Tenders totaled $74,894 million; Treasury accepted $32,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of 3.930 percent with an 

equivalent price of $90.449122. Treasury accepted in full all competitive tenders at yields lower than 3.930 percent. 

Tenders at the high yield were allotted 41.09 percent. The median yield was 3.850 percent, and the low yield was 3.800 

percent. Noncompetitive tenders totaled $15 million. Competitive tenders accepted from private investors totaled 

$31,985 million. Accrued interest of $4.70788 per $1,000 must be paid for the period from August 15 to October 17. 

The minimum par amount required for STRIPS of notes of Series E-2032 is $100. 

Auction of 29-Year 10-Month 3 Percent Bonds 

On October 6, 2022, Treasury announced it would auction $18,000 million of 29-year 10-month 3 percent bonds. 

The issue was to refund $23,235 million of securities maturing October 15 and to raise new cash of approximately 

$66,765 million. 

The 29-year 10-month 3 percent bonds of August 2052 were dated August 15 and issued October 17. They are due 

August 15, 2052, 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 13. Tenders totaled $42,951 million; Treasury accepted $18,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of 3.930 percent with an 

equivalent price of $83.740689. Treasury accepted in full all competitive tenders at yields lower than 3.930 percent. 

Tenders at the high yield were allotted 33.50 percent. The median yield was 3.850 percent, and the low yield was 3.790 

percent. Noncompetitive tenders totaled $9 million. Competitive tenders accepted from private investors totaled 

$17,991 million. Accrued interest of $5.13587 per $1,000 must be paid for the period from August 15 to October 17. 

The minimum par amount required for STRIPS of bonds of August 2052 is $100. 

Auction of 119-Day Cash Management Bills 

On October 11, 2022, Treasury announced it would auction $33,000 million of 119-day bills. They were issued 

October 18 and will mature February 14, 2023. The issue was to raise new cash of approximately $143,000 million. 

Treasury auctioned the bills on October 12. Tenders totaled $106,544 million; Treasury accepted $33,000 million, 

including $18 million of noncompetitive tenders from the public. The high bank discount rate was 3.890 percent. 
BUREAU OF THE FISCAL SERVICE OPERATIONS 33

Auction of 19-Year 10-Month 3-3/8 Percent Bonds 

On October 13, 2022, Treasury announced it would auction $12,000 million of 19-year 10-month 3-3/8 percent 

bonds. The issue was to refund $168,715 million of securities maturing October 31 and to raise new cash of 

approximately $8,285 million. 

The 19-year 10-month 3-3/8 percent bonds of August 2042 were dated August 15 and issued October 31. They are 

due August 15, 2042, 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 19. Tenders totaled $30,028 million; Treasury accepted $12,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of 4.395 percent with an 

equivalent price of $86.599384. Treasury accepted in full all competitive tenders at yields lower than 4.395 percent. 

Tenders at the high yield were allotted 28.43 percent. The median yield was 4.319 percent, and the low yield was 4.220 

percent. Noncompetitive tenders totaled $35 million. Competitive tenders accepted from private investors totaled 

$11,965 million. Accrued interest of $7.06182 per $1,000 must be paid for the period from August 15 to October 31. 

The minimum par amount required for STRIPS of bonds of August 2042 is $100. 

Auction of 5-Year Treasury Inflation Protected Security (TIPS) 

On October 13, 2022, Treasury announced it would auction $21,000 million of 5-year TIPS. The issue was to 

refund $168,715 million of securities maturing October 31 and to raise new cash of approximately $8,285 million. 

The 5-year TIPS of Series AE-2027 were dated October 15 and issued October 31. They are due October 15, 2027, 

with interest payable on April 15 and October 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 TIPS before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET 

for competitive tenders on October 20. Tenders totaled $50,046 million; Treasury accepted $21,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of 1.732 percent with an 

equivalent adjusted price of $99.475435. Treasury accepted in full all competitive tenders at yields lower than 1.732 

percent. Tenders at the high yield were allotted 58.07 percent. The median yield was 1.669 percent, and the low yield 

was 1.627 percent. Noncompetitive tenders totaled $256 million. Competitive tenders accepted from private investors 

totaled $20,744 million. Adjusted accrued interest of $0.71416 per $1,000 must be paid for the period from October 15 

to October 31. Both the unadjusted price of $99.493344 and the unadjusted accrued interest of $0.71429 were adjusted 

by an index ratio of 0.99982, for the period from October 15 to October 31. The minimum par amount required for 

STRIPS of TIPS of Series AE-2027 is $100. 

Auction of 2-Year Notes 

On October 20, 2022, Treasury announced it would auction $42,000 million of 2-year notes. The issue was to 

refund $168,715 million of securities maturing October 31 and to raise new cash of approximately $8,285 million. 

The 2-year notes of Series BJ-2024 were dated and issued October 31. They are due October 31, 2024, with interest 

payable on April 30 and October 31 until maturity. Treasury set an interest rate of 4-3/8 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 October 25. Tenders totaled $108,656 million; Treasury accepted $42,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of 4.460 percent with an 

equivalent price of $99.839071. Treasury accepted in full all competitive tenders at yields lower than 4.460 percent. 

Tenders at the high yield were allotted 56.82 percent. The median yield was 4.388 percent, and the low yield was 4.250 

percent. Noncompetitive tenders totaled $1,372 million. Competitive tenders accepted from private investors totaled 

$40,528 million. The minimum par amount required for STRIPS of notes of Series BJ-2024 is $100. 
34 

Auction of 2-Year Floating Rate Notes (FRNs) 

On October 20, 2022, Treasury announced it would auction $24,000 million of 2-year FRNs. The issue was to 

refund $168,715 million of securities maturing October 31 and to raise new cash of approximately $8,285 million. 

The 2-year FRNs of Series BK-2024 were dated and issued October 31. They are due October 31, 2024, with 

interest payable on January 31, April 30, July 31, and October 31 until maturity. Treasury set a spread of 0.140 percent 

after determining which tenders were accepted on a discount margin basis. 

Treasury received tenders for the FRNs before 11:00 a.m. ET for noncompetitive tenders and before 11:30 a.m. ET 

for competitive tenders on October 26. Tenders totaled $63,598 million; Treasury accepted $24,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high discount margin of 0.140 percent 

with an equivalent price of $100.000000. Treasury accepted in full all competitive tenders at discount margins lower 

than 0.140 percent. Tenders at the high discount margin were allotted 69.95 percent. The median discount margin was 

0.095 percent, and the low discount margin was 0.050 percent. Noncompetitive tenders totaled $43 million. 

Competitive tenders accepted from private investors totaled $23,957 million. 

Auction of 5-Year Notes 

On October 20, 2022, Treasury announced it would auction $43,000 million of 5-year notes. The issue was to 

refund $168,715 million of securities maturing October 31 and to raise new cash of approximately $8,285 million. 

The 5-year notes of Series AF-2027 were dated and issued October 31. They are due October 31, 2027, with 

interest payable on April 30 and October 31 until maturity. Treasury set an interest rate of 4-1/8 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 26. Tenders totaled $106,619 million; Treasury accepted $43,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of 4.192 percent with an 

equivalent price of $99.700589. Treasury accepted in full all competitive tenders at yields lower than 4.192 percent. 

Tenders at the high yield were allotted 12.83 percent. The median yield was 4.119 percent, and the low yield was 4.050 

percent. Noncompetitive tenders totaled $223 million. Competitive tenders accepted from private investors totaled 

$42,777 million. The minimum par amount required for STRIPS of notes of Series AF-2027 is $100. 

Auction of 7-Year Notes 

On October 20, 2022, Treasury announced it would auction $35,000 million of 7-year notes. The issue was to 

refund $168,715 million of securities maturing October 31 and to raise new cash of approximately $8,285 million. 

The 7-year notes of Series R-2029 were dated and issued October 31. They are due October 31, 2029, with interest 

payable on April 30 and October 31 until maturity. Treasury set an interest rate of 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 27. Tenders totaled $85,064 million; Treasury accepted $35,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of 4.027 percent with an 

equivalent price of $99.836721. Treasury accepted in full all competitive tenders at yields lower than 4.027 percent. 

Tenders at the high yield were allotted 25.97 percent. The median yield was 3.950 percent, and the low yield was 3.850 

percent. Noncompetitive tenders totaled $44 million. Competitive tenders accepted from private investors totaled 

$34,956 million. The minimum par amount required for STRIPS of notes of Series R-2029 is $100. 

NOVEMBER 

Auction of 52-Week Bills 

On October 27, 2022, Treasury announced it would auction $34,000 million of 364-day Treasury bills. They were 

issued November 3 and will mature November 2, 2023. The issue was to refund $129,995 million of all maturing bills 

and to raise new cash of approximately $6,005 million. Treasury auctioned the bills on November 1. Tenders totaled 

$96,371 million; Treasury accepted $34,000 million, including $1,666 million of noncompetitive tenders from the 

public. The high bank discount rate was 4.505 percent. 
BUREAU OF THE FISCAL SERVICE OPERATIONS 35

In addition to the $34,000 million of tenders accepted in the auction process, Treasury accepted $5,255 million

from FRBs for their own accounts. 

November Quarterly Financing 

On Nov 2, 2022, Treasury announced it would auction $40,000 million of 3-year notes, $35,000 million of 10-year 

notes, and $21,000 million of 30-year bonds to refund $55,332 million of securities maturing November 15, 2022 and 

to raise new cash of approximately $40,668 million. 

The 3-year notes of Series AU-2025 were dated and issued November 15. They are due November 15, 2025, with 

interest payable on May 15 and November 15 until maturity. Treasury set an interest rate of 4-1/2 percent after 

determining which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET 

for competitive tenders on November 8. Tenders totaled $102,726 million; Treasury accepted $40,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of 4.605 percent with an 

equivalent price of $99.708904. Treasury accepted in full all competitive tenders at yields lower than 4.605 percent. 

Tenders at the high yield were allotted 4.85 percent. The median yield was 4.540 percent, and the low yield was 4.000 

percent. Noncompetitive tenders totaled $388 million. Competitive tenders accepted from private investors totaled 

$39,412 million. 

In addition to the $40,000 million of tenders accepted in the auction process, Treasury accepted $14,027 million 

from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series AU-2025 is $100. 

The 10-year notes of Series F-2032 were dated and issued November 15. They are due November 15, 2032, with 

interest payable on May 15 and November 15 until maturity. Treasury set an interest rate of 4-1/8 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 November 9. Tenders totaled $78,186 million; Treasury accepted $35,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of 4.140 percent with an 

equivalent price of $99.878189. Treasury accepted in full all competitive tenders at yields lower than 4.140 percent. 

Tenders at the high yield were allotted 32.29 percent. The median yield was 4.044 percent, and the low yield was 3.960 

percent. Noncompetitive tenders totaled $121 million. Competitive tenders accepted from private investors totaled 

$34,879 million. 

In addition to the $35,000 million of tenders accepted in the auction process, Treasury accepted $12,274 million 

from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series F-2032 is $100. 

The 30-year bonds of November 2052 were dated and issued November 15. They are due November 15, 2052, with 

interest payable on May 15 and November 15 until maturity. Treasury set an interest rate of 4 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 10. Tenders totaled $50,865 million; Treasury accepted $21,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of 4.080 percent with an 

equivalent price of $98.622933. Treasury accepted in full all competitive tenders at yields lower than 4.080 percent. 

Tenders at the high yield were allotted 83.22 percent. The median yield was 4.000 percent, and the low yield was 3.888 

percent. Noncompetitive tenders totaled $35 million. Competitive tenders accepted from private investors totaled 

$20,965 million. 

In addition to the $21,000 million of tenders accepted in the auction process, Treasury accepted $7,364 million 

from FRBs for their own accounts. The minimum par amount required for STRIPS of bonds of November 2052 is 

$100. 

Auction of 16-Day Cash Management Bills 

On November 15, 2022, Treasury announced it would auction $40,000 million of 16-day bills. They were issued 

November 22 and matured December 8. The issue was to raise new cash of approximately $193,000 million. Treasury 

auctioned the bills on November 17. Tenders totaled $95,207 million; Treasury accepted $40,001 million, including 

$45 million of noncompetitive tenders from the public. The high bank discount rate was 3.800 percent. 
36 

Auction of 1-Year 11-Month 0.14 Percent FRNs 

On November 17, 2022, Treasury announced it would auction $22,000 million of 1-year 11-month 0.14 percent 

FRNs. The issue was to raise new cash of approximately $22,000 million. 

The 1-year 11-month 0.14 percent FRNs of Series BK-2024 were dated October 31 and issued November 25. They 

are due October 31, 2024, with interest payable on January 31, April 30, July 31, and October 31 until maturity. 

Treasury received tenders for the FRNs before 11:00 a.m. ET for noncompetitive tenders and before 11:30 a.m. ET 

for competitive tenders on November 22. Tenders totaled $53,845 million; Treasury accepted $22,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high discount margin of 0.220 percent 

with an equivalent price of $99.848062. Treasury accepted in full all competitive tenders at discount margins lower 

than 0.220 percent. Tenders at the high discount margin were allotted 45.23 percent. The median discount margin was 

0.170 percent, and the low discount margin was 0.100 percent. Noncompetitive tenders totaled $69 million. 

Competitive tenders accepted from private investors totaled $21,931 million. Accrued interest of $0.298504310 per 

$100 must be paid for the period from October 31 to November 25. 

Auction of 20-Year Bonds 

On November 10, 2022, Treasury announced it would auction $15,000 million of 20-year bonds. The issue was to 

refund $92,727 million of securities maturing November 30 and to raise new cash of approximately $57,273 million. 

The 20-year bonds of November 2042 were dated November 15 and issued November 30. They are due November 

15, 2042, with interest payable on May 15 and November 15 until maturity. Treasury set an interest rate of 4 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 16. Tenders totaled $39,609 million; Treasury accepted $15,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of 4.072 percent with an 

equivalent price of $99.019661. Treasury accepted in full all competitive tenders at yields lower than 4.072 percent. 

Tenders at the high yield were allotted 21.68 percent. The median yield was 4.010 percent, and the low yield was 3.960 

percent. Noncompetitive tenders totaled $102 million. Competitive tenders accepted from private investors totaled 

$14,898 million. Accrued interest of $1.65746 per $1,000 must be paid for the period from November 15 to November 

30. 

In addition to the $15,000 million of tenders accepted in the auction process, Treasury accepted $1,631 million 

from FRBs for their own accounts. The minimum par amount required for STRIPS of bonds of November 2042 is 

$100. 

Auction of 9-Year 8-Month 0-5/8 Percent TIPS 

On November 10, 2022, Treasury announced it would auction $15,000 million of 9-year 8-month 0-5/8 percent 

TIPS. The issue was to refund $92,727 million of securities maturing November 30 and to raise new cash of 

approximately $57,273 million. 

The 9-year 8-month 0-5/8 percent TIPS of Series D-2032 were dated July 15 and issued November 30. They are 

due July 15, 2032, 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 17. Tenders totaled $33,761 million; Treasury accepted $15,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of 1.485 percent with an 

equivalent adjusted price of $94.294626. Treasury accepted in full all competitive tenders at yields lower than 1.485 

percent. Tenders at the high yield were allotted 79.57 percent. The median yield was 1.390 percent, and the low yield 

was 1.330 percent. Noncompetitive tenders totaled $38 million. Competitive tenders accepted from private investors 

totaled $14,962 million. Adjusted accrued interest of $2.39407 per $1,000 must be paid for the period from July 15 to 

November 30. Both the unadjusted price of $92.312673 and the unadjusted accrued interest of $2.34375 were adjusted 

by an index ratio of 1.02147, for the period from July 15 to November 30. 

In addition to the $15,000 million of tenders accepted in the auction process, Treasury accepted $1,631 million 

from FRBs for their own accounts. The minimum par amount required for STRIPS of TIPS of Series D-2032 is $100. 
BUREAU OF THE FISCAL SERVICE OPERATIONS 37

Auction of 2-Year Notes 

On November 17, 2022, Treasury announced it would auction $42,000 million of 2-year notes. The issue was to 

refund $92,727 million of securities maturing November 30 and to raise new cash of approximately $57,273 million. 

The 2-year notes of Series BL-2024 were dated and issued November 30. They are due November 30, 2024, with 

interest payable on May 31 and November 30 until maturity. Treasury set an interest rate of 4-1/2 percent after 

determining which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 11:00 a.m. ET for noncompetitive tenders and before 11:30 a.m. ET 

for competitive tenders on November 21. Tenders totaled $110,997 million; Treasury accepted $42,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of 4.505 percent with an 

equivalent price of $99.990539. Treasury accepted in full all competitive tenders at yields lower than 4.505 percent. 

Tenders at the high yield were allotted 98.05 percent. The median yield was 4.460 percent, and the low yield was 4.350 

percent. Noncompetitive tenders totaled $973 million. Competitive tenders accepted from private investors totaled 

$40,927 million. 

In addition to the $42,000 million of tenders accepted in the auction process, Treasury accepted $4,566 million 

from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series BL-2024 is $100. 

Auction of 5-Year Notes 

On November 17, 2022, Treasury announced it would auction $43,000 million of 5-year notes. The issue was to 

refund $92,727 million of securities maturing November 30 and to raise new cash of approximately $57,273 million. 

The 5-year notes of Series AG-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 3-7/8 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 21. Tenders totaled $102,765 million; Treasury accepted $43,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of 3.974 percent with an 

equivalent price of $99.555059. Treasury accepted in full all competitive tenders at yields lower than 3.974 percent. 

Tenders at the high yield were allotted 81.79 percent. The median yield was 3.899 percent, and the low yield was 3.800 

percent. Noncompetitive tenders totaled $146 million. Competitive tenders accepted from private investors totaled 

$42,855 million. 

In addition to the $43,000 million of tenders accepted in the auction process, Treasury accepted $4,675 million 

from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series AG-2027 is $100. 

Auction of 7-Year Notes 

On November 17, 2022, Treasury announced it would auction $35,000 million of 7-year notes. The issue was to 

refund $92,727 million of securities maturing November 30 and to raise new cash of approximately $57,273 million. 

The 7-year notes of Series S-2029 were dated and issued November 30. They are due November 30, 2029, with 

interest payable on May 31 and November 30 until maturity. Treasury set an interest rate of 3-7/8 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 22. Tenders totaled $81,552 million; Treasury accepted $35,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of 3.890 percent with an 

equivalent price of $99.908851. Treasury accepted in full all competitive tenders at yields lower than 3.890 percent. 

Tenders at the high yield were allotted 64.18 percent. The median yield was 3.819 percent, and the low yield was 3.750 

percent. Noncompetitive tenders totaled $39 million. Competitive tenders accepted from private investors totaled 

$34,961 million. 

In addition to the $35,000 million of tenders accepted in the auction process, Treasury accepted $3,805 million 

from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series S-2029 is $100. 
38 

DECEMBER 

Auction of 52-Week Bills 

On November 23, 2022, Treasury announced it would auction $34,000 million of 364-day Treasury bills. They 

were issued December 1 and will mature November 30, 2023. The issue was to refund $129,997 million of all maturing 

bills and to raise new cash of approximately $3,003 million. Treasury auctioned the bills on November 29. Tenders 

totaled $96,107 million; Treasury accepted $34,001 million, including $1,685 million of noncompetitive tenders from 

the public. The high bank discount rate was 4.555 percent. 

In addition to the $34,001 million of tenders accepted in the auction process, Treasury accepted $4,327 million 

from FRBs for their own accounts. 

