BULLETIN

MARCH2021

FEATURES

Department of the Treasury

Bureau of the Fiscal Service

Profile of the Economy

Financial Operations

International Statistics

Special Reports

Produced and Published by
BULLETIN

The Treasury Bulletin is for sale

by the Superintendent of Documents

U.S. Government Printing Office

Washington, D.C. 20402
The Treasury Bulletin is issued quarterly in March, June, September, and December by the 

Bureau of the Fiscal Service, Cash Accounting and Reporting Division. Statistical data is 

compiled from sources within Treasury departmental offices and bureaus, as well as various 

other Federal program agencies. Readers can contact the publication staff at (202) 874-6466 to 

inquire about any of the published information. Suggestions are welcome. 

The publication staff can also be reached by electronic mail. 

treasury.bulletin@fiscal.treasury.gov 

Internet service subscribers can access the Treasury Bulletin in Microsoft Word or PDF format 

through the Bureau of the Fiscal Service’s home page. 

www.fiscal.treasury.gov 
March 2021 

Table of Contents 

FINANCIAL OPERATIONS 

PROFILE OF THE ECONOMY 

Analysis—Summary of Economic Indicators ........................................................................................................................ 3

FEDERAL FISCAL OPERATIONS 

Introduction—Federal Fiscal Operations ............................................................................................................................... 8 

Analysis—Budget Results and Financing of the U.S. Government and Fourth-Quarter Receipts by Source ....................... 9 

FFO-A—Chart: Monthly Receipts and Outlays ................................................................................................................. 11 

FFO-B—Chart: Budget Receipts by Source ........................................................................................................................ 11 

FFO-1—Summary of Fiscal Operations .............................................................................................................................. 12 

FFO-2—On-Budget and Off-Budget Receipts by Source ................................................................................................... 13 

FFO-3—On-Budget and Off-Budget Outlays by Agency ................................................................................................... 15 

FFO-4—Summary of U.S. Government Receipts by Source and Outlays by Agency ........................................................ 17

FEDERAL DEBT 

Introduction—Federal Debt ................................................................................................................................................. 18 

FD-1—Summary of Federal Debt ....................................................................................................................................... 19 

FD-2—Debt Held by the Public .......................................................................................................................................... 20 

FD-3—Government Account Series .................................................................................................................................... 21 

FD-4—Interest-Bearing Securities Issued by Government Agencies .................................................................................. 22 

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

 Private Investors .................................................................................................................................................... 23 

FD-6—Debt Subject to Statutory Limit ............................................................................................................................... 24 

FD-7—Treasury Holdings of Securities Issued by Government Corporations and Other Agencies ................................... 25

BUREAU OF THE FISCAL SERVICE OPERATIONS 

Introduction—Bureau of the Fiscal Service Operations ...................................................................................................... 27 

TREASURY FINANCING ................................................................................................................................................. 27 

PDO-1—Offerings of Regular Weekly Treasury Bills ........................................................................................................ 46 

PDO-2—Offerings of Marketable Securities Other than Regular Weekly Treasury Bills .................................................. 48 

OWNERSHIP OF FEDERAL SECURITIES 

Introduction—Ownership of Federal Securities .................................................................................................................. 51 

OFS-1—Distribution of Federal Securities by Class of Investors and Type of Issues ........................................................ 52 

OFS-2—Estimated Ownership of U.S. Treasury Securities ................................................................................................ 53

U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION

Introduction—U.S. Currency and Coin Outstanding and in Circulation ............................................................................. 54 

USCC-1—Amounts Outstanding and in Circulation; Currency, Coins ............................................................................... 54 

USCC-2—Amounts Outstanding and in Circulation; by Denomination, Per Capita Comparative Totals .......................... 55

INTERNATIONAL STATISTICS 

FOREIGN CURRENCY POSITIONS 

Introduction—Foreign Currency Positions .......................................................................................................................... 57 
March 2021 

IV

Table of Contents 

SECTION I—Canadian Dollar Positions 

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

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

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

SECTION II—Japanese Yen Positions 

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

FCP-II-2—Monthly Report of Major Market Participants .................................................................................................. 61 

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

SECTION III—Swiss Franc Positions 

FCP-III-1—Weekly Report of Major Market Participants .................................................................................................. 62 

FCP-III-2—Monthly Report of Major Market Participants ................................................................................................. 63 

FCP-III-3—Quarterly Report of Large Market Participants ................................................................................................ 63 

SECTION IV—Sterling Positions 

FCP-IV-1—Weekly Report of Major Market Participants .................................................................................................. 64 

FCP-IV-2—Monthly Report of Major Market Participants ................................................................................................. 65 

FCP-IV-3—Quarterly Report of Large Market Participants ................................................................................................ 65 

SECTION V—U.S. Dollar Positions 

FCP-V-1—Weekly Report of Major Market Participants ................................................................................................... 66 

FCP-V-2—Monthly Report of Major Market Participants .................................................................................................. 67 

FCP-V-3—Quarterly Report of Large Market Participants ................................................................................................. 67 

SECTION VI—Euro Positions 

FCP-VI-1—Weekly Report of Major Market Participants .................................................................................................. 68 

FCP-VI-2—Monthly Report of Major Market Participants ................................................................................................. 69 

FCP-VI-3—Quarterly Report of Large Market Participants ................................................................................................ 69 

EXCHANGE STABILIZATION FUND 

Introduction—Exchange Stabilization Fund ........................................................................................................................ 70 

ESF-1—Balance Sheet ........................................................................................................................................................ 71 

ESF-2—Income and Expense .............................................................................................................................................. 72

SPECIAL REPORTS 

FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 

Introduction—Financial Report Excerpt .............................................................................................................................. 74 

Financial Report Excerpt ..................................................................................................................................................... 75 

TRUST FUNDS 

Introduction—Airport and Airway Trust Fund .................................................................................................................... 95 

TF-1—Airport and Airway Trust Fund ............................................................................................................................... 96 

Introduction—Uranium Enrichment Decontamination and Decommissioning Fund .......................................................... 97 

TF-2—Uranium Enrichment Decontamination and Decommissioning Fund...................................................................... 98 

Introduction—Black Lung Disability Trust Fund ................................................................................................................ 99 

TF-3—Black Lung Disability Trust Fund ......................................................................................................................... 100 

Introduction—Harbor Maintenance Trust Fund ................................................................................................................ 101 

TF-4—Harbor Maintenance Trust Fund ............................................................................................................................ 102 

Introduction—Hazardous Substance Superfund ................................................................................................................ 103 

TF-5—Hazardous Substance Superfund ............................................................................................................................ 104 
March 2021 

V

Table of Contents 

Introduction—Highway Trust Fund .................................................................................................................................. 106 

TF-6—Highway Trust Fund .............................................................................................................................................. 107 

TF-6A—Highway Trust Fund; Highway Account, Mass Transit Account ....................................................................... 109 

Introduction—Inland Waterways Trust Fund .................................................................................................................... 110 

TF-7—Inland Waterways Trust Fund ................................................................................................................................ 110 

Introduction—Leaking Underground Storage Tank Trust Fund ........................................................................................ 111 

TF-8—Leaking Underground Storage Tank Trust Fund ................................................................................................... 112 

Introduction—Nuclear Waste Fund ................................................................................................................................... 113 

TF-9—Nuclear Waste Fund ............................................................................................................................................... 113 

TF-A—Chart: Major Trust Funds, Interest on Investments ............................................................................................... 114 

TF-B—Chart: Major Trust Funds, Receipts and Expenses................................................................................................ 114 

Introduction—Reforestation Trust Fund ............................................................................................................................ 115 

TF-10—Reforestation Trust Fund ..................................................................................................................................... 115 

Introduction— Sport Fish Restoration and Boating Safety Trust Fund ............................................................................. 116 

TF-11—Sport Fish Restoration and Boating Safety Trust Fund ........................................................................................ 117 

Introduction—Oil Spill Liability Trust Fund ..................................................................................................................... 118 

TF-12—Oil Spill Liability Trust Fund .............................................................................................................................. 119 

Introduction—Vaccine Injury Compensation Trust Fund ................................................................................................. 120 

TF-13—Vaccine Injury Compensation Trust Fund ........................................................................................................... 120 

Introduction—Wool Research, Development, and Promotion Trust Fund ........................................................................ 121 

TF-14—Wool Research, Development, and Promotion Trust Fund ................................................................................. 122 

Introduction— Agriculture Disaster Relief Trust Fund ..................................................................................................... 123 

TF-15—Agricultural Disaster Relief Trust Fund ............................................................................................................... 123 

Introduction—Patient Centered Outcomes Research Trust Fund ...................................................................................... 125 

TF-16—Patient Centered Outcomes Research Trust Fund ................................................................................................ 126 

Introduction— United States Victims of State Sponsored Terrorism Fund ....................................................................... 127 

TF-17—United States Victims of State Sponsored Terrorism Fund ................................................................................. 128 

GLOSSARY ...................................................................................................................................................................... 129

NOTES: Definitions for words shown in italics can be found in the glossary; Detail may not add to totals due to rounding;

n.a. = Not available. 
VI 

March 2021

Nonquarterly Tables and Reports 

For the convenience of the “Treasury Bulletin” user, nonquarterly tables and reports 

are listed below along with the issues in which they appear. 

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
Profile of the Economy 

February 11, 2021 

Introduction 

The U.S. economy continues to recover from the disruptions created by the imposition of various 

measures taken to limit the spread of the COVID-19 virus, although performance across sectors 

is mixed. In the final quarter of 2020, the U.S. economy expanded further, with growth in real 

GDP of 4.0 percent, according to the advance estimate released on February 4, 2021. Despite 

two consecutive quarters of growth (Q3 and Q4), real GDP still declined 2.5 percent over the 

four quarters of 2020, given the severity of the contraction in the first half of the year. Towards 

the end of 2020, the economy’s recovery slackened. Payroll job creation slowed noticeably from 

September through November, before declining outright in December, largely due to losses in 

leisure and hospitality service industries—such as restaurants and bars, hotels, performing arts 

venues, and other establishments that are particularly vulnerable to stay-at-home orders and other 

measures implemented to combat the pandemic. Payrolls grew again in January but weakly, 

especially in the private sector. While real personal consumption rose in the fourth quarter, the 

pace of growth was constrained in part by renewed lockdowns and reduced capacity in key 

service industries. Though the second Federal economic aid package passed in December 2020 

should boost growth in the first half of 2021, a full recovery nonetheless depends on effectively 

resolving the pandemic – i.e., the efficacy of public health measures and the rapid vaccination of 

the population – while ensuring that households and businesses can cope with the variety of 

headwinds presented by it.

Economic Growth 

Real GDP grew 4.0 percent at an annual rate in the fourth quarter of 2020, after surging 33.4 

percent in the third quarter. Two major components of GDP – private fixed investment and 

residential investment – grew at double-digit paces, but private consumption also made a healthy 

positive contribution to growth in the fourth quarter. Private domestic final purchases – the sum 

of personal consumption, business fixed investment, and residential investment – increased 5.6 

percent at an annual rate in the fourth quarter, extending the 39.0 percent advance in the third 

quarter. This measure captures the economy’s capacity for a self-sustaining recovery, and also 

attests to an underlying upward momentum in private demand. 

Real personal consumption expenditures (PCE), which accounts for about two-thirds of overall 

GDP, grew 2.5 percent at an annual rate in the fourth quarter. This followed a surge of 41.0 

percent in the third quarter; by the fourth quarter, PCE had recovered 77 percent of what was lost 

in the first half of 2020. Purchases of durable goods – a category that includes motor vehicles, 

household equipment and furnishings, among other items – were unchanged in the fourth 

quarter, after spiking 82.7 percent in the third quarter. Purchases of nondurable goods – such as 

food and beverages purchased for off-premises consumption, gasoline and other energy goods, 

clothing, footwear, and other goods – declined 0.7 percent in the fourth quarter, following a gain 

of 31.1 percent in the third quarter. Meanwhile, household expenditures on services – the 

component of PCE most severely affected by the pandemic and related measures – grew 4.0 

percent in the fourth quarter, after rebounding by 38.0 percent in the third quarter. With two 

consecutive quarters of gains in most categories, consumer spending was 2.6 percent below its 
level at the end of 2019. Overall, real personal consumption expenditures added 1.7 percentage 

points to the rise in total GDP in Q4. 

Business fixed investment (BFI) rose 13.8 percent at an annual rate in the fourth quarter, driven 

by gains in all three major components, and following a jump of 22.9 percent in the third quarter. 

Equipment investment showed the most rapid and broad-based growth in the fourth quarter, 

rising 24.9 percent overall – with gains in each sub-component – after surging 68.2 percent in the 

third quarter. Investment in intellectual property products grew 7.5 percent, roughly comparable 

to the 8.4 percent increase in the third quarter. Meanwhile, investment in structures was up 3.0 

percent in the fourth quarter. This represented a sharp swing from the 17.4 percent drop in the 

third quarter, when appetite for such investment was diminished due to lower oil prices and less 

oil exploration, and due to continued use of telework and a shift in consumption patterns away 

from brick-and-mortar to online retail sites. While the latter two factors were still present in the 

fourth quarter, oil prices have trended up since late October, prompting more investment in oildrilling structures; according to private sources, the average rig count rose 21 percent from the 

third to the fourth quarters. The fourth quarter rebound in investment for mining-related 

structures partially offset annualized declines of 82.1 percent and 67.0 percent in the second and 

third quarters, respectively. Overall, total business fixed investment added 1.7 percentage points 

to real GDP growth in the fourth quarter, after contributing 3.2 percentage points in the third 

quarter. 

Inventory accumulation, albeit a volatile component, returned to a more normal pace in the 

fourth quarter, after a significant buildup in the third quarter. In the fourth quarter, the change in 

private inventories added 1.0 percentage point to economic growth, after contributing 6.6 

percentage points in the third quarter. 

In three of the past four quarters, residential investment has grown at double-digit paces. After 

surging by 63.0 percent in the third quarter – its largest advance since 1983 – residential 

investment increased 33.5 percent in the fourth quarter. This component added 1.3 percentage 

points to growth, after contributing 2.2 percentage points in the third quarter. Prior to the 

pandemic, residential investment had contributed to GDP growth for two quarters, and growth in 

this sector was solid in the first quarter of 2020. The pandemic led to a steep but temporary 

decline in the second quarter. Yet since May 2020, this sector has gained considerable strength, 

supported by record-low interest rates and record highs in builder confidence. Demand for 

homes has far outstripped available supply, which has led to the recent, strong acceleration in 

home price growth, as well as to strong gains in housing wealth among homeowners. High 

house prices should eventually draw in more supply to help redress the current imbalance; until 

then, the rise in prices is making owner-occupied housing somewhat less affordable. 

Single-family housing starts and permits have grown strongly each month since May. As of 

December, single-family housing starts were nearly 30 percent above their February level and 

single-family building permits – a leading indicator for starts – were 23 percent above prepandemic levels. Existing home sales, which account for 90 percent of all home sales, rose to a 

fourteen-year high in October and were up more than 22 percent over the year through 

December. New single-family home sales reached a 13-year high last August; though pulling 

back since, new home sales were still 15.2 percent higher over the year through December. 
In November, the National Association of Home Builder’s home builder confidence index rose 

to a record high of 90; though declining a combined 7 points over the two subsequent months, 

the home builder confidence index in January was still at an elevated level, conveying a 

significantly positive outlook about market conditions in the housing sector. In early January, 

average rates for 30-year mortgages set a record low that was 21⁄4 percentage points below the 

levels since in November 2018. In the intervening weeks, rates have risen only modestly above 

the record low. 

Government spending declined 1.2 percent at an annual rate in the fourth quarter, reflecting a 0.5 

percent decline in Federal spending and a 1.7 percent decline in state and local government 

expenditures. Total government spending pared 0.2 percentage points from GDP growth in the 

fourth quarter, mostly due to the state and local government component. State and local 

government consumption has fallen for three consecutive quarters, partially owing to the 

reduction in employees as these governments struggled to meet balanced-budget requirements. 

The pandemic increased health care costs for these governments but social distancing restrictions 

lowered revenue, creating budget shortfalls. 

The net export deficit increased $102.1 billion at an annual rate during the fourth quarter to $1.12 

trillion, as recovering domestic demand fueled another surge in imports. Exports grew strongly, 

if less so than imports. Total exports of goods and services grew by 22.0 percent, while imports 

advanced 29.5 percent. The widening of the trade deficit subtracted 1.5 percentage points from 

fourth quarter GDP growth, though this was less than one-half the 3.2 percentage points of drag 

posed by net exports in the third quarter. 

Growth of Real GDP  

(Quarterly percent change at annual rate)
Labor Markets and Wages 

Due to the pandemic, the economy lost almost 22.2 million jobs last year over March and April, 

including 21.4 million jobs in the private sector. However, payroll job growth resumed in May 

2020, and labor markets reclaimed 12.5 million jobs between then and January 2021, or almost 

56 percent of the total lost. Nonetheless, the number of unemployed persons stood at 10.1 

million as of January 2021, and weekly initial unemployment claims continue to run about four 

times the average levels seen prior to the pandemic’s onset. Moreover, the labor market’s 

recovery has slowed in recent months, with an outright loss of jobs in December and a weak pace 

of job creation in January, particularly in the private sector. 

The unemployment rate rose from a 50-year low of 3.5 percent in February 2020 to a post-World 

War II high of 14.8 percent in April 2020. Yet by January 2021, the unemployment rate had 

fallen 8.5 percentage points to 6.3 percent. The broadest measure of labor market slack, the U-6 

unemployment rate, has also declined noticeably over the past several months yet remains above 

pre-pandemic levels. By January, the U-6 had been cut to 11.1 percent, slightly less than half its 

level in April 2020. But it remains 4.3 percentage points above the pre-pandemic low of 6.8 

percent observed in December 2019. Moreover, long-term unemployment continues to rise: the 

share of the labor force who were unemployed 27 weeks or more reached 2.5 percent in January, 

or roughly four times the 0.6 percent rate seen in April 2020. 

 

The headline labor force participation rate (LFPR) – as well as prime-age (ages 25-54) LFPR – 

reached multi-year highs earlier in 2020, before declining to multi-year lows in April. These 

measures have trended higher since then. As of January, the headline LFPR stood at 61.4 

percent, or 1.2 percentage points above April’s 4 1⁄2 decade low, and the prime-age LFPR was 

81.1 percent, or 1.3 percentage points above April’s multi-decade low. 

Nominal average hourly earnings for production and nonsupervisory workers rose 5.4 percent 

over the year ending in January 2021, faster than the 3.3 percent pace over the 12 months 

through January 2020. January marked the 30th month that this measure of wage growth has 

remained above 3 percent, a consistency not seen since the mid-2000s. Job losses among lowerwage workers tended to push average wages much higher for a time, but even with the rehiring 

of many of these workers, wage gains remain elevated, possibly pointing to the continued 

shortage of skilled workers. Relatively low inflation has also boosted purchasing power: real 

average hourly earnings rose 3.8 percent over the year through January 2021, accelerating 

sharply from the year-earlier pace of 0.7 percent. In contrast, growth in wages and salaries for 

private industry workers, as measured by the Employment Cost Index, has tapered a bit. This 

measure advanced 2.8 percent over the four quarters ending in December 2020, slowing from the 

3.0 percent gain over the four quarters through December 2019.  
                        Payroll Employment       Unemployment Rate

     (Monthly average for year shown and monthly amounts)     (Percent)

Nonfarm Productivity of Labor 

For the thirteen quarters through 2019 Q4, four-quarter nonfarm labor productivity growth rates 

remained above 1 percent, a consistency not seen since 2004. However, with the sudden 

collapse of output in March 2020 productivity growth declined 0.3 percent at an annual rate in 

Q1. Over the four quarters through 2020 Q1, growth slowed to 0.9 percent - the first year-overyear reading below 1 percent since 2016 Q3. Productivity growth rates have since reflected the 

unusually sharp fluctuations in output and hours worked seen in the remaining quarters of 2020. 

Productivity growth surged by 10.6 percent at an annual rate in the second quarter and by 5.1 

percent in the third quarter. Taken together, these were the largest quarterly increases in 

productivity since the fourth quarter of 2009. 

In the fourth quarter of 2020, productivity growth declined 4.8 percent at an annual, as a 10.7 

percent jump in worker hours more than offset a 5.3 percent advance in output. Nonetheless, the 

jump in worker hours partly reflected rising employment in the economy. Over the four quarters 

through 2020 Q4, productivity growth accelerated to 2.5 percent from a 1.9 percent pace over the 

four quarters through 2019 Q4. 