Auction of 3-Year Notes 

On December 8, 2022, Treasury announced it would auction $40,000 million of 3-year notes. The issue was to 

refund $25,890 million of securities maturing December 15 and to raise new cash of approximately $64,110 million. 

The 3-year notes of Series AV-2025 were dated and issued December 15. They are due December 15, 2025, with 

interest payable on June 15 and December 15 until maturity. Treasury set an interest rate of 4 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 12. Tenders totaled $102,057 million; Treasury accepted $40,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of 4.093 percent with an 

equivalent price of $99.739942. Treasury accepted in full all competitive tenders at yields lower than 4.093 percent. 

Tenders at the high yield were allotted 7.68 percent. The median yield was 4.030 percent, and the low yield was 3.940 

percent. Noncompetitive tenders totaled $254 million. Competitive tenders accepted from private investors totaled 

$39,546 million. The minimum par amount required for STRIPS of notes of Series AV-2025 is $100. 

Auction of 9-Year 11-Month 4-1/8 Percent Notes 

On December 8, 2022, Treasury announced it would auction $32,000 million of 9-year 11-month 4-1/8 percent 

notes. The issue was to refund $25,890 million of securities maturing December 15 and to raise new cash of 

approximately $64,110 million. 

The 9-year 11-month 4-1/8 percent notes of Series F-2032 were dated November 15 and issued December 15. They 

are due November 15, 2032, 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 12. Tenders totaled $73,993 million; Treasury accepted $32,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of 3.625 percent with an 

equivalent price of $104.129208. Treasury accepted in full all competitive tenders at yields lower than 3.625 percent. 

Tenders at the high yield were allotted 16.09 percent. The median yield was 3.535 percent, and the low yield was 3.400 

percent. Noncompetitive tenders totaled $47 million. Competitive tenders accepted from private investors totaled 

$31,953 million. Accrued interest of $3.41851 per $1,000 must be paid for the period from November 15 to December 

15. The minimum par amount required for STRIPS of notes of Series F-2032 is $100.

Auction of 29-Year 11-Month 4 Percent Bonds

On December 8, 2022, Treasury announced it would auction $18,000 million of 29-year 11-month 4 percent bonds.

The issue was to refund $25,890 million of securities maturing December 15 and to raise new cash of approximately 

$64,110 million. 

The 29-year 11-month 4 percent bonds of November 2052 were dated November 15 and issued December 15. They 

are due November 15, 2052, 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 13. Tenders totaled $40,474 million; Treasury accepted $18,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of 3.513 percent with an 

equivalent price of $108.967370. Treasury accepted in full all competitive tenders at yields lower than 3.513 percent. 

Tenders at the high yield were allotted 98.88 percent. The median yield was 3.430 percent, and the low yield was 3.350 
BUREAU OF THE FISCAL SERVICE OPERATIONS 39

percent. Noncompetitive tenders totaled $22 million. Competitive tenders accepted from private investors totaled 

$17,978 million. Accrued interest of $3.31492 per $1,000 must be paid for the period from November 15 to December 

15. The minimum par amount required for STRIPS of bonds of November 2052 is $100.

Auction of 52-Week Bills

On December 22, 2022, Treasury announced it would auction $34,000 million of 364-day Treasury bills. They

were issued December 29 and will mature December 28, 2023. The issue was to refund $130,008 million of all 

maturing bills and to raise new cash of approximately $2,992 million. Treasury auctioned the bills on December 27. 

Tenders totaled $110,310 million; Treasury accepted $34,000 million, including $1,526 million of noncompetitive 

tenders from the public. The high bank discount rate was 4.515 percent. 

In addition to the $34,000 million of tenders accepted in the auction process, Treasury accepted $4,500 million 

from FRBs for their own accounts. 

Auction of 4-Year 10-Month 1-5/8 Percent TIPS 

On December 15, 2022, Treasury announced it would auction $19,000 million of 4-year 10-month 1-5/8 percent 

TIPS. The issue was to raise new cash of approximately $41,000 million. 

The 4-year 10-month 1-5/8 percent TIPS of Series AE-2027 were dated October 15 and issued December 30. They 

are due October 15, 2027, 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 $47,687 million; Treasury accepted $19,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of 1.504 percent with an 

equivalent adjusted price of $101.135096. Treasury accepted in full all competitive tenders at yields lower than 1.504 

percent. Tenders at the high yield were allotted 32.99 percent. The median yield was 1.360 percent, and the low yield 

was 1.278 percent. Noncompetitive tenders totaled $170 million. Competitive tenders accepted from private investors 

totaled $18,830 million. Adjusted accrued interest of $3.41240 per $1,000 must be paid for the period from October 15 

to December 30. Both the unadjusted price of $100.555894 and the unadjusted accrued interest of $3.39286 were 

adjusted by an index ratio of 1.00576, for the period from October 15 to December 30. The minimum par amount 

required for STRIPS of TIPS of Series AE-2027 is $100. 

Auction of 1-Year 10-Month 0.14 Percent FRNs 

On December 22, 2022, Treasury announced it would auction $22,000 million of 1-year 10-month 0.14 percent 

FRNs. The issue was to raise new cash of approximately $41,000 million. 

The 1-year 10-month 0.14 percent FRNs of Series BK-2024 were dated October 31 and issued December 30. They 

are due October 31, 2024, with interest payable on January 31, April 30, July 31, and October 31 until maturity. 

Treasury received tenders for the FRNs before 11:00 a.m. ET for noncompetitive tenders and before 11:30 a.m. ET 

for competitive tenders on December 28. Tenders totaled $74,867 million; Treasury accepted $22,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high discount margin of 0.239 percent 

with an equivalent price of $99.821106. Treasury accepted in full all competitive tenders at discount margins lower 

than 0.239 percent. Tenders at the high discount margin were allotted 81.80 percent. The median discount margin was 

0.220 percent, and the low discount margin was 0.170 percent. Noncompetitive tenders totaled $33 million. 

Competitive tenders accepted from private investors totaled $21,967 million. Accrued interest of $0.731893582 per 

$100 must be paid for the period from October 31 to December 30. 
40

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 Amounts of bids accepted 

High 

price per 

hundred 

(7) 

High 

discount 

rate 

(percent) 

(8) 

High investment rate 

(percent) 4

(9) 

Maturity 

 date 

(1) 

Number 

of days to 

maturity 1

(2) 

Amount 

of bids 

tendered

(3) 

Total 

amount 2

(4) 

On 

competitive 

basis 

(5) 

On noncompetitive 

basis 3

 (6) 

Regular weekly: 

(4 week, 8 week, 13 week, 17 week, and 26 week) 

2022-Oct. 04................................................ 2022-Nov. 01 28 129,718.5 52,621.1 48,323.0 1,677.1 99.793111 2.660 2.703

Nov. 29 56 117,928.6 47,358.9 44,148.7 851.4 99.523222 3.065 3.122

Oct. 06.......................................................... 2023-Jan. 05 91 145,230.2 60,778.7 51,628.6 1,678.5 99.155722 3.340 3.415

Apr. 06 182 115,206.3 47,272.3 39,514.1 2,085.9 98.053611 3.850 3.981

Oct. 11.......................................................... 2022-Nov. 08 28 139,602.4 52,153.2 48,201.1 1,748.9 99.772889 2.920 2.967

Dec. 06 56 115,613.0 46,937.9 43,982.7 853.5 99.497556 3.230 3.291

Oct. 13.......................................................... 2023-Jan. 12 91 142,041.1 62,960.1 54,456.9 1,690.3 99.112750 3.510 3.591

Apr. 13 182 133,616.2 49,705.8 42,238.8 2,062.8 97.962611 4.030 4.171

Oct. 18.......................................................... 2022-Nov. 15 28 152,686.2 62,670.9 58,240.2 1,760.0 99.747222 3.250 3.303

Dec. 13 56 126,352.5 52,225.6 48,853.3 857.8 99.458667 3.480 3.548

Oct. 20.......................................................... 2023-Jan. 19 91 148,295.5 63,487.1 55,367.2 1,366.0 99.034389 3.820 3.911

Apr. 21 182 146,956.6 51,547.6 43,608.1 394.4 99.969667 0.060 0.061

Oct. 25.......................................................... 2022-Nov. 22 28 155,030.9 67,035.8 62,954.9 1,871.2 99.733222 3.430 3.487

Dec. 20 56 138,585.8 56,722.6 53,925.0 808.0 99.426000 3.690 3.763

2023-Feb. 21 119 97,830.3 34,033.7 32,765.1 135.1 98.631500 4.140 4.256

Oct. 27.......................................................... Jan. 26 91 152,442.3 63,358.6 54,297.0 1,703.0 98.988889 4.000 4.097

Apr. 27 182 120,317.1 50,020.0 42,121.7 1,878.3 97.780611 4.390 4.552

Nov. 01......................................................... 2022-Nov. 29 28 163,618.3 67,176.6 62,098.6 2,004.8 99.720000 3.600 3.660

Dec. 27 56 148,936.7 56,841.5 53,272.2 727.9 99.405778 3.820 3.896

2023-Feb. 28 119 97,559.3 34,105.0 32,246.7 253.4 98.618278 4.180 4.297

Nov. 03......................................................... Feb. 02 91 157,026.4 65,810.3 55,187.7 1,712.4 98.971194 4.070 4.169

May 04 182 139,519.0 51,955.4 43,132.8 1,667.3 97.755333 4.440 4.605

Nov. 08......................................................... 2022-Dec. 06 28 166,141.2 66,795.1 62,351.9 2,214.7 99.718444 3.620 3.681

2023-Jan. 03 56 152,740.5 56,519.1 53,998.1 902.6 99.396444 3.880 3.958

Mar. 07 119 104,447.9 33,911.2 32,784.9 205.2 98.585222 4.280 4.402

Nov. 10......................................................... Feb. 09 91 162,033.3 63,861.8 54,169.1 2,343.5 98.958556 4.120 4.221

May 11 182 135,622.4 50,416.7 42,350.1 2,257.0 97.730056 4.490 4.658

Nov. 15......................................................... 2022-Dec. 13 28 174,596.4 67,192.3 62,533.0 2,367.0 99.721556 3.580 3.640

2023-Jan. 10 56 149,050.0 56,855.4 53,832.0 1,012.5 99.401111 3.850 3.927

Mar. 14 119 107,172.4 34,113.2 32,601.6 381.7 98.578611 4.300 4.423

Nov. 17......................................................... Feb. 16 91 157,457.0 64,759.4 54,784.6 1,839.5 98.949708 4.155 4.257

May 18 182 134,888.1 51,126.1 42,771.2 1,835.0 97.755333 4.440 4.605

Nov. 22......................................................... 2022-Dec. 20 28 167,197.0 66,899.7 62,873.8 2,096.3 99.704833 3.795 3.859

2023-Jan. 17 56 137,066.6 56,607.5 54,000.4 899.7 99.374667 4.020 4.101

Mar. 21 119 104,876.0 33,964.6 32,661.5 328.7 98.572000 4.320 4.443

Nov. 25......................................................... Feb. 23 90 148,842.6 60,279.6 51,620.2 1,853.0 98.945000 4.220 4.324

May 25 181 141,597.6 50,233.3 42,631.4 1,904.1 97.727444 4.520 4.689

Nov. 29......................................................... 2022-Dec. 27 28 142,203.7 56,807.5 53,066.4 1,933.6 99.691222 3.970 4.038

2023-Jan. 24 56 142,194.6 51,643.3 48,934.2 785.9 99.359111 4.120 4.204

Mar. 28 119 108,016.9 34,085.2 32,581.5 319.2 98.545556 4.400 4.527

Dec. 01......................................................... Mar. 02 91 144,929.2 60,872.2 52,251.0 1,349.0 98.916847 4.285 4.392

June 01 182 136,088.2 50,727.5 43,233.5 1,267.2 97.699722 4.550 4.722

Dec. 06......................................................... Jan. 03 28 155,616.8 46,247.9 41,781.2 2,413.3 99.692778 3.950 4.017

Jan. 31 56 125,550.9 46,247.6 43,717.1 883.1 99.365333 4.080 4.163

Apr. 04 119 103,274.4 33,914.8 32,680.2 259.9 98.535639 4.430 4.558

Dec. 08......................................................... Mar. 09 91 149,006.6 58,594.3 52,215.2 1,684.9 98.920639 4.270 4.377

June 08 182 119,374.9 48,828.5 43,054.8 1,745.3 97.689611 4.570 4.743
41

Dec. 13......................................................... Jan. 10 28 144,856.5 46,476.8 42,367.7 2,105.7 99.716111 3.650 3.711

Feb. 07 56 133,915.1 46,476.9 44,000.1 900.4 99.387111 3.940 4.019

Apr. 11 119 89,027.8 34,083.0 32,693.9 306.4 98.545556 4.400 4.527

Dec. 15......................................................... Mar. 16 91 140,361.1 58,686.1 51,980.1 1,620.2 98.920639 4.270 4.377

June 15 182 123,725.1 48,905.1 43,019.4 1,765.5 97.659278 4.630 4.807

Dec. 20......................................................... Jan. 17 28 143,270.7 46,210.6 42,593.1 2,075.9 99.706000 3.780 3.844

Feb. 14 56 123,611.5 46,210.7 43,701.3 898.8 99.368444 4.060 4.143

Apr. 18 119 98,557.7 33,887.8 32,698.4 301.7 98.532333 4.440 4.569

Dec. 22......................................................... Mar. 23 91 140,364.8 55,838.2 52,030.4 1,919.6 98.915583 4.290 4.397

June 22 182 130,018.4 46,532.0 42,237.7 2,182.5 97.699722 4.550 4.722

Dec. 27......................................................... Jan. 24 28 130,855.6 46,219.6 42,886.7 2,013.3 99.719222 3.610 3.670

Feb. 21 56 122,005.4 46,219.5 44,154.6 845.4 99.380111 3.985 4.066

Apr. 25 119 99,892.4 33,894.4 32,228.1 402.9 98.537292 4.425 4.553

 Continued from Table PDO-1 

Dec. 29......................................................... Mar. 30 91 135,572.1 61,148.3 52,217.6 1,782.9 98.900417 4.350 4.459 

June 29 182 121,320.1 50,957.0 42,049.5 1,951.0 97.674444 4.600 4.775

1 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 and 8-week bills represent additional issues of bills with an 

original maturity of 17 weeks. 

2 Includes amount awarded to the Federal Reserve System. 

3 Tenders for $10 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. 
42

09/28/22 10/04/22 3.590% CMB—01/31/23 119d 91,633 30,000

10/04/22 10/06/22 3.955% bill—10/05/23 364d 95,543 38,268

10/05/22 10/11/22 3.700% CMB—02/07/23 119d 95,670 30,000

10/11/22 10/17/22 4.250% note—10/15/25-AT 3y 102,687 40,000 4.318 - 99.810402 

10/12/22 10/17/22 2.750% note—08/15/32-E 9y 10m 74,894 32,000 3.930 - 90.449122 

10/13/22 10/17/22 3.000% bond—08/15/52 29y 10m 42,951 18,000 3.930 - 83.740689 

10/12/22 10/18/22 3.890% CMB—02/14/23 119d 106,544 33,000

10/19/22 10/31/22 3.375% bond—08/15/42 19y 10m 30,028 12,000 4.395 - 86.599384 

10/20/22 10/31/22 1.625% TIPS—10/15/27-AE 5y 50,046 21,000 1.732 - 99.475435 

10/25/22 10/31/22 4.375% note—10/31/24-BJ 2y 108,656 42,000 4.460 - 99.839071 

10/26/22 10/31/22 0.140% FRN—10/31/24-BK 2y 63,598 24,000 0.140 - 100.000000 

10/26/22 10/31/22 4.125% note—10/31/27-AF 5y 106,619 43,000 4.192 - 99.700589 

10/27/22 10/31/22 4.000% note—10/31/29-R 7y 85,064 35,000 4.027 - 99.836721 

11/01/22 11/03/22 4.505% bill—11/02/23 364d 101,626 39,255

11/08/22 11/15/22 4.500% note—11/15/25-AU 3y 116,753 54,027 4.605 - 99.708904 

11/09/22 11/15/22 4.125% note—11/15/32-F 10y 90,459 47,274 4.140 - 99.878189 

11/10/22 11/15/22 4.000% bond—11/15/52 30y 58,229 28,364 4.080 - 98.622933 

11/17/22 11/22/22 3.800% CMB—12/08/22 16d 95,207 40,001

11/22/22 11/25/22 0.140% FRN—10/31/24-BK 1y 11m 53,845 22,000 0.220 - 99.848062 

11/16/22 11/30/22 4.000% bond—11/15/42 20y 41,240 16,631 4.072 - 99.019661 

11/17/22 11/30/22 0.625% TIPS—07/15/32-D 9y 8m 35,392 16,631 1.485 - 94.294626 

11/21/22 11/30/22 4.500% note—11/30/24-BL 2y 115,563 46,566 4.505 - 99.990539 

11/21/22 11/30/22 3.875% note—11/30/27-AG 5y 107,439 47,675 3.974 - 99.555059 

11/22/22 11/30/22 3.875% note—11/30/29-S 7y 85,357 38,805 3.890 - 99.908851 

11/29/22 12/01/22 4.555% bill—11/30/23 364d 100,433 38,327

12/12/22 12/15/22 4.000% note—12/15/25-AV 3y 102,057 40,000 4.093 - 99.739942 

12/12/22 12/15/22 4.125% note—11/15/32-F 9y 11m 73,993 32,000 3.625 - 104.129208 

12/13/22 12/15/22 4.000% bond—11/15/52 29y 11m 40,474 18,000 3.513 - 108.967370 

12/27/22 12/29/22 4.515% bill—12/28/23 364d 114,810 38,500

12/22/22 12/30/22 1.625% TIPS—10/15/27-AE 4y 10m 47,687 19,000 1.504 - 101.135096 

12/28/22 12/30/22 0.140% FRN—10/31/24-BK 1y 10m 74,867 22,000 0.239 - 99.821106 

TABLE PDO-2—Offerings of Marketable Securities 

Other than Regular Weekly Treasury Bills

[In millions of dollars. Source: Bureau of the Fiscal Service, Division of Financing Operations] 

Auction date 

Issue date 

(1) 

 Description of securities 1

(2) 

Period to final maturity 

(years, months, days) 2

(3) 

Amount 

tendered 

(4) 

Amount 

accepted 3, 4

(5)

Accepted 

yield/discount 

margin and 

equivalent price 

for notes and bonds 

(6) 

1 1 Currently, all issues are sold at auction. For bill issues, the rate shown is the high 

bank discount rate. For note and bond issues, the rate shown is the interest rate. For 

details of bill offerings, see table PDO-1. As of October 1, 1997, all Treasury issues of 

notes and bonds are eligible for STRIPS. 

2 From date of additional issue in case of a reopening. 

3 In reopenings, the amount accepted is in addition to the amount of original offerings. 

4 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. 
43

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.) 
44

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] 

End of

fiscal year 

or month 

 Total 

 Federal 

 securities 

 outstanding 

 (1) 

Public debt securities 

Held by U.S. Government accounts Public issues 

held by Federal 

Reserve banks 

(6) 

 Total 

 outstanding 

 (2) 

Total 

(3) 

 Marketable 

 (4) 

Nonmarketable 

(5) 

2018 ................................................ 21,538,880 21,516,058 5,737,252 - 5,737,252 2,697,860

2019 ................................................ 22,740,857 22,719,402 5,893,424 - 5,893,424 2,436,438

2020 ................................................ 26,965,542 26,945,391 5,907,764 - 5,907,764 4,872,973

2021 ................................................ 28,448,421 28,428,919 6,123,040 - 6,123,040 5,911,599 

2022 ................................................ 30,948,265 30,928,912 6,608,706 - 6,608,706 6,097,085 

2021 - Dec....................................... 29,637,003 29,617,215 6,448,886 - 6,448,886 6,141,499 

2022 - Jan ....................................... 30,032,163 30,012,386 6,500,497 - 6,500,497 6,212,353 

Feb ...................................... 30,309,927 30,290,353 6,489,253 - 6,489,253 6,245,309 

Mar ...................................... 30,420,358 30,400,960 6,497,680 - 6,497,680 6,254,966 

 Apr....................................... 30,393,512 30,374,155 6,504,558 - 6,504,558 6,255,055 

May...................................... 30,519,177 30,499,619 6,574,537 - 6,574,537 6,250,483 

June..................................... 30,588,304 30,568,582 6,635,101 - 6,635,101 6,216,801 

 July...................................... 30,614,928 30,595,109 6,621,007 - 6,621,007 6,207,912 

Aug ...................................... 30,955,816 30,936,075 6,646,856 - 6,646,856 6,159,852 

Sept..................................... 30,948,265 30,928,912 6,608,706 - 6,608,706 6,097,085 

Oct....................................... 31,257,616 31,238,301 6,864,420 - 6,864,420 6,032,125 

Nov...................................... 31,432,792 31,413,322 6,838,542 - 6,838,542 5,967,269 

Dec...................................... 31,439,489 31,419,689 6,880,448 - 6,880,448 5,944,675 

Public debt securities, continued Agency securities1 

End of 

fiscal year 

or month 

Held by private investors 

Total 

outstanding 

 (10) 

Held by 

private 

investors 

(11) 

Held by 

Government 

accounts 

(12) 

Total 

(7) 

Marketable 

(8) 

 Nonmarketable 

 (9) 

2018 ................................................ 13,080,946 12,580,185 500,761 22,822 22,822 - 

2019 ................................................ 14,378,700 13,810,667 478,637 21,455 21,455 - 

2020 ................................................ 16,164,654 15,501,967 662,687 20,151 20,151 - 

2021 ................................................ 16,394,280 15,967,103 427,176 19,502 19,502 - 

2022 ................................................ 18,223,121 17,597,039 626,082 19,353 19,353 - 

2021 – Dec...................................... 17,026,830 16,448,593 578,237 19,788 19,788 - 

2022 - Jan ....................................... 17,299,536 16,706,545 592,991 19,777 19,777 - 

Feb ...................................... 17,555,791 16,950,653 605,138 19,574 19,574 - 

Mar ...................................... 17,648,314 17,031,146 617,168 19,398 19,398 - 

 Apr....................................... 17,614,542 16,999,565 614,977 19,357 19,357 - 

May...................................... 17,674,599 17,056,672 617,926 19,558 19,558 - 

June..................................... 17,716,680 17,094,781 621,899 19,722 19,722 - 

 July...................................... 17,766,190 17,146,834 619,356 19,819 19,819 - 

Aug ...................................... 18,129,367 17,515,106 614,261 19,741 19,741 - 

Sept..................................... 18,223,121 17,597,039 626,082 19,353 19,353 - 

Oct....................................... 18,341,756 17,711,360 630,396 19,315 19,315 - 

Nov...................................... 18,607,511 17,986,231 621,280 19,470 19,470 - 

Dec...................................... 18,594,566 17,994,625 599,942 19,800 19,800 - 

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. 
45

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] 

Federal 

Reserve and 

Government

accounts 2

(2) 

Pension funds 3

End of month 

Total 

public 

debt 1

(1) 

Total 

privately 

held 

(3) 

 Depository 

 institutions 3, 4

 (4) 

U.S. 

savings 

bonds 5

(5) 

 Private 6

 (6) 

State and 

local 

governments 

 (7) 

 Insurance 

 compa- 

 nies *, 3

 (8) 

Mutual 

funds 3, 7

(9)

 State and 

 local 

 govern- 

 ments 3

 (10) 

 Foreign 

 and inter- 

 national 8

 (11) 

Other 

 investors 9

 (12) 

2022 - Dec. 31,419.9 12,401.4 19,018.5 - 173.5 - - - - - - - 

Sept. 30,928.9 12,264.7 18,664.2 1,740.1 166.2 749.6 366.3 371.6 2,605.8 1,537.4 7,302.6 3,824.6 

 June 30,568.6 12,399.7 18,168.9 1,807.6 160.4 767.8 378.7 368.2 2,885.8 1,555.5 7,462.6 2,782.3 

 Mar. 30,401.0 12,281.3 18,119.7 1,754.1 149.7 775.8 380.0 374.9 3,283.6 1,420.0 7,648.1 2,333.6 

2021 - Dec. 29,617.2 12,125.9 17,491.3 1,733.9 146.2 771.7 430.9 419.3 3,410.0 1,440.7 7,786.1 1,352.5 

Sept. 28,428.9 11,579.1 16,849.8 1,540.3 143.6 594.0 406.3 423.8 3,237.3 1,394.2 7,570.9 1,539.3 

 June 28,529.4 11,382.9 17,146.5 1,433.1 144.6 769.1 395.9 421.2 3,778.7 1,313.7 7,518.9 1,371.3 

 Mar. 28,132.6 11,095.5 17,037.1 1,347.9 145.7 750.6 344.8 391.9 3,951.6 1,099.6 7,038.3 1,966.6 

2020 - Dec. 27,747.8 10,809.2 16,938.6 1,265.2 147.1 772.2 346.8 398.2 3,784.8 1,111.9 7,070.7 2,041.7 

 Sept. 26,945.4 10,371.9 16,573.5 1,241.1 148.6 773.8 309.9 414.3 3,725.3 1,059.7 7,069.2 1,831.6 

 June 26,477.4 10,157.7 16,319.6 1,157.9 149.8 767.7 284.7 403.2 3,696.0 1,034.8 7,052.1 1,773.5 

 Mar. 23,686.9 9,279.7 14,407.2 947.6 150.0 759.3 325.3 396.8 2,501.7 862.1 6,949.5 1,514.9 

20189 - Dec. 23,201.4 8,359.9 14,841.5 935.1 151.3 705.3 329.3 368.7 2,412.8 793.1 6,844.2 2,301.7 

 Sept. 22,719.4 8,023.6 14,695.8 909.4 152.3 691.1 343.5 366.8 2,319.7 766.8 6,923.5 2,222.6 

 June 22,023.5 7,945.2 14,078.4 808.2 153.4 470.4 382.0 363.6 2,037.0 751.4 6,625.9 2,486.5 

 Mar. 22,028.0 7,999.1 14,028.9 769.5 154.5 443.6 357.6 361.1 2,189.2 752.7 6,474.0 2,526.7 

2018 - Dec. 21,974.1 8,095.0 13,879.1 769.7 155.7 637.3 367.9 360.5 2,094.9 713.2 6,270.1 2,509.9 

 Sept. 21,516.1 8,068.1 13,447.9 682.0 156.8 615.3 301.7 361.3 1,957.2 730.7 6,225.9 2,417.0 

 June 21,195.3 8,106.9 13,088.5 663.1 157.8 605.0 307.3 360.2 1,902.9 726.8 6,225.0 2,140.4 

 Mar. 21,089.9 8,086.6 13,003.3 637.8 159.0 589.7 300.1 366.9 2,048.2 715.8 6,223.4 1,962.5 

2017 - Dec. 20,492.7 8,132.1 12,360.6 636.7 160.4 432.1 289.4 377.9 1,850.8 735.0 6,211.3 1,667.1 

 Sept. 20,244.9 8,036.9 12,208.0 610.5 161.7 570.8 266.5 364.3 1,739.6 704.0 6,301.9 1,488.7 

 June 19,844.6 7,943.4 11,901.1 620.5 162.8 425.9 262.8 352.8 1,645.8 710.1 6,151.9 1,568.5 

 Mar. 19,846.4 7,941.1 11,905.3 657.4 164.2 444.2 239.5 342.6 1,715.2 724.6 6,075.3 1,542.3 

2016 - Dec. 19,976.9 8,005.6 11,971.3 663.1 165.8 538.0 218.8 334.2 1,705.4 717.3 6,006.3 1,622.4 

 Sept. 19,573.4 7,863.5 11,709.9 626.8 167.5 545.6 203.8 345.2 1,600.4 710.9 6,155.9 1,353.8 

 June 19,381.6 7,911.2 11,470.4 580.6 169.0 537.9 185.0 333.7 1,434.2 712.6 6,279.1 1,238.3 

 Mar. 19,264.9 7,801.4 11,463.6 562.9 170.3 524.4 170.4 319.1 1,404.1 694.9 6,284.4 1,333.0 

2015 - Dec. 18,922.2 7,711.2 11,211.0 547.4 171.6 504.7 174.5 310.1 1,318.3 680.9 6,146.2 1,357.1 

 Sept. 18,150.6 7,488.7 10,661.9 519.1 172.8 305.3 171.0 310.0 1,195.1 646.0 6,105.9 1,236.8 

 June 18,152.0 7,536.5 10,615.5 518.5 173.9 373.8 185.7 307.7 1,139.8 652.8 6,163.1 1,100.1 

 Mar. 18,152.1 7,521.3 10,630.8 518.1 174.9 447.8 176.7 308.5 1,170.4 663.3 6,172.6 998.4 

2014 - Dec. 18,141.4 7,578.9 10,562.6 516.8 175.9 507.1 199.2 310.5 1,121.8 654.5 6,157.7 919.0 

 Sept. 17,824.1 7,490.8 10,333.2 471.1 176.7 490.7 198.7 301.4 1,075.8 628.7 6,069.2 920.8 

 June 17,632.6 7,461.0 10,171.6 409.5 177.6 482.6 198.3 291.0 986.2 638.8 6,018.7 968.8 

 Mar. 17,601.2 7,301.5 10,299.7 368.4 178.3 474.3 184.3 280.1 1,060.4 632.0 5,948.3 1,173.7 

2013 - Dec. 17,352.0 7,205.3 10,146.6 321.1 179.2 464.9 181.3 274.5 983.3 633.6 5,792.6 1,316.2 

 Sept. 16,738.2 6,834.2 9,904.0 293.2 180.0 347.8 187.5 276.6 986.1 624.3 5,652.8 1,355.7 

 June 16,738.2 6,773.3 9,964.9 300.2 180.9 444.5 187.7 281.3 1,000.1 612.6 5,595.0 1,362.6 

 Mar. 16,771.6 6,656.8 10,114.8 338.9 181.7 463.4 193.4 284.3 1,066.7 615.6 5,725.0 1,245.7 

2012 - Dec. 16,432.7 6,523.7 9,909.1 347.7 182.5 468.0 183.6 292.7 1,031.8 599.6 5,573.8 1,229.4 

 Sept. 16,066.2 6,446.8 9,619.4 338.2 183.8 453.9 181.7 292.6 1,080.7 596.9 5,476.1 1,015.4 

 June 15,855.5 6,475.8 9,379.7 303.2 184.7 427.4 171.2 293.6 997.8 585.4 5,310.9 1,105.4 

 Mar. 15,582.3 6,397.2 9,185.1 317.0 184.8 406.6 169.4 298.1 1,015.4 567.4 5,145.1 1,081.2 1 Source: “Monthly Statement of the Public Debt of the United States” (MSPD). Face value. 

2 Sources: Federal Reserve Board of Governors, Factors Affecting Reserve Balances - 

H.4.1, 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 Source: “Monthly Statement of the Public Debt of the United States from January 1996. 

Federal Reserve Board of Governors, Flow of Funds Table L. 209 from January 1977 

through December 1995. From December 2014 to September 2018, includes savings bonds 

issued to myRA accounts. Current accrual value. 

6 Includes U.S. Treasury securities held by the Federal Employees Retirement System Thrift 

Savings Plan "G Fund". 

7 Includes money market mutual funds, mutual funds, and closed-end investment companies.

8 Source: Treasury International Capital Survey https://ticdata.treasury.gov/resourcecenter/data-chart-center/tic/Documents/mfhhis01.txt). 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: https://home.treasury.gov/data/treasury-international-capital-ticsystem 

9 Includes individuals, Government-sponsored enterprises, brokers and dealers, bank 

personal trusts and estates, corporate and non-corporate businesses, and other investors. 

*The “Insurance companies” data presented in Treasury Bulletin issues from December 

2018 through June 2021 have been revised. Beginning with the December 2018 TB issue 

and June 2018 data, ownership data for property-casualty insurance companies was not 

included in the total, nor were updates to historical data captured due to a change in the FRB 

Flow of Funds Z.1 release series reporting this data. This new series is now being captured 

and “Insurance companies” data have been revised back to June 2013. 
46

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, 2022 

[Source: Bureau of the Fiscal Service] 

Currency 

Total 

currency 

and coin 

(1) 

Total currency 

(2) 

Federal Reserve notes 1

(3) 

U.S. notes 

(4) 

Currency no 

longer issued 

(5) 

Amounts outstanding .............................. $2,670,875,388,346 $2,619,306,417,716 2,618,831,763,985 $238,915,766 $235,737,965

Less amounts held by: 

The Treasury....................................... 176,712,423 94,330,423 94,068,307 75,509 186,607

FRBs ................................................... 361,080,339,278 359,871,077,858 359,871,074,908 - 2,950

Amounts in circulation ............................. $2,309,618,336,645 $2,259,341,009,435 $2,258,866,620,770 $238,840,257 $235,548,408

Coins 2

Total 

(1) 

Dollars 2, 3 

(2) 

Fractional 

coins 

(3) 

Amounts outstanding .............................. $51,568,970,630 6,548,044,108 45,020,926,522 

Less amounts held by: 

The Treasury....................................... 82,382,0000 48,770,000 33,612,000 

FRBs ................................................... 1,209,261,420 887,999,287 321,262,133 

Amounts in circulation ............................. $50,277,327,210 $5,611,274,821 $ 44,666,052,389 

See footnotes following table USCC-2. 
 47

TABLE USCC-2—Amounts Outstanding and in Circulation, Dec. 31, 2022 

[Source: Bureau of the Fiscal Service] 

Currency in circulation by denomination 

Total 

(1) 

Federal Reserve notes 1 

(2) 

U.S. notes 

(3) 

Currency no 

longer issued 

(4) 

$1 ................................................................................ $14,274,042,240 $14,134,457,674 $143,469 $139,441,097 

$2 ................................................................................ 2,990,847,770 2,859,429,696 131,405,508 12,566 

$5 ................................................................................ 17,485,885,965 17,356,296,260 107,336,820 22,252,885 

$10 .............................................................................. 23,259,205,370 23,239,500,000 3,270 19,702,100 

$20 .............................................................................. 230,198,150,040 230,178,050,640 -3,200 20,102,600 

$50 .............................................................................. 124,248,510,550 124,237,026,000 -14,200 11,498,750 

$100 ............................................................................ 1,846,572,277,000 1,846,550,329,100 -39,000 21,986,900 

$500 ............................................................................ 141,721,500 141,530,000 3,500 188,000 

$1,000 ......................................................................... 165,153,400 164,941,400 4,000 208,000 

$5,000 ......................................................................... 1,765,000 1,710,000 - 55,000 

$10,000 ....................................................................... 3,450,000 3,350,000 - 100,000 

Partial notes 5 .............................................................. 600 - 90 510 

Total currency ......................................................... $ 2,259,341,009,435 $2,258,866,620,770 $ 238,840,257 $235,548,408 

Comparative totals of currency and coins in circulation—selected dates 

 Amounts (in millions) 

 (1) 

 Per capita 4 

(2) 

Dec. 31, 2022....................................................................................... 2,309,618 6,908

Nov. 30, 2022....................................................................................... 2,298,338 6,877

Oct. 31, 2022 ....................................................................................... 2,285,268 6,856

Sept. 30, 2020...................................................................................... 2,032,424 6,150

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

June 30, 1980 ...................................................................................... 129,916 581

June 30, 1975 ...................................................................................... 81,196 380

June 30, 1970 ...................................................................................... 54,351 265

1 Issued on or after July 1, 1929. 

2 Excludes coins sold to collectors at premium prices. 

3 Includes $481,781,898 in standard silver dollars. 

4 Based on Bureau of the Census estimates of population.

5 Represents value of certain partial denominations not presented for redemption. 

6 Represents current FRB adjustment. 
ForeignCurrencyPositions

ExchangeStabilizationFund
49

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. 
50

SECTION I—Canadian Dollar Positions 

TABLE FCP-I-1—Weekly Report of Major Market Participants 

[In millions of Canadian dollars. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward and future contracts Net options 

 positions 

(3) 

Exchange 

rate 

(Canadian 

dollars per 

U.S. dollar) 

(4) 

Purchased 

(1) 

Sold 

(2) 

07/06/22............................................................. 

1,887,611 1,888,316 -212 1.3052

07/13/22............................................................. 

1,958,113 1,961,824 -239 1.2956

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

1,961,154 1,968,668 -283 1.2875

07/27/22............................................................. 

1,933,546 1,932,764 -308 1.2881

08/03/22............................................................. 

1,940,794 1,950,636 -347 1.2869

08/10/22............................................................. 

1,935,398 1,949,611 -335 1.2773

08/17/22............................................................. 

1,932,706 1,956,853 -258 1.2932

08/24/22............................................................. 

1,973,655 2,007,443 -280 1.2969

08/31/22............................................................. 

2,125,059 2,147,648 -295 1.3091

09/07/22............................................................. 

2,119,258 2,144,189 -253 1.3166

09/14/22............................................................. 

2,230,647 2,255,735 -294 1.3156

09/2122............................................................. 

1,953,415 1,959,484 -294 1.3397

09/28/22............................................................. 

2,098,867 2,116,586 -317 1.3648

10/05/22............................................................. 

2,135,572 2,160,885 -300 1.3662

10/12/22............................................................. 

2,197,422 2,227,941 -269 1.3797

10/19/22............................................................. 

2,119,609 2,146,475 -167 1.3783

10/26/22............................................................. 

2,154,015 2,172,377 -243 1.3551

11/02/22............................................................. 

2,145,579 2,164,322 -215 1.3628

11/09/22............................................................. 

2,158,952 2,179,058 -324 1.3453

11/16/22............................................................. 

2,219,595 2,240,953 -323 1.3343

11/23/22............................................................. 

2,183,499 2,208,483 -295 1.3416

11/30/22............................................................. 

2,331,631 2,364,680 -281 1.3538

12/07/22............................................................. 

2,312,292 2,346,820 -162 1.3640

12/14/22............................................................. 

2,422,353 2,459,525 -221 1.3567

12/21/22............................................................. 

2,028,062 2,074,807 -160 1.3622

12/28/22............................................................. 