Nominal hourly compensation costs in the nonfarm business sector rose 1.7 percent at an annual 

rate in the fourth quarter, after declining 2.2 percent in the third quarter. Over the most recent 

four quarters, hourly compensation costs rose 7.8 percent, more than double the 3.3 percent, 

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

6.8 percent at an annual rate in the fourth quarter, following a 7.0 percent decline in the third 

quarter. These costs were up 5.2 percent over the most recent four quarters, accelerating from 

the 1.4 percent pace over the four quarters ending in 2019’s fourth quarter. 

Industrial Production, Manufacturing, and Services 

Due to the pandemic, measures of industrial production, manufacturing, and services output 

began declining last year in March and fell further last April. A quick recovery began in May 

2020 as social distancing measures and stay-at-home orders were relaxed. In December, 
industrial output at factories, mines, and utilities was up 1.6 percent. However, over the 12 

months ending in December, output was down 3.6 percent, and was still 3.3 percent lower than 

pre-pandemic levels. 

Manufacturing production, which accounts for about 75 percent of all industrial output, increased 

0.9 percent in December but was still down 2.8 percent over the past year, as well as 2.6 percent 

lower since February 2020. After huge monthly gains over the summer as factories reopened, 

production of motor vehicles and parts trended down on a monthly basis, and fell 1.6 percent in 

December, but was still 3.6 percent higher over the year (although 1.9 percent lower since 

February). Meanwhile, manufacturing output at select high-technology factories increased 0.8 

percent in December and was also 5.1 percent higher since the pandemic. Excluding motor 

vehicles and parts and high-technology industries, manufacturing output rose 1.1 percent in 

December, but this measure was 3.5 percent lower over the past year (and down 2.9 percent 

since February 2020). 

Output at mines, which includes crude oil and natural gas extraction and accounts for 15 percent 

of industrial output, rose 1.6 percent in December. Mining output was down 12.3 percent over 

the year through December, due in part to low energy prices. 

Utilities output, the remaining 10 percent of total industrial output, grew 6.2 percent in 

December. Weather is usually a factor contributing to swings in this sector; unseasonable 

weather across months often causes sharp swings in output from one period to the next. Over the 

12 months through December, utilities production advanced 2.7 percent. 

 After dropping sharply last year in March and April, other measures of manufacturing and 

services production in the economy have recovered and are signaling expansion. Since August 

2019, the Institute of Supply Management’s (ISM) manufacturing index had been below, or 

marginally above, the 50-point growth threshold, but it rose above that threshold in January 2020 

and remained there in February 2020. Starting in March 2020, due to the pandemic, the ISM 

index began to signal the first multi-month contraction for the manufacturing sector since early 

2016, and by April 2020, had dropped to an eleven-year low. As of December, however, the 

manufacturing index stood at 58.7, indicating expansion in this sector for the eighth consecutive 

month. In the service sector, the ISM’s non-manufacturing index had remained consistently 

above the growth threshold since February 2010, but it dropped below that threshold in April 

2020, falling to its lowest level since March 2009. By December, however, the nonmanufacturing index had risen to 58.7, moving well above pre-pandemic levels to signal 

expansion for the eighth consecutive month.

Prices 

Last year, the onset of the pandemic triggered deflationary pressures as domestic demand 

declined, but these pressures dissipated quickly, at the headline as well as the core levels. 

During the past several months, inflation readings have remained subdued, despite the recent, 

moderate climb in oil prices, and gaps relative to year-ago rates remain sizeable. The Consumer 

Price Index (CPI) for all items was up 0.3 percent in January, still reflecting lower prices in 

pandemic-affected sectors. Over the 12 months through October, CPI inflation rose by 1.4 

percent, or 1.1 percentage points below the year-earlier pace. Energy prices have trended higher 
in recent months, but over the year through January, were still 3.6 percent lower, following a 6.2 

percent advance over the year through January 2020. Food price inflation accelerated sharply in 

early 2020 and although it has tapered noticeably since then, twelve-month rates remain quite 

elevated relative to paces seen during 2019 and early 2020. The CPI for food was up 3.8 percent 

over the year through January 2021, still reflecting increased demand for food at home due to the 

pandemic, a full two percentage points above the pace seen over the preceding twelve months. 

Meanwhile, core CPI inflation was flat in January. Over the past 12 months, core inflation was 

1.4 percent, quite a bit slower than the 2.3 percent pace over the year through January 2020. 

The headline Personal Consumption Expenditures (PCE) Price Index (the preferred measure for 

the FOMC’s 2 percent inflation target) also shows a restrained pace of inflation; in contrast to 

CPI inflation, however, current rates remain nearer to year-ago levels. The 12-month headline 

PCE inflation rate was 1.3 percent through December 2020, just 0.3 percentage points lower than 

its year-earlier rate. Core PCE inflation was 1.5 percent over the year through December 2020, 

close to the 1.6 percent, year-earlier rate. Inflation as measured by the PCE price index has held 

below the FOMC’s target since November 2018, and these consistently low PCE inflation 

readings prompted the FOMC to adopt a more explicit inflation target strategy last year, in which 

the 2 percent target would be an average over time. 

Measures of house price growth have accelerated in the past several months, reflecting higher 

demand and lower supply. FHFA price growth surged to an 11.0 percent pace over the twelve 

months through November 2020 from a 5.3 percent gain over the previous year. On a 12-month 

basis, the Standard and Poor’s (S&P)/Case-Shiller composite 20-city home price index advanced 

9.1 percent over the year through November 2020, more than triple the 2.5 percent advance over 

the 12 months through November 2019.

Consumer Prices

(Percent change from a year earlier)
Consumer and Business Sentiment 

After improving strongly through most of the first quarter in 2020, measures of consumer and 

business sentiment pulled back in March 2020 as social distancing and business closures took 

effect. After rising to 101.0 in February, just shy of the 14-year high reached in 2018, the 

Reuters/Michigan consumer sentiment index subsequently fell by more than 29 points. This 

index has since trended higher, standing at 79.0 in January 2021, but it remains 22 points below 

its February level. From February 2020, the Conference Board’s consumer confidence index 

plunged by 46.9 points to 85.7 in April 2020, reaching its lowest level since mid-2014. This 

index trended higher through October 2020, but since then, it has drifted lower, and is now 

more than 43 points below the level in February 2020. On the business side, the National 

Federation of Independent Business’s (NFIB) small business optimism index was, as of February 

2020, only 4.3 points below its all-time high reached in August 2018. But this index fell nearly 

14 points over March and April of last year to its lowest level since March 2013. Small business 

optimism then recovered noticeably, with the index rising to 104.0 last September and October 

(only 0.5 points below its level in February 2020), but has since trended lower, and stood at 95.0 

as of January 2021. 

Federal Budget Deficit and Debt 

Even before the pandemic, the Federal Government’s deficit and debt were trending higher. At 

the end of FY 2020, the Federal Government posted a deficit of $3.13 trillion (15.0 percent of 

GDP), up $2.15 trillion from the $984 billion deficit (4.6 percent of GDP) posted in FY 2019. 

The primary deficit (which excludes net interest payments) was 13.3 percent of GDP in FY 

2020, up from 2.9 percent in FY 2019. Federal receipts totaled $3.42 trillion in FY 2020, down 

$44 billion (1.3 percent) from FY 2019. Net outlays for FY 2020 were $6.55 trillion, up $2.1 

trillion (47.3 percent) from FY 2019. As of January 2021, the federal deficit was $162.8 billion, 

bringing the 12-month total deficit to $3.5 trillion. 

The Treasury’s borrowing limit is suspended until July 31, 2021. At the end of FY 2020, gross 

federal debt was $26,945.4 billion. Federal debt held by the public, or federal debt less the debt 

held in government accounts, rose from $16.80 trillion at the end of FY 2019 (79.2 percent of 

GDP) to $21.0 trillion by the end of FY 2020, or 100.3 percent of GDP. As of January 2021, 

gross federal debt was $27,784.6 billion, while federal debt held by the public totaled 

$21,643.9 billion. 

Economic Policy 

The U.S. government has responded to the effects of the COVID-19 pandemic with a range of 

significantly expansionary fiscal and monetary policies, including an unprecedented level of 

fiscal assistance and a reduction in the key policy interest rate to near-zero. 

On the fiscal side, Congress authorized a record-setting economic aid package of roughly $2.7 

trillion in March 2020, and a second, smaller package was passed in December 2020. The aid 

included two rounds of direct Economic Impact Payments to low- and middle-income Americans, 

a temporary weekly federal addition to normal state unemployment compensation, and broadened 

eligibility for unemployment benefits to the self-employed and gig workers. Tax payments were 

postponed in 2020, loan payments were delayed for borrowers of federally backed student loans, 
and a moratorium on evictions was instated. These various policies boosted disposable incomes 

and have helped American households to weather the pandemic. 

In addition, Treasury and the Small Business Administration (SBA) launched the Paycheck 

Protection Program (PPP) less than a week after its authorization at the end of March 2020. The 

federal government worked directly with private lenders and used their infrastructure to hasten 

how quickly businesses could receive funds. In less than two weeks, the PPP had exhausted its 

initial funding: it had processed nearly 1.7 million loans worth $342 billion. After a second 

appropriation, the PPP has provided nearly 5 million loans to date, worth over $520 billion. 

The Biden administration has proposed an additional $1.9 trillion in economic aid. Primarily, the 

American Recovery Plan would provide direct aid to low- to middle-income families and to the 

economically vulnerable. It also would assist state and local governments, provide additional 

funding for addressing COVID-19 infections and vaccinating the population, and create new loans 

and grants for small businesses. 

On the monetary policy side, the Federal Reserve’s Federal Open Market Committee (FOMC) 

resumed monetary easing in early March 2020. The previous cycle of easing had begun in July 

2019 but was paused very early in 2020, owing to buoyant economic conditions at that time. 

At the January 2020 meeting, the Federal funds rate target was unchanged at a range of 11⁄2 to 2 

percent, and in the accompanying statement, the Committee observed that at the time, “the 

current stance of monetary policy is appropriate to support sustained expansion of economic 

activity, strong labor market conditions, and inflation near the [Fed’s 2 percent target].” 

 

However, the pandemic led to an inter-meeting move. On March 3, 2020 the FOMC announced 

a 50-basis point cut in the target range to 1 to 11⁄4 percent, and on March 15, 2020 at another 

unscheduled meeting, the FOMC cut the target range by 100 basis points to 0 to 1⁄4 percent. (The 

scheduled, March 17-18, 2020 FOMC meeting was cancelled.) 

 At its scheduled meetings from April 2020 through January 2021, the FOMC left the target 

range for the federal funds rate unchanged. In each of the accompanying statements for those 

meetings, the Committee noted that it expects to maintain this FFR target range “until it is 

confident that the economy has weathered recent events and is on track to achieve its maximum 

employment and price stability goals.” 

The Federal Reserve has also implemented large-scale purchases of Treasury securities and 

agency mortgage-backed securities. Importantly, the Federal Reserve assuaged market worries 

by using its Section 13(3) authority to establish numerous emergency lending facilities and 

leveraged capital provided by Treasury. The existence of these facilities may have unlocked 

financial markets and mitigated the risk of the public health crisis from becoming a financial 

crisis, but they were only authorized on an emergency basis through December 31, 2020. 

Treasury extended capital for some of these lending facilities through March 31, 2021. 
8 

March 2021 

INTRODUCTION: Federal Fiscal Operations 

Budget authority usually takes the form of 

appropriations that allow obligations to be incurred and 

payments to be made. Reappropriations are Congressional 

actions that extend the availability of unobligated amounts 

that have expired or would otherwise expire. These are 

counted as new budget authority in the fiscal year of the 

legislation in which the reappropriation act is included, 

regardless of when the amounts were originally appropriated 

or when they would otherwise lapse. 

Obligations generally are liquidated by the issuance of 

checks or the disbursement of cash—outlays. Obligations 

may also be liquidated (and outlays recorded) by the accrual 

of interest on public issues of Treasury debt securities 

(including an increase in redemption value of bonds 

outstanding); or by the issuance of bonds, debentures, notes, 

monetary credits, or electronic payments. 

Refunds of collections generally are treated as 

reductions of collections, whereas payments for earnedincome tax credits in excess of tax liabilities are treated as 

outlays. Outlays during a fiscal year may be for payment of 

obligations incurred in prior years or in the same year. 

Outlays, therefore, flow in part from unexpended balances 

of prior year budget authority and from budget authority 

provided for the year in which the money is spent. Total 

outlays include both budget and off-budget outlays and are 

stated net of offsetting collections. 

Receipts are reported in the tables as either budget 

receipts or offsetting collections. They are collections from 

the public, excluding receipts offset against outlays. These, 

also called governmental receipts, consist mainly of tax 

receipts (including social insurance taxes), receipts from 

court fines, certain licenses, and deposits of earnings by the 

Federal Reserve system. Refunds of receipts are treated as 

deductions from gross receipts. Total Government receipts 

are compared with total outlays in calculating the budget 

surplus or deficit. 

Offsetting collections from other Government accounts 

or the public are of a business-type or market-oriented 

nature. They are classified as either collections credited to 

appropriations or fund accounts, or offsetting receipts (i.e., 

amounts deposited in receipt accounts). The former 

normally can be used without an appropriation act by 

Congress. These occur in two instances: (1) when 

authorized by law, amounts collected for materials or 

services are treated as reimbursements to appropriations. 

For accounting purposes, earned reimbursements are also 

known as revenues. These offsetting collections are netted 

against gross outlays in determining net outlays from such 

appropriations; and (2) in the three types of revolving funds 

(public enterprise, intragovernmental, and trust); offsetting 

collections are netted against spending, and outlays are 

reported as the net amount. 

Offsetting receipts in receipt accounts cannot be used 

without appropriation. They are subdivided into three 

categories: (1) proprietary receipts, or collections from the 

public, offset against outlays by agency and by function; (2) 

intragovernmental transactions, or payments into receipt 

accounts from governmental appropriation or fund accounts. 

They finance operations within and between Government 

agencies and are credited with collections from other 

Government accounts; and (3) offsetting governmental 

receipts that include foreign cash contributions. 

Intrabudgetary transactions are subdivided into three 

categories: (1) interfund transactions—payments are from 

one fund group (either Federal funds or trust funds) to a 

receipt account in the other fund group; (2) Federal 

intrafund transactions—payments and receipts both occur 

within the Federal fund group; and (3) trust intrafund 

transactions—payments and receipts both occur within the 

trust fund group. 

Offsetting receipts are generally deducted from budget 

authority and outlays by function, subfunction, or agency. 

There are four types of receipts, however, that are deducted 

from budget totals as undistributed offsetting receipts. They 

are: (1) agencies’ payments (including payments by offbudget Federal entities) as employers into employees’ 

retirement funds; (2) interest received by trust funds; (3) 

rents and royalties on the Outer Continental Shelf lands; and 

(4) other interest (i.e., that collected on Outer Continental 

Shelf money in deposit funds when such money is 

transferred into the budget). 

The Government has used the unified budget concept set 

forth in the “Report of the President’s Commission on 

Budget Concepts” as a foundation for its budgetary analysis 

and presentation since 1969. The concept calls for the 

budget to include all of the Government’s fiscal transactions 

with the public. Since 1971, however, various laws have 

been enacted removing several Federal entities from (or 

creating them outside of) the budget. Other laws have 

moved certain off-budget Federal entities onto the budget. 

Under current law, the off-budget Federal entities consist of 

the two Social Security trust funds, Federal Old-Age and 

Survivors Insurance and the Federal Disability Insurance 

Trust Fund, and the Postal Service. 

Although an off-budget Federal entity’s receipts, 

outlays, and surplus or deficit ordinarily are not subject to 

targets set by the Congressional resolution, the Balanced 

Budget and Emergency Deficit Control Act of 1985 

[commonly known as the Gramm-Rudman-Hollings Act as 

amended by the Budget Enforcement Act of 1990 (2 United 

States Code 900-922)] included off-budget surplus or deficit 

in calculating deficit targets under that act and in calculating 

excess deficit. Partly for this reason, attention has focused 
FEDERAL FISCAL OPERATIONS 

March 2021 

9 

on both on- and off-budget receipts, outlays and deficit of 

the Government. 

Tables FFO-1, FFO-2, and FFO-3 are published 

quarterly and cover 5 years of data, estimates for 2 years, 

detail for 13 months, and fiscal year-to-date data. They 

provide a summary of data relating to Federal fiscal 

operations reported by Federal entities and disbursing 

officers, and daily reports from the FRBs. They also detail 

accounting transactions affecting receipts and outlays of the 

Government and off-budget Federal entities and their related 

effect on assets and liabilities of the Government. Data are 

derived from the “Monthly Treasury Statement of Receipts 

and Outlays of the United States Government.” 

 Table FFO-1 summarizes the amount of total 

receipts, outlays, and surplus or deficit, as well as 

transactions in Federal securities, monetary assets, and 

balances in Treasury operating cash. 

 Table FFO-2 includes on- and off-budget receipts 

by source. Amounts represent income taxes, social 

insurance taxes, net contributions for other insurance and 

retirement, excise taxes, estate and gift taxes, customs 

duties, and net miscellaneous receipts. 

 Table FFO-3 details on- and off-budget outlays by 

agency. 

 Table FFO-4 summarizes on- and off-budget 

receipts by source and outlays by function as reported to 

each major fund group classification for the current fiscal 

year to date and prior fiscal year to date. 

 Table FFO-5 summarizes internal revenue receipts 

by states and by type of tax. Amounts reported are 

collections made in a fiscal year. They span several tax 

liability years because they consist of prepayments 

(estimated tax payments and taxes withheld by employers 

for individual income and Social Security taxes), payments 

made with tax returns and subsequent payments made after 

tax returns are due or are filed (that is, payments with 

delinquent returns or on delinquent accounts). 

Amounts are reported based on the primary filing 

address provided by each taxpayer or reporting entity. For 

multistate corporations, the address may reflect only the 

district where such a corporation reported its taxes from a 

principal office rather than other districts where income was 

earned or where individual income and Social Security taxes 

were withheld. In addition, an individual may reside in one 

district and work in another. 

 Table FFO-6 includes customs collection of duties, 

taxes, and fees by districts and ports.

Budget Results and Financing of the U.S. Government 

and First-Quarter Receipts by Source 

[Source: Office of Tax Analysis, Office of Tax Policy] 

The following capsule analysis of budget receipts, by 

source, for the first quarter of Fiscal Year 2021 

supplements fiscal data reported in the December issue 

of the “Treasury Bulletin.” At the time of that issue’s 

release, not enough data were available to analyze 

adequately collections for the quarter.

Individual income taxes—Individual income tax 

receipts, net of refunds, were $347.0 billion for the first 

quarter of Fiscal Year 2021. This is a decrease of $37.9 

billion over the comparable prior year quarter. Withheld 

receipts decreased by $46.6 billion and non-withheld 

receipts increased by $12.7 billion during this period. 

Refunds increased by $3.9 billion over the comparable 

Fiscal Year 2020 quarter. There was a decrease of $4.1 

billion in accounting adjustments between individual income 

tax receipts and the Social Security and Medicare trust funds 

over the comparable quarter in Fiscal Year 2020. 

Corporate income taxes—Net corporate income tax 

receipts were $68.9 billion for the first quarter of Fiscal Year 

2021. This is an increase of $3.5 billion compared to the 

prior year first quarter. The $3.5 billion change is comprised 

of an increase of $10.1 billion in estimated and final 

payments, and an increase of $6.6 billion in corporate 

refunds. 

Employment taxes and contributions—Employment 

taxes and contributions receipts for the first quarter of Fiscal 

Year 2021 were $306.1 billion, an increase of $23.4 billion 

over the comparable prior year quarter. Receipts to the 

Federal Old-Age and Survivors Insurance, Federal Disability 

Insurance, and Federal Hospital Insurance trust funds 

changed by $17.3 billion, $2.9 billion, and $7.3 billion 

respectively. There was a $6.1 billion accounting 

adjustment for prior years employment tax liabilities made 

in the first quarter of Fiscal Year 2021. There was a $2.0 

billion adjustment in the first quarter of Fiscal Year 2020. 

Unemployment insurance—Unemployment insurance 

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

2021 were $9.4 billion, an increase of $3.8 billion over the 

comparable quarter of Fiscal Year 2020. Net State taxes 

deposited in the U.S. Treasury increased by $3.9 billion to 

$8.8 billion. Net Federal Unemployment Tax Act taxes 

decreased by $0.1 billion to $0.6 billion. 