2,004,770 2,046,851 -139 1.3588
51

SECTION I—Canadian Dollar Positions, continued 

TABLE FCP-I-2—Monthly Report of Major Market Participants 

[In millions of Canadian dollars. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions 

Calls Puts 

Net delta 

equivalent 

(9) 

 Exchange rate 

 (Canadian 

 dollars per 

 U.S. dollar) 

 (10) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

2020 - Dec.................... 1,615,296 1,653,883 271,333 191,964 53,008 50,684 77,418 70,360 -141 1.2753 

2021 - Dec.................... 1,827,403 1,817,039 170,694 142,950 64,273 63,388 115,552 124,009 -224 1.2653 

2022 - Jan. ................... 1,932,060 1,921,960 173,431 145,646 73,773 74,433 132,930 137,818 -219 1.2694 

Feb ................... 2,008,957 2,000,817 201,799 136,465 69,755 68,777 121,236 125,708 -60 1.2662 

Mar ................... 1,959,104 1,980,500 230,919 145,887 82,703 80,876 131,605 130,872 -219 1.2482 

 Apr.................... 1,995,409 2,033,126 182,702 169,823 81,949 81,406 132,898 132,783 -228 1.2802 

May................... 1,885,608 1,905,950 201,434 142,138 72,371 69,030 103,341 100,546 -188 1.2639 

June.................. 1,972,996 1,983,298 197,535 183,484 64,271 62,776 118,544 110,625 -217 1.2871 

 July................... 1,981,675 1,998,543 216,606 157,330 70,748 71,054 133,198 123,190 -252 1.2801 

Aug ................... 2,142,887 2,166,187 199,204 198,324 70,153 68,409 118,505 111,560 -267 1.3091 

Sept.................. 2,241,698 2,256,275 213,722 214,061 67,965 68,153 122,835 114,452 -234 1.3752 

Oct.................... 2,185,240 2,219,150 201,416 182,062 66,047 69,244 116,079 106,843 -171 1.3639 

Nov................... 2,372,851 2,399,039 203,087 168,116 74,748 74,300 123,272 109,972 -217 1.3538 

Dec................... 2,044,174 2,084,594 299,322 250,111 66,431 65,312 98,984 87,735 -58 1.3532 

TABLE FCP-I-3—Quarterly Report of Large Market Participants 

[In millions of Canadian dollars. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions Exchange rate 

 (Canadian Calls Puts 

Purchased

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

 Written 

 (8) 

 Net delta 

equivalent

 (9) 

 dollars per 

 U.S. dollar) 

 (10) 

2019 - Dec.................... 45,259 78,619 130,707 n.a. 449 352 n.a. 463 -5 1.2962

2020 - Mar.................... 37,877 79,185 123,492 n.a. 284 541 4,177 1,611 n.a. 1.4123

June................... 35,105 75,424 120,966 n.a. 531 414 n.a. 755 26 1.3614

Sept................... 52,279 74,098 129,196 98,229 353 281 n.a. 411 3 1.3323

Dec .................... 37,680 80,356 129,178 92,121 n.a. n.a. 1,062 570 n.a. 1.2753

2021 - Mar .................... 37,924 75,948 116,451 n.a. 3,162 3,062 3,854 3,348 n.a. 1.2571 

June................... 40,247 76,762 115,033 77,492 1,732 3,441 5,774 1,483 -148 1.2404

Sept................... 38,382 76,288 120,064 83,665 464 215 1,742 1,261 -40 1.2673

Dec .................... 41,988 82,818 120,476 79,180 379 148 810 431 26 1.2653

2022 - Mar .................... 53,414 91,283 125,248 83,562 1,046 311 1,000 542 42 1.2482

June................... 51,018 92,298 118,012 80,053 554 790 1,265 619 26 1.2871

Sept................... 41,270 81,478 117,059 80,272 380 540 2,867 2,238 -101 1.3752
52

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] 

Exchange

rate 

(Japanese 

yen per U.S. 

dollar) 

Report date (4) 

Spot, forward and future contracts 

Net options positions 

(3) 

Purchased 

(1) 

Sold 

(2) 

07/06/22......................................................... 

556,628 568,663 -139 135.66

07/13/22......................................................... 

584,476 596,350 -143 137.34

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

601,487 611,525 -143 138.16

07/27/22......................................................... 

590,674 590,466 -168 137.31

08/03/22......................................................... 

588,712 603,463 -158 134.18

08/10/22......................................................... 

606,100 601,029 -164 132.58

08/17/22......................................................... 

606,836 602,239 -174 135.40

08/24/22......................................................... 

624,155 622,445 -202 136.92

08/31/22......................................................... 

632,973 632,612 -219 138.69

09/07/22......................................................... 

661,358 663,732 -258 144.39

09/14/22......................................................... 

671,419 672,355 -245 142.93

09/2122......................................................... 

650,224 650,236 -263 144.14

09/28/22......................................................... 

659,096 651,682 -247 144.15

10/05/22......................................................... 

629,603 636,101 -268 144.73

10/12/22......................................................... 

616,540 643,161 -278 146.87

10/19/22......................................................... 

629,405 632,287 -302 149.77

10/26/22......................................................... 

655,727 658,198 -283 146.50

11/02/22......................................................... 

664,591 663,408 -253 147.11

11/09/22......................................................... 

666,590 669,865 -241 146.15

11/16/22......................................................... 

695,916 694,628 -192 139.59

11/23/22......................................................... 

678,692 674,440 -194 139.76

11/30/22......................................................... 

692,678 696,478 -188 139.31

12/07/22......................................................... 

695,668 701,644 -168 136.57

12/14/22......................................................... 

703,466 703,681 -157 134.95

12/21/22......................................................... 

663,048 671,692 -111 132.36

12/28/22......................................................... 

614,203 614,015 -131 134.27
53

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] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions 

Calls Puts 

Net delta 

equivalent 

(9) 

Exchange rate 

(Japanese yen 

per U.S. dollar) 

(10) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

 Written 

 (8) 

2020 - Dec................... 551,945 515,485 93,852 78,209 26,458 27,754 40,126 42,187 40 103.19

2021 - Dec................... 555,955 563,499 86,747 71,664 22,950 23,843 32,370 33,780 -54 115.09

2022 - Jan. .................. 540,786 544,721 79,861 68,421 24,028 25,308 33,011 35,061 -36 115.22

Feb .................. 560,305 569,784 75,381 66,251 25,239 26,632 34,715 36,592 -28 115.11

Mar .................. 574,853 590,839 94,240 82,843 27,383 28,202 38,209 40,507 -33 121.44

 Apr................... 586,198 598,846 96,045 84,293 28,320 28,756 40,297 43,176 -59 129.84

May.................. 535,010 535,846 90,861 78,757 30,446 30,842 38,175 41,294 4 128.53

June................. 573,267 586,843 101,804 85,244 31,735 33,554 44,533 46,573 -55 135.69

 July.................. 597,735 605,729 85,745 70,918 31,767 33,017 41,874 43,619 -83 133.25

Aug .................. 639,945 640,611 101,862 88,019 33,159 33,512 41,734 43,589 -187 138.69

Sept................. 651,385 656,517 108,379 92,310 34,945 34,633 43,220 45,428 -204 144.71

Oct................... 670,461 671,824 108,448 89,595 34,530 34,140 45,537 47,812 -214 148.63

Nov.................. 699,778 700,920 96,835 85,337 34,610 34,714 44,572 46,222 -115 139.31

Dec.................. 612,720 614,147 150,445 139,279 31,555 32,280 42,332 44,237 -44 131.81

TABLE FCP-II-3—Quarterly Report of Large Market Participants 

[In billions of Japanese yen. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions 

Calls Puts 

Net delta 

equivalent 

(9) 

Exchange rate 

(Japanese yen 

per U.S. dollar) 

(10) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

 Written 

 (8) 

2019 - Dec..................... 7,446 6,168 8,607 6,269 86 287 417 133 n.a. 108.67 

2020 - Mar..................... 9,603 9,032 7,929 5,746 172 313 426 179 n.a. 107.53 

June ................... 8,072 7,575 8,972 6,114 150 322 328 91 6 107.77 

Sept.................... 7,917 8,259 9,802 6,137 159 330 326 111 2 105.58 

Dec..................... n.a. n.a. 9,738 6,246 413 n.a. n.a. 93 5 103.19 

2021 - Mar..................... 9,089 9,554 10,518 6,406 239 551 704 359 2 110.61 

June ................... 8,588 9,437 10,528 6,457 222 409 540 264 1 111.05 

Sept.................... 8,410 8,709 10,081 6,448 296 555 710 342 -7 111.50 

Dec..................... 7,060 7,421 10,171 6,734 281 599 830 334 -11 115.09 

2022 - Mar..................... 8,597 8,395 10,104 6,889 503 864 898 447 8 121.44 

 June ................... 9,589 9,172 11,312 7,832 488 1,545 1,726 407 30 135.69 

 Sept.................... 10,306 10,801 11,610 7,318 643 1,401 1,680 598 22 144.71 
54

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] 

Exchange

rate (Swiss 

francs per 

U.S. dollar) 

Report date (4) 

Spot, forward and future contracts 

Net options positions 

(3) 

Purchased 

(1) 

Sold 

(2) 

07/06/22............................................................. 

961,517 943,847 -35 0.9714

07/13/22............................................................. 

956,733 943,129 -65 0.9784

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

945,399 932,932 -29 0.9721

07/27/22............................................................. 

956,325 936,933 -49 0.9650

08/03/22............................................................. 

969,598 953,587 -52 0.9630

08/10/22............................................................. 

983,597 971,030 -38 0.9410

08/17/22............................................................. 

985,667 980,059 15 0.9537

08/24/22............................................................. 

1,019,543 1,017,754 34 0.9664

08/31/22............................................................. 

1,089,667 1,087,109 26 0.9748

09/07/22............................................................. 

1,102,094 1,085,605 31 0.9808

09/14/22............................................................. 

1,196,961 1,159,068 -38 0.9612

09/2122............................................................. 

1,114,965 1,083,293 -117 0.9652

09/28/22............................................................. 

1,099,656 1,083,968 -129 0.9756

10/05/22............................................................. 

1,119,755 1,125,777 -54 0.9838

10/12/22............................................................. 

1,102,102 1,106,196 -3 0.9980

10/19/22............................................................. 

1,084,663 1,093,490 -8 1.0039

10/26/22............................................................. 

1,092,159 1,097,743 -40 0.9865

11/02/22............................................................. 

1,113,609 1,115,025 -41 0.9988

11/09/22............................................................. 

1,130,378 1,128,166 -82 0.9836

11/16/22............................................................. 

1,174,690 1,180,747 -151 0.9445

11/23/22............................................................. 

1,072,244 1,073,085 -119 0.9432

11/30/22............................................................. 

1,253,117 1,250,782 -102 0.9486

12/07/22............................................................. 

1,235,111 1,257,501 -119 0.9401

12/14/22............................................................. 

1,251,856 1,267,400 -144 0.9238

12/21/22............................................................. 

1,061,668 1,078,273 -144 0.9277

12/28/22............................................................. 

996,917 1,016,972 -145 0.9275
55

SECTION III—Swiss Franc Positions, continued 

TABLE FCP-III-2—Monthly Report of Major Market Participants 

[In millions of Swiss francs. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions 

Calls Puts 

Net delta 

equivalent 

(9) 

Purchased 

(1) 

 Sold 

 (2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

Exchange rate 

(Swiss francs 

per U.S. dollar) 

(10) 

2020 - Dec..................... 788,408 818,907 84,653 61,459 30,684 29,500 46,891 45,610 n.a. 0.8841 

2021 - Dec..................... 900,008 933,319 72,419 57,271 33,648 29,879 45,688 44,335 3 0.9119 

2022 - Jan. .................... 914,826 950,440 64,744 65,682 33,670 31,407 51,115 50,135 -5 0.9303 

Feb .................... 932,028 962,241 59,059 57,723 32,842 30,754 54,080 52,710 15 0.9179 

Mar .................... 951,043 982,513 59,000 55,170 34,918 30,808 56,894 56,219 78 0.9211 

 Apr..................... 930,428 952,589 70,181 68,719 35,285 31,086 54,408 53,017 13 0.9723 

May.................... 896,261 907,529 59,776 60,669 42,591 38,519 61,412 57,725 19 0.9570 

June................... 1,014,576 1,006,146 68,077 54,171 54,532 49,908 73,960 70,373 11 0.9550 

 July.................... 999,920 1,011,896 76,963 63,753 50,335 43,690 71,274 69,461 -71 0.9513 

Aug .................... 1,132,046 1,146,338 70,191 54,131 52,781 48,120 71,757 70,115 25 0.9748 

Sept................... 1,163,297 1,174,312 75,038 65,611 56,886 53,042 77,740 77,256 -76 0.9845 

Oct..................... 1,169,850 1,177,409 78,531 67,865 52,207 46,695 73,181 72,968 -25 1.0006 

Nov.................... 1,312,292 1,338,952 80,477 65,446 49,492 43,667 67,549 67,912 -102 0.9486 

Dec.................... 1,042,905 1,086,303 146,410 131,016 35,889 33,335 51,408 50,623 -124 0.9241 

TABLE FCP-III-3—Quarterly Report of Large Market Participants 

[In millions of Swiss francs. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions 

Exchange rate 

(Swiss francs per 

U.S. dollar) 

(10) 

Calls Puts 

Net delta 

equivalent 

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

2019 - Dec..................... 11,913 18,354 106,584 17,110 n.a. n.a. n.a. n.a. n.a. 0.9677 

2020 - Mar..................... 16,612 17,786 106,117 13,924 n.a. n.a. n.a. 27 n.a. 0.9627

 June ................... n.a. 12,899 75,161 12,614 n.a. n.a. n.a. n.a. n.a. 0.9467

Sept.................... n.a. 11,677 95,156 13,035 n.a. 530 n.a. 59 n.a. 0.9188

Dec..................... n.a. n.a. 101,140 14,702 22 n.a. n.a. 51 n.a. 0.8841

2021 - Mar..................... 12,060 41,773 95,515 17,129 n.a. n.a. 601 n.a. -8 0.9418

 June .................... 11,891 40,383 79,145 14,385 36 180 575 372 1 0.9253

Sept.................... 10,682 38,238 80,060 14,117 558 1,515 1,954 704 -6 0.9339 

Dec..................... 15,268 43,630 79,420 12,965 23 129 507 162 n.a. 0.9119

2022 - Mar..................... 16,332 45,467 81,161 12,144 22 130 559 264 2 0.9211

 June ................... 29,612 58,287 78,490 13,868 1,236 592 501 390 119 0.9550

 Sept.................... 34,331 64,276 82,319 14,897 1,945 2,127 555 866 36 0.9845
56

SECTION IV—Sterling Positions 

TABLE FCP-IV-1—Weekly Report of Major Market Participants 

[In millions of pounds sterling. Source: Treasury Foreign Currency Reporting] 

Exchange

rate (U.S. 

dollars per 

pound) 

Report date (4) 

Spot, forward and future contracts 

Net options positions 

(3) 

Purchased 

(1) 

Sold 

(2) 

07/06/22............................................................. 

3,024,397 3,171,689 -500 1.1907

07/13/22............................................................. 

3,059,500 3,192,206 -297 1.1919

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

3,055,486 3,187,294 -288 1.1989

07/27/22............................................................. 

3,111,689 3,227,451 -363 1.2027

08/03/22............................................................. 

3,071,083 3,173,122 -313 1.2132

08/10/22............................................................. 

3,083,869 3,190,836 -319 1.2244

08/17/22............................................................. 

3,127,837 3,248,624 -367 1.2029

08/24/22............................................................. 

3,146,549 3,272,785 -461 1.1802

08/31/22............................................................. 

3,371,234 3,493,479 -447 1.1647

09/07/22............................................................. 

3,308,973 3,431,153 -514 1.1473

09/14/22............................................................. 

3,495,676 3,615,663 -503 1.1563

09/2122............................................................. 

3,204,759 3,350,573 -621 1.1330

09/28/22............................................................. 

3,554,049 3,688,625 -595 1.0832

10/05/22............................................................. 

3,436,464 3,559,312 -481 1.1275

10/12/22............................................................. 

3,536,186 3,682,507 -635 1.1096

10/19/22............................................................. 

3,437,967 3,589,947 -570 1.1232

10/26/22............................................................. 

3,488,453 3,661,947 -420 1.1614

11/02/22............................................................. 

3,465,178 3,632,078 -416 1.1467

11/09/22............................................................. 

3,393,258 3,538,249 -512 1.1396

11/16/22............................................................. 

3,507,434 3,644,645 -344 1.1889

11/23/22............................................................. 

3,240,320 3,380,005 -307 1.2039

11/30/22............................................................. 

3,534,708 3,680,243 -267 1.1962

12/07/22............................................................. 

3,382,263 3,517,170 -244 1.2194

12/14/22............................................................. 

3,568,028 3,690,645 -258 1.2408

12/21/22............................................................. 

3,145,211 3,282,632 -405 1.2071

12/28/22............................................................. 

3,040,989 3,178,732 -440 1.2034
57

SECTION IV—Sterling Positions, continued 

TABLE FCP-IV-2—Monthly Report of Major Market Participants 

[In millions of pounds sterling. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions 

Calls Puts 

Net delta 

equivalent 

(9) 

Exchange rate 

 (U.S. dollars 

 per pound) 

 (10) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

2020 - Dec............. 3,002,184 3,213,613 721,561 592,495 95,736 93,253 81,783 74,031 137 1.3662

2021 - Dec............. 3,257,135 3,430,618 579,389 488,530 64,036 62,403 81,057 64,114 -88 1.3544

2022 - Jan.............. 3,232,610 3,387,157 535,074 466,324 63,288 62,383 93,814 69,838 -116 1.3439 

 Feb.............. 3,364,304 3,495,253 562,572 471,378 61,265 58,441 100,139 68,046 95 1.3419 

 Mar.............. 3,265,788 3,470,288 610,145 541,553 65,365 65,869 101,119 72,151 -32 1.3152 

 Apr.............. 3,271,419 3,418,438 647,887 583,472 70,658 67,525 106,372 78,014 -279 1.2565 

 May............. 3,016,436 3,141,591 572,179 504,620 68,446 63,799 120,959 90,999 -370 1.2624 

 June............. 3,170,588 3,333,051 649,364 568,593 72,176 67,688 101,981 70,962 -336 1.2162 

 July.............. 3,205,415 3,343,996 545,687 507,794 75,467 72,361 104,118 67,519 -203 1.2183 

 Aug.............. 3,416,906 3,541,795 657,069 604,846 75,984 69,624 116,834 82,763 -323 1.1647 

 Sept............. 3,687,482 3,829,931 717,298 664,906 89,198 85,087 134,056 105,740 -452 1.1135 

 Oct............... 3,581,152 3,767,174 568,161 537,091 95,312 90,168 132,085 102,202 -397 1.1515 

 Nov.............. 3,578,598 3,728,940 698,654 625,751 89,688 81,914 130,106 97,781 5 1.1962 

 Dec.............. 3,130,374 3,282,984 743,337 718,880 74,607 69,785 99,886 78,731 -141 1.2077 

TABLE FCP-IV-3—Quarterly Report of Large Market Participants 

[In millions of pounds sterling. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions 

Calls Puts 

Net delta 

equivalent 

(9) 

Exchange rate 

 (U.S. dollars 

 per pound) 

 (10) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

2019 - Dec..................... 37,609 60,334 206,699 61,553 7,341 6,449 2,795 n.a. 247 1.3269 

2020 - Mar..................... 39,590 67,544 207,204 73,531 2,203 2,029 1,626 1,214 134 1.2454 

June ................... 34,001 62,438 209,014 76,302 1,417 1,178 2,131 2,125 151 1.2369 

Sept.................... 31,675 58,932 211,807 78,738 1,303 1,088 2,281 1,968 207 1.2921 

Dec..................... 45,430 n.a. 222,675 80,552 1,711 1,354 2,318 2,241 222 1.3662

2021 - Mar..................... 43,845 63,450 232,954 88,856 1,918 1,890 1,065 669 187 1.3795 

June ................... 50,602 66,849 225,356 87,405 1,519 1,652 1,224 306 303 1.3806 

Sept.................... 50,173 63,895 227,437 83,716 559 522 1,002 393 220 1.3470 

Dec..................... 53,508 67,144 240,169 93,594 876 787 2,165 1,863 162 1.3544 

2022 - Mar..................... 53,989 66,329 233,918 87,800 679 780 3,151 2,222 105 1.3152 

 June ................... 47,567 60,729 229,952 86,971 845 1,381 3,685 2,430 197 1.2162 

 Sept.................... 65,397 77,502 233,391 89,211 2,710 3,369 7,469 6,066 53 1.1135 
58

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 Net options 

 positions 

(3) 

Exchange 

 rate 

(4) 

Purchased 

(1) 

Sold 

(2) 

07/06/22............................................................. 26,560,970 25,943,478 20 n.a.