Contributions for other insurance and retirement—

Contributions for other retirement were $1.5 billion for the 

first quarter of Fiscal Year 2021. This was an increase of 

$0.1 billion from the comparable quarter of Fiscal Year 

2020. 
10 

March 2021 

Excise taxes—Net excise tax receipts for the first 

quarter of Fiscal Year 2021 were $15.7 billion, a decrease of 

$4.9 billion over the comparable prior year quarter. Total 

excise tax refunds for the quarter were $0.7 billion, not a 

significant change over the comparable prior year quarter. 

Estate and gift taxes—Net estate and gift tax receipts 

were $6.2 billion for the first quarter of Fiscal Year 2021. 

These receipts represent an increase of $1.6 billion over the 

same quarter in Fiscal Year 2020. 

Customs duties—Customs duties net of refunds were 

$18.2 billion for the first quarter of Fiscal Year 2021. This 

is a decrease of $3.0 billion over the comparable prior year 

quarter. 

Miscellaneous receipts—Net miscellaneous receipts 

for the first quarter of Fiscal Year 2021 were $30.5 billion, 

an increase of $10.3 billion over the comparable prior year 

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

Federal Reserve banks increasing by $8.1 billion.

Total On- and Off-Budget Results and Financing of the U.S. Government 

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

 First quarter 2021 

October – December 

 Fiscal year 2021 

 year to date 

Total on- and off-budget results: 

Total receipts ............................................................... 803,370 803,370

On-budget receipts .................................................. 576,988 576,988

Off-budget receipts .................................................. 226,382 226,382

Total outlays ................................................................. 1,376,270 1,376,270

On-budget outlays.................................................... 1,126,215 1,126,215

Off-budget outlays.................................................... 250,054 250,054

Total surplus or deficit (-) ............................................. -572,899 -572,899

On-budget surplus or deficit (-) ................................ -549,227 -549,227

Off-budget surplus or deficit (-) ................................ -23,672 -23,672

Means of financing: 

Borrowing from the public ............................................ 613,930 613,930

Reduction of operating cash ........................................ 53,110 53,110

Other means ................................................................ -94,141 -94,141

Total on- and off-budget financing ........................... 572,899 572,899

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

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

Source October November December 

Individual income taxes ...................................................... 108.7 93.8 144.5 

Corporate income taxes ..................................................... 9.2 -3.2 62.9 

Employment and general retirement .................................. 93.5 101.4 111.2 

Unemployment insurance .................................................. 1.9 3.8 3.7 

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

Excise taxes ....................................................................... 4.7 5.6 5.3 

Estate and gift taxes .......................................................... 2.1 1.8 2.2 

Customs duties .................................................................. 6.2 6.0 6.0 

Miscellaneous receipts ....................................................... 10.9 9.8 9.8

Total budget receipts ..................................................... 237.7 219.6 346.1

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

March 2021 

11

 
12 

March 2021 

TABLE FFO-1—Summary of Fiscal Operations 

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

 Total on-budget and off-budget results 

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)

 

2016 ...............................3,266,689 2,456,509 810,180 3,854,101 3,077,747 776,354 -587,413 -621,238 33,826 1,419,286 

2017 ...............................3,314,893 2,464,275 850,617 3,980,720 3,179,518 801,202 -665,826 -715,242 49,416 666,472 

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 ...............................3,462,195 254,893 914,302 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 – Est1 .....................3,631,874 2,685,416 946,458 4,676,957 3,714,389 962,568 -1,045,083 -1,028,973 -16,110 1,221,986 

2022 – Est1 .....................3,833,374 2,831,699 1,001,675 4,849,037 3,828,794 1,020,243 -1,015,663 -997,095 -18,568 1,232,225 

 2019 – Dec. .................... 335,805 259,671 76,135 349,091 302,065 47,026 -13,286 -42,394 29,108 126,179 

2020 – Jan ..................... 372,288 281,546 90,742 404,883 326,440 78,443 -32,595 -44,894 12,299 22,617 

Feb ..................... 187,951 112,136 75,815 423,229 334,290 88,939 -235,278 -222,155 -13,124 186,216 

Mar ..................... 236,766 153,068 83,698 355,754 266,410 89,344 -118,988 -113,342 -5,646 283,377 

Apr ...................... 241,863 142,052 99,811 979,885 900,847 79,038 -738,022 -758,795 20,773 1,294,085 

May ..................... 173,861 96,428 77,433 572,614 481,642 90,972 -398,754 -385,215 -13,539 773,267 

June .................... 240,829 145,640 95,188 1,104,903 1,049,284 55,619 -864,074 -903,644 39,569 729,695 

July ..................... 563,496 491,021 72,475 626,487 547,234 79,253 -62,992 -56,214 -6,778 50,113 

Aug ..................... 223,221 148,959 74,262 423,233 333,469 89,764 -200,012 -184,510 -15,502 205,178 

Sept .................... 373,169 287,264 85,905 497,780 407,747 90,033 -124,611 -120,483 -4,128 217,501 

Oct ...................... 237,698 168,235 69,463 521,769 439,355 82,413 -284,071 -271,120 -12,950 190,533 

Nov. .................... 219,553 144,274 75,279 364,819 274,627 90,192 -145,266 -130,354 -14,913 310,077 

Dec. .................... 346,119 264,479 81,640 489,682 412,233 77,449 -143,562 -147,753 4,191 302,308 

 

Fiscal year 2021 to date... 803,370 576,988 226,382 1,376,270 1,126,215 250,054 -572,899 -549,227 -23,672 802,918 

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)

 

2016 ...................................... 269 367,731 1,051,824 154,593 -279 -1,268 230 -310,961 -171 587,416 

2017 ...................................... 3 168,172 498,301 -193,988 1,390 -935 1,938 -24,443 259 665,714 

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 -63,946 -62 984,386 

2020 ...................................... -1,304 16,813 4,216,280 1,399,197 1,754 -309 8,253 2,494,110 853 3,131,918 

 2021 – Est1 ............................ -1,245 108,409 1,112,332 - - - - -67,249 - 1,045,083 

2022 – Est1 ............................ -1,144 148,789 1,082,292 - - - - -66,629 - 1,015,663 

 2019 – Dec. ........................... 10 60,421 65,767 61,235 397 -133 607 -114,755 168 13,286 

2020 – Jan ............................ -130 -19,411 41,898 131 -216 66 -26 -9,148 -110 32,595 

Feb ............................ -325 -14,228 200,119 -46,732 -86 -25 -191 82,261 -68 235,278 

Mar ............................ 428 15,841 267,964 158,006 -312 -256 55 -306,286 -183 118,988 

Apr ............................. -75 -92,518 1,386,528 664,778 58 -39 1,005 -

1,314,328 

20 738,022 

May ........................... -704 12,575 759,988 269,095 227 25 2,937 -633,636 118 398,754 

June .......................... 614 14,037 716,272 272,903 135 94 1,294 -126,688 64 864,074 

July ............................ -97 -56,398 106,415 41,058 1,373 234 3,107 -89,992 797 62,992 

Aug ............................ -193 16,233 759,988 -57,108 220 220 -29 -503,405 126 200,012 

Sept ........................... -578 19,645 197,279 75,697 -417 -365 -394 -146,961 -228 124,611 

Oct ............................. -57 111,860 78,616 -182,881 150 250 367 387,477 92 284,071 

Nov. ........................... 115 58,943 251,250 24,188 685 -9 352 -131,614 414 145,266 

Dec. ........................... -3 18,242 284,064 105,583 105,583 112 2,493 -354,508 235 143,562 

 

Fiscal year 2021 to date... 55 189,045 613,930 -53,110 106,418 353 3,212 -98,645 741 572,899 
13 

March 2021 

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

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

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

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) 

 2016 ..................... 1,245,698 551,660 251,286 1,546,076 345,981 46,411 299,572 1,845,646 1,060,162 3,159 1,056,993 

2017 ..................... 1,309,265 539,528 261,678 1,587,120 338,978 41,929 297,048 1,884,168 1,109,837 3,290 1,106,547 

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 – Est1 ........... 1,805,420 - - 1,805,420 253,076 - 253,076 2,058,496 1,233,642 - 1,233,642 

2022 – Est1 ........... 1,911,676 - - 1,911,676 281,867 - 281,867 2,193,543 1,306,762 - 1,306,762 

 2019 – Dec. .......... 139,853 15,839 2,986 152,706 61,054 2,744 58,311 211,017 101,976 - 101,976 

2020 – Jan ........... 123,436 95,208 1,984 216,660 11,619 1,127 10,492 227,152 117,112 - 117,112 

Feb ........... 122,599 11,161 64,134 69,626 4,365 6,406 -2,041 67,585 96,587 - 96,587 

Mar ........... 148,378 15,294 65,356 98,316 12,166 1,776 10,390 108,706 106,670 - 106,670 

Apr ............ 79,598 655 4,996 75,257 6,507 2,566 3,940 79,197 129,590 - 129,590 

May ........... 72,199 11,784 36,224 47,760 2,402 4,197 -1,795 45,965 99,175 - 99,175 

June .......... 73,997 27,849 9,730 92,116 10,674 4,967 5,707 97,823 124,227 - 124,227 

July ........... 101,787 291,774 20,454 373,106 76,198 8,208 67,991 441,097 93,831 - 93,831 

Aug ........... 85,228 12,425 8,168 89,485 8,111 6,024 2,088 91,573 96,236 - 96,236 

Sept .......... 84,138 82,976 5,636 161,478 54,031 4,371 49,660 211,138 112,264 - 112,264 

Oct ............ 87,725 32,666 11,644 108,748 14,914 5,762 9,152 117,900 93,137 - 93,137 

Nov. .......... 91,573 10,239 8,037 93,775 5,147 8,339 -3,192 90,583 101,093 - 101,093 

Dec. .......... 127,808 22,564 5,893 144,481 67,776 4,855 62,920 207,401 114,730 3,872 110,858 

 Fiscal year 

2021 to date...... 307,106 65,469 25,574 347,004 87,837 18,956 68,880 415,884 308,960 3,872 305,088 

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)

 

2016 ............................ 5,316 3 5,312 1,062,305 49,043 191 48,853 3,877 28 3,906 

2017 ............................ 5,349 1 5,349 1,111,896 45,961 154 45,810 4,158 34 4,191 

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 – Est1 .................. 5,591 - 5,591 1,239,233 45,772 - 45,772 5,203 31 5,234 

2022 – Est1 .................. 6,065 - 6,065 1,312,827 46,853 - 46,853 7,579 30 7,609 

 2019 – Dec. ................. 427 4 423 102,399 264 15 248 446 3 449 

2020 – Jan .................. 507 15 492 117,604 3,024 5 3,019 420 2 422 

Feb .................. 635 -17 652 97,239 2,282 3 2,279 398 2 400 

Mar .................. 536 40 495 107,165 316 20 296 402 3 405 

Apr ................... 392 - 392 129,982 9,091 28 9,063 400 2 402 

May ................. 357 3 355 99,529 11,724 3 11,720 504 2 505 

June ................ -211 7 -217 124,009 1,785 5 1,780 468 3 471 

July .................. 529 - 529 94,360 3,762 22 3,740 433 3 436 

Aug .................. 202 - 202 96,438 3,531 7 3,524 412 2 414 

Sept ................. 338 2 336 112,600 2,084 3 2,081 420 2 422 

Oct ................... 318 - 318 93,455 1,899 8 1,891 519 3 522 

Nov. ................. 352 - 352 101,445 3,817 7 3,810 464 2 466 

Dec. ................. 340 9 330 111,189 3,676 11 3,666 475 2 477 

 

Fiscal year 2021 to date 1,010 9 1,000 306,089 9,392 26 9,367 1,458 7 1,465 

See footnotes at end of table 
14 

March 2021 

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)

 2016.................. 95,044 22,337 983 21,354 36,468 1,630 34,836 115,671 39,070 154,744 2,456,508 810,180 

2017.................. 83,821 23,779 1,012 22,770 36,260 1,686 34,573 81,288 46,380 127,666 2,464,275 850,617 

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 – Est1 108,650 19,284 - 19,284 64,336 - 64,336 49,474 42,417 91,891 2,685,416 946,458

2022 – Est1 111,942 19,997 - 19,997 43,324 - 43,324 52,781 45,334 98,115 2,831,699 1,001,675 2019 – Dec......... 7,017 1,761 63 1,698 6,934 485 6,449 5,252 1,277 6,529 259,671 76,135 

2020 – Jan......... 6,308 2,380 19 2,361 7,270 352 6,918 5,803 2,702 8,506 281,546 90,742 

 Feb......... 6,685 1,731 146 1,584 6,694 408 6,286 4,134 1,759 5,892 112,136 75,815 

 Mar......... 6,415 1,198 -19 1,217 5,403 588 4,815 6,068 1,680 7,749 153,068 83,698 

 Apr......... 353 71 58 13 4,712 599 4,114 10,005 8,734 18,739 142,052 99,811 

 May......... 2,701 742 6 736 4,460 627 3,833 7,587 1,285 8,871 96,428 77,433 

 June........ 3,678 636 6 630 5,310 829 4,480 6,545 1,413 7,958 145,640 95,188 

 July......... 6,226 2,903 32 2,871 5,897 885 5,013 8,266 1,486 9,752 491,021 72,475 Aug......... 7,652 1,525 88 1,436 6,532 636 5,896 8,743 7,546 16,289 148,959 74,262 

 Sept........ 26,198 2,205 56 2,149 6,925 875 6,049 9,726 2,806 12,532 287,264 85,905 

 Oct.......... 4,747 4,893 146 2,149 6,851 695 6,156 7,429 3,450 10,879 168,235 69,463 

 Nov......... 5,602 5,827 225 1,839 6,784 819 5,965 7,448 2,395 9,843 144,274 75,279 

 Dec......... 5,333 5,617 284 2,212 6,712 665 6,047 8,177 1,617 9,794 264,479 81,640 Fiscal year 2021 to date..... 15,682 16,337 655 6,200 20,347 2,179 18,168 23,054 7,462 30,516 576,988 226,382 

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

1 These estimates are based on the President's FY 2019 Budget, released by the Office of Management and Budget on 

July 13, 2018.

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)

 

2016.................. 1,115,063 14,379 16 14,363 465 - 465 41,432 63 41,369 45,284 6,440 38,846 

2017.................. 1,161,897 14,952 15 14,936 426 - 426 41,555 431 41,126 32,495 5,162 27,334 

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 – Est1 ........ 1,290,239 17,056 - 17,056 170 - 170 43,121 - 43,121 48,303 - 48,303

2022 – Est1 ........ 1,367,289 18,038 - 18,038 164 - 164 43,575 - 43,575 50,165 - 50,165 

2019 – Dec......... 103,096 1,416 - 1,416 15 - 15 3,836 29 3,807 2,025 247 1,779 

2020 – Jan......... 121,045 1,473 - 1,473 16 - 16 3,893 30 3,863 1,421 465 955 

 Feb......... 99,918 2,861 7 2,854 24 - 24 3,672 31 3,641 320 155 165 

 Mar......... 107,866 1,291 - 1,291 23 - 23 3,248 31 3,217 2,345 462 1,883 

 Apr......... 139,447 662 - 662 22 - 22 3,055 37 3,018 353 3,702 -3,349 

 May......... 111,754 -563 9 -571 8 - 8 719 44 675 3,019 430 2,589 

 June........ 126,260 8 - 8 20 - 20 2,224 44 2,181 1,609 139 1,470 

 July......... 98,536 13 - 13 35 - 35 3,883 43 3,840 4,425 2,088 2,337 Aug......... 100,376 12 2 10 38 - 38 4,742 43 4,699 3,020 116 2,904 

 Sept........ 115,103 -114 2 -116 77 - 77 8,499 64 8,435 19,008 1,206 17,802 

 Oct.......... 95,868 3 - 3 8 - 8 1,001 15 986 3,882 131 3,751 

 Nov......... 105,721 15 - 15 32 - 32 4,086 29 4,057 1,694 196 1,497 

 Dec......... 115,332 13 - 13 28 - 28 3,508 29 3,477 2,070 254 1,816 Fiscal year 

2021 to date .......... 316,921 31 - 31 68 - 68 8,595 73 8,520 7,646 581 7,064 
15 

March 2021 

TABLE FFO-3—On-Budget and Off-Budget Outlays by Agency 

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

Fiscal year 

or month 

Legislative 

branch 

(1)

Judicial 

branch 

(2)

Department of 

Agriculture 

(3)

Department of 

Commerce 

(4)

Department of 

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)

 

2016 ................................. 4,344 7,497 138,161 9,162 565,365 76,981 25,852 1,102,966 45,194 26,393 12,584 29,523 41,371

2017 ................................. 4,499 7,565 127,563 10,303 568,905 111,703 25,794 1,116,763 50,502 55,623 12,141 30,979 40,121

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 – Est1 ....................... 5,545 8,668 132,362 15,523 696,928 82,878 30,810 1,287,078 62,006 48,830 14,894 38,288 38,454

2022 – Est1 ....................... 5,551 8,784 124,038 11,323 726,760 72,501 28,418 1,287,964 56,449 47,642 15,344 37,394 37,290 

2019 – Dec. ...................... 586 677 15,062 1,291 59,042 4,785 2,226 71,871 5,450 4,056 1,467 3,024 5,147

2020 – Jan ....................... 460 689 11,225 1,012 50,354 9,839 2,830 134,418 4,563 3,667 1,255 3,671 4,882

Feb ....................... 385 631 13,472 993 52,622 9,295 2,348 101,977 4,299 3,753 856 364 3,355

Mar ....................... 455 701 11,229 1,200 57,855 6,366 2,876 73,527 4,776 4,452 1,495 3,534 5,649

Apr ........................ 384 668 10,304 1,478 55,280 5,806 2,662 250,008 5,487 4,093 2,120 5,645 49,520

May ....................... 443 776 12,511 1,202 58,453 8,862 2,690 128,708 6,031 4,797 1,162 2,817 93,869

June ...................... 521 685 20,789 1,310 55,003 78,038 2,555 129,788 6,599 -9,864 1,866 3,714 116,684

July ....................... 451 682 17,198 1,108 61,877 5,880 2,613 170,293 5,849 3,969 1,388 2,332 109,718

Aug ....................... 387 603 17,820 1,467 48,602 10,002 2,454 80,725 6,955 4,519 1,000 3,779 54,522

Sept ...................... 486 650 16,950 1,535 63,026 52,676 3,045 125,167 32,017 2,114 1,657 4,813 34,194

Oct ........................ 505 810 31,858 1,282 76,530 7,709 3,109 157,909 13,079 3,876 1,208 2,597 22,852 

Nov. ...................... 468 684 19,240 1,400 51,529 7,076 2,639 75,848 7,684 3,965 906 3,290 26,829 

Dec. ...................... 416 656 20,972 2,495 67,000 6,696 2,226 122,881 6,879 3,817 1,654 3,152 29,951 Fiscal year 

2021 to date ........................ 1,389 2,150 72,070 5,177 195,059 21,481 7,974 356,638 27,642 11,658 3,768 9,039 79,632 

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)

 

2016 ................................. 29,447 78,421 429,964 96,153 174,019 6,389 64,505 8,729 395 -734 16,242 

2017 ................................. 27,061 79,440 456,953 89,445 176,050 6,452 58,695 8,087 412 -664 18,925 

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 – Est1 ....................... 25,295 86,561 618,226 108,678 217,506 5,785 62,851 7,028 409 107,034 26,135 

2022 – Est1 ....................... 24,578 87,517 662,889 101,095 234,214 7,922 64,839 6,879 410 106,973 21,875 

2019 – Dec. ...................... 2,733 6,533 94,225 9,272 17,014 785 5,360 777 33 -17 -706 

2020 – Jan ....................... 2,411 5,443 33,903 6,375 17,982 731 6,191 826 32 -27 2,489 

Feb ....................... 2,213 7,005 34,891 60,060 17,798 663 5,026 707 32 400 1,442 

Mar ....................... 2,760 6,272 40,471 22,626 7,294 795 515 690 33 -3 5,373 

Apr ........................ 2,858 7,481 41,004 392,098 18,618 1,089 5,014 638 31 -128 2,499 

May ....................... 1,658 9,839 26,503 71,967 19,491 326 5,875 753 44 -226 1,205 

June ...................... 2,709 9,615 68,463 28,139 17,637 472 7,189 749 34 57 882 

July ....................... 3,286 10,891 31,303 24,526 27,162 814 10,882 665 39 -1 1,033 

Aug ....................... 2,543 10,739 47,167 16,376 9,926 714 -1,060 603 33 -170 2,372 

Sept ...................... 4,060 12,561 38,759 -18,207 20,724 -151 4,798 655 26 -143 1,310 

Oct ........................ 3,493 7,944 20,076 16,213 29,924 847 11,663 813 44 56 1,035 

Nov. ...................... 2,422 7,774 32,744 10,663 8,848 617 487 687 33 -234 2,825 

Dec. ...................... 2,727 9,896 79,625 8,220 28,049 1,089 10,623 686 33 334 1,213 Fiscal year 

2021 to date ........................ 8,642 25,614 132,445 35,096 66,821 2,553 22,773 2,186 110 156 5,073 

See footnotes at end of table 
16 

March 2021 

TABLE FFO-3—On-Budget and Off-Budget Outlays by Agency, continued 

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

 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) 

 

2016 .................. 18,828 6,904 91,318 -444 976,783 13,160 -84,030 -146,118 -2,783 -8,436 3,077,747 776,354 

2017 .................. 18,698 7,213 95,462 439 1,000,812 11,658 -84,970 -147,057 -3,106 -1,750 3,179,518 801,202 

2018 .................. 19,756 7,167 98,803 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 – Est1 ........ 23,289 7,394 - 796 1,156,311 20,057 -102,699 -143,957 -5,327 -5,629 3,714,389 962,568 

2022 – Est1 ........ 22,922 7,723 - 682 1,215,870 21,935 -96,661 -143,481 -5,275 -1,003 3,828,794 1,020,243 

 

2019 - Dec ....... 2,346 549 8,102 104 93,173 1,014 -7,112 -59,103 -672 - 302,065 47,026 

2020 - Jan ......... 1,318 578 9,445 85 95,566 1,759 -6,895 -1,716 -480 - 326,440 78,443 

Feb ........ 1,489 535 9,062 102 95,634 2,403 -6,741 -3,729 -115 - 334,290 88,939 

Mar ........ 1,864 538 8,988 -1,056 91,869 2,772 -6,760 -2,767 -631 - 266,410 89,344 

 Apr ........ 1,625 522 9,286 15,367 96,581 5,156 -6,810 -6,312 -188 - 900,847 79,038 

May ....... 1,862 541 7,815 10,844 97,130 1,531 -7,449 535 48 - 481,642 90,972 

June ...... 1,963 601 7,635 511,355 101,464 -3,448 -7,927 -50,151 -221 - 1,049,284 55,619 

 July ........ 1,835 677 9,443 26,137 101,221 1,649 -6,582 -1,586 -264 - 547,234 79,253 

Aug ........ 1,642 741 8,434 12,351 92,389 587 -6,992 -7,749 -247 - 333,469 89,764 

Sept ....... 2,072 722 9,359 1,960 97,001 -2,296 -7,220 -3,677 -139 - 407,747 90,033 

Oct. ........ 1,993 600 8,888 2,476 102,355 4,833 -26,054 11,168 -47 - 439,355 82,413 

Nov. ....... 1,818 565 8,743 670 92,719 2,871 -7,683 -2,848 -278 - 274,627 90,192 

Dec. ....... 2,403 517 8,868 595 126,674 -2,229 -7,677 -51,432 -353 - 412,233 77,449 

Fiscal year 

2021 to date ....... 6,214 1,682 26,499 3,741 321,748 5,475 -41,414 -43,112 -678 - 1,126,215 250,054 

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

1 These estimates are based on the President's FY 2019 Budget, released by the Office of Management and 

Budget on July 13, 2018.
17 

March 2021 

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

December 2020 and Other Periods 

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

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 ............................................... 346,949 55 - 347,003 384,803 56 - 384,858

Corporation income taxes ........................................... 68,880 - - 68,880 65,414 - - 65,414

Social insurance and retirement receipts: 

Employment and general retirement (off-budget) ... - - 226,382 226,382 - - 210,098 210,098

Employment and general retirement (on-budget) ... 22 - 79,685 79,707 -45 - 72,671 72,626

Unemployment insurance ....................................... * - 9,367 9,367 2 - 5,599 5,601

Other retirement ...................................................... - - 1,465 1,465 - - 1,323 1,323

Excise taxes ................................................................ 6,332 384 8,966 15,682 7,046 305 13,216 20,567

Estate and gift taxes ................................................... 6,199 - - 6,199 4,627 - - 4,627

Customs duties ........................................................... 11,724 6,039 405 18,168 14,129 6,625 393 21,147

Miscellaneous receipts ................................................ 25,585 4,745 186 30,515 15,747 4,339 164 20,250

Total receipts ....................................................... 465,691 11,222 326,456 803,370 491,723 11,324 303,464 806,512

(On-budget) ..................................................... 465,691 11,222 100,074 576,988 491,723 11,324 93,366 596,414

(Off-budget) ..................................................... 0 0 226,382 226,382 0 0 210,098 210,098

Budget outlays: Legislative branch ....................................................... 1,397 6 -15 1,388 1,379 19 -4 1,394

Judicial branch ............................................................ 1,928 238 -16 2,150 2,104 263 -201 2,166

Department of Agriculture ........................................... 56,500 15,571 -1 72,069 31,260 21,470 -5 52,725

Department of Commerce ........................................... 3,593 1,582 2 5,177 3,269 1,297 47 4,613

Department of Defense-military .................................. 191,991 2,986 82 195,059 184,761 2,541 46 187,348

Department of Education ............................................ 21,495 -14 * 21,481 17,728 -77 * 17,651

Department of Energy ................................................. 9,133 -186 * 8,947 8,668 -694 * 7,974

Department of Health and Human Services ............... 286,995 3,392 66,252 356,639 226,874 3,110 79,356 309,340

Department of Homeland Security .............................. 27,914 -303 30 27,642 15,629 -272 30 15,387

Department of Housing and Urban Development....... 11,601 * 58 11,658 11,647 -11 54 11,690

Department of the Interior ........................................... 3,285 392 90 3,768 3,140 376 102 3,618

Department of Justice ................................................. 7,988 1,108 -57 9,040 8,141 847 -50 8,937

Department of Labor ................................................... 75,954 -2,884 6,562 79,632 1,862 -4,042 7,316 5,136

Department of State .................................................... 7,334 1,047 260 8,641 8,100 301 -39 8,362

Department of Transportation ..................................... 32,889 148 -7,423 25,613 1,680 112 18,703 20,496

Department of the Treasury: --- - --- -

Interest on the public debt ...........................................

Other ....................................................................... 132,444 - - 132,444 160,187 - - 160,187

Department of Veterans Affairs .................................. 34,983 70 42 35,095 25,209 -120 22 25,111

Corps of Engineers ..................................................... 67,785 -1,090 125 66,820 62,849 -1,230 141 61,761

Other defense civil programs ...................................... 2,453 232 -132 2,554 2,115 28 36 2,179

Environmental Protection Agency ............................... 105,146 -4,737 -77,636 22,773 98,562 -6,045 -71,683 20,835

Executive Office of the President ................................ 2,059 -28 155 2,186 2,439 -4 1 2,437

General Services Administration ................................ 107 * 4 111 96 * 3 99

International Assistance Program ............................... 55 100 - 155 39 -65 - -26

National Aeronautics and Space Administration ........ 5,306 -81 -151 5,074 6,753 12 -3,694 3,071

National Science Foundation ...................................... 6,182 32 * 6,214 5,808 45 * 5,854

Office of Personnel Management ............................... 1,632 29 22 1,682 1,785 33 5 1,823

Small Business Administration ................................... 3,380 322 22,797 26,499 3,374 391 22,393 26,159

Social Security Administration .................................... 3,741 * - 3,741 263 4 - 267

Other independent agencies ....................................... 29,352 * 292,395 321,748 27,934 * 257,122 285,056

Undistributed offsetting receipts: 3,937 -92 1,629 5,474 3,783 1,914 1,843 7,540

Interest ........................................................................ - - -43,112 -43,112 - - -58,063 -58,063

Other ....................................................................... -470 -8,829 -32,793 -42,092 -1,235 -8,224 -28,566 -38,025

Total outlays ............................................................ 1,138,090 9,010 229,169 1,376,269 926,203 11,983 224,917 1,163,103

(On-budget) ......................................................... 1,138,032 10,111 -21,929 1,126,215 926,144 11,341 11,443 948,928

(Off-budget) ..................................................... 58 -1,101 251,097 250,054 59 642 213,474 214,175

Surplus or deficit (-) ......................................... -672,399 2,212 97,288 -572,899 -434,480 -659 78,547 -356,592

(On-budget) ......................................................... -672,341 1,111 122,003 -549,227 -434,421 -17 81,923 -352,514

(Off-budget) ..................................................... -58 1,101 -24,715 -23,672 -59 -642 -3,376 -4,077

-No Transactions 

* Less than $500,000 

Note.—Detail may not add to totals due to rounding 
18 

March 2021 

INTRODUCTION: Federal Debt 

Treasury securities (i.e., public debt securities) comprise 

most of the Federal debt, with securities issued by other 

Federal agencies accounting for the rest. Tables in this 

section of the “Treasury Bulletin” reflect the total. Further 

detailed information is published in the “Monthly Statement 

of the Public Debt of the United States.” Likewise, 

information on agency securities and on investments of 

Federal Government accounts in Federal securities is 

published in the “Monthly Treasury Statement of Receipts 

and Outlays of the United States Government.” 

Treasury’s Bureau of the Fiscal Service compiles data in 

the “Treasury Bulletin” tables FD-2 and FD-6 from the 

“Monthly Statement of the Public Debt of the United 

States.” 

 Table FD-1 summarizes the Federal debt by listing 

public debt and agency securities held by the public, 

including the Federal Reserve. It also includes debt held by 

Federal agencies, largely by the Social Security and other 

Federal retirement trust funds. The net unamortized 

premium and discount also are listed by total Federal 

securities, securities held by Government accounts and 

securities held by the public. The difference between the 

outstanding face value of the Federal debt and the net 

unamortized premium and discount is classified as the 

accrual amount. (For greater detail on holdings of Federal 

securities by particular classes of investors, see the 

ownership tables, OFS-1 and OFS-2.) 

 Table FD-2 categorizes by type, that is, marketable 

and nonmarketable, the total public debt securities 

outstanding that are held by the public. 

 In table FD-3, nonmarketable Treasury securities 

held by U.S. Government accounts are summarized by 

issues to particular funds within Government. Many of the 

funds invest in par value special series nonmarketables at 

interest rates determined by law. Others invest in marketbased special Treasury securities whose terms mirror those 

of marketable securities. 

 Table FD-4 presents interest-bearing securities 

issued by Government agencies. Federal agency borrowing 

has declined in recent years, in part because the Federal 

Financing Bank has provided financing to other Federal 

agencies. (Federal agency borrowing from Treasury is 

presented in the “Monthly Treasury Statement of Receipts 

and Outlays of the United States Government.”) 

 Table FD-5 illustrates the average length of 

marketable interest-bearing public debt held by private 

investors and the maturity distribution of that debt. 

In March 1971, Congress enacted a limited exception to 

the amount of bonds with rates greater than 4-1/4 percent 

that could be held by the public. This permitted Treasury to 

offer securities maturing in more than 7 years at current 

market interest rates for the first time since 1965. In March 

1976, the definition of a bond was changed to include those 

securities longer than 10 years to maturity. This exception 

has expanded since 1971, authorizing Treasury to continue 

to issue long-term securities. The ceiling on Treasury bonds 

was repealed on November 10, 1988. 

The volume of privately held Treasury marketable 

securities by maturity class reflects the remaining period to 

maturity of Treasury bills, notes and bonds. The average 

length is comprised of an average of remaining periods to 

maturity, weighted by the amount of each security held by 

private investors. In other words, computations of average 

length exclude Government accounts and the FRBs. 

 In table FD-6, the debt ceiling is compared with the 

outstanding debt subject to limitation by law. The other debt 

category includes Federal debt Congress has designated as 

being subject to the debt ceiling. 

 Table FD-7 details Treasury holdings of securities 

issued by Government corporations and other agencies. 

Certain Federal agencies are authorized to borrow money 

from the Treasury, largely to finance direct loan programs. 

In addition, agencies such as the Bonneville Power 

Administration are authorized to borrow from the Treasury 

to finance capital projects. Treasury, in turn, finances these 

loans by selling Treasury securities to the public. 
FEDERAL DEBT 

March 2021 

19 

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) 

2016 ............................... 19,597,812 19,573,445 24,367 5,395,699 5,395,695 4 14,202,113 14,177,750 24,363 

2017 ............................... 20,269,269 20,244,900 24,369 5,563,074 5,563,073 1 14,706,195 14,681,827 24,368 

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 

2019 - Dec. .................... 23,222,591 23,201,380 21,211 6,013,988 6,013,988 - 17,208,603 17,187,392 21,211 

2020 - Jan ...................... 23,708,055 23,686,871 21,184 5,994,397 5,994,397 - 17,713,658 17,692,474 21,184 

Feb ..................... 23,430,714 23,409,959 20,755 5,980,003 5,980,003 - 17,450,711 17,429,956 20,755 

Mar ..................... 23,244,893 23,223,813 21,080 5,995,035 5,995,035 - 17,249,858 17,228,778 21,080 

 Apr ..................... 24,995,281 24,974,172 21,109 5,902,393 5,902,393 - 19,092,888 19,071,779 21,109 

May .................... 25,766,665 25,746,260 20,405 5,914,931 5,914,931 - 19,851,734 19,831,329 20,405 

June ................... 26,498,260 26,477,241 21,019 5,928,866 5,928,866 - 20,569,394 20,548,375 21,019 

 July .................... 26,545,875 26,524,953 20,922 5,872,303 5,872,303 - 20,673,572 20,652,650 20,922 

Aug ..................... 26,966,120 26,945,391 20,729 5,888,362 5,888,362 - 21,077,758 21,057,029 20,729 

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

Oct. .................... 27,155,572 27,135,477 20,095 6,019,517 6,019,517 - 21,136,055 21,115,960 20,095 

Nov. .................... 27,466,498 27,446,288 20,210 6,078,238 6,078,238 - 21,388,260 21,368,050 20,210 

Dec. .................... 27,768,006 27,747,798 20,208 6,096,382 6,096,382 - 21,671,624 21,651,416 20,208 

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) 

2016 ............................... 19,597,812 60,393 19,537,417 5,395,699 26,706 5,368,993 14,202,113 33,687 14,168,425 

2017 ............................... 20,269,269 65,378 20,203,891 5,563,074 25,909 5,537,165 14,706,195 39,469 14,666,725 

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 

2019 - Dec. .................... 23,222,591 82,471 23,140,119 6,013,988 27,727 5,986,261 17,208,603 54,744 17,153,857 

2020 - Jan ...................... 23,708,055 82,287 23,162,605 5,994,397 27,547 5,966,850 17,713,658 54,740 17,195,755 

Feb ..................... 23,430,714 82,218 23,348,496 5,980,003 27,382 5,952,621 17,450,711 54,836 17,395,874 

Mar ..................... 23,244,893 75,753 23,632,301 5,995,035 26,572 5,968,463 17,249,858 49,181 17,663,838 

 Apr ..................... 24,995,281 68,969 24,926,311 5,902,393 26,448 5,875,945 19,092,888 42,521 19,050,367 

May .................... 25,766,665 67,790 25,698,875 5,914,931 26,410 5,888,520 19,851,734 41,380 19,810,354 

June ................... 26,498,260 69,075 26,429,184 5,928,866 26,308 5,902,557 20,569,394 42,767 20,526,627 

 July ..................... 26,545,875 66,675 26,479,200 5,872,303 26,144 5,846,159 20,673,572 40,531 20,633,041 

Aug ..................... 26,966,120 65,379 26,684,185 5,888,362 25,969 5,862,392 21,077,758 39,410 20,821,793 

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

Oct. ..................... 27,155,572 63,986 27,071,490 6,019,517 25,619 5,993,898 21,136,055 38,367 21,097,687 

Nov. .................... 27,466,498 64,720 27,401,777 6,078,238 25,398 6,052,840 21,388,260 39,322 21,348,937 

Dec. .................... 27,768,006 63,921 27,704,083 6,096,382 25,301 6,071,082 21,671,624 38,620 21,633,001 
20 

March 2021

Nonmarketable, continued

End of fiscal 

year or month 

U.S. savings 

securities 

(9) 

Depositary 

compensation 

securities 

(10) 

Foreign 

series 

(11) 

Government 

account series 

(12) 

State and local 

government 

series 

(13) 

Domestic 

series 

(14) 

Other 

(15) 

2016 .......................... 167,524 - 264 226,349 109,211 29,995 1,777

2017 .......................... 161,705 - 264 223,787 80,359 29,995 1,641

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

2019 - Dec. ............... 151,347 - 264 255,668 77,752 25,473 2,045 

2020 - Jan ................. 150,729 - 264 264,487 73,720 25,473 2,044 

Feb ................ 150,369 - 264 263,845 76,748 25,473 2,003 

Mar ................ 150,008 - 264 273,375 84,402 25,473 2,112 

 Apr ................ 150,101 - 264 276,049 87,257 25,473 2,454 

May ............... 150,083 - 264 282,214 88,608 80,724 2,432 

June .............. 149,819 - 264 283,020 89,242 121,107 2,383 

 July ................ 149,448 - 264 288,268 91,851 116,089 2,389 

Aug ................ 149,077 - 264 289,279 95,901 116,094 2,474 

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

Oct. ................ 148,286 - 264 297,682 116,844 111,102 2,672 

Nov. ............... 147,882 - 264 300,591 116,269 111,108 2,700 

Dec. ............... 147,130 - 264 296,812 115,786 111,112 2,793 

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) 

2016 .......................... 14,173,424 13,638,303 1,644,759 8,624,253 1,825,338 1,209,814 334,139 535,120 

2017 .......................... 14,673,429 14,175,677 1,799,570 8,798,940 1,948,414 1,286,124 342,630 497,752 

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 

2019 - Dec................. 17,170,442 16,657,894 2,416,417 9,920,786 2,373,513 1,506,394 440,783 512,549 

2020 - Jan ................. 17,212,635 16,695,918 2,403,862 9,990,403 2,390,076 1,498,585 412,991 516,717 

Feb ................ 17,413,050 16,894,347 2,564,220 9,985,777 2,408,017 1,505,312 431,020 518,703 

Mar ................ 17,674,771 17,139,137 2,657,089 10,084,217 2,424,353 1,524,472 449,006 535,634 

 Apr................. 19,053,619 18,512,020 4,000,897 10,155,648 2,441,632 1,492,075 421,767 541,599 

May ............... 19,812,782 19,208,457 4,629,046 10,168,689 2,467,632 1,501,322 441,767 604,324 

June .............. 20,530,278 19,884,443 5,078,833 10,306,753 2,528,444 1,508,647 461,767 645,835 

 July ................ 20,634,400 19,986,091 5,078,133 10,419,742 2,567,981 1,485,915 434,322 648,308 

Aug ................ 20,822,038 20,168,949 5,075,875 10,516,332 2,619,323 1,501,097 456,322 653,089 

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

Oct. ................ 21,633,001 20,420,124 4,984,441 10,721,511 2,691,618 1,544,239 478,315 676,850 

Nov. ............... 21,349,472 20,670,657 4,942,664 10,911,912 2,781,069 1,560,512 474,500 678,814 

Dec. ............... 21,632,419 20,958,523 4,963,056 11,084,744 2,833,625 1,578,599 498,499 673,896 
FEDERAL DEBT 

March 2021 

21 

End of fiscal 

year or month 

Federal 

Old-Age and 

Survivors 

Insurance 

Trust Fund 

(10) 

Federal 

Savings 

and Loan 

Corporation, 

Resolution 

Fund 

(11) 

Federal 

Supplementary 

Medical 

Insurance 

Trust Fund 

(12) 

Highway 

Trust 

Fund 

(13) 

National 

Service Life 

Insurance 

Fund 

(14) 

Postal 

Service 

Fund 

(15) 

Railroad 

Retirement 

Account 

(16) 

Unemployment 

Trust 

Fund 

(17) 

Other 

(18) 

2016 ..................... 2,796,712 828 63,336 64,629 4,246 8,527 685 53,776 1,309,888

2017 ..................... 2,820,200 839 70,589 52,332 3,604 10,965 419 60,711 1,381,004

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

2019 - Dec. .......... 2,804,355 878 108,069 25,225 2,362 8,774 436 83,826 1,746,515