07/13/22............................................................. 27,125,745 26,370,560 389 n.a.

07/20/22............................................................. 26,887,182 26,299,959 -361 n.a.

07/27/22............................................................. 27,345,821 26,394,132 -1,115 n.a.

08/03/22............................................................. 27,019,196 26,346,486 -1,773 n.a.

08/10/22............................................................. 27,505,692 26,707,373 -1,814 n.a.

08/17/22............................................................. 27,476,433 26,721,620 -1,450 n.a.

08/24/22............................................................. 28,022,085 27,318,766 -786 n.a.

08/31/22............................................................. 28,789,895 28,168,570 -637 n.a.

09/07/22............................................................. 28,944,181 28,265,494 470 n.a.

09/14/22............................................................. 29,914,655 29,238,627 1,566 n.a.

09/2122............................................................. 27,122,027 26,348,792 1,534 n.a.

09/28/22............................................................. 28,354,112 27,458,861 2,366 n.a.

10/05/22............................................................. 27,833,066 27,026,005 2,011 n.a.

10/12/22............................................................. 28,059,115 27,209,965 2,887 n.a.

10/19/22............................................................. 27,865,858 26,959,252 2,278 n.a.

10/26/22............................................................. 28,484,832 27,616,382 1,039 n.a.

11/02/22............................................................. 28,378,004 27,654,708 955 n.a.

11/09/22............................................................. 28,429,908 27,625,761 1,067 n.a.

11/16/22............................................................. 29,571,944 28,740,316 149 n.a.

11/23/22............................................................. 27,643,389 27,017,261 46 n.a.

11/30/22............................................................. 30,191,613 29,273,403 -369 n.a.

12/07/22............................................................. 29,842,912 28,933,015 -882 n.a.

12/14/22............................................................. 31,094,855 30,245,278 -1,275 n.a.

12/21/22............................................................. 27,381,006 26,456,924 -1,297 n.a.

12/28/22............................................................. 26,628,052 25,738,048 -1,475 n.a.
59

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 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions 

Calls Puts Net delta 

equivalent 

(9) 

Exchange 

rate 

(10) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

2020 - Dec.............. 25,233,574 24,492,626 - - 1,328,145 1,297,830 1,224,642 1,268,973 -917 n.a.

2021 - Dec.............. 27,411,478 26,601,323 - - 1,259,241 1,276,837 1,081,782 1,087,602 -1,218 n.a.

2022 - Jan. ............. 28,535,379 27,669,618 - - 1,344,888 1,351,626 1,125,176 1,148,334 -1,127 n.a.

Feb ......................... 29,614,078 28,824,539 - - 1,366,246 1,388,751 1,186,340 1,203,613 -1,257 n.a.

Mar ......................... 29,358,733 28,540,528 - - 1,507,758 1,507,975 1,237,282 1,247,704 -2,919 n.a.

Apr.......................... 29,570,474 28,659,740 - - 1,720,294 1,721,557 1,231,088 1,243,347 -2,250 n.a.

May......................... 27,372,217 26,449,288 - - 1,677,508 1,681,785 1,235,600 1,238,612 -2,828 n.a.

June........................ 27,528,127 26,591,122 - - 1,681,963 1,671,889 1,226,224 1,210,282 -2,376 n.a.

July......................... 27,936,346 27,226,769 - - 1,623,042 1,627,506 1,279,829 1,256,742 -2,817 n.a.

Aug ......................... 29,215,846 28,488,105 - - 1,688,355 1,698,782 1,288,340 1,255,674 -2,152 n.a.

Sept........................ 28,856,168 28,050,326 - - 1,854,686 1,877,993 1,342,531 1,315,456 -693 n.a.

Oct.......................... 28,940,247 28,039,181 - - 1,887,153 1,894,152 1,335,749 1,315,237 -2319 n.a.

Nov......................... 30,669,107 29,762,125 - - 1,835,778 1,818,696 1,374,045 1,362,692 -1779 n.a.

Dec......................... 26,784,877 26,088,452 - - 1,530,968 1,520,182 1,216,239 1,208,015 -1924 n.a.

TABLE FCP-V-3—Quarterly Report of Large Market Participants 

[In millions of U.S. dollars. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions 

Calls Puts Net delta 

equivalent 

(9) 

Exchange 

 rate 

 (10) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

 Written 

 (6) 

 Bought 

 (7) 

Written 

(8) 

2019 - Dec.................... 489,523 335,160 - - 15,286 16,703 19,970 18,665 2,134 n.a.

2020 - Mar.................... 527,617 368,051 - - 18,296 18,350 16,512 19,723 2,356 n.a.

June .................. 453,275 339,004 - - 16,423 18,642 22,614 19,932 847 n.a.

Sept................... 445,071 345,176 - - 23,624 28,790 15,855 15,680 645 n.a.

Dec.................... n.a. n.a. - - n.a. 27,471 24,760 n.a. 1,381 n.a.

2021 - Mar.................... 544,055 384,504 - - 26,574 32,663 28,720 22,735 1,559 n.a.

June .................. 577,405 440,815 - - 20,809 18,607 22,650 21,814 n.a. n.a.

Sept................... 576,305 435,325 - - 19,758 20,291 21,963 16,726 2,503 n.a.

Dec.................... 569,766 412,817 - - 22,876 21,662 16,898 14,957 2,844 n.a.

2022 - Mar.................... 613,838 445,368 - - 28,701 26,382 23,460 23,140 2,697 n.a.

 June .................. 607,130 456,683 - - 32,596 23,484 19,169 24,909 1,840 n.a.

 Sept................... 721,276 497,326 - - 47,856 36,665 27,509 37,382 2,071 n.a.
60

SECTION VI—Euro Positions 

TABLE FCP-VI-1—Weekly Report of Major Market Participants 

[In millions of euros. Source: Treasury Foreign Currency Reporting] 

Exchange 

rate 

(Euros per 

U.S. dollar) 

Report date (4) 

Spot, forward and future contracts 

Net options positions 

(3) 

Purchased 

(1) 

Sold 

(2) 

07/06/22............................................................. 

7,692,139 7,920,061 1,329 0.9830

07/13/22............................................................. 

8,013,560 8,200,201 1,265 0.9920

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

7,976,099 8,168,736 1,069 0.9788

07/27/22............................................................. 

8,212,725 8,449,630 1010 0.9893

08/03/22............................................................. 

8,002,086 8,218,069 1,168 0.9856

08/10/22............................................................. 

8,146,355 8,375,246 437 0.9674

08/17/22............................................................. 

8,097,667 8,342,514 940 0.9839

08/24/22............................................................. 

8,303,102 8,529,407 1,027 1.0033

08/31/22............................................................. 

8,599,716 8,808,095 917 0.9935

09/07/22............................................................. 

8,642,334 8,909,664 899 1.0058

09/14/22............................................................. 

9,091,621 9,312,539 818 1.0007

09/2122............................................................. 

8,414,684 8,643,653 839 1.0121

09/28/22............................................................. 

8,945,622 9,190,918 1,003 1.0330

10/05/22............................................................. 

8,608,408 8,856,871 815 1.0136

10/12/22............................................................. 

8,866,351 9,128,982 768 1.0318

10/19/22............................................................. 

8,725,403 8,981,415 783 1.0225

10/26/22............................................................. 

8,903,413 9,115,055 510 0.9932

11/02/22............................................................. 

8,927,595 9,133,010 498 1.0127

11/09/22............................................................. 

8,946,292 9,141,528 858 0.9963

11/16/22............................................................. 

9,162,528 9,372,153 648 0.9620

11/23/22............................................................. 

8,502,803 8,752,639 598 0.9649

11/30/22............................................................. 

9,174,347 9,431,698 581 0.9687

12/07/22............................................................. 

8,957,549 9,245,691 666 0.9519

12/14/22............................................................. 

9,466,657 9,738,897 124 0.9385

12/21/22............................................................. 

8,570,448 8,751,407 -118 0.9435

12/28/22............................................................. 

8,358,140 8,503,060 169 0.9414
61

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 

Foreign currency 

denominated 

Options positions 

Exchange 

rate 

(10) 

Calls Puts Net delta 

equivalent 

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

2020 - Dec................... 6,756,072 6,851,499 1,411,269 1,433,139 452,926 441,518 313,106 309,793 -76 0.8907 

2021 - Dec................... 8,038,278 8,176,622 1,345,974 1,260,293 415,988 445,127 352,592 329,041 -40 0.8789 

2022 - Jan ................... 8,241,002 8,378,310 1,637,460 1,503,340 439,434 471,971 367,455 343,547 120 0.8919 

 Feb .................. 8,496,723 8,646,513 1,659,784 1,526,334 547,184 583,558 400,998 385,457 77 0.8910

Mar .................. 8,574,136 8,653,974 1,547,221 1,416,361 550,125 588,217 457,351 428,524 381 0.9015

 Apr................... 8,545,103 8,726,056 1,890,850 1,712,611 549,766 581,980 503,335 469,043 556 0.9490 

May.................. 7,696,254 7,886,323 1,630,850 1,508,391 520,189 556,907 473,341 429,449 295 0.9319 

June................. 8,099,801 8,302,890 1,855,770 1,719,282 538,667 568,158 441,816 381,598 828 0.9552 

 July.................. 8,447,610 8,653,485 1,743,835 1,613,467 569,626 605,893 517,293 445,263 679 0.9802 

Aug .................. 8,744,080 8,940,654 1,894,938 1,737,953 561,047 592,481 553,949 484,797 1,065 0.9935 

Sept................. 9,239,360 9,461,766 1,999,681 1,888,013 623,611 654,815 575,535 519,777 1,448 1.0222 

Oct................... 9,317,447 9,562,336 1,714,416 1,606,395 630,007 654,963 560,640 504,835 846 1.0116 

Nov .................. 9,484,882 9,749,195 1,881,368 1,804,241 654,645 673,885 539,396 483,691 1249 0.9687 

Dec .................. 8,682,204 8,813,882 2,506,186 2,364,725 584,733 608,180 454,131 405,660 417 0.9348 

TABLE FCP-VI-3—Quarterly Report of Large Market Participants 

[In millions of euros. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions 

Calls Puts 

Net delta 

equivalent 

(9) 

 Exchange 

 rate 

 (10) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

2019 - Dec..................... 119,978 156,168 419,532 240,205 5,216 4,731 6,979 4,235 n.a. 0.8907 

2020 - Mar..................... 130,902 158,097 382,290 238,619 5,922 7,220 8,181 4,094 n.a. 0.9078 

June ................... 110,528 137,567 405,125 235,074 11,006 8,743 8,475 5,323 1,127 0.8899 

Sept.................... 117,852 137,004 396,308 247,487 4,399 4,053 7,656 5,867 n.a. 0.8530 

Dec..................... n.a. n.a. 457,474 253,720 5,629 n.a. n.a. 3,215 5 0.8177

2021 - Mar..................... 116,311 152,858 458,038 249,171 4,771 5,112 11,218 7,102 -719 0.8516 

June ................... 126,660 156,997 426,336 261,396 6,094 6,700 10,693 5,108 630 0.8440 

Sept.................... 138,855 163,917 460,740 252,086 10,076 5,663 7,786 6,332 286 0.8638 

Dec..................... 138,274 177,886 482,381 267,220 7,422 4,261 9,926 7,880 6 0.8789 

2022 - Mar..................... 152,198 199,758 477,658 257,299 11,690 7,629 9,890 7,551 228 0.9015 

 June ................... 157,904 214,408 500,648 278,382 11,373 4,967 7,943 8,306 781 0.9552 

 Sept.................... 173,968 234,988 512,686 292,337 8,762 7,747 13,543 12,123 -841 1.0222 
62

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 Consolidated Appropriations Act, 

2021 and the Infrastructure Investment and Jobs Act, 2021, 

subsequently rescinded $479 billion and $1.4 billion, 

respectively, of the $500 billion appropriation provided to 

Treasury. 

Resources of the fund include (a) Fund Balance, which is 

available to support adjustments to subsidy costs, repay 

borrowing from Treasury for loans and investments 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 revenue -+ or cost -- for the 

fund are gains-+ or losses -- on SDRs and foreign 

investments, and interest earned on U.S Government, 

foreign securities, and SDRs. 

• Table ESF-1 presents the assets, liabilities, and net

position of the fund. The figures are in U.S. dollars. 

Amounts and transactions pertaining to foreign currencies 

and special drawing rights, an international reserve asset 

created by the International Monetary Fund (IMF) to 

supplement its member countries’ position in the Fund, 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 

fair value. Unexpended Appropriations Funds from 

Dedicated Collections 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. 

Unexpended Appropriations Funds from Other than 

Dedicated Collections represents the amount appropriated 

under the CARES Act Sec 4027 minus transfers, 

expenditures for administrative and subsidy costs, and 

rescissions resulting from the passage of the Consolidated 

Appropriations Act, 2021 and the Infrastructure Investment 

and Jobs Act, 2021. Conversion gains and losses are 

reflected in the cumulative net income -+ or loss -- account. 

• Table ESF-2 shows net cost from operations for the

current quarter and year-to-date. Figures are in U.S. dollars 

computed according to the accrual method. “Gains-+ or loss 

-- on foreign exchange” includes both realized and 

unrealized gains 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, and other investments 

are accrued. 
63

TABLE ESF-1—Balances as of Sept. 30, 2022, and Dec. 31, 2022 

[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] 

Assets, liabilities, and net position Sept. 30, 2022 

Oct 1, 2022, 

through 

Dec. 31, 2022 Dec. 31, 2022 

Assets 

U.S. dollars: 

Intra-Governmental: 

Fund Balance................................................................... 454,693 -172,729 281,964 

U.S. Government securities............................................. 18,401,389 -1,034,173 17,367,216 

Interest Receivable – Loans and Other Funds............... - 477 477 

 Total Intra-Governmental................................................. 18,856,082 -1,206,425 17,649,657

Other Than Intra-Governmental 

 Special drawing rights 1 ................................................... 153,595,911 7,677,372 161,273,283 

 Economic Recovery Program Loans Receivable............ 1,045,955 -10,711 1,035,244 

 Economic Recovery Program Investments..................... 17,834,802 -2,547,416 15,287,386 

Foreign exchange and securities: 

 European euro ................................................................. 10,153,665 898,487 11,052,152 

 Japanese yen................................................................... 6,458,815 631,929 7,090,744 

 Total Other Than Intra-Governmental ......................... 189,089,148 6,649,661 195,738,809

Total assets ........................................................................ 207,945,230 5,443,236 213,388,466

Liabilities and Net Position 

Intra-Governmental 

Debt, including accrued interest payable........................... 19,477,662 -2,545,711 16,931,951 

Due to the General Fund ................................................... 6,106 294 6,400 

Other Liabilities .................................................................. 370,555 -183,247 187,308 

 Total Intra-Governmental ........................................... 19,854,323 -2,728,664 17,125,659

Other Than Intra-Governmental: 

 SDR certificates ................................................................. 5,200,000 - 5,200,000 

 SDR allocations ................................................................. 147,414,371 6,150,980 153,565,351 

 Other .................................................................................. 709 42 751 

 Total Other Than Intra-Governmental ........................ 152,615,080 6,151,022 158,766,102

 Total Liabilities ................................................................. 172,469,403 3,422,358 175,891,761

Net Position: 

 Funds from Dedicated Collections (Consolidated)................. 200,000 - 200,000 

 Funds from Other than Dedicated Collections (Consolidated) 233,420 -1,674 231,746 

 Total Unexpended Appropriations........................... 433,420 -1,674 431,746 

 Cumulative Results of Operations 

 Funds from Dedicated Collections (Consolidated)................. 35,795,410 2,022,635 37,818,045 

 Funds from Other than Dedicated Collections (Consolidated) -753,003 -83 -753,086 

 Total Cumulative Results of Operations ................. 35,042,407 2,022,552 37,064,959 

 Total Net Position ...................................................... 35,475,827 2,020,878 37,496,705 

Total Liabilities and Net Position ............................. 207,945,230 5,443,236 213,388,466 

See footnote on the following page. 
64

TABLE ESF-2—Statement of Net Cost 

[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] 

Current quarter 

 Oct. 1, 2022, 

through 

 Dec. 31, 2022 

Fiscal year to date 

Oct. 1, 2022 

through 

Dec. 31, 2022 

Exchange Stabilization (+) or net charges (-) on: 

Gross Cost 

 Interest Expense on Special Drawing Rights and Remuneration....................... 972,122 972,122

 Special Drawing Rights Allocations.................................................................... 971,828 971,828

 Special Drawing Rights - Remuneration due to the U.S. Treasury.................... 294 294

 Losses on Currency Valuation and Other 

 Special Drawing Rights Holdings....................................................................... - -

 Special Drawing Rights Allocations.................................................................... 5,864,970 5,864,970

 Other Investment................................................................................................ - -

 International Monetary Fund Annual Assessment and Other............................. 7 7

 Total Losses on Currency Valuation and Other....................................... 5,864,977 5,864,977

 Total Gross Cost.......................................................................................... 6,837,099 6,837,099

Less Earned Revenue 

Interest Income 

 Nonmarketable U.S. Treasury Securities........................................................... -161,894 -161,894

 Foreign Currency and Foreign Currency Denominated Assets.......................... -20,510 -20,510

 Special Drawing Rights Holdings....................................................................... -1,018,000 -1,018,000

 Other Investments.............................................................................................. -414 -414

 Total Interest Income.................................................................................. -1,200,818 -1,200,818

 Gains on Currency Valuation and Other.............................................................

 Special Drawing Rights Holdings....................................................................... -6,149,712 -6,149,712

 Special Drawing Rights Allocations.................................................................... - -

 Other Investment................................................................................................ -1,509,498 -1,509,498

 Total Gains on Currency Valuation and Other.......................................... -7,659,210 -7,659,210

 Total Earned Revenue................................................................................. -8,860,028 -8,860,028

 Total Net Cost (Income) of Operations – Exchange Stabilization........... -2,022,929 -2,022,929

Economic Recovery Program (+) net charges (-) on: 

Gross Cost 

 Interest Expense on Debt.................................................................................. 46,990 46,990

 Losses on Investments and Credit Program Receivables................................. - -

 Administrative Expenses.................................................................................... 1,838 1,838

 Total Gross Cost.......................................................................................... 48,828 48,828

Less: Earned Revenue 

 Interest Income on Uninvested Funds................................................................ -477 -477

 Interest Income on Credit Program Receivables................................................ -19,038 -19,038

 Facility Fee Income............................................................................................ - -

 Gains on Investments and Credit Program Receivables.................................... -27,475 -27,475

 Total Earned Revenue................................................................................. -46,990 -46,990

 Total Net Cost (Income) of Operations – Economic Recovery Program 1,838 1,838

 Total Net Cost of Operations...................................................................... -2,021,091 -2,021,091

1 Beginning July 1974, the International Monetary Fund adopted a technique for valuing the 

SDRs based on a weighted average of exchange rates for the currencies of selected 

member countries. The U.S. SDR holdings and allocations are valued on this basis 

beginning July 1974. 