2020 - Jan ............ 2,814,717 880 89,053 25,088 2,302 9,137 746 81,737 1,754,162

Feb ........... 2,802,598 881 95,640 24,754 2,258 9,264 557 82,797 1,755,847

Mar ........... 2,796,581 881 116,046 24,079 2,197 9,852 625 78,585 1,765,097

 Apr ........... 2,813,811 881 83,543 23,106 2,144 14,181 641 72,764 1,765,517

May .......... 2,802,004 881 92,743 18,823 2,096 13,214 436 104,546 1,771,971

June ......... 2,838,213 881 91,700 16,526 2,086 13,692 419 80,744 1,762,356

 July ........... 2,831,581 881 69,275 14,562 2,041 14,526 678 59,353 1,810,610

Aug ........... 2,816,601 881 93,135 13,643 1,999 15,078 408 52,642 1,755,640

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

Oct. ........... 2,786,189 882 131,420 24,465 1,869 14,050 363 62,097 1,849,842

Nov. .......... 2,800,868 882 71,036 24,576 1,906 13,677 476 57,707 1,953,187

Dec. .......... 2,793,146 882 142,775 24,029 1,851 16,052 654 59,468 1,890,383

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) 

2016 .................. 5,604,069 13,400 71,524 45,167 22,680 45,880 874,141 192,209 36,441 

2017 .................. 5,771,144 13,404 78,486 45,680 22,090 69,669 912,438 197,835 30,879 

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 

2019 - Dec. ....... 6,262,363 15,355 104,429 48,399 22,664 93,138 951,540 193,967 52,431 

2020 - Jan ......... 6,251,581 15,374 104,142 48,457 22,694 94,566 947,166 188,341 53,019 

Feb ........ 6,236,576 15,796 101,623 48,472 22,677 93,582 942,900 183,032 53,898 

Mar ........ 6,261,804 15,947 106,056 48,475 22,688 93,627 938,641 189,079 53,348 

 Apr ........ 6,173,018 15,617 105,526 48,490 12,689 96,229 934,058 129,922 53,899 

May ....... 6,192,110 12,151 104,432 48,551 11,171 95,208 930,731 128,684 54,468 

June ...... 6,208,461 11,270 107,107 48,598 11,172 98,357 941,296 130,290 53,754 

 July ........ 6,208,461 10,144 107,265 48,614 11,173 97,529 936,952 126,392 66,885 

Aug ........ 6,157,049 9,271 107,742 49,126 11,169 96,485 932,709 133,207 67,313 

Sept ....... 6,174,279 7,900 108,949 49,129 11,170 97,209 974,802 133,735 67,937 

Oct. ........ 6,314,081 20,552 106,072 49,176 11,171 95,802 971,125 119,479 69,527 

Nov. ....... 6,375,655 19,789 108,864 49,217 11,165 95,138 967,720 130,884 68,563 

Dec. ....... 6,390,322 18,205 110,403 49,253 11,166 90,703 976,112 134,505 70,735 
22 

March 2021

TABLE FD-4—Interest-Bearing Securities Issued by Government Agencies

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

End of fiscal 

year or month 

Total 

outstanding 

(1) 

Department of 

Housing and 

Urban 

Development 

Federal Housing 

Administration 

(2) 

Architect 

of the 

Capitol 

(3) 

Other 

independent 

Tennessee 

Valley Authority 

(4) 

National Archives 

and Records 

Administration 

(5) 

Other/Federal 

Communications 

Commission 

(6) 

2016 ........................... 24,367 19 98 24,175 75 *

2017 ........................... 24,369 19 89 24,209 52 *

2018 ........................... 22,822 19 80 22,696 27 *

2019 ........................... 21,455 19 69 21,367 * *

2020 ........................... 20,151 19 58 20,075 * *

2019 - Dec. ................ 21,211 19 71 21,122 * *

2020 - Jan .................. 21,080 19 71 20,991 * *

Feb ................. 20,755 19 63 20,674 * *

Mar ................. 21,184 19 63 21,102 * *

 Apr ................. 21,109 19 64 21,027 * *

May ................ 20,405 19 64 20,322 * *

June ............... 21,019 19 65 20,935 * *

 July ................. 20,922 19 65 20,838 * *

Aug ................. 20,729 19 57 20,653 * *

Sept ................ 20,151 19 58 20,075 * *

Oct. ................. 20,095 19 58 20,018 * *

Nov. ................ 20,210 19 58 20,133 * *

Dec. ................ 20,208 19 59 20,130 * *

Note—Detail may not add to totals due to rounding. * Less than $500,000. 
FEDERAL DEBT 

March 2021 

23 

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) 

2016 ............................... 11,184,046 3,321,283 4,478,458 2,219,048 167,666 997,590 63 

2017 ............................... 11,642,870 3,263,065 4,746,209 2,320,739 151,686 1,161,170 66 

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 

2019 - Dec. ..................... 14,344,337 4,105,461 5,922,961 2,643,163 118,184 1,554,568 66 

2020 - Jan ...................... 14,299,621 4,070,628 5,935,495 2,607,084 118,121 1,568,294 66 

Feb ..................... 14,338,845 4,185,011 5,910,707 2,533,876 148,778 1,560,473 66 

Mar ..................... 13,886,350 4,160,444 5,690,478 2,437,426 132,608 1,465,394 65 

 Apr ...................... 14,548,307 5,389,092 5,363,115 2,288,900 125,449 1,381,751 58

May ..................... 15,017,875 5,985,793 5,307,002 2,224,677 129,382 1,371,021 56 

June .................... 15,687,979 6,416,071 5,442,307 2,287,195 166,049 1,376,357 55 

 July ..................... 15,705,195 6,414,454 5,430,892 2,293,832 182,551 1,383,466 55 

Aug ..................... 15,807,471 6,412,882 5,504,849 2,275,322 220,413 1,394,003 56 

Sept .................... 15,922,190 6,374,061 5,567,746 2,332,037 242,437 1,405,908 56 

Oct. ..................... 15,769,769 6,342,837 5,443,753 2,325,158 242,348 1,415,673 57 

Nov. .................... 16,078,428 6,330,355 5,635,499 2,389,470 301,145 1,421,959 58 

Dec. .................... 16,279,260 6,356,589 5,716,708 2,454,885 317,935 1,433,143 58 

Note—Detail may not add to totals due to rounding. 
24 

March 2021

TABLE FD-6—Debt Subject to Statutory Limit

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

End of fiscal 

year or month 

Statutory debt 

limit 

(1) 

Debt subject to limit Securities outstanding Securities 

 not subject 

 to limit 

 (7) 

Total 

(2) 

Public debt 

(3) 

Other debt 1 

(4) 

Public debt 

(5) 

Other debt 

(6) 

2016 ....................................... - 19,538,456 19,538,456 - 19,573,445 - 34,989

2017 ....................................... 19,808,772 20,208,638 20,208,638 - 20,244,900 - 36,262

2018 ....................................... - 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

2019 - Dec. ............................. - 23,155,700 23,155,700 - 23,201,380 - 45,680

2020 - Jan .............................. - 23,180,804 23,180,804 - 23,223,813 - 43,009

Feb ............................. - 23,370,134 23,370,134 - 23,409,959 - 39,826

Mar ............................. - 23,654,178 23,654,178 - 23,686,871 - 32,693

 Apr .............................. - 24,944,144 24,944,144 - 24,974,172 - 30,028

May ............................. - 25,716,563 25,716,563 - 25,746,260 - 29,697

June ............................ - 26,450,464 26,450,464 - 26,477,241 - 26,777

 July........................ - 26,500,106 26,500,106 - 26,524,953 - 24,847

 Aug ............................ - 26,702,456 26,702,456 - 26,728,836 - 26,380

Sept ............................ - 26,920,380 26,920,380 - 26,945,391 - 25,011

 Oct. ............................ - 27,420,529 27,420,529 - 27,446,288 - 25,759

Nov. ............................ - 27,109,188 27,109,188 - 27,135,477 - 26,288

Dec. ............................ - 27,721,341 27,721,341 - 27,747,798 - 26,457

(1)Pursuant to 31 U.S.C. 3101(b). By the Bipartisan Budget Act of 2015, Public Law 114-74. the 

Statutory Debt Limit has been suspended through March 15, 2017. The Statutory Debt Limit in 31 

U.S.C. 3101(b) was permanently increased effective March 16, 2017 to $19,808,772,381,624.74.

(2)Pursuant to 31 U.S.C. 3101(b). By the The Continuing Appropriations Act, 2018 and 

Supplemental Appropriations for the Disaster Relief Requirements Act 2017, Public Law 115-56, 

the Statutory Debt Limit was suspended through December 8, 2017. 

(3)Pursuant to 31 U.S.C. 3101(b). By the The Continuing Appropriations Act, 2018 

and Supplemental Appropriations for the Disaster Relief Requirements Act 

2017,Public Law 115-56, the Statutory Debt Limit was suspended through 

December 8, 2017. The Statutory Debt Limit in 31 U.S.C. 3101(b) was permanently 

increased effective December 9, 2017, to $20,455,999,906,400.12

(4)Pursuant to 31 U.S.C. 3101(b). By the The Continuing Appropriations Act, 2018 

and Bipartisan Budget Act, 2018, Public Law 115-119, the Statutory Debt Limit was 

suspended through March 1, 2019. 
FEDERAL DEBT 

March 2021 

25 

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) 

2016 ...................................... 1,389,173 25,620 24,585 24,130 654 636

2017 ...................................... 1,442,633 19,810 21,940 26,992 645 601

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

2019 - Dec. ........................... 1,619,796 37,700 21,454 30,203 669 432

2020 - Jan ............................. 1,633,513 32,843 21,513 30,439 673 432

Feb ............................ 1,638,310 36,525 21,563 30,664 675 432

Mar ............................ 1,670,273 35,200 20,267 30,021 554 432

 Apr ............................ 1,707,721 34,967 20,403 29,145 559 432

May ........................... 1,826,820 41,370 20,513 29,308 560 432

June .......................... 1,917,615 41,707 20,689 29,438 568 432

 July ............................ 1,916,562 26,972 20,689 29,438 568 432

Aug ............................ 1,915,906 29,683 21,271 29,936 612 363

Sept ........................... 1,813,390 43,575 21,396 30,483 637 363

Oct. ............................ 1,843,219 28,117 21,504 30,668 636 363

Nov. ........................... 1,862,833 34,099 21,598 30,963 642 363

Dec. ........................... 1,859,398 28,781 21,756 31,298 648 363

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) 

2016 ...................................... 1,126,370 4,759 30,318 128 59,043

2017 ...................................... 1,178,495 5,009 27,954 128 61,270

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

2019 - Dec. ........................... 1,333,325 5,530 30,386 25 65,060

2020 - Jan ............................. 1,350,827 5,530 30,386 25 65,200

Feb ............................ 1,350,827 5,530 30,386 25 65,670

Mar ............................ 1,368,364 5,530 44,722 25 66,520

 Apr ............................ 1,376,702 5,770 44,722 25 70,921

May ........................... 1,376,702 5,820 44,722 25 71,430

June .......................... 1,306,769 5,870 44,722 25 72,370

 July ........................... 1,327,515 5,842 44,722 25 72,308

Aug ............................ 1,327,500 5,887 51,817 23 72,178

Sept ........................... 1,249,871 5,649 44,722 30 71,373

Oct. ............................ 1,292,454 5,649 51,817 30 71,974

Nov. ........................... 1,292,456 5,640 51,817 30 72,681

Dec. ........................... 1,292,020 5,643 51,817 30 72,366
26 

March 2021

TABLE FD-7—Treasury Holdings of Securities Issued by Government 

Corporations and Other Agencies, continued 

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

End of fiscal 

year or month 

Export-Import 

Bank of the 

United States 

(12) 

Railroad 

Retirement 

Board 

(13) 

Small Business 

Administration 

(14) 

Other 

(15) 

 

2016 ...................................... 25,022 3,577 8,020 56,308 

2017 ...................................... 24,645 3,712 7,693 63,739 

2018 ...................................... 20,213 3,725 11,212 56,699 

2019 ...................................... 16,946 3,934 11,810 60,091 

2020 ...................................... 15,388 4,384 176,174 149,345 

 

2019 - Dec. ........................... 16,946 5,062 11,334 61,670 

2020 - Jan ............................. 16,946 5,454 11,334 61,911 

Feb ............................ 16,946 5,734 11,334 61,999 

Mar ............................ 16,946 6,086 13,437 62,169 

 Apr ............................ 16,946 6,475 38,074 62,580 

May ........................... 16,946 6,870 68,084 144,038 

June .......................... 16,946 3,021 218,115 156,943 

 July ............................ 16,946 3,490 218,115 149,500 

Aug ............................ 15,388 3,903 218,149 139,196 

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

15,388 4,384 176,174 149,345 

 Oct. ........................... 15,389 4,852 176,174 143,592 

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

15,390 5,745 188,096 143,313 

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

15,389 5,271 188,096 145,920 

 

Note—Detail may not add to totals due to rounding. 
27 

March 2021 

 INTRODUCTION: Bureau of the Fiscal Service Operations 

Chapter 31 of Title 31 of the United States Code allows 

the Secretary of Treasury to borrow money by issuing 

Treasury securities. The Secretary determines the terms and 

conditions of issue, conversion, maturity, payment, and 

interest rate. New issues of Treasury notes mature in 2 to 10 

years. Bonds mature in more than 10 years from the issue 

date. Each outstanding marketable security is listed in the 

“Monthly Statement of the Public Debt of the United States.” 

The information in this section of the “Treasury Bulletin” 

pertains only to marketable Treasury securities. 

The Bureau of the Fiscal Service is a new bureau within 

the Treasury Department, formed on October 7, 2012, from 

the consolidation of the Financial Management Service and 

the Bureau of the Public Debt. Our mission is to promote the 

financial integrity and operational efficiency of the U.S. 

government through exceptional accounting, financing, 

collections, payments, and shared services. As one bureau, 

the organization is better positioned to help transform 

financial management and the delivery of shared services in 

the federal government. The bureau will be a valued partner 

for agencies as they work to strengthen their own financial 

management or as they look for a quality service provider 

who can allow them to focus on their missions. 

Table PDO-1 presents the results of weekly auctions of 4-, 

13-, and 26-week bills. Treasury bills mature each Thursday. 

Issues of 4- and 13-week bills are reopenings of 26-week 

bills. High rates on accepted tenders and the dollar value of 

total bids are presented, with the dollar value of awards made 

on both competitive and noncompetitive basis. 

To encourage the participation of individuals and smaller 

institutions, Treasury accepts noncompetitive tenders of up to 

$5 million in each auction of securities. 

Table PDO-2 lists the results of auctions of marketable 

securities, other than weekly bills, in chronological order over 

the past 2 years. Issues of cash management bills also are 

presented. 

Note: On July 31, 2013, Treasury published amendments 

to its marketable securities auction rules to accommodate the 

auction and issuance of Floating Rate Notes (FRNs). An FRN 

is a security that has an interest payment that can change over 

time. Treasury FRNs will be indexed to the most recent 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 42-Day Cash Management Bills 

On September 24, 2020, Treasury announced it would auction $30,000 million of 42-day bills. They were issued 

October 1 and matured November 12. The issue was to raise new cash of approximately $165,000 million. Treasury 

auctioned the bills on September 29. Tenders totaled $102,490 million; Treasury accepted $30,000 million, including 

$16 million of noncompetitive tenders from the public. The high bank discount rate was 0.085 percent. 

Auction of 119-Day Cash Management Bills 

On September 24, 2020, Treasury announced it would auction $30,000 million of 119-day bills. They were issued 

October 1 and will mature January 28, 2021. The issue was to raise new cash of approximately $165,000 million. 

Treasury auctioned the bills on September 29. Tenders totaled $125,581 million; Treasury accepted $30,001 million, 

including $6 million of noncompetitive tenders from the public. The high bank discount rate was 0.090 percent. 

Auction of 105-Day Cash Management Bills 

On September 29, 2020, Treasury announced it would auction $25,000 million of 105-day bills. They were issued 

October 6 and will mature January 19, 2021. The issue was to raise new cash of approximately $120,000 million. 

Treasury auctioned the bills on September 30. Tenders totaled $90,377 million; Treasury accepted $25,001 million, 

including $1 million of noncompetitive tenders from the public. The high bank discount rate was 0.095 percent. 
28 

March 2021 

Auction of 154-Day Cash Management Bills 

On September 29, 2020, Treasury announced it would auction $30,000 million of 154-day bills. They were issued 

October 6 and will mature March 9, 2021. The issue was to raise new cash of approximately $120,000 million. 

Treasury auctioned the bills on September 30. Tenders totaled $105,830 million; Treasury accepted $30,001 million, 

including $2 million of noncompetitive tenders from the public. The high bank discount rate was 0.105 percent. 

Auction of 42-Day Cash Management Bills 

On October 1, 2020, Treasury announced it would auction $30,000 million of 42-day bills. They were issued 

October 8 and matured November 19. The issue was to raise new cash of approximately $199,000 million. Treasury 

auctioned the bills on October 6. Tenders totaled $99,147 million; Treasury accepted $30,001 million, including $28 

million of noncompetitive tenders from the public. The high bank discount rate was 0.090 percent. 

Auction of 119-Day Cash Management Bills 

On October 1, 2020, Treasury announced it would auction $30,000 million of 119-day bills. They were issued 

October 8 and will mature February 4, 2021. The issue was to raise new cash of approximately $199,000 million. 

Treasury auctioned the bills on October 6. Tenders totaled $93,821 million; Treasury accepted $30,000 million, 

including $25 million of noncompetitive tenders from the public. The high bank discount rate was 0.105 percent. 

Auction of 52-Week Bills 

On October 1, 2020, Treasury announced it would auction $34,000 million of 364-day Treasury bills. They were 

issued October 8 and will mature October 7, 2021. The issue was to refund $185,553 million of all maturing bills and 

to raise new cash of approximately $13,447 million. Treasury auctioned the bills on October 6. Tenders totaled 

$107,174 million; Treasury accepted $34,001 million, including $221 million of noncompetitive tenders from the 

public. The high bank discount rate was 0.140 percent. 

In addition to the $34,001 million of tenders accepted in the auction process, Treasury accepted $5,165 million 

from FRBs for their own accounts. 

Auction of 3-Year Notes 

On October 1, 2020, Treasury announced it would auction $52,000 million of 3-year notes. The issue was to refund 

$20,919 million of securities maturing October 15 and to raise new cash of approximately $89,081 million. 

The 3-year notes of Series AS-2023 were dated and issued October 15. They are due October 15, 2023, with 

interest payable on April 15 and October 15 until maturity. Treasury set an interest rate of 0-1/8 percent after 

determining which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon Eastern Time (ET) for noncompetitive tenders and before 

1:00 p.m. ET for competitive tenders on October 6. Tenders totaled $126,734 million; Treasury accepted $52,000 

million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 0.193 

percent with an equivalent price of $99.796687. Treasury accepted in full all competitive tenders at yields lower than 

0.193 percent. Tenders at the high yield were allotted 24.58 percent. The median yield was 0.165 percent, and the low 

yield was 0.080 percent. Noncompetitive tenders totaled $19 million. Competitive tenders accepted from private 

investors totaled $51,976 million. 

In addition to the $52,000 million of tenders accepted in the auction process, Treasury accepted $1,455 million 

from FRBs for their own accounts. The minimum par amount required for Separate Trading of Registered Interest and 

Principal Securities (STRIPS) of notes of Series AS-2023 is $100. 

Auction of 9-Year 10-Month 0-5/8 Percent Notes 
29 

March 2021 

On October 1, 2020, Treasury announced it would auction $35,000 million of 9-year 10-month 0-5/8 percent notes. 

The issue was to refund $20,919 million of securities maturing October 15 and to raise new cash of approximately 

$89,081 million. 

The 9-year 10-month 0-5/8 percent notes of Series E-2030 were dated August 15 and issued October 15. They are 

due August 15, 2030, with interest payable on February 15 and August 15 until maturity. 

Treasury received tenders for the notes before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET 

for competitive tenders on October 7. Tenders totaled $86,615 million; Treasury accepted $35,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of 0.765 percent with an 

equivalent price of $98.675865. Treasury accepted in full all competitive tenders at yields lower than 0.765 percent. 

Tenders at the high yield were allotted 75.60 percent. The median yield was 0.716 percent, and the low yield was 0.080 

percent. Noncompetitive tenders totaled $11 million. Competitive tenders accepted from private investors totaled 

$34,989 million. Accrued interest of $1.03601 per $1,000 must be paid for the period from August 15 to October 15. 

In addition to the $35,000 million of tenders accepted in the auction process, Treasury accepted $979 million from 

FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series E-2030 is $100. 

Auction of 29-Year 10-Month 1-3/8 Percent Bonds 

On October 1, 2020, Treasury announced it would auction $23,000 million of 29-year 10-month 1-3/8 percent 

bonds. The issue was to refund $20,919 million of securities maturing October 15 and to raise new cash of 

approximately $89,081 million. 

The 29-year 10-month 1-3/8 percent bonds of August 2050 were dated August 15 and issued October 15. They are 

due August 15, 2050, with interest payable on February 15 and August 15 until maturity. 

Treasury received tenders for the bonds before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET 

for competitive tenders on October 8. Tenders totaled $52,619 million; Treasury accepted $23,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of 1.578 percent with an 

equivalent price of $95.183187. Treasury accepted in full all competitive tenders at yields lower than 1.578 percent. 

Tenders at the high yield were allotted 18.34 percent. The median yield was 1.513 percent, and the low yield was 1.450 

percent. Noncompetitive tenders totaled $4 million. Competitive tenders accepted from private investors totaled 

$22,996 million. Accrued interest of $2.27921 per $1,000 must be paid for the period from August 15 to October 15. 

In addition to the $23,000 million of tenders accepted in the auction process, Treasury accepted $643 million from 

FRBs for their own accounts. The minimum par amount required for STRIPS of bonds of August 2050 is $100. 

Auction of 105-Day Cash Management Bills 

On October 6, 2020, Treasury announced it would auction $25,000 million of 105-day bills. They were issued 

October 13 and will mature January 26, 2021. The issue was to raise new cash of approximately $120,000 million. 

Treasury auctioned the bills on October 7. Tenders totaled $86,227 million; Treasury accepted $25,000 million, 

including $ million of noncompetitive tenders from the public. The high bank discount rate was 0.100 percent. 

Auction of 154-Day Cash Management Bills 

On October 6, 2020, Treasury announced it would auction $30,000 million of 154-day bills. They were issued 

October 13 and will mature March 16, 2021. The issue was to raise new cash of approximately $120,000 million. 

Treasury auctioned the bills on October 7. Tenders totaled $95,232 million; Treasury accepted $30,000 million, 

including $1 million of noncompetitive tenders from the public. The high bank discount rate was 0.110 percent. 

Auction of 43-Day Cash Management Bills 

On October 8, 2020, Treasury announced it would auction $30,000 million of 43-day bills. They were issued 

October 15 and matured November 27. The issue was to raise new cash of approximately $165,000 million. Treasury 
30 

March 2021 

auctioned the bills on October 13. Tenders totaled $102,950 million; Treasury accepted $30,000 million, including $32 

million of noncompetitive tenders from the public. The high bank discount rate was 0.095 percent. 

Auction of 119-Day Cash Management Bills 

On October 8, 2020, Treasury announced it would auction $30,000 million of 119-day bills. They were issued 

October 15 and will mature February 11, 2021. The issue was to raise new cash of approximately $165,000 million. 

Treasury auctioned the bills on October 13. Tenders totaled $100,800 million; Treasury accepted $30,000 million, 

including $16 million of noncompetitive tenders from the public. The high bank discount rate was 0.110 percent. 

Auction of 105-Day Cash Management Bills 

On October 13, 2020, Treasury announced it would auction $25,000 million of 105-day bills. They were issued 

October 20 and will mature February 2, 2021. The issue was to raise new cash of approximately $120,000 million. 

Treasury auctioned the bills on October 14. Tenders totaled $88,043 million; Treasury accepted $25,001 million, 

including $ million of noncompetitive tenders from the public. The high bank discount rate was 0.105 percent. 

Auction of 154-Day Cash Management Bills 

On October 13, 2020, Treasury announced it would auction $30,000 million of 154-day bills. They were issued 

October 20 and will mature March 23, 2021. The issue was to raise new cash of approximately $120,000 million. 

Treasury auctioned the bills on October 14. Tenders totaled $97,353 million; Treasury accepted $30,000 million, 

including $1 million of noncompetitive tenders from the public. The high bank discount rate was 0.120 percent. 

Auction of 42-Day Cash Management Bills 

On October 15, 2020, Treasury announced it would auction $30,000 million of 42-day bills. They were issued 

October 22 and matured December 3. The issue was to raise new cash of approximately $165,000 million. Treasury 

auctioned the bills on October 20. Tenders totaled $109,995 million; Treasury accepted $30,000 million, including $15 

million of noncompetitive tenders from the public. The high bank discount rate was 0.090 percent. 

Auction of 119-Day Cash Management Bills 

On October 15, 2020, Treasury announced it would auction $30,000 million of 119-day bills. They were issued 

October 22 and will mature February 18, 2021. The issue was to raise new cash of approximately $165,000 million. 

Treasury auctioned the bills on October 20. Tenders totaled $106,215 million; Treasury accepted $30,000 million, 

including $7 million of noncompetitive tenders from the public. The high bank discount rate was 0.105 percent. 

Auction of 5-Year Treasury Inflation Protected Security (TIPS) 

On October 15, 2020, Treasury announced it would auction $17,000 million of 5-year TIPS. The issue was to raise 

new cash of approximately $17,000 million. 

The 5-year TIPS of Series AE-2025 were dated October 15 and issued October 30. They are due October 15, 2025, 

with interest payable on April 15 and October 15 until maturity. Treasury set an interest rate of 0-1/8 percent after 

determining which tenders were accepted on a yield auction basis. 

Treasury received tenders for the TIPS before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET 

for competitive tenders on October 22. Tenders totaled $45,151 million; Treasury accepted $17,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of -1.320 percent with an 

equivalent adjusted price of $107.593657. Treasury accepted in full all competitive tenders at yields lower than -1.320 

percent. Tenders at the high yield were allotted 87.46 percent. The median yield was -1.361 percent, and the low yield 

was -1.500 percent. Noncompetitive tenders totaled $47 million. Competitive tenders accepted from private investors 

totaled $16,953 million. Adjusted accrued interest of $0.05159 per $1,000 must be paid for the period from October 15 

to October 30. Both the unadjusted price of $107.430363 and the unadjusted accrued interest of $0.05151 were 
31 

March 2021 

adjusted by an index ratio of 1.00152, for the period from October 15 to October 30. The minimum par amount 

required for STRIPS of TIPS of Series AE-2025 is $100. 

Auction of 105-Day Cash Management Bills 

On October 20, 2020, Treasury announced it would auction $25,000 million of 105-day bills. They were issued 

October 27 and will mature February 9, 2021. The issue was to raise new cash of approximately $120,000 million. 

Treasury auctioned the bills on October 21. Tenders totaled $95,944 million; Treasury accepted $25,001 million, 

including $ million of noncompetitive tenders from the public. The high bank discount rate was 0.100 percent. 

Auction of 154-Day Cash Management Bills 

On October 20, 2020, Treasury announced it would auction $30,000 million of 154-day bills. They were issued 

October 27 and will mature March 30, 2021. The issue was to raise new cash of approximately $120,000 million. 

Treasury auctioned the bills on October 21. Tenders totaled $108,439 million; Treasury accepted $30,001 million, 

including $1 million of noncompetitive tenders from the public. The high bank discount rate was 0.115 percent. 

Auction of 42-Day Cash Management Bills 

On October 22, 2020, Treasury announced it would auction $30,000 million of 42-day bills. They were issued 

October 29 and matured December 10. The issue was to raise new cash of approximately $165,000 million. Treasury 

auctioned the bills on October 27. Tenders totaled $103,340 million; Treasury accepted $30,001 million, including $21 

million of noncompetitive tenders from the public. The high bank discount rate was 0.080 percent. 

Auction of 119-Day Cash Management Bills 

On October 22, 2020, Treasury announced it would auction $30,000 million of 119-day bills. They were issued 

October 29 and will mature February 25, 2021. The issue was to raise new cash of approximately $165,000 million. 

Treasury auctioned the bills on October 27. Tenders totaled $97,933 million; Treasury accepted $30,001 million, 

including $19 million of noncompetitive tenders from the public. The high bank discount rate was 0.100 percent. 

NOVEMBER 

Auction of 19-Year 10-Month 1-1/8 Percent Bonds 

On October 15, 2020, Treasury announced it would auction $22,000 million of 19-year 10-month 1-1/8 percent 

bonds. The issue was to refund $136,295 million of securities maturing October 31 and to raise new cash of 

approximately $73,705 million. 

The 19-year 10-month 1-1/8 percent bonds of August 2040 were dated August 15 and issued November 2. They are 

due August 15, 2040, with interest payable on February 15 and August 15 until maturity. 

Treasury received tenders for the bonds before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET 

for competitive tenders on October 21. Tenders totaled $53,433 million; Treasury accepted $22,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of 1.370 percent with an 

equivalent price of $95.765607. Treasury accepted in full all competitive tenders at yields lower than 1.370 percent. 

Tenders at the high yield were allotted 96.29 percent. The median yield was 1.325 percent, and the low yield was 0.080 

percent. Noncompetitive tenders totaled $2 million. Competitive tenders accepted from private investors totaled 

$21,998 million. Accrued interest of $2.41508 per $1,000 must be paid for the period from August 15 to November 2. 

In addition to the $22,000 million of tenders accepted in the auction process, Treasury accepted $2,334 million 

from FRBs for their own accounts. The minimum par amount required for STRIPS of bonds of August 2040 is $100. 

Auction of 2-Year Notes 
32 

March 2021 

On October 22, 2020, Treasury announced it would auction $54,000 million of 2-year notes. The issue was to 

refund $136,295 million of securities maturing October 31 and to raise new cash of approximately $73,705 million. 

The 2-year notes of Series BH-2022 were dated October 31 and issued November 2. They are due October 31, 

2022, with interest payable on April 30 and October 31 until maturity. Treasury set an interest rate of 0-1/8 percent 

after determining which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET 

for competitive tenders on October 27. Tenders totaled $130,003 million; Treasury accepted $54,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of 0.151 percent with an 

equivalent price of $99.948240. Treasury accepted in full all competitive tenders at yields lower than 0.151 percent. 

Tenders at the high yield were allotted 76.17 percent. The median yield was 0.120 percent, and the low yield was 0.050 

percent. Noncompetitive tenders totaled $141 million. Competitive tenders accepted from private investors totaled 

$53,854 million. Accrued interest of $0.00691 per $1,000 must be paid for the period from October 31 to November 2. 

In addition to the $54,000 million of tenders accepted in the auction process, Treasury accepted $5,729 million 

from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series BH-2022 is $100. 

Auction of 2-Year Floating Rate Notes (FRNs) 

On October 22, 2020, Treasury announced it would auction $26,000 million of 2-year FRNs. The issue was to 

refund $136,295 million of securities maturing October 31 and to raise new cash of approximately $73,705 million. 

The 2-year FRNs of Series BJ-2022 were dated October 31 and issued November 2. They are due October 31, 

2022, with interest payable on January 31, April 30, July 31, and October 31 until maturity. Treasury set a spread of 

0.055 percent after determining which tenders were accepted on a discount margin basis. 

Treasury received tenders for the FRNs before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET 

for competitive tenders on October 28. Tenders totaled $83,696 million; Treasury accepted $26,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high discount margin of 0.055 percent 

with an equivalent price of $100.000000. Treasury accepted in full all competitive tenders at discount margins lower 

than 0.055 percent. Tenders at the high discount margin were allotted 1.01 percent. The median discount margin was 

0.045 percent, and the low discount margin was 0.030 percent. Noncompetitive tenders totaled $42 million. 

Competitive tenders accepted from private investors totaled $25,959 million. Accrued interest of $0.000861252 per 

$100 must be paid for the period from October 31 to November 2. 

In addition to the $26,000 million of tenders accepted in the auction process, Treasury accepted $2,758 million 

from FRBs for their own accounts. 

Auction of 5-Year Notes 

On October 22, 2020, Treasury announced it would auction $55,000 million of 5-year notes. The issue was to 

refund $136,295 million of securities maturing October 31 and to raise new cash of approximately $73,705 million. 

The 5-year notes of Series AF-2025 were dated October 31 and issued November 2. They are due October 31, 

2025, with interest payable on April 30 and October 31 until maturity. Treasury set an interest rate of 0-1/4 percent 

after determining which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET 

for competitive tenders on October 28. Tenders totaled $130,795 million; Treasury accepted $55,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of 0.330 percent with an 

equivalent price of $99.604038. Treasury accepted in full all competitive tenders at yields lower than 0.330 percent. 

Tenders at the high yield were allotted 39.15 percent. The median yield was 0.289 percent, and the low yield was 0.080 

percent. Noncompetitive tenders totaled $20 million. Competitive tenders accepted from private investors totaled 

$54,975 million. Accrued interest of $0.01381 per $1,000 must be paid for the period from October 31 to November 2. 
33 

March 2021 

In addition to the $55,000 million of tenders accepted in the auction process, Treasury accepted $5,835 million 

from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series AF-2025 is $100. 

Auction of 7-Year Notes 

On October 22, 2020, Treasury announced it would auction $53,000 million of 7-year notes. The issue was to 

refund $136,295 million of securities maturing October 31 and to raise new cash of approximately $73,705 million. 

The 7-year notes of Series R-2027 were dated October 31 and issued November 2. They are due October 31, 2027, 

with interest payable on April 30 and October 31 until maturity. Treasury set an interest rate of 0-1/2 percent after 

determining which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET 

for competitive tenders on October 29. Tenders totaled $118,518 million; Treasury accepted $53,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of 0.600 percent with an 

equivalent price of $99.316022. Treasury accepted in full all competitive tenders at yields lower than 0.600 percent. 

Tenders at the high yield were allotted 34.59 percent. The median yield was 0.545 percent, and the low yield was 0.080 

percent. Noncompetitive tenders totaled $3 million. Competitive tenders accepted from private investors totaled 

$52,997 million. Accrued interest of $0.02762 per $1,000 must be paid for the period from October 31 to November 2. 

In addition to the $53,000 million of tenders accepted in the auction process, Treasury accepted $5,623 million 

from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series R-2027 is $100. 

Auction of 105-Day Cash Management Bills 

On October 27, 2020, Treasury announced it would auction $25,000 million of 105-day bills. They were issued 

November 3 and will mature February 16, 2021. The issue was to raise new cash of approximately $120,000 million. 

Treasury auctioned the bills on October 28. Tenders totaled $101,915 million; Treasury accepted $25,000 million, 

including $1 million of noncompetitive tenders from the public. The high bank discount rate was 0.095 percent. 

Auction of 154-Day Cash Management Bills 

On October 27, 2020, Treasury announced it would auction $30,000 million of 154-day bills. They were issued 

November 3 and will mature April 6, 2021. The issue was to raise new cash of approximately $120,000 million. 

Treasury auctioned the bills on October 28. Tenders totaled $96,773 million; Treasury accepted $30,000 million, 

including $ million of noncompetitive tenders from the public. The high bank discount rate was 0.105 percent. 

Auction of 42-Day Cash Management Bills 

On October 29, 2020, Treasury announced it would auction $30,000 million of 42-day bills. They were issued 

November 5 and matured December 17. The issue was to raise new cash of approximately $199,000 million. Treasury 

auctioned the bills on November 3. Tenders totaled $96,223 million; Treasury accepted $30,000 million, including $32 

million of noncompetitive tenders from the public. The high bank discount rate was 0.085 percent. 

Auction of 119-Day Cash Management Bills 

On October 29, 2020, Treasury announced it would auction $30,000 million of 119-day bills. They were issued 

November 5 and will mature March 4, 2021. The issue was to raise new cash of approximately $199,000 million. 

Treasury auctioned the bills on November 3. Tenders totaled $95,995 million; Treasury accepted $30,000 million, 

including $5 million of noncompetitive tenders from the public. The high bank discount rate was 0.105 percent. 

Auction of 52-Week Bills 

On October 29, 2020, Treasury announced it would auction $34,000 million of 364-day Treasury bills. They were 

issued November 5 and will mature November 4, 2021. The issue was to refund $186,706 million of all maturing bills 

and to raise new cash of approximately $12,294 million. Treasury auctioned the bills on November 3. Tenders totaled 
34 

March 2021 

$120,275 million; Treasury accepted $34,001 million, including $248 million of noncompetitive tenders from the 

public. The high bank discount rate was 0.135 percent. 

In addition to the $34,001 million of tenders accepted in the auction process, Treasury accepted $5,377 million 

from FRBs for their own accounts. 

Auction of 105-Day Cash Management Bills 

On November 3, 2020, Treasury announced it would auction $25,000 million of 105-day bills. They were issued 

November 10 and will mature February 23, 2021. The issue was to raise new cash of approximately $120,000 million. 

Treasury auctioned the bills on November 4. Tenders totaled $83,949 million; Treasury accepted $25,001 million, 

including $1 million of noncompetitive tenders from the public. The high bank discount rate was 0.100 percent. 

Auction of 154-Day Cash Management Bills 

On November 3, 2020, Treasury announced it would auction $30,000 million of 154-day bills. They were issued 

November 10 and will mature April 13, 2021. The issue was to raise new cash of approximately $120,000 million. 

Treasury auctioned the bills on November 4. Tenders totaled $106,544 million; Treasury accepted $30,000 million, 

including $3 million of noncompetitive tenders from the public. The high bank discount rate was 0.105 percent. 

November Quarterly Financing 

On Nov 4, 2020, Treasury announced it would auction $54,000 million of 3-year notes, $41,000 million of 10-year 

notes, and $27,000 million of 30-year bonds to refund $60,875 million of securities maturing November 15, 2020 and 

to raise new cash of approximately $61,125 million. 

The 3-year notes of Series AT-2023 were dated November 15 and issued November 16. They are due November 

15, 2023, with interest payable on May 15 and November 15 until maturity. Treasury set an interest rate of 0-1/4 

percent after determining which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET 

for competitive tenders on November 9. Tenders totaled $129,665 million; Treasury accepted $54,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of 0.250 percent with an 

equivalent price of $99.999999. Treasury accepted in full all competitive tenders at yields lower than 0.250 percent. 

Tenders at the high yield were allotted 39.82 percent. The median yield was 0.230 percent, and the low yield was 0.080 

percent. Noncompetitive tenders totaled $31 million. Competitive tenders accepted from private investors totaled 

$53,865 million. Accrued interest of $0.00691 per $1,000 must be paid for the period from November 15 to November 

16. 

In addition to the $54,000 million of tenders accepted in the auction process, Treasury accepted $14,807 million 

from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series AT-2023 is $100. 

The 10-year notes of Series F-2030 were dated November 15 and issued November 16. They are due November 15, 

2030, with interest payable on May 15 and November 15 until maturity. Treasury set an interest rate of 0-7/8 percent 

after determining which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET 

for competitive tenders on November 10. Tenders totaled $95,243 million; Treasury accepted $41,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of 0.960 percent with an 

equivalent price of $99.191574. Treasury accepted in full all competitive tenders at yields lower than 0.960 percent. 

Tenders at the high yield were allotted 41.37 percent. The median yield was 0.912 percent, and the low yield was 0.750 

percent. Noncompetitive tenders totaled $26 million. Competitive tenders accepted from private investors totaled 

$40,974 million. Accrued interest of $0.02417 per $1,000 must be paid for the period from November 15 to November 

16. 

In addition to the $41,000 million of tenders accepted in the auction process, Treasury accepted $11,242 million 

from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series F-2030 is $100. 
35 

March 2021 

The 30-year bonds of November 2050 were dated November 15 and issued November 16. They are due November 

15, 2050, with interest payable on May 15 and November 15 until maturity. Treasury set an interest rate of 1-5/8 

percent after determining which tenders were accepted on a yield auction basis. 

Treasury received tenders for the bonds before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET 

for competitive tenders on November 12. Tenders totaled $61,876 million; Treasury accepted $27,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of 1.680 percent with an 

equivalent price of $98.708151. Treasury accepted in full all competitive tenders at yields lower than 1.680 percent. 

Tenders at the high yield were allotted 62.77 percent. The median yield was 1.620 percent, and the low yield was 0.080 

percent. Noncompetitive tenders totaled $13 million. Competitive tenders accepted from private investors totaled 

$26,987 million. Accrued interest of $0.04489 per $1,000 must be paid for the period from November 15 to November 

16. 