Note—Annual balance sheets for fiscal years 1934 through 1940 appeared in the 1940 

“Annual Report of the Secretary of the Treasury” and those for succeeding years 

appeared in subsequent reports through 1980. Quarterly balance sheets beginning with 

December 31, 1938, have been published in the “Treasury Bulletin.” Data from inception 

to September 30, 1978, may be found on the statements published in the January 1979 

“Treasury Bulletin.” 
Financial Report of the

United States Government

Excerpt

Trust Funds
66

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 2022, the tax is $4.50. 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 2022, the tax is $9.90. 

 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 2022, the tax is $19.70. 

 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. 

Excise tax collections resumed in January of 2021 after 

being suspended in late March 2020 with enactment of the 

Coronavirus Aid, Relief, and Economic Security (CARES) 

Act (Public Law 116-136). This “tax holiday” from March 

to December 2020 along with lower levels of aviation 

activity caused by the pandemic severely depleted the 

balance of the AATF. To reduce the impact of the CARES 

Act, Congress transferred $14 billion from the general fund 

of the Treasury to the AATF in the Continuing 

Appropriations Act, 2021 and Other Extensions Act (Public 

Law 116-159). This has ensured that the AATF remains 

solvent while excise tax collections continue to recover. 

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). 
67

TABLE TF-1.—Airport and Airway Trust Fund 

Results of Operations, Fiscal Year 2022 

[Source: DOT] 

Description IRC section (26 United States Code) Amount 

Balance Oct. 1, 2021 ...................................................................................................................................................................................................... $14,796,172,240

Receipts: 

Grants-in-aid for Airports funding from General Fund....................................................................................................................................... -

Excise taxes (transferred from general fund): 

Liquid fuel in a fractional ownership flight............................................. 4043...................................................................................... 38,047,420

Liquid fuel other than gasoline.............................................................. 4041...................................................................................... 514,801,172

Gasoline................................................................................................ 4081...................................................................................... 37,195,030

Transportation by airseats, berths, etc. ................................................ 4261 (a) (b)........................................................................... 8,129,147,591

Use of international travel facilities ....................................................... 4261 (c)................................................................................. 1,946,903,314

Transportation of property, cargo ......................................................... 4271...................................................................................... 737,117,426

Gross excise taxes ............................................................................................................................................................................................. 11,403,211,954

Less refunds of taxes (reimbursed to general fund): 

Liquid fuel other than gasoline.................................................................. 4041...................................................................................... 15,497,107

Gasoline ...................................................................................................................................................................................................................... 11,089,012

Total refunds of taxes ............................................................................................................................................................................................. 26,586,118

Net taxes ................................................................................................................................................................................................................. 11,376,625,835

General Fund Payments 0

Refunds on Federal Payments (DOT) ........................................................................................................................................................................ 33,133,775

Interest on investments ............................................................................................................................................................................................... 172,747,593

 CMIA interest income ................................................................................................................................................................................................. 209

Total receipts .......................................................................................................................................................................................................... 11,582,507,412

Expenses: 

Operations .................................................................................................................................................................................................................. 7,434,100,000

Grants in aid for Airports ............................................................................................................................................................................................. 3,026,640,000

Facilities and equipment ............................................................................................................................................................................................. 3,127,082,638

Research, engineering, and development .................................................................................................................................................................. 208,762,951

Air carriers ................................................................................................................................................................................................................... 350,000,000

CMIA Interest Expense ............................................................................................................................................................................................... 155

Total expenses ........................................................................................................................................................................................................ 14,146,585,744

Offsetting collections ....................................................................................................................................................................................................... 50,768,830

Balance Sept. 30, 2022 .................................................................................................................................................................................................. $12,282,862,7380

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

Airport and Airway Trust Fund 

Expected Condition and Results of Operations, Fiscal Years 2023-2027 

[In millions of dollars. Source: DOT] 

2023 2024 2025 2026 2027

Balance Oct. 1 ........................................................................... 12,283 11,242 11,632 13,077 15,119

Receipts:

Excise taxes, net of refunds................................................... 16,006 16,622 17,864 18,594 19,292

Interest on investments .......................................................... 216 250 355 401 465

Offsetting collections .............................................................. 78 78 80 81 84

Total receipts ..................................................................... 16,300 16,950 18,299 19,076 19,841

Expenses:

Gross Outlays ........................................................................ 17,341 16,560 16,855 17,033 17,162

Balance Sept. 30........................................................................ 11,242 11,632 13,077 15,119 17,798
68

INTRODUCTION: Uranium Enrichment 

Decontamination and Decommissioning 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. 

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. 

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 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. 

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. 

While the last appropriation was made in FY 2017 when 

Congress appropriated $563 million, beginning in FY 2018, 

Congress authorized transferring funds from other accounts. 

In FY 2018, funds of about $860.6 million were transferred. 

In FY 2021, Congress authorized the transfer of 

$291 million from the United States Enrichment Corporation 

Fund. In FY 2022, Congress authorized the transfer of $841 

million from the United States Enrichment Corporation 

Fund. In addition, Congress authorized the transfer of 

$573.3 million from the Defense Environmental Cleanup 

appropriation. In FY 2022, $860 million was appropriated 

from Uranium Enrichment Decontamination and 

Decommissioning Fund to carry out uranium enrichment 

facility decontamination and decommissioning, remedial 

actions, and other activities of title II of the Atomic Energy 

Act of 1854, and title X, subtitle A, of the Energy Policy Act 

of 1992. 
69

TABLE TF-2.—Uranium Enrichment Decontamination and Decommissioning Fund 

Results of Operations, Fiscal Year 2022 

[Source: DOE] 

Balance Oct. 1, 2021 ................................................................................................................................................................................. $29,984,062.00 

Receipts: 

Interest on investments .......................................................................................................................................................................... 6,086,554.00 

Total receipts ...................................................................................................................................................................................... 6,086,554.00 

Transfers in: 

 expenditure transfers in (+) .................................................................................................................................................................. 573,333,000.00 

 non-expenditure transfers in (+) .......................................................................................................................................................... 841,000,000.00 

Net transfers ....................................................................................................................................................................................... $1,414,333,000.00 

Outlays: 

DOE, decontamination & decommissioning activities ........................................................................................................................... 928,862,839.00 

Cost of investments................................................................................................................................................................................ 421,586,098.00 

Total outlays ....................................................................................................................................................................................... 1,350,448,937.00 

Balance Sept. 30, 2022.............................................................................................................................................................................. $99,954,679 

Uranium Enrichment Decontamination and Decommissioning Fund 

Expected Condition and Results of Operations, Fiscal Years 2023-2027 

[In thousands of dollars. Source: DOE] 

2023 2024 2025 2026 2027

Balance Oct. 1 (Cash Balance) ............................................... $99,955 $99,402 $88,472 $100,073 $102,896

Receipts: 

Fees collected ...................................................................... 1,202,815 522,690 669,425 684,749 684,749

Interest collected .................................................................. 35,684 19,790 12,671 7,144 4,455

Total receipts ................................................................... $1,238,499 $542,480 $682,096 $691,893 $689,204

Outlays: 

DOE, D&D fund .................................................................... 879,052 833,410 825,495 839,070 839,070

Investments (Redeemed) .................................................... 360,000 -280,000 -155,000 -150,000 -150,000

Total Outlays net of Investments Redeemed .................. $1,239,052 $553,410 $670,495 $689,070 $689,070

Balance Sept. 30 (Cash Balance) ........................................... $99,402 $88,472 $100,073 $102,896 $103,030
70

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 95-

227). The Black Lung Benefits Revenue Act of 1981 (Public 

Law 97-119) reestablished the fund in the Internal Revenue 

Code (IRC), 26 United States Code 9501. 

The Consolidated Omnibus Budget Reconciliation Act of 

1985 (Public Law 99-272), enacted April 7, 1986, provided 

for an increase in the coal tax rates effective April 1, 1986, 

through December 31, 1995, and a 5-year forgiveness of 

interest retroactive to October 1, 1985. The 5-year moratorium 

on interest payments ended on September 30, 1990. Payment 

of interest on advances resumed in fiscal year 1991. The 

Omnibus Budget Reconciliation Act of 1987 (Public Law 

100-203, title X, section 10503), signed December 22, 1987,

extended the temporary increase in the coal tax through

December 31, 2013.

The Emergency Economic Stabilization Act of 2008 

(Public Law 110-343, title I, subtitle B, section 113), enacted 

October 3, 2008, restructured the Trust Fund Debt by 1) 

refinancing the outstanding principal of the repayable 

advances and unpaid interest on such advances and 2) 

providing a onetime appropriation to the Trust Fund in an 

amount sufficient to pay to the general fund of the Treasury 

the difference between the market value of the outstanding 

repayable advances, plus accrued interest and the proceeds 

from the obligations issued by the Trust Fund to the 

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. In 2019 the excise tax was 

reduced by more than 50% until Congress restored the 

temporary higher rates for 2020 and again for 2021.For 

2022, the rates were reduced for coal sales through 

September 30, 2022. The Inflation Reduction Act of 2022 

has permanently raised the coal excise tax rates to the higher 

rates. 

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. 
71

TABLE TF-3.—Black Lung Disability Trust Fund 

Results of Operations, Fiscal Year 2022 

[Source: DOL] 

Balance Oct. 1, 2021 ........................................................................................................................................................................................... 264,918,686.04 

Receipts: 

Excise taxes (transferred from general fund): 

$.50 tax on underground coal ...................................................................................................................................................................... 90,978,197.00 

$0.25 tax on surface coal............................................................................................................................................................................. 45,450,381.00 

2 percent tax on underground coal.............................................................................................................................................................. 2,706,887.00 

2 percent tax on surface coal....................................................................................................................................................................... 41,185,019.00 

Fines, penalties, and interest....................................................................................................................................................................... 2,223,919.24 

Collection—responsible mine operators...................................................................................................................................................... 25,332,782.67 

Recovery of prior year funds........................................................................................................................................................................ 0.00 

Repayable advances from the general fund................................................................................................................................................ 2,562,893,000.00 

Total receipts............................................................................................................................................................................................ 2,770,770,185.91 

Net receipts .............................................................................................................................................................................................. 2,770,770,185.91 

Outlays: 

Treasury administrative expenses ................................................................................................................................................................... 463,023.00 

Salaries and expenses—DOL—Departmental Management.......................................................................................................................... 35,454,914.00 

Salaries and expenses—DOL—Office of Inspector General .......................................................................................................................... 322,506.00 

Salaries and expenses—DOL—Employment Standards Administration........................................................................................................ 39,100,552.00 

Total outlays................................................................................................................................................................................................. 75,340,995.00 

Expenses: 

Program expenses—DOL................................................................................................................................................................................ 140,103,908.82 

Repayable advances and interest ................................................................................................................................................................... 2,313,156,879.00 

Repayment of bond principal ........................................................................................................................................................................... 121,786,391.07 

Interest on principal debt.................................................................................................................................................................................. 103,220,608.93 

Total expenses............................................................................................................................................................................................. 2,678,267,787.82 

Balance Sept. 30, 2022 ........................................................................................................................................................................................ 282,080,089.13 

Cumulative debt, end of year Zero Coupon Bonds only 2,188,083,523.11 

Cumulative debt, end of year ............................................................................................................................................................................... 4,854,056,523.11 

Black Lung Disability Trust Fund 

Expected Condition and Results of Operations, Fiscal Years 2023-2027 

[In thousands of dollars. Source: DOL] 

2023 2024 2025 2026 2027

Balance Oct. 1 ........................................................................................ 282,080 282,080 282,080 282,080 282,080

Receipts:

Excise taxes....................................................................................... 307,000 302,000 287,000 288,000 288,000

Advances from the general fund........................................................ 2,797,301 3,071,136 3,363,304 3,662,680 3,975,028

Fines, penalties, and interest............................................................. 2,000 2,000 2,000 2,000 2,000

Total receipts ................................................................................. 3,106,301 3,375,136 3,652,304 3,952,680 4,265,028

Outlays:

Benefit payments ............................................................................... 123,408 123,344 122,274 121,181 120,271

Administrative expenses.................................................................... 76,810 86,005 88,197 90,446 92,754

Repayable advances ......................................................................... 2,562,893 2,797,301 3,071,136 3,363,304 3,662,680

Interest on repayable advances ........................................................ 103,080 114,130 102,883 97,199 96,695

Repayment of principal debt.............................................................. 123,663 124,924 125,688 126,014 125,912

Interest on principal debt ................................................................... 116,448 129,432 142,126 154,536 166,716

Total outlays................................................................................... 3,106,301 3,375,136 3,652,304 3,952,680 4,265,028

Balance Sept. 30.................................................................................... 282,080 282,080 282,080 282,080 282,080

Cumulative debt, end of year zero coupon bond only........................... 2,064,420 1,939,497 1,813,808 1,687,794 1,561,882

Cumulative debt, end of year zero coupon & advance ......................... 4,975,852 5,113,516 5,274,312 5,447,169 5,639,068

Note.—Detail may not add to totals due to independent rounding. Starting balance from Oct. 

2022 SOF report. Source: President’s Budget 2024 BLDTF 10-year cash flow. 
72

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 99-

662, 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 103-

331, September 28, 1994), section 339, waived collection of 

charges or tolls on the Saint Lawrence Seaway in accordance 

with section 13(b) of the Act of May 13, 1954 (as in effect 

on April 1, 1987). Legislation was passed in the North 

American Free Trade Agreement Implementation Act 

(Public Law 103-182, section 683), which amends paragraph 

(3) of section 9505(c) of the IRC of 1986, to authorize

payment of up to $5 million annually to Treasury for all

expenses of administration incurred by the Treasury, the

U.S. Army Corps of Engineers and the Department of

Commerce (Commerce) related to the administration of

subchapter A of chapter 36 (relating to the harbor

maintenance tax). Section 201 of the Water Resources

Development Act of 1996 (Public Law 104-303) authorizes 

use of the Harbor Maintenance Trust Fund for construction 

of dredged material disposal facilities 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. 
73

TABLE TF-4.—Harbor Maintenance Trust Fund 

Results of Operations, Fiscal Year 2022 

[Source: Department of the Army Corps of Engineers] 

Balance Oct. 1, 2021 ............................................................................................................................................................................................................... 9,297,520,297 

Receipts: 

Excise taxes: 

Imports ............................................................................................................................................................................................................................... 1,660,023,053 

Exports............................................................................................................................................................................................................................... - 

Domestic ............................................................................................................................................................................................................................ 106,588,316 

Passengers ........................................................................................................................................................................................................................ 5,956,331 

Foreign trade...................................................................................................................................................................................................................... 132,126,804 

Interest on investments ...................................................................................................................................................................................................... 66,252,313 

Total receipts ............................................................................................................................................................................................................... 1,970,946,817 

Return of Funds.................................................................................................................................................................................. 

Expenses: 

21,819 

Corps of Engineers ............................................................................................................................................................................................................. 1,746,136,521 

Saint Lawrence Seaway Development Corporation/DOT .................................................................................................................................................. 38,000,000 

Administrative cost for Department of Homeland Security (Customs)............................................................................................................................... 3,274,000

Operating expenses, miscellaneous returns....................................................................................................................................................................... -

Total expenses ................................................................................................................................................................................................................... 1,787,410,521 

Balance Sept. 30, 2022 ............................................................................................................................................................................................................. 9,478,257,778 

Harbor Maintenance Trust Fund 

Expected Condition and Results of Operations, Fiscal Years 2023-2027 * 

[In millions of dollars. Source: Department of the Army Corps of Engineers] 

2023 2024 2025 2026 2027

Balance Oct. 1 ..................................................................................................... 9,478.3 9,512.5 9,575.9 9,558.4 9,586.4

Receipts: 

Harbor maintenance fee .................................................................................. 1,991.6 2,077.4 2,158.8 2,228.6 2,297.4

Interest on investments .................................................................................... 401.9 403.3 345.7 345.1 346.1

Total receipts ............................................................................................... 2,393.5 2,480.7 2,504.5 2,573.7 2,643.5

Total available .............................................................................................. 11,871.8 11,993.2 12,080.4 12,132.1 12,229.9

Outlays:

Harbor Maintenance Trust Fund, legislative proposal 

not subject to paygo ..................................................................................... ---- -

Corps of Engineers operation, maintenance, 

and administrative expenses .......................................................................

2,242.5 2,300.0 2,400.7 2,424.4 2,493.6

Corps of Engineers construction ..................................................................... 75.5 76.0 80.0 80.0 80.0

Saint Lawrence Seaway Development Corporation/DOT ............................... 38.0 38.0 38.0 38.0 38.5

Administrative expenses for Department of Homeland Security 

(Customs) ................................................................................................................

3.3 3.3 3.3 3.3 3.3

Total outlays ................................................................................................. 2,359.3 2,417.3 2,522.0 2,545.7 2,615.4

Balance Sept. 30.................................................................................................. 9,512.5 9,575.9 9,558.4 9,586.4 9,614.5

* Outyear projections are for planning purposes and are based on economic conditions and 

agencies’ best projections of revenues and expenses. 
74

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. On November 15, 2021, the 

Infrastructure Investment and Jobs Act [(IIJA), P.L. 117-58] 

reinstated and modified the excise taxes on certain listed 

chemicals and imported substances that use as materials in 

their manufacture or production one or more of those listed 

chemicals (“Superfund chemical taxes”). The Superfund 

chemical taxes went into effect beginning July 1, 2022 and 

expire on December 31, 2031. On August 16, 2022, the 

Inflation Reduction Act (IRA) (P.L. 117-169) reinstated and 

modified the taxes on oil and petroleum products. The oil 

and petroleum taxes went into effect on January 1, 2023. On 

December 29, 2022, the Consolidated Appropriations Act 

2023 (P.L. 117-328) included legislative language that 

allows all tax receipts collected in the Superfund Trust Fund 

from the prior fiscal year to be available to implement 

Comprehensive Environmental Response, Compensation 

and Liability Act (CERCLA) without further congressional 

appropriation. 

To further implement the Superfund program, amounts 

are appropriated from the start of year balance of the 

Superfund (supplemented 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.
75

TABLE TF-5.—Hazardous Substance Superfund 1,2,3,4,5,6 

Results of Operations, Fiscal Year 2022 

[Source: EPA] 

Balance Oct. 1, 2021 ...................................................................................................................................................................................... $85,000,000 

Receipts: 

Crude and petroleum 3 ................................................................................................................................................................................ - 

Certain chemicals 4 ..................................................................................................................................................................................... $413,000,000 

Corporate environmental 5 .......................................................................................................................................................................... - 

General fund appropriation ......................................................................................................................................................................... $1,233,000,000 

Cost recoveries ........................................................................................................................................................................................... $25,000,000 

Fines and penalties ..................................................................................................................................................................................... $3,000,000 

Interest on investments ............................................................................................................................................................................... $104,000,000 

Special Accounts ......................................................................................................................................................................................... $279,000,000 

Agency for Toxic Substance and Disease Registry offsetting collections .................................................................................................. - 

Infrastructure Investments and Jobs Act (IIJA) 6 ........................................................................................................................................ $3,443,000,000 

Total receipts ........................................................................................................................................................................................... $5,500,000,000 

Expenses: 

EPA expense .............................................................................................................................................................................................. $4,733,000,000 

Other expenses ........................................................................................................................................................................................... $350,000,000 

Rounding adjustment .................................................................................................................................................................................. -$7,000,000 

 Total expenses.................................................................................................................................................... 