In addition to the $27,000 million of tenders accepted in the auction process, Treasury accepted $7,403 million 

from FRBs for their own accounts. The minimum par amount required for STRIPS of bonds of November 2050 is 

$100. 

Auction of 42-Day Cash Management Bills 

On November 5, 2020, Treasury announced it would auction $30,000 million of 42-day bills. They were issued 

November 12 and matured December 24. The issue was to raise new cash of approximately $165,000 million. Treasury 

auctioned the bills on November 9. Tenders totaled $99,352 million; Treasury accepted $30,001 million, including $13 

million of noncompetitive tenders from the public. The high bank discount rate was 0.095 percent. 

Auction of 119-Day Cash Management Bills 

On November 5, 2020, Treasury announced it would auction $30,000 million of 119-day bills. They were issued 

November 12 and will mature March 11, 2021. The issue was to raise new cash of approximately $165,000 million. 

Treasury auctioned the bills on November 9. Tenders totaled $113,033 million; Treasury accepted $30,000 million, 

including $5 million of noncompetitive tenders from the public. The high bank discount rate was 0.100 percent. 

Auction of 105-Day Cash Management Bills 

On November 10, 2020, Treasury announced it would auction $25,000 million of 105-day bills. They were issued 

November 17 and will mature March 2, 2021. The issue was to raise new cash of approximately $120,000 million. 

Treasury auctioned the bills on November 12. Tenders totaled $94,613 million; Treasury accepted $25,001 million, 

including $13 million of noncompetitive tenders from the public. The high bank discount rate was 0.095 percent. 

Auction of 154-Day Cash Management Bills 

On November 10, 2020, Treasury announced it would auction $30,000 million of 154-day bills. They were issued 

November 17 and will mature April 20, 2021. The issue was to raise new cash of approximately $120,000 million. 

Treasury auctioned the bills on November 12. Tenders totaled $101,350 million; Treasury accepted $30,001 million, 

including $4 million of noncompetitive tenders from the public. The high bank discount rate was 0.100 percent. 

Auction of 42-Day Cash Management Bills 

On November 12, 2020, Treasury announced it would auction $30,000 million of 42-day bills. They were issued 

November 19 and will mature December 31. The issue was to raise new cash of approximately $165,000 million. 

Treasury auctioned the bills on November 17. Tenders totaled $112,707 million; Treasury accepted $30,000 million, 

including $40 million of noncompetitive tenders from the public. The high bank discount rate was 0.095 percent. 
36 

March 2021 

Auction of 119-Day Cash Management Bills 

On November 12, 2020, Treasury announced it would auction $30,000 million of 119-day bills. They were issued 

November 19 and will mature March 18, 2021. The issue was to raise new cash of approximately $165,000 million. 

Treasury auctioned the bills on November 17. Tenders totaled $114,645 million; Treasury accepted $30,003 million, 

including $28 million of noncompetitive tenders from the public. The high bank discount rate was 0.095 percent. 

Auction of 20-Year Bonds 

On November 12, 2020, Treasury announced it would auction $27,000 million of 20-year bonds. The issue was to 

refund $77,567 million of securities maturing November 30 and to raise new cash of approximately $130,433 million. 

The 20-year bonds of November 2040 were dated November 15 and issued November 30. They are due November 

15, 2040, with interest payable on May 15 and November 15 until maturity. Treasury set an interest rate of 1-3/8 

percent after determining which tenders were accepted on a yield auction basis. 

Treasury received tenders for the bonds before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET 

for competitive tenders on November 18. Tenders totaled $61,311 million; Treasury accepted $27,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of 1.422 percent with an 

equivalent price of $99.185441. Treasury accepted in full all competitive tenders at yields lower than 1.422 percent. 

Tenders at the high yield were allotted 60.67 percent. The median yield was 1.362 percent, and the low yield was 0.080 

percent. Noncompetitive tenders totaled $1 million. Competitive tenders accepted from private investors totaled 

$26,999 million. Accrued interest of $0.56975 per $1,000 must be paid for the period from November 15 to November 

30. 

In addition to the $27,000 million of tenders accepted in the auction process, Treasury accepted $3,746 million 

from FRBs for their own accounts. The minimum par amount required for STRIPS of bonds of November 2040 is 

$100. 

Auction of 9-Year 8-Month 0-1/8 Percent TIPS 

On November 12, 2020, Treasury announced it would auction $12,000 million of 9-year 8-month 0-1/8 percent 

TIPS. The issue was to refund $77,567 million of securities maturing November 30 and to raise new cash of 

approximately $130,433 million. 

The 9-year 8-month 0-1/8 percent TIPS of Series D-2030 were dated July 15 and issued November 30. They are 

due July 15, 2030, with interest payable on January 15 and July 15 until maturity. 

Treasury received tenders for the TIPS before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET 

for competitive tenders on November 19. Tenders totaled $32,496 million; Treasury accepted $12,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of -0.867 percent with an 

equivalent adjusted price of $111.642995. Treasury accepted in full all competitive tenders at yields lower than -0.867 

percent. Tenders at the high yield were allotted 72.22 percent. The median yield was -0.915 percent, and the low yield 

was -1.080 percent. Noncompetitive tenders totaled $11 million. Competitive tenders accepted from private investors 

totaled $11,989 million. Adjusted accrued interest of $0.47584 per $1,000 must be paid for the period from July 15 to 

November 30. Both the unadjusted price of $109.980096 and the unadjusted accrued interest of $0.46875 were 

adjusted by an index ratio of 1.01512, for the period from July 15 to November 30. 

In addition to the $12,000 million of tenders accepted in the auction process, Treasury accepted $1,665 million 

from FRBs for their own accounts. The minimum par amount required for STRIPS of TIPS of Series D-2030 is $100. 

Auction of 105-Day Cash Management Bills 
37 

March 2021 

On November 17, 2020, Treasury announced it would auction $25,000 million of 105-day bills. They were issued 

November 24 and will mature March 9, 2021. The issue was to raise new cash of approximately $120,000 million. 

Treasury auctioned the bills on November 18. Tenders totaled $97,521 million; Treasury accepted $25,001 million, 

including $7 million of noncompetitive tenders from the public. The high bank discount rate was 0.090 percent. 

Auction of 154-Day Cash Management Bills 

On November 17, 2020, Treasury announced it would auction $30,000 million of 154-day bills. They were issued 

November 24 and will mature April 27, 2021. The issue was to raise new cash of approximately $120,000 million. 

Treasury auctioned the bills on November 18. Tenders totaled $103,960 million; Treasury accepted $30,001 million, 

including $ million of noncompetitive tenders from the public. The high bank discount rate was 0.090 percent. 

Auction of 41-Day Cash Management Bills 

On November 19, 2020, Treasury announced it would auction $30,000 million of 41-day bills. They were issued 

November 27 and will mature January 7, 2021. The issue was to raise new cash of approximately $165,000 million. 

Treasury auctioned the bills on November 24. Tenders totaled $94,470 million; Treasury accepted $30,001 million, 

including $16 million of noncompetitive tenders from the public. The high bank discount rate was 0.075 percent. 

Auction of 118-Day Cash Management Bills 

On November 19, 2020, Treasury announced it would auction $30,000 million of 118-day bills. They were issued 

November 27 and will mature March 25, 2021. The issue was to raise new cash of approximately $165,000 million. 

Treasury auctioned the bills on November 24. Tenders totaled $104,326 million; Treasury accepted $30,000 million, 

including $20 million of noncompetitive tenders from the public. The high bank discount rate was 0.090 percent. 

Auction of 1-Year 11-Month 0.055 Percent FRNs 

On November 19, 2020, Treasury announced it would auction $24,000 million of 1-year 11-month 0.055 percent 

FRNs. The issue was to raise new cash of approximately $24,000 million. 

The 1-year 11-month 0.055 percent FRNs of Series BJ-2022 were dated October 31 and issued November 27. They 

are due October 31, 2022, with interest payable on January 31, April 30, July 31, and October 31 until maturity. 

Treasury received tenders for the FRNs before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET 

for competitive tenders on November 24. Tenders totaled $69,643 million; Treasury accepted $24,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high discount margin of 0.053 percent 

with an equivalent price of $100.003897. Treasury accepted in full all competitive tenders at discount margins lower 

than 0.053 percent. Tenders at the high discount margin were allotted 44.54 percent. The median discount margin was 

0.045 percent, and the low discount margin was 0.020 percent. Noncompetitive tenders totaled $14 million. 

Competitive tenders accepted from private investors totaled $23,986 million. Accrued interest of $0.011251720 per 

$100 must be paid for the period from October 31 to November 27. 

Auction of 2-Year Notes 

On November 19, 2020, Treasury announced it would auction $56,000 million of 2-year notes. The issue was to 

refund $77,567 million of securities maturing November 30 and to raise new cash of approximately $130,433 million. 

The 2-year notes of Series BK-2022 were dated and issued November 30. They are due November 30, 2022, with 

interest payable on May 31 and November 30 until maturity. Treasury set an interest rate of 0-1/8 percent after 

determining which tenders were accepted on a yield auction basis. 
38 

March 2021 

Treasury received tenders for the notes before 11:00 a.m. ET for noncompetitive tenders and before 11:30 a.m. ET 

for competitive tenders on November 23. Tenders totaled $151,885 million; Treasury accepted $56,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of 0.165 percent with an 

equivalent price of $99.920165. Treasury accepted in full all competitive tenders at yields lower than 0.165 percent. 

Tenders at the high yield were allotted 97.49 percent. The median yield was 0.140 percent, and the low yield was 0.080 

percent. Noncompetitive tenders totaled $123 million. Competitive tenders accepted from private investors totaled 

$55,877 million. 

In addition to the $56,000 million of tenders accepted in the auction process, Treasury accepted $7,769 million 

from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series BK-2022 is $100. 

Auction of 5-Year Notes 

On November 19, 2020, Treasury announced it would auction $57,000 million of 5-year notes. The issue was to 

refund $77,567 million of securities maturing November 30 and to raise new cash of approximately $130,433 million. 

The 5-year notes of Series AG-2025 were dated and issued November 30. They are due November 30, 2025, with 

interest payable on May 31 and November 30 until maturity. Treasury set an interest rate of 0-3/8 percent after 

determining which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET 

for competitive tenders on November 23. Tenders totaled $135,812 million; Treasury accepted $57,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of 0.397 percent with an 

equivalent price of $99.891191. Treasury accepted in full all competitive tenders at yields lower than 0.397 percent. 

Tenders at the high yield were allotted 42.65 percent. The median yield was 0.349 percent, and the low yield was 0.250 

percent. Noncompetitive tenders totaled $14 million. Competitive tenders accepted from private investors totaled 

$56,986 million. 

In addition to the $57,000 million of tenders accepted in the auction process, Treasury accepted $7,908 million 

from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series AG-2025 is $100. 

Auction of 7-Year Notes 

On November 19, 2020, Treasury announced it would auction $56,000 million of 7-year notes. The issue was to 

refund $77,567 million of securities maturing November 30 and to raise new cash of approximately $130,433 million. 

 

The 7-year notes of Series S-2027 were dated and issued November 30. They are due November 30, 2027, with 

interest payable on May 31 and November 30 until maturity. Treasury set an interest rate of 0-5/8 percent after 

determining which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET 

for competitive tenders on November 24. Tenders totaled $132,923 million; Treasury accepted $56,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of 0.653 percent with an 

equivalent price of $99.808717. Treasury accepted in full all competitive tenders at yields lower than 0.653 percent. 

Tenders at the high yield were allotted 70.41 percent. The median yield was 0.600 percent, and the low yield was 0.080 

percent. Noncompetitive tenders totaled $3 million. Competitive tenders accepted from private investors totaled 

$55,997 million. 

In addition to the $56,000 million of tenders accepted in the auction process, Treasury accepted $7,769 million 

from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series S-2027 is $100. 

DECEMBER 

Auction of 105-Day Cash Management Bills 

On November 24, 2020, Treasury announced it would auction $25,000 million of 105-day bills. They were issued 

December 1 and will mature March 16, 2021. The issue was to raise new cash of approximately $120,000 million. 
39 

March 2021 

Treasury auctioned the bills on November 25. Tenders totaled $108,678 million; Treasury accepted $25,001 million, 

including $4 million of noncompetitive tenders from the public. The high bank discount rate was 0.085 percent. 

Auction of 154-Day Cash Management Bills 

On November 24, 2020, Treasury announced it would auction $30,000 million of 154-day bills. They were issued 

December 1 and will mature May 4, 2021. The issue was to raise new cash of approximately $120,000 million. 

Treasury auctioned the bills on November 25. Tenders totaled $109,369 million; Treasury accepted $30,002 million, 

including $1 million of noncompetitive tenders from the public. The high bank discount rate was 0.090 percent. 

Auction of 42-Day Cash Management Bills 

On November 25, 2020, Treasury announced it would auction $30,000 million of 42-day bills. They were issued 

December 3 and will mature January 14, 2021. The issue was to raise new cash of approximately $199,000 million. 

Treasury auctioned the bills on December 1. Tenders totaled $100,102 million; Treasury accepted $30,001 million, 

including $24 million of noncompetitive tenders from the public. The high bank discount rate was 0.080 percent. 

Auction of 119-Day Cash Management Bills 

On November 25, 2020, Treasury announced it would auction $30,000 million of 119-day bills. They were issued 

December 3 and will mature April 1, 2021. The issue was to raise new cash of approximately $199,000 million. 

Treasury auctioned the bills on December 1. Tenders totaled $107,181 million; Treasury accepted $30,001 million, 

including $16 million of noncompetitive tenders from the public. The high bank discount rate was 0.090 percent. 

Auction of 52-Week Bills 

On November 25, 2020, Treasury announced it would auction $34,000 million of 364-day Treasury bills. They 

were issued December 3 and will mature December 2, 2021. The issue was to refund $184,857 million of all maturing 

bills and to raise new cash of approximately $14,143 million. Treasury auctioned the bills on December 1. Tenders 

totaled $126,784 million; Treasury accepted $34,001 million, including $276 million of noncompetitive tenders from 

the public. The high bank discount rate was 0.110 percent. 

In addition to the $34,001 million of tenders accepted in the auction process, Treasury accepted $4,986 million 

from FRBs for their own accounts. 

Auction of 105-Day Cash Management Bills 

On December 1, 2020, Treasury announced it would auction $25,000 million of 105-day bills. They were issued 

December 8 and will mature March 23, 2021. The issue was to raise new cash of approximately $120,000 million. 

Treasury auctioned the bills on December 2. Tenders totaled $98,603 million; Treasury accepted $25,000 million, 

including $1 million of noncompetitive tenders from the public. The high bank discount rate was 0.085 percent. 

Auction of 154-Day Cash Management Bills 

On December 1, 2020, Treasury announced it would auction $30,000 million of 154-day bills. They were issued 

December 8 and will mature May 11, 2021. The issue was to raise new cash of approximately $120,000 million. 

Treasury auctioned the bills on December 2. Tenders totaled $115,081 million; Treasury accepted $30,000 million, 

including $2 million of noncompetitive tenders from the public. The high bank discount rate was 0.090 percent. 

Auction of 42-Day Cash Management Bills 

On December 3, 2020, Treasury announced it would auction $30,000 million of 42-day bills. They were issued 

December 10 and will mature January 21, 2021. The issue was to raise new cash of approximately $165,000 million. 

Treasury auctioned the bills on December 8. Tenders totaled $114,310 million; Treasury accepted $30,000 million, 

including $10 million of noncompetitive tenders from the public. The high bank discount rate was 0.070 percent. 
40 

March 2021 

Auction of 119-Day Cash Management Bills 

On December 3, 2020, Treasury announced it would auction $30,000 million of 119-day bills. They were issued 

December 10 and will mature April 8, 2021. The issue was to raise new cash of approximately $165,000 million. 

Treasury auctioned the bills on December 8. Tenders totaled $107,552 million; Treasury accepted $30,001 million, 

including $12 million of noncompetitive tenders from the public. The high bank discount rate was 0.080 percent. 

Auction of 3-Year Notes 

On December 3, 2020, Treasury announced it would auction $56,000 million of 3-year notes. The issue was to 

refund $18,974 million of securities maturing December 15 and to raise new cash of approximately $99,026 million. 

The 3-year notes of Series AU-2023 were dated and issued December 15. They are due December 15, 2023, with 

interest payable on June 15 and December 15 until maturity. Treasury set an interest rate of 0-1/8 percent after 

determining which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET 

for competitive tenders on December 8. Tenders totaled $127,411 million; Treasury accepted $56,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of 0.211 percent with an 

equivalent price of $99.742950. Treasury accepted in full all competitive tenders at yields lower than 0.211 percent. 

Tenders at the high yield were allotted 45.86 percent. The median yield was 0.187 percent, and the low yield was 0.080 

percent. Noncompetitive tenders totaled $51 million. Competitive tenders accepted from private investors totaled 

$55,949 million. 

In addition to the $56,000 million of tenders accepted in the auction process, Treasury accepted $2,385 million 

from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series AU-2023 is $100. 

Auction of 9-Year 11-Month 0-7/8 Percent Notes 

On December 3, 2020, Treasury announced it would auction $38,000 million of 9-year 11-month 0-7/8 percent 

notes. The issue was to refund $18,974 million of securities maturing December 15 and to raise new cash of 

approximately $99,026 million. 

The 9-year 11-month 0-7/8 percent notes of Series F-2030 were dated November 15 and issued December 15. They 

are due November 15, 2030, with interest payable on May 15 and November 15 until maturity. 

Treasury received tenders for the notes before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET 

for competitive tenders on December 9. Tenders totaled $88,500 million; Treasury accepted $38,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of 0.951 percent with an 

equivalent price of $99.282076. Treasury accepted in full all competitive tenders at yields lower than 0.951 percent. 

Tenders at the high yield were allotted 88.79 percent. The median yield was 0.904 percent, and the low yield was 0.080 

percent. Noncompetitive tenders totaled $6 million. Competitive tenders accepted from private investors totaled 

$37,994 million. Accrued interest of $0.72514 per $1,000 must be paid for the period from November 15 to December 

15. 

In addition to the $38,000 million of tenders accepted in the auction process, Treasury accepted $1,619 million 

from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series F-2030 is $100. 

Auction of 29-Year 11-Month 1-5/8 Percent Bonds 

On December 3, 2020, Treasury announced it would auction $24,000 million of 29-year 11-month 1-5/8 percent 

bonds. The issue was to refund $18,974 million of securities maturing December 15 and to raise new cash of 

approximately $99,026 million. 

The 29-year 11-month 1-5/8 percent bonds of November 2050 were dated November 15 and issued December 15. 

They are due November 15, 2050, with interest payable on May 15 and November 15 until maturity. 
41 

March 2021 

Treasury received tenders for the bonds before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET 

for competitive tenders on December 10. Tenders totaled $59,542 million; Treasury accepted $24,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of 1.665 percent with an 

equivalent price of $99.059547. Treasury accepted in full all competitive tenders at yields lower than 1.665 percent. 

Tenders at the high yield were allotted 85.21 percent. The median yield was 1.626 percent, and the low yield was 0.080 

percent. Noncompetitive tenders totaled $3 million. Competitive tenders accepted from private investors totaled 

$23,997 million. Accrued interest of $1.34669 per $1,000 must be paid for the period from November 15 to December 

15. 

In addition to the $24,000 million of tenders accepted in the auction process, Treasury accepted $1,022 million 

from FRBs for their own accounts. The minimum par amount required for STRIPS of bonds of November 2050 is 

$100. 

Auction of 105-Day Cash Management Bills 

On December 8, 2020, Treasury announced it would auction $25,000 million of 105-day bills. They were issued 

December 15 and will mature March 30, 2021. The issue was to raise new cash of approximately $120,000 million. 

Treasury auctioned the bills on December 9. Tenders totaled $92,559 million; Treasury accepted $25,000 million, 

including $5 million of noncompetitive tenders from the public. The high bank discount rate was 0.085 percent. 

Auction of 154-Day Cash Management Bills 

On December 8, 2020, Treasury announced it would auction $30,000 million of 154-day bills. They were issued 

December 15 and will mature May 18, 2021. The issue was to raise new cash of approximately $120,000 million. 

Treasury auctioned the bills on December 9. Tenders totaled $105,373 million; Treasury accepted $30,001 million, 

including $2 million of noncompetitive tenders from the public. The high bank discount rate was 0.090 percent. 

Auction of 42-Day Cash Management Bills 

On December 10, 2020, Treasury announced it would auction $30,000 million of 42-day bills. They were issued 

December 17 and will mature January 28, 2021. The issue was to raise new cash of approximately $165,000 million. 