Balance Sept. 30, 2022 ...................................................................................................................................................................................

$5,076,000,000 

$509,000,000 

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. 

2 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. 

3 On August 16, 2022, the Inflation Reduction Act (IRA) (P.L. 117-169) reinstated and 

modified the taxes on oil and petroleum products. The oil and petroleum taxes went into 

effect on January 1, 2023. 

4 On November 15, 2021, the Infrastructure Investment and Jobs Act [(IIJA), P.L. 117-58] 

reinstated and modified the excise taxes on certain listed chemicals and imported 

substances that use as materials in their manufacture or production one or more of those 

listed chemicals (“Superfund chemical taxes”). The Superfund chemical taxes went into 

effect beginning July 1, 2022 and expire on December 31, 2031. 

5 On December 31, 1995, the authority to collect an environmental tax for all corporations 

with modified alternative taxable income in excess of $2 million expired in 1995. 

6 IIJA provided $3.5 billion consisting of such sums as available in the Trust Fund on 

September 30, 2021, as authorized by section 517(a) of the Superfund Amendments and 

Reauthorization Act of 1986 (SARA) and up to $3.5 billion from general revenues to the 

Hazardous Substance Superfund for purposes as authorized by section 517(b) of SARA 

for all costs associated with Superfund: Remedial activities. 
76

Hazardous Substance Superfund 

Expected Condition and Results of Operations, Fiscal Years 2023-2027 1,2,3,4,5,6

[In millions of dollars. Source: EPA] 

2023 2024 2025 2026 2027

Balance Oct. 1 ................................................................................................. $509 $2,646 $3,083 $3,212 $3,311

Receipts:

Interest 3 ....................................................................................................... $93 $95 $98 $101 $103

Recoveries 3 ................................................................................................. $36 $36 $36 $36 $36

Fines and penalties 3 ................................................................................... $4 $4 $4 $4 $4

Taxes 5 ........................................................................................................ $2,544 $2,980 $3,108 $3,206 $3,307

Special Accounts ......................................................................................... $350 $350 $350 $350 $350

General revenues ........................................................................................ $1,218 $1,212 $1,211 $1,210 $1,209

Total receipts ........................................................................................... $4,245 $4,677 $4,807 $4,907 $5,009

Appropriations 2................................................................................................ $1,283 $1,283 $1,283 $1,283 $1,283

Other expenses 4 ............................................................................................ $412 $413 $415 $417 $418

Tax Receipt Expenditures 6 ............................................................................ $413 $2,544 $2,980 $3,108 $3,206

Balance Sept. 30.............................................................................................. $2,646 $3,083 $3,212 $3,311 $3,413

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. 

2 FY 2023 - FY 2027 Appropriation amounts are straight-lined from Consolidated Appropriations 

Act, 2023 (P.L. 117-328) as estimates since actual appropriations are not available. 

3 Interest, Recoveries, Fines and penalties, Special Accounts, General Revenues, Taxes, and 

Other Expenses are estimated.

4 Other Expenses include Special Accounts. 

5 On November 15, 2021, the Infrastructure Investment and Jobs Act (IIJA, P.L. 117-58) 

reinstated and modified the taxes on hazardous chemicals and imported substances that 

use hazardous chemicals as a feedstock. The taxes shall take effect beginning July 1, 2022 

and ending on December 31, 2031. On August 16, 2022, the Inflation Reduction Act (IRA) 

(P.L. 117-169) reinstated and modified the taxes on oil and petroleum products. The oil and 

petroleum taxes went into effect on January 1, 2023. 

6 On December 29, 2022, the Consolidated Appropriations Act 2023 (P.L. 117-328) 

included legislative language that allows all tax receipts collected in the Superfund Trust 

Fund from the prior fiscal year to be available to implement Comprehensive Environmental 

Response, Compensation and Liability Act (CERCLA) without further congressional 

appropriation.
77

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 Infrastructure 

Investment and Jobs Act extends through September 30, 

2026, 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 highwayuser taxes to the Trust Fund. [IIJA § 80101, 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 102-

240), the Transportation Equity Act for the 21st Century 

(TEA-21), SAFETEA-LU, Moving Ahead for Progress in 

the 21st Century Act (MAP-21), Fixing America’s Surface 

Transportation (FAST) Act and as amended by the 

Infrastructure Investment and Jobs Act (IIJA). 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. 
78

TABLE TF-6.—Highway Trust Fund 

Results of Operations, Fiscal Year 2022 

[Source: DOT] 

Description IRC section (26 United States Code) Amount 

Balance Oct. 1, 2021 ........................................................................................................................................................................................... 21,142,493,688 

Gross Receipts: 

Excise taxes (transferred from general fund): 

Gasoline ....................................................................................................... 4081 .......................................................................... 27,944,943,267 

Diesel and special motor fuels ..................................................................... 4041 .......................................................................... 13,053,166,794 

Highway tires ................................................................................................ 4071 .......................................................................... 712,989,421 

Retail tax on trucks....................................................................................... 4051 .......................................................................... 4,623,252,202 

Heavy vehicle use ........................................................................................ 4481 .......................................................................... 1,585,394,151 

Total excise taxes .................................................................................................................................................................................... 47,919,745,835 

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

To Aquatic Resources Trust Fund ............................................................................................................................................................... 443,500,000 

To Airport and Airway Trust Fund ................................................................................................................................................................ 862,449,944 

Total transfers .......................................................................................................................................................................................... 1,306,949,944 

Other income: 

Fines and penalties ...................................................................................................................................................................................... 18,666,040 

Interest ......................................................................................................................................................................................................... 978,003,168 

Program Receipt Accounts .......................................................................................................................................................................... 273,028,967 

Transfer from the General Fund 1 ................................................................................................................................................................ 118,000,000,000 

Total other income ................................................................................................................................................................................... 119,269,698,175 

Net receipts .......................................................................................................................................................................................... 165,882,494,066 

Expenses: 

Federal Highway Administration: 

Federal aid to highways ............................................................................................................................................................................... 44,130,597,166 

Right-of-way revolving fund ......................................................................................................................................................................... -

Appalachian Development Highway System ............................................................................................................................................... -

Direct HTF Payments ................................................................................................................................................................................... 24,325,951 

Miscellaneous HTF ...................................................................................................................................................................................... 9,551,922 

Total ......................................................................................................................................................................................................... 44,164,475,039 

Federal Motor Carrier Safety Administration ............................................................................................................................................... 698,261,812 

Federal Transit Administration ..................................................................................................................................................................... 7,206,487,562 

National Highway Traffic Safety Administration: 

Operations and research ......................................................................................................................................................................... 147,849,162 

Highway Traffic Safety grants .................................................................................................................................................................. 695,580,857 

National Driver register ............................................................................................................................................................................ -

Total ..................................................................................................................................................................................................... 843,430,019 

Federal Railroad Administration ...................................................................................................................................................................... - 

 Office of the Secretary of Transportation................................................................................................................................................. 644,309,732

Other agencies ............................................................................................................................................................................................. - 

Total expenses ......................................................................................................................................................................................... 53,556,964,164 

Balance Sept. 30, 2022........................................................................................................................................................................................ 133,468,023,590 

Note.—Detail may not add to totals due to rounding. 
79

Highway Trust Fund 

Expected Condition and Results of Operations, Fiscal Years 2024-2028 

[In billions of dollars. Source: DOT] 

Combined Statement Highway and Mass Transit Accounts 

2024 2025 2026 2027 2028

Balance Oct. 1 ............................................................... 113 87 56 23 -12

Receipts:

Excise taxes, net of refunds....................................... 41 41 41 41 41

Interest, net ................................................................ 2 1 - - -

Total receipts ......................................................... 43 42 41 41 41

Adjustments .......................................................... - - - - -

Outlays ........................................................................... 69 72 75 76 79

Balance Sept. 30............................................................ 87 56 23 -12 -50

Mass Transit Account 

2024 2025 2026 2027 2028

Balance Oct. 1 .................................................................... 33 29 24 18 11

Receipts:

Excise taxes, net of refunds............................................ 5 5 5 5 5

Interest, net ..................................................................... 1 - - - -

Total receipts .............................................................. 6 5 5 5 5

Flex fund transfers .......................................................... 1 1 1 1 1

Adjustments ................................................................... - - - - -

Outlays ................................................................................ 11 12 13 13 14

Balance Sept. 30................................................................. 29 24 18 11 3

Highway Account 

2024 2025 2026 2027 2028

Balance Oct. 1 ......................................................................... 80 58 33 5 -23

Receipts:

Excise taxes, net of refunds................................................. 36 36 36 36 36

Interest, net .......................................................................... 1 1 - - -

Total receipts ................................................................... 37 36 36 36 36

Flex fund transfers ............................................................... -1 -1 -1 -1 -1

Adjustments ........................................................................ - - - - -

Outlays ..................................................................................... 58 60 62 63 65

Balance Sept. 30...................................................................... 58 33 5 -23 -53

Unfunded authorizations (EOY) ............................................... 50 78 108 138 168

Forty-eight-month revenue estimate........................................ 139 138 138 138 138

Reflects extension of authorized revenue collection and funding levels prescribed in 

P.L. 117-58.

Revenue estimate reflects FY 2023 Midsession Review projections.

Note.—Numbers may not add due to rounding. 
80

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 2024) .............................................................................................................. 108 

less: 

Cash balance (fiscal year 2024) ......................................................................................................................................................................................... 58 

Unfunded authorizations (fiscal year 2024) ........................................................................................................................................................................ 50

48-month revenue estimate (fiscal years 2025, 2026, 2027, and 2028)............................................................................................................................ 139

. 

Mass Transit Account 

[In billions of dollars. Source: DOT] 

Commitments (unobligated balances plus unpaid obligations, fiscal year 2024) .............................................................................................................. 56 

less: 

Cash balance (fiscal year 2024) ......................................................................................................................................................................................... 29 

Unfunded authorizations (fiscal year 2024) ........................................................................................................................................................................ 27 

48-month revenue estimate (fiscal years 2025, 2026, 2027, and 2028)............................................................................................................................ 26 

Reflects extension of authorized revenue collection and funding levels prescribed in 

P.L. 117-58.

Revenue estimate reflects FY 2023 Midsession Review projections.

Note.—Numbers may not add due to rounding. 
81

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 Water Resources Development Act of 2020 (Public 

Law 116-260, December 27, 2020) specified that the cost 

sharing percent from the trust fund be 35 percent for the 

Fiscal Years 2021 to 2031. The Water Resources 

Development Act of 2022 (Public Law 117-263, December 

23, 2022) made this cost sharing change permanent. 

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 2022 

[Source: Department of the Army Corps of Engineers] 

Balance Oct. 1, 2021 ........................................................................................................................................................................................... 221,568,924

Receipts: 

Fuel taxes/revenues......................................................................................................................................................................................... 123,544,336

Interest on investments ................................................................................................................................................................................... 1,901,867

Gain on sale of investments ............................................................................................................................................................................ -

Total receipts................................................................................................................................................................................................ 125,446,203

Return of Funds................................................................................................................................................................................................ 116,235

Transfers: 

Corps of Engineers .......................................................................................................................................................................................... 146,666,046

Balance Sept. 30, 2022........................................................................................................................................................................................ 200,465,316

Inland Waterways Trust Fund 

Expected Condition and Results of Operations, Fiscal Years 2023-2027 * 

[In millions of dollars. Source: Department of the Army Corps of Engineers] 

2023 2024 2025 2026 2027

Balance Oct. 1 ...................................................................................................... 201 311 311 311 311

Receipts: 

Fuel taxes ......................................................................................................... 128 132 136 139 143

Interest on investments .................................................................................... 3 4 4 4 4

Total receipts ................................................................................................ 131 136 140 143 147

Transfers: 

Corps of Engineers ........................................................................................... 21 136 140 143 147

Balance Sept. 30 ................................................................................................. 311 311 311 311 311

* Outyear projections are based on economic conditions and agencies’ best projections of

revenues and expenditures. 
82

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); title X, section 

10502(d) of the Budget Reconciliation Act of 1987 (Public 

Law 100-203, dated December 22, 1987); title VII, section 

7822(b) of the Omnibus Budget Reconciliation Act of 1989 

(Public Law 101-239, dated December 19, 1989);sections 

13163I(c) and 13242(d)(42) of the Omnibus Budget 

Reconciliation Act of 1993 (Public Law 103-66, dated August 

10, 1993); title X, section 1032(e) of the Taxpayer Relief Act 

of 1997 (Public Law 105-34, dated August 5, 1997); title VIII, 

section 853(d) of American Jobs Creation Act of 2004 (Public 

Law 108-357, dated October 22, 2004); section 1362 of the 

Energy Policy Act of 2005 (Public Law 109-58, dated August 

8, 2005); title XI, section 11147(a) of the Safe, Accountable, 

Flexible, Efficient Transportation Equity Act: A Legacy for 

Users (Public Law 109-59, dated August 10, 2005); division 

A, title II, section 210(a) of the Tax Relief and Health Care 

Act of 2006 (Public Law 109-422, dated December 20, 2006); 

section 1(a) of Expenditures Permitted from the Leaking 

Underground Storage Tank Trust Fund (Public Law 109-433, 

dated December 20, 2006); title I, section 141(c) Surface and 

Air Transportation Programs Extension Act of 2011 (Public 

Law 112-30, dated September 16, 2011); title I, section 141(c) 

of the Surface and Air Transportation Programs Extension Act 

of 2011 (Public Law 112-30, dated September 11, 2011); title 

IV, section 401(c) of the Surface Transportation Extension 

Act of 2012 (Public Law 112-102, dated March 30, 2012); 

title IV, section 401(c) of the Temporary Surface 

Transportation Extension Act of 2012 (Public Law 112-140; 

dated June 29, 2012); division D, title I, section 40101(c) and 

title II, section 40201(a) of the Moving Ahead for Progress in 

the 21st Century Act (Public Law 112-141, dated July 6, 

2012); title II, sections 2001(c) and 2002(b) of the Highway 

and Transportation Funding Act of 2014 (Public Law 113-

159, dated August 8, 2014); title II, section 2001(c) of the 

Highway and Transportation Funding Act of 2015 (Public 

Law 114-21, dated May 29, 2015); title II, section 2001(c) of 

the Surface Transportation and Veterans Health Care Choice 

Improvement Act of 2015 (Public Law 114-41, dated July 31, 

2015); title II, section 2001(c) of the Surface Transportation 

Act of 2015 (Public Law 114-73, dated October 29, 2015); 

title II, section 2001(c) of the Surface Transportation 

Extension Act of 2015, Part II (Public Law 114-87, dated 

November 20, 2015); division C, title XXXI, sections 

31101(c) and 31203 of the Fixing America’s Surface 

Transportation (FAST) Act of 2015 (Public Law 114-94, 

dated December 4, 2015); division U, title IV, section 401(a) 

of the Consolidated Appropriations Act, 2018 (Public Law 

115-141, dated March 23, 2018); title II, section 1203 of the 

Continuing Appropriations Act of 2021 and Other Extensions 

Act (Public Law 116-159, dated October 1, 2020); title II, 

section 201(c) of the Surface Transportation Extension Act of 

2021 (Public Law 117-44, dated October 2, 2021); Section 

4(c) of the Further Surface Transportation Extension Act of 

2021 (Public Law 117-52, dated October 31, 2021); and 

division H, title I, section 80101(c) of the Infrastructure 

Investment and Jobs Act (Public Law 117-58, dated 

November 15, 2021). 

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.
83

TABLE TF-8.—Leaking Underground Storage Tank Trust Fund 

Results of Operations, Fiscal Year 2022 1

[Source: EPA] 

Balance Oct. 1, 2021 ..................................................................................................................................................................................... $977,000,000 

Receipts: 

Taxes .......................................................................................................................................................................................................... $245,000,000 

Interest ........................................................................................................................................................................................................ $7,000,000 

Gross tax receipts .................................................................................................................................................................................. $252,000,000 

Undisbursed balances: 

Environmental Protection Agency Leaking Underground Storage Tank balances ................................................................................... -

Total undisbursed balances ................................................................................................................................................................... -

Expenses: 

Environmental Protection Agency Leaking Underground Storage Tank expenses .................................................................................. $92,000,000 

Other expenses .......................................................................................................................................................................................... - 

Total expenses ....................................................................................................................................................................................... $92,000,000 

Balance Sept. 30, 2022 .................................................................................................................................................................................. $1,137,000,000 

1 Reporting in this Trust Fund table is consistent with previously reported presentations. 

However, the structure of this table may not accurately reflect the status of 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 2023-2027 1, 2, 3

[In millions of dollars. Source: EPA] 

2023 2024 2025 2026 2027

Balance Oct. 1 ................................................................................................................. $1,137 $1,239 $1,335 $1,428 $1,520 

Receipts: 

Taxes 3 ....................................................................................................................... $189 $184 $181 $180 $178 

Interest 3 ..................................................................................................................... $6 $6 $6 $6 $7 

Total receipts ........................................................................................................... $195 $190 $187 $186 $185 

Appropriations 2 ............................................................................................................... $93 $94 $94 $94 $94 

Balance Sept. 30 ............................................................................................................. $1,239 $1,335 $1,428 $1,520 $1,611 

1 Reporting in this Trust Fund table is consistent with previously reported presentations. 

However, the structure of this table may not accurately reflect the status of the Trust Fund. 

As a result, this table may be revised in future reports and other resources should be 

utilized for accurate Trust Fund reporting. 

2 FY 2023 Appropriation represents the amount from the Consolidated Appropriations Act, 

2023 (P.L. 117-328). FY 2024 - FY 2027 Appropriation amounts are straight-lined from PB 

FY2023.

3 Taxes and Interest are estimated. 
84

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, investment income, 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. 

The FY2022 Appropriation Bill appropriated $27.5M for 

nuclear waste disposal activities to carry out the purposes of 

the NWPA of 1982. Of the total appropriated, $7.5M was 

derived from the Nuclear Waste Fund.

TABLE TF-9.—Nuclear Waste Fund 

Results of Operations, Fiscal Year 2022 

[Source: DOE] 

Balance Sep. 30, 2021 ......................................................................................................................................................................................... $2,023,333 

Receipts: 

Fees collected .................................................................................................................................................................................................. 353,404 

Interest and income on investments ................................................................................................................................................................ 1,745,226,966 

Total receipts ................................................................................................................................................................................................ $1,745,580,371 

Non-expenditure transfers: 

SF-1151 transfers in (+) ................................................................................................................................................................................... - 

SF-1151 transfers out (-) .................................................................................................................................................................................. -3,800,000 

Net non-expenditure transfers ..................................................................................................................................................................... -3,800,000 

Outlays: 

DOE radioactive waste disposal activities ....................................................................................................................................................... 6,295,781 

Cost of investments.......................................................................................................................................................................................... 1,735,785,160 

Total outlays ................................................................................................................................................................................................. $1,742,080,941 

Balance Sept. 30, 2022........................................................................................................................................................................................ $1,722,763 
85

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.] 
86

INTRODUCTION: Reforestation Trust Fund 

Reforestation Trust Fund (16 US Code 1606a) was 

established in fiscal year 1981 according to provisions of 

Title III—Reforestation, of the Recreational Boating Safety 

and Facilities Improvement Act of 1980 [Public Law 96-

451. Public Law 99-190, Title II provided permanent

authorization of the Trust Fund. Public Law 117-58, Title III

eliminated the cap (previously set at $30 million annually).

The act provides that the Secretary of the Treasury shall 

transfer to the trust an amount equal to the sum of the tariffs 

received in the Treasury after January 1, 1989, under 

headings 4401 through 4412 and subheadings 4418.50.00, 

4418.90.20, 4420.10.00, 4420.90.80, 4421.90.10 through 

4421.90.20, and 4421.90.70 of chapter 44, subheadings 

6808.00.00 and 6809.11.00 of chapter 68 and subheading 

9614.10.00 of chapter 96 of the Harmonized Tariff Schedule 

of the United States. Tariffs include (1) rough and primary 

wood products and wood waste; (2) lumber, flooring and 

moldings; and (3) wood veneers, plywood, other woodveneer assemblies and building boards and other wood 

product tariff headings specified in Public L 100-418. 

Amounts available in the reforestation trust fund 

exceeding current withdrawals are invested in interestbearing 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 other

forest stand improvement activities to enhance forest health

and reduce hazardous fuel loads of forest stands in the

National Forest System 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 2021 

[Source: Department of Agriculture] 

Balance Oct. 1, 2020 1 ......................................................................................................................................................................................... $7,762,540 

Receipts: 

Excise taxes (tariffs) ......................................................................................................................................................................................... 30,000,000 

Redemption of investment ............................................................................................................................................................................... - 

Total receipts ................................................................................................................................................................................................ 30,000,000 

Expenses: 

Expenditure ...................................................................................................................................................................................................... 27,301,747 

Total expenses ............................................................................................................................................................................................. 27,301,747 

Adjustment ........................................................................................................................................................................................................... - 

Balance Sept. 30, 2021 ........................................................................................................................................................................................ $10,460,793 

1 Minor difference to beginning balance due to rounding. 

Reforestation Trust Fund 

Expected Condition and Results of Operations, Fiscal Year 2022 

[In thousands of dollars. Source: Department of Agriculture] 

Balance Oct. 1 ..................................................................................................................................................................................................... 10,461

Receipts: 

Excise taxes (tariffs) ........................................................................................................................................................................................ 261,781 

Redemption of investment .............................................................................................................................................................................. -

Total receipts ............................................................................................................................................................................................... 261,781 

Outlays ................................................................................................................................................................................................................ 74,393

Balance Sept. 30................................................................................................................................................................................................. 197,849 
87

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 109-

59, 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. On November 15, 

2021, Public Law 117-58, the Infrastructure Investment and 

Jobs Act, Sec. 28001, amended 16 USC 777b and 16 USC 

777c to provide the division of appropriations through Fiscal 

Year 2026. 

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 Infrastructure Investment and 

Jobs 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. 
88

TABLE TF-11.—Sport Fish Restoration and Boating Trust Fund 

Sport Fish Restoration Results of Operations, Fiscal Year 2022 

[Source: Department of the Interior] 

Balance Oct. 1, 2021 .............................................................................................................................................................................................. $2,283,437,964

Revenue: 

Tax revenue: 

Gas, motorboat .............................................................................................................................................................................................. 318,747,000.00

Fish equipment ............................................................................................................................................................................................... 148,127,466

Tackle boxes .................................................................................................................................................................................................. 2,926,163

Rods and poles .............................................................................................................................................................................................. 32,357,388

Electric outboard motors ................................................................................................................................................................................ 6,611,929

Customs/import duties ................................................................................................................................................................................... 97,936,671

Gas, motorboat small engines ....................................................................................................................................................................... 124,753,000

Total, tax revenue ...................................................................................................................................................................................... 731,459,617

Investment revenue: 13,768,933

Interest on investments (accrual basis) ......................................................................................................................................................... -

Loss on sale of securities ............................................................................................................................................................................... 13,768,933

Total, investment revenue .......................................................................................................................................................................... 745,228,550

Total revenue .............................................................................................................................................................................................

Nonexpenditure appropriations: -494,400,000

Interior ............................................................................................................................................................................................................ -95,098,711

Interior (U.S. Coast Guard) ............................................................................................................................................................................ -68,920,479

Interior (Corps of Engineers) .......................................................................................................................................................................... -658,419,190

Total appropriations ................................................................................................................................................................................... 2,370,247,324

Balance Sept. 30, 2022 .......................................................................................................................................................................................... 2,283,437,964

Sport Fish Restoration and Boating Trust Fund 

Sport Fish Expected Condition and Results of Operations, Fiscal Years 2023-2027 

[In thousands of dollars. Source: Department of the Interior] 

2023 2024 2025 2026 2027

Balance Oct. 1 ..................................................................................... 2,370,247,324 2,370,272,695 2,370,276,987 2,370,286,215 2,370,299,321

Receipts/revenue:

Taxes ............................................................................................ 745,000 746,000 752,000 762,000 769,000

Interest .......................................................................................... 33,297 36,589 39,817 42,923 46,157

Transfers ....................................................................................... - - - - -

Total receipts ............................................................................ 778,297 782,589 791,817 804,923 815,157

Expenses:

Expenses/transfers ....................................................................... 752,926 778,297 782,589 791,817 804,923

Total expenses .......................................................................... 752,926 778,297 782,589 791,817 804,923

Balance Sept. 30............................................................................... 2,370,272,695 2,370,276,987 2,370,286,215 2,370,299,321 2,370,309,555
89

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 9001 of 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 Congress reinstated on 

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). 
90

TABLE TF-12.—Oil Spill Liability Trust Fund 

Results of Operations, Fiscal Year 2022 

[Source: Bureau of the Fiscal Service, Funds Management Branch] 

Balance Oct. 1, 2021 1 ................................................................................................................................................................................................... 7,958,291,707 

Revenue: 

Drawback claims........................................................................................................................................................................................................ -98,617,682 

Return of Funds—DOT.............................................................................................................................................................................................. 151,055 

Return of Funds—USCG........................................................................................................................................................................................... 15,371,733 

Cost recoveries .......................................................................................................................................................................................................... 83,759,920 

Fines and penalties.................................................................................................................................................................................................... 88,055,857 

Excise taxes on crude oil/petroleum products ........................................................................................................................................................... 660,702,156 

Net revenue before interest ................................................................................................................................................................................... 749,423,039 

Investment income: 

Interest on investments.............................................................................................................................................................................................. 94,713,443 

Realized gain .............................................................................................................................................................................................................

Total investment income ........................................................................................................................................................................................ 94,713,443 

Total revenue ......................................................................................................................................................................................................... 844,136,482 

Expenditures: 

Treasury administrative expense—Fiscal Service .................................................................................................................................................... -165,000 

Non-expenditure transfers: 

Transfer to Denali commission .................................................................................................................................................................................. -3,128,101 

Transfer to Interior...................................................................................................................................................................................................... -15,099,000 

Transfer to EPA.......................................................................................................................................................................................................... -20,262,000 

Transfer to PHMSA.................................................................................................................................................................................................... -34,000,000 

Transfer to U.S. Coast Guard-70X8312 (claims)....................................................................................................................................................... -9,400,000 

Transfer to U.S. Coast Guard-70X8349 (Emer Fund)............................................................................................................................................... -66,603,346 

Transfer to U.S. Coast Guard-annual (earmarked)................................................................................................................................................... -24,500,000 

Total non-expenditure transfers............................................................................................................................................................................. -172,992,447 

Total expenditure/non-expenditure transfers......................................................................................................................................................... -173,157,447 

Balance Sept. 30, 2022.................................................................................................................................................................................................. 8,629,270,741 

1 The Balances as of October 1, 2021 and September 30, 2022 tie to the published financial statements by 

Treasury/FMB.

Oil Spill Liability Trust Fund 

Expected Condition and Results of Operations, Fiscal Years 2023-2027 

[In millions of dollars. Source: Department of Homeland Security] 

2023 2024 2025 2026 2027

Balance Oct. 1 ............................................................................................... 8,629 9,345 10,001 10,662 11,328

Estimated receipts ......................................................................................... 893 833 838 843 852

Estimated expenses ...................................................................................... 177 177 177 177 177

Balance Sept. 30............................................................................................ 9,345 10,001 10,662 11,328 12,003
91

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 2022 

[Source: Department of the Treasury, Bureau of the Fiscal Service) 

Balance Oct. 1, 2021 ........................................................................................................................................................................................... $4,177,377,384 

Receipts: 

Excise tax ........................................................................................................................................................................................................ $332,664,764

Interest on investments.................................................................................................................................................................................... $61,064,393 

Refund of Current & Prior Year Authority $12,744,038 

Total receipts ............................................................................................................................................................................................... $406,473,195 

Expenditure appropriations: 

U.S. Court of Federal Claims ......................................................................................................................................................................... $7,980,881

U.S. Department of Justice ............................................................................................................................................................................. $16,551,797 

Subtotal outlays........................................................................................................................................................................................... $24,532,678 

Non-expenditure transfers: 

Transfer to HRSA ............................................................................................................................................................................................ $243,438,196 

Total outlays/transfers ................................................................................................................................................................................. $267,970,874 

Balance Sept. 30, 2022 1 ..................................................................................................................................................................................... $4,315,879,704.98 

1 Balance for September 30, 2022: Balance does not tie to the 3310 ending balance in the 

September 30, 2022 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, 2022 reflects 

the net activity for FY 2022 and adjusting/closing entries made in October 2022. 

Vaccine Injury Compensation Trust Fund 

Expected Condition and Results of Operations, Fiscal Years 2023-2027 

[In thousands of dollars. Source: Department of Health and Human Services] 

2023 2024 2025 2026 2027

Balance Oct. 1 ...................................................................................................... $4,315,880 $4,446,147 $4,581,058 $4,720,752 $4,865,373

Receipts (from tax) ............................................................................................... $342,645 $352,924 $363,512 $374,417 $385,650

Interest on investments..................................................................................... $62,896 $64,783 $66,727 $68,729 $70,790

Total receipts ................................................................................................ $405,541 $417,707 $430,238 $443,146 $456,440

Outlays: 

U.S. Court of Federal Claims expenses ........................................................... $7,981 $7,981 $7,981 $7,981 $7,981

U.S. Department of Justice expenses .............................................................. $16,552 $16,552 $16,552 $16,552 $16,552

Subtotal outlays ................................................................................................ $24,533 $24,533 $24,533 $24,533 $24,533

Non-expenditure transfers: 

HRSA ................................................................................................................ $250,741 $258,264 $266,011 $273,992 $282,212

Total outlays/transfers .................................................................................. $275,274 $282,796 $290,544 $298,525 $306,744

Balance Sept. 30................................................................................................... $4,446,147 $4,581,058 $4,720,752 $4,865,373 $5,015,069
92

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. 
93

TABLE TF-14.—Wool Research, Development, and Promotion Trust Fund 

Results of Operations, Fiscal Year 2022 

[In thousands of dollars. Source: Department of Agriculture] 

Balance Oct. 1, 2021 ................................................................................................................................................................................................ 2,255 

Receipts: 

Harmonized tariff ................................................................................................................................................................................................... 2,250 

Sequestration return FY 2021 ............................................................................................................................................................................... 128 

Sequestration ........................................................................................................................................................................................................ -128 

Total receipts ..................................................................................................................................................................................................... 2,378 

Expenses: 

Expenditure ........................................................................................................................................................................................................... 4,505 

Total expenses .................................................................................................................................................................................................. 4,505 

Balance Sept. 30, 2022............................................................................................................................................................................................ 128 

Wool Research, Development, and Promotion Trust Fund 

Expected Condition and Results of Operations, Fiscal Year 2023 

[In thousands of dollars. Source: Department of Agriculture] 

Balance Oct. 1, 2022 ................................................................................................................................................................................................ 128 

Receipts: 

Harmonized tariff ................................................................................................................................................................................................... 2,250 

Sequestration return FY 22 ................................................................................................................................................................................... 128 

Sequestration ........................................................................................................................................................................................................ -128 

Total receipts ..................................................................................................................................................................................................... 2,122 

Expenses: 

Expenditure ........................................................................................................................................................................................................... 2,250 

Total expenses .................................................................................................................................................................................................. 2,250 

Balance Sept. 30, 2023............................................................................................................................................................................................ 128 
94

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 2022 obligations, including adjustments to 

prior year obligations, totaled $1,548K. Total net outlays 

were $1.524K including outlays from prior year obligations, 

as shown in the table below. In 2022, the amount of customs 

receipts credited to the Agricultural Disaster Relief Trust 

Fund receipt account totaled $0. The outlays reported in 

fiscal year 2022 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 2022 

[In thousands of dollars. Source: Department of Agriculture] 

Cumulative debt, start of year 2021 ......................................................................................................................................................................... $1,296,905 

Borrowing authority ............................................................................................................................................................................................. - 

Repayment of debt ............................................................................................................................................................................................... - 

Cumulative debt, end of year ................................................................................................................................................................................... 1,296,905 

Budgetary resources: 

Borrowing Authority ............................................................................................................................................................................................. - 

Mandatory appropriation...................................................................................................................................................................................... - 

Other offsetting collections .................................................................................................................................................................................. - 

Total budgetary resources .............................................................................................................................................................................. - 

Obligated balance, Oct. 1, 2021 .............................................................................................................................................................................. 2,690 

Fiscal Year 2022 obligations .................................................................................................................................................................................... 1,548 

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 ..................................................................................................................................................................................................... - 

Recoveries of Prior Year Obligations - 

Obligated balance, Sept. 30, 2022 ........................................................................................................................................................................... $4,238

. 
95

Agriculture Disaster Relief Trust Fund Trust Fund 

Expected Condition and Results of Operations, Fiscal Years 2023-2027 

[In thousands of dollars. Source: Department of Agriculture ] 

2023 2024 2025 2026 2027

Cumulative debt, start of year ............................................................................. 1,296,905 1,296,905 1,296,905 1,296,905 1,296,905

Borrowing authority ......................................................................................... - - -- -

Repayment of debt 1 ....................................................................................... - - -- -

Cumulative debt, end of year .............................................................................. 1,296,905 1,296,905 1,296,905 1,296,905 1,296,905

Budgetary Resources: 

Borrowing authority ........................................................................................ - - -- -

Mandatory appropriations ............................................................................... - - -- -

Other offsetting collections .............................................................................

Total budgetary resources .......................................................................... - - -- -

Obligated balance, Oct. 1 ................................................................................... 2 2 22 2

New obligations ................................................................................................... - - -- -

Recoveries of prior year obligations - - - - -

Outlays: 

Supplemental revenue assistance payments program ................................. - - -- -

Total outlays ................................................................................................ - - -- -

Obligated balance, Sept. 30 .......................................................................... 2 2 22 2

1 Requires congressional authority to write off debt or appropriations action to repay debt. Note.—Detail may not add to totals due to rounding. 
96

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. 
97

TABLE TF-16.—Patient Centered Outcomes Research Trust Fund 

Results of Operations, Fiscal Year 2022 

[Source: Bureau of the Fiscal Service, Funds Management Branch] 

Balance Oct. 1, 2021 ................................................................................................................................................................................................ $36,176,533 

Receipts: 

General Fund Appropriation.................................................................................................................................................................................. 293,500,000 

Transfers from FHI and FSMI ...............................................................................................................................................................................

IRS Health Insurance Fees................................................................................................................................................................................... 359,924,555 

Interest on Investments......................................................................................................................................................................................... 362,949

Total receipts..................................................................................................................................................................................................... 653,787,504 

Expenditure appropriations: 

Transfers to PCORI............................................................................................................................................................................................... -521,674,069 

Transfers to HHS .................................................................................................................................................................................................. -130,582,734 

Total outlays...................................................................................................................................................................................................... -652,256,803 

Balance Sept. 30, 2022 1 .......................................................................................................................................................................................... $37,707,234 

1 Balance September 30, 2022: Balance does not tie to the 3310 ending balance in the September 30, 2022 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, 2022 reflects the net activity for FY 2022 

and adjusting/closing entries made in October 2022. 

Patient Centered Outcomes Research Trust Fund 

Expected Condition and Results of Operations, Fiscal Years 2023-2026 

[In thousands of dollars. Source: Bureau of the Fiscal Service, Funds Management Branch] 

2023 2024 2025 2026

Balance Oct. 1............................................................................................................ 37,707 37,707 37,707 37,707

Receipts: 

General Fund Appropriation ............................................................................................................................................... 311,500 320,000 338,000 355,500

Transfers from FHI and FSMI ............................................................................................................................................. - - - -

IRS Health Insurance Fees ................................................................................................................................................. 390,000 409,000 430,000 452,000

Interest on Investments....................................................................................................................................................... - - - -

Total receipts ...................................................................................................... 701,500 729,000 768,000 807,500

Expenditure appropriations: 

Transfers to PCORI ............................................................................................... -561,200 -583,200 -614,400 -646,000

Transfers to HHS ................................................................................................... -140,300 -145,800 -153,600 -161,500

Total outlays ....................................................................................................... -701,500 -729,000 -768,000 -807,500

Balance Sept. 30 .................................................................................................... 37,707 37,707 37,707 37,707
98

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. 
99

TABLE TF-17.—United States Victims of State Sponsored Terrorism Fund 

Results of Operations, Fiscal Year 2022 

[Source: Department of Justice] 

Balance Oct. 1, 2021 ...................................................................................................................................................................................... 213,943,997.45

Receipts: 

 Appropriation ........................................................................................................................................................................................................ - 

 Recoveries from prior year .................................................................................................................................................................................. - 

 Fines/Penalties..................................................................................................................................................................................................... 12,232,627.15 

 Forfeitures ............................................................................................................................................................................................................ 23,996,540.64 

 Interest on investments ........................................................................................................................................................................................ 1,486,510.78 

 Total receipts..................................................................................................................................................................................................... 37,715,678.57 

Outlays: 

 Salaries & Expenses ............................................................................................................................................................................................ 2,991,753.22 

 Victim Payments .................................................................................................................................................................................................. 2,956,654.80 

 Total outlays ...................................................................................................................................................................................................... 5,948,408.02 

Balance Sept. 30, 2022 ............................................................................................................................................................................................. 245,711,268.00

United States Victims of State Sponsored Terrorism Fund 

Expected Condition and Results of Operations, Fiscal Years 2023-2027 

[In thousands of dollars. Source: Department of Justice] 

2023 2024 2025 2026 2027

Balance Oct. 1...................................................................................................... 245,711 5,814,301 215,423 212,992 210,308

Receipts: 

Appropriation.................................................................................................... 5,652,654 - - - -

Fines/Penalties................................................................................................. 4,667 - - - -

Forfeitures ........................................................................................................ 12,971 - - - -

Interest on investments.................................................................................... 2,457 58,143 2,154 2,130 2,103

Total receipts................................................................................................ 5,672,749 58,143 2,154 2,130 2,103

Outlays: 

DOJ, Salaries & Expenses............................................................................... 4,159 4,367 4,585 4,815 4,815

Victim Payments .............................................................................................. 100,000 5,652,654 -

Total Outlays net of Investments Redeemed .................................................. 104,159 5,657,021 4,585 4,815 4,815

Balance Sept. 30.................................................................................................. 5,814,301 215,423 212,992 210,308 207,596
100

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.) 

Currency no longer issued (USCC)—Old and new series 

gold and silver certificates, Federal Reserve notes, national 

bank notes, and 1890 Series Treasury notes. 

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 

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. 

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. 

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 
101

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. 
102

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).