Treasury auctioned the bills on December 15. Tenders totaled $96,318 million; Treasury accepted $30,001 million, 

including $25 million of noncompetitive tenders from the public. The high bank discount rate was 0.075 percent. 

Auction of 119-Day Cash Management Bills 

On December 10, 2020, Treasury announced it would auction $30,000 million of 119-day bills. They were issued 

December 17 and will mature April 15, 2021. The issue was to raise new cash of approximately $165,000 million. 

Treasury auctioned the bills on December 15. Tenders totaled $103,982 million; Treasury accepted $30,001 million, 

including $25 million of noncompetitive tenders from the public. The high bank discount rate was 0.085 percent. 

Auction of 105-Day Cash Management Bills 

On December 15, 2020, Treasury announced it would auction $25,000 million of 105-day bills. They were issued 

December 22 and will mature April 6, 2021. The issue was to raise new cash of approximately $120,000 million. 

Treasury auctioned the bills on December 16. Tenders totaled $95,382 million; Treasury accepted $25,000 million, 

including $7 million of noncompetitive tenders from the public. The high bank discount rate was 0.085 percent. 

Auction of 154-Day Cash Management Bills 

On December 15, 2020, Treasury announced it would auction $30,000 million of 154-day bills. They were issued 

December 22 and will mature May 25, 2021. The issue was to raise new cash of approximately $120,000 million. 

Treasury auctioned the bills on December 16. Tenders totaled $98,270 million; Treasury accepted $30,001 million, 

including $ million of noncompetitive tenders from the public. The high bank discount rate was 0.090 percent. 
42 

March 2021 

Auction of 8-Day Cash Management Bills 

On December 17, 2020, Treasury announced it would auction $25 million of 8-day bills. They were issued 

December 21 and matured December 29. The issue was to raise new cash of approximately $25 million. Treasury 

auctioned the bills on December 17. Tenders totaled $163 million; Treasury accepted $25 million. The high bank 

discount rate was 0.060 percent. 

Auction of 19-Year 11-Month 1-3/8 Percent Bonds 

On December 17, 2020, Treasury announced it would auction $24,000 million of 19-year 11-month 1-3/8 percent 

bonds. The issue was to refund $71,282 million of securities maturing December 31 and to raise new cash of 

approximately $143,718 million. 

The 19-year 11-month 1-3/8 percent bonds of November 2040 were dated November 15 and issued December 31. 

They are due November 15, 2040, with interest payable on May 15 and November 15 until maturity. 

Treasury received tenders for the bonds before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET 

for competitive tenders on December 21. Tenders totaled $57,474 million; Treasury accepted $24,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of 1.470 percent with an 

equivalent price of $98.367014. Treasury accepted in full all competitive tenders at yields lower than 1.470 percent. 

Tenders at the high yield were allotted 14.51 percent. The median yield was 1.411 percent, and the low yield was 0.870 

percent. Noncompetitive tenders totaled $1 million. Competitive tenders accepted from private investors totaled 

$23,999 million. Accrued interest of $1.74724 per $1,000 must be paid for the period from November 15 to December 

31. 

In addition to the $24,000 million of tenders accepted in the auction process, Treasury accepted $3,651 million 

from FRBs for their own accounts. The minimum par amount required for STRIPS of bonds of November 2040 is 

$100. 

Auction of 42-Day Cash Management Bills 

On December 17, 2020, Treasury announced it would auction $30,000 million of 42-day bills. They were issued 

December 24 and will mature February 4, 2021. The issue was to raise new cash of approximately $165,000 million. 

Treasury auctioned the bills on December 22. Tenders totaled $101,499 million; Treasury accepted $30,001 million, 

including $43 million of noncompetitive tenders from the public. The high bank discount rate was 0.080 percent. 

Auction of 119-Day Cash Management Bills 

On December 17, 2020, Treasury announced it would auction $30,000 million of 119-day bills. They were issued 

December 24 and will mature April 22, 2021. The issue was to raise new cash of approximately $165,000 million. 

Treasury auctioned the bills on December 22. Tenders totaled $102,457 million; Treasury accepted $30,000 million, 

including $27 million of noncompetitive tenders from the public. The high bank discount rate was 0.090 percent. 

Auction of 4-Year 10-Month 0-1/8 Percent TIPS 

On December 17, 2020, Treasury announced it would auction $15,000 million of 4-year 10-month 0-1/8 percent 

TIPS. The issue was to refund $71,282 million of securities maturing December 31 and to raise new cash of 

approximately $143,718 million. 

The 4-year 10-month 0-1/8 percent TIPS of Series AE-2025 were dated October 15 and issued December 31. They 

are due October 15, 2025, with interest payable on April 15 and October 15 until maturity. 

Treasury received tenders for the TIPS before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET 

for competitive tenders on December 22. Tenders totaled $42,941 million; Treasury accepted $15,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of -1.575 percent with an 

equivalent adjusted price of $108.871082. Treasury accepted in full all competitive tenders at yields lower than -1.575 

percent. Tenders at the high yield were allotted 29.03 percent. The median yield was -1.620 percent, and the low yield 
43 

March 2021 

was -2.000 percent. Noncompetitive tenders totaled $19 million. Competitive tenders accepted from private investors 

totaled $14,981 million. Adjusted accrued interest of $0.26535 per $1,000 must be paid for the period from October 15 

to December 31. Both the unadjusted price of $108.489200 and the unadjusted accrued interest of $0.26442 were 

adjusted by an index ratio of 1.00352, for the period from October 15 to December 31. 

In addition to the $15,000 million of tenders accepted in the auction process, Treasury accepted $2,282 million 

from FRBs for their own accounts. The minimum par amount required for STRIPS of TIPS of Series AE-2025 is $100. 

Auction of 1-Year 10-Month 0.055 Percent FRNs 

On December 17, 2020, Treasury announced it would auction $24,000 million of 1-year 10-month 0.055 percent 

FRNs. The issue was to raise new cash of approximately $24,000 million. 

The 1-year 10-month 0.055 percent FRNs of Series BJ-2022 were dated October 31 and issued December 28. They 

are due October 31, 2022, with interest payable on January 31, April 30, July 31, and October 31 until maturity. 

Treasury received tenders for the FRNs before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET 

for competitive tenders on December 23. Tenders totaled $67,886 million; Treasury accepted $24,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high discount margin of 0.060 percent 

with an equivalent price of $99.990678. Treasury accepted in full all competitive tenders at discount margins lower 

than 0.060 percent. Tenders at the high discount margin were allotted 87.46 percent. The median discount margin was 

0.054 percent, and the low discount margin was 0.020 percent. Noncompetitive tenders totaled $16 million. 

Competitive tenders accepted from private investors totaled $23,984 million. Accrued interest of $0.023114334 per 

$100 must be paid for the period from October 31 to December 28. 

Auction of 105-Day Cash Management Bills 

On December 22, 2020, Treasury announced it would auction $25,000 million of 105-day bills. They were issued 

December 29 and will mature April 13, 2021. The issue was to raise new cash of approximately $120,000 million. 

Treasury auctioned the bills on December 23. Tenders totaled $90,521 million; Treasury accepted $25,000 million, 

including $1 million of noncompetitive tenders from the public. The high bank discount rate was 0.090 percent. 

Auction of 154-Day Cash Management Bills 

On December 22, 2020, Treasury announced it would auction $30,000 million of 154-day bills. They were issued 

December 29 and will mature June 1, 2021. The issue was to raise new cash of approximately $120,000 million. 

Treasury auctioned the bills on December 23. Tenders totaled $104,316 million; Treasury accepted $30,000 million, 

including $5 million of noncompetitive tenders from the public. The high bank discount rate was 0.095 percent. 

Auction of 42-Day Cash Management Bills 

On December 24, 2020, Treasury announced it would auction $30,000 million of 42-day bills. They were issued 

December 31 and will mature February 11, 2021. The issue was to raise new cash of approximately $199,000 million. 

Treasury auctioned the bills on December 29. Tenders totaled $109,876 million; Treasury accepted $30,001 million, 

including $37 million of noncompetitive tenders from the public. The high bank discount rate was 0.085 percent. 

Auction of 119-Day Cash Management Bills 

On December 24, 2020, Treasury announced it would auction $30,000 million of 119-day bills. They were issued 

December 31 and will mature April 29, 2021. The issue was to raise new cash of approximately $199,000 million. 

Treasury auctioned the bills on December 29. Tenders totaled $112,051 million; Treasury accepted $30,001 million, 

including $26 million of noncompetitive tenders from the public. The high bank discount rate was 0.095 percent. 

Auction of 52-Week Bills 

On December 24, 2020, Treasury announced it would auction $34,000 million of 364-day Treasury bills. They 

were issued December 31 and will mature December 30, 2021. The issue was to refund $178,642 million of all 
44 

March 2021 

maturing bills and to raise new cash of approximately $20,358 million. Treasury auctioned the bills on December 29. 

Tenders totaled $108,974 million; Treasury accepted $34,001 million, including $202 million of noncompetitive 

tenders from the public. The high bank discount rate was 0.110 percent. 

In addition to the $34,001 million of tenders accepted in the auction process, Treasury accepted $5,731 million 

from FRBs for their own accounts. 

Auction of 2-Year Notes 

On December 24, 2020, Treasury announced it would auction $58,000 million of 2-year notes. The issue was to 

refund $71,282 million of securities maturing December 31 and to raise new cash of approximately $143,718 million. 

The 2-year notes of Series BL-2022 were dated and issued December 31. They are due December 31, 2022, with 

interest payable on June 30 and December 31 until maturity. Treasury set an interest rate of 0-1/8 percent after 

determining which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 11:00 a.m. ET for noncompetitive tenders and before 11:30 a.m. ET 

for competitive tenders on December 28. Tenders totaled $142,281 million; Treasury accepted $58,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of 0.137 percent with an 

equivalent price of $99.976041. Treasury accepted in full all competitive tenders at yields lower than 0.137 percent. 

Tenders at the high yield were allotted 69.37 percent. The median yield was 0.110 percent, and the low yield was 0.050 

percent. Noncompetitive tenders totaled $124 million. Competitive tenders accepted from private investors totaled 

$57,876 million. 

In addition to the $58,000 million of tenders accepted in the auction process, Treasury accepted $8,824 million 

from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series BL-2022 is $100. 

Auction of 5-Year Notes 

On December 24, 2020, Treasury announced it would auction $59,000 million of 5-year notes. The issue was to 

refund $71,282 million of securities maturing December 31 and to raise new cash of approximately $143,718 million. 

The 5-year notes of Series AH-2025 were dated and issued December 31. They are due December 31, 2025, with 

interest payable on June 30 and December 31 until maturity. Treasury set an interest rate of 0-3/8 percent after 

determining which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET 

for competitive tenders on December 28. Tenders totaled $141,051 million; Treasury accepted $59,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of 0.394 percent with an 

equivalent price of $99.906021. Treasury accepted in full all competitive tenders at yields lower than 0.394 percent. 

Tenders at the high yield were allotted 61.36 percent. The median yield was 0.350 percent, and the low yield was 0.080 

percent. Noncompetitive tenders totaled $14 million. Competitive tenders accepted from private investors totaled 

$58,981 million. 

In addition to the $59,000 million of tenders accepted in the auction process, Treasury accepted $8,977 million 

from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series AH-2025 is $100. 

Auction of 7-Year Notes 

On December 24, 2020, Treasury announced it would auction $59,000 million of 7-year notes. The issue was to 

refund $71,282 million of securities maturing December 31 and to raise new cash of approximately $143,718 million. 
45 

March 2021 

The 7-year notes of Series T-2027 were dated and issued December 31. They are due December 31, 2027, with 

interest payable on June 30 and December 31 until maturity. Treasury set an interest rate of 0-5/8 percent after 

determining which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET 

for competitive tenders on December 29. Tenders totaled $136,576 million; Treasury accepted $59,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of 0.662 percent with an 

equivalent price of $99.747318. Treasury accepted in full all competitive tenders at yields lower than 0.662 percent. 

Tenders at the high yield were allotted 16.82 percent. The median yield was 0.608 percent, and the low yield was 0.550 

percent. Noncompetitive tenders totaled $6 million. Competitive tenders accepted from private investors totaled 

$58,994 million. 

In addition to the $59,000 million of tenders accepted in the auction process, Treasury accepted $8,977 million 

from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series T-2027 is $100. 
46 

March 2021 

TABLE PDO-1—Offerings of Regular Weekly Treasury Bills 

[In millions of dollars. Source: Bureau of the Fiscal Service, Division of Financing Operations] 

 On total competitive bids accepted 

Issue date 

Description of new issue 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, and 26 week) 

 

2020-Oct. 01 2020-Dec. 31 91 160,092.4 58,499.0 52,625.0 629.1 99.974722 0.100 0.101

 2021-Apr. 01 182 162,715.6 55,248.5 50,087.0 431.5 99.946917 0.105 0.107

Oct. 06 2020-Nov. 03 28 102,977.1 32,947.9 28,645.4 924.9 99.993389 0.085 0.086

 Dec. 01 56 129,822.1 38,440.0 34,040.7 193.4 99.986778 0.085 0.086

Oct. 08 2021-Jan. 07 91 159,762.1 62,203.4 52,503.0 646.5 99.975986 0.095 0.096

 Apr. 08 182 156,401.9 58,747.2 49,767.8 450.3 99.944389 0.110 0.112

Oct. 13 2020-Nov. 10 28 102,582.5 32,439.3 28,678.3 949.0 99.993000 0.090 0.091

 Dec. 08 56 123,500.7 37,845.9 33,910.2 189.2 99.986000 0.090 0.091

Oct. 15 2021-Jan. 14 91 153,015.2 59,913.5 52,675.9 724.9 99.973458 0.105 0.106

 Apr. 15 182 159,691.4 56,584.6 50,152.6 458.8 99.941861 0.115 0.117

Oct. 20 2020-Nov. 17 28 101,658.3 32,892.2 28,572.1 861.4 99.993000 0.090 0.091

 Dec. 15 56 115,794.2 38,373.9 34,262.7 209.6 99.985222 0.095 0.096

Oct. 22 2021-Jan. 21 91 169,136.7 60,910.1 52,794.8 705.2 99.974722 0.100 0.101

 Apr. 22 182 161,820.6 57,526.9 50,085.7 499.1 99.941861 0.115 0.117

Oct. 27 2020-Nov. 24 28 109,715.2 32,831.3 28,972.3 860.5 99.993389 0.085 0.086

 Dec. 22 56 126,021.0 38,303.0 34,256.1 244.5 99.986000 0.090 0.091

Oct. 29 2021-Jan. 28 91 161,294.5 58,880.0 52,302.3 699.1 99.974722 0.100 0.101

 Apr. 29 182 182,624.3 55,608.1 49,496.4 504.1 99.944389 0.110 0.112

Nov. 03 2020-Dec. 01 28 101,832.7 32,929.2 28,114.1 887.0 99.993778 0.080 0.081

 Dec. 29 56 124,129.6 38,416.2 33,759.8 240.4 99.986778 0.085 0.086

Nov. 05 2021-Feb. 04 91 159,331.3 62,539.9 52,970.3 673.3 99.975986 0.095 0.096

 May 06 182 160,141.7 59,065.9 50,368.6 459.5 99.944389 0.110 0.112

Nov. 10 2020-Dec. 08 28 102,075.2 32,407.8 28,501.0 939.6 99.993778 0.080 0.081

 2021-Jan. 05 56 111,671.1 37,809.2 34,547.1 196.8 99.986778 0.085 0.086

Nov. 12 Feb. 11 91 149,139.6 59,862.4 52,960.1 641.3 99.974722 0.100 0.101

 May 13 182 157,707.7 56,535.9 50,337.4 463.2 99.944389 0.110 0.112

Nov. 17 2020-Dec. 15 28 104,852.9 32,904.2 28,936.5 846.9 99.993389 0.085 0.086

 2021-Jan. 12 56 117,164.4 38,388.1 34,548.7 151.7 99.986000 0.090 0.091

Nov. 19 Feb. 18 91 176,594.7 61,293.3 52,904.6 756.1 99.977250 0.090 0.091

 May 20 182 169,158.1 57,887.5 50,223.4 501.6 99.949444 0.100 0.101

Nov. 24 2020-Dec. 22 28 108,860.7 32,841.2 28,476.3 892.3 99.994556 0.070 0.071

 2021-Jan. 19 56 116,479.8 38,314.2 34,552.6 207.6 99.989111 0.070 0.071

Nov. 27 Feb. 25 90 148,874.3 58,574.1 52,403.0 600.7 99.978750 0.085 0.086

 May 27 181 186,576.4 55,320.8 49,551.2 450.2 99.954750 0.090 0.091

Dec. 01 2020-Dec. 29 28 104,475.9 32,939.1 28,569.8 830.7 99.993778 0.080 0.081

 2021-Jan. 26 56 124,987.2 38,428.9 33,847.6 152.9 99.987556 0.080 0.081

Dec. 03 Mar. 04 91 166,363.5 61,919.7 52,971.8 624.4 99.978514 0.085 0.086

 June 03 182 170,653.1 58,479.6 50,433.0 367.1 99.954500 0.090 0.091

Dec. 08 Jan. 05 28 103,463.2 32,425.3 28,534.3 915.6 99.994167 0.075 0.076

 Feb. 02 56 120,085.8 37,828.8 34,442.8 188.6 99.988333 0.075 0.076

Dec. 10 Mar. 11 91 172,325.9 58,645.8 52,845.5 780.6 99.979778 0.080 0.081

 June 10 182 173,769.8 55,387.5 50,256.5 544.3 99.954500 0.090 0.091

Dec. 15 Jan. 12 28 112,064.6 32,897.0 28,603.1 837.2 99.994944 0.065 0.066

 Feb. 09 56 121,595.9 38,380.5 34,614.5 211.4 99.988333 0.075 0.076

Dec. 17 Mar. 18 91 162,119.2 59,529.7 52,946.1 797.3 99.981042 0.075 0.076

 June 17 182 166,191.6 56,224.2 50,249.9 548.8 99.957028 0.085 0.086

Dec. 22 Jan. 19 28 109,034.5 32,835.5 28,539.6 861.7 99.994167 0.075 0.076

 Feb. 16 56 121,630.9 38,308.7 34,523.4 220.6 99.987556 0.080 0.081
47 

March 2021 

Dec. 24 Mar. 25 91 154,635.3 56,099.8 52,789.0 640.7 99.977250 0.090 0.091

 June 24 182 162,507.2 52,983.3 50,386.9 413.9 99.954500 0.090 0.091

 

 Continued from Table PDO-1 

Dec. 29 Jan. 26 28 104,071.2 32,933.1 28,586.4 837.7 99.993778 0.080 0.081 

 Feb. 23 56 117,779.9 38,422.1 34,241.7 237.7 99.986000 0.090 0.091 

Dec. 31 Apr. 01 91 161,037.7 63,102.6 52,510.1 590.2 99.975986 0.095 0.096 

 July 01 182 166,501.4 59,598.2 49,629.6 371.9 99.949444 0.100 0.101 

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 bills represent additional issues of bills with an original maturity of 

8 weeks. 

2 Includes amount awarded to the Federal Reserve System. 

3 Tenders for $5 million or less from any one bidder are accepted in full at the high 

price of accepted competitive bids. All Treasury Marketable auctions are conducted 

in a single-price format as of November 2, 1998. 

4 Equivalent coupon-issue yield. 
48 

March 2021 

11/03/20 11/05/20 0.105% CMB—03/04/21 119d 95,995 30,000 

11/03/20 11/05/20 0.135% bill—11/04/21 364d 125,652 39,377 

11/04/20 11/10/20 0.100% CMB—02/23/21 105d 83,949 25,001 

11/04/20 11/10/20 0.105% CMB—04/13/21 154d 106,544 30,000 

11/09/20 11/12/20 0.095% CMB—12/24/20 42d 99,352 30,001 

11/09/20 11/12/20 0.100% CMB—03/11/21 119d 113,033 30,000 

11/09/20 11/16/20 0.250% note—11/15/23-AT 3y 144,472 68,807 0.250 - 99.999999 

11/10/20 11/16/20 0.875% note—11/15/30-F 10y 106,485 52,242 0.960 - 99.191574 

11/12/20 11/17/20 0.095% CMB—03/02/21 105d 94,613 25,001 

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) 

 09/29/20 10/01/20 0.085% CMB—11/12/20 42d 102,490 30,000 

09/29/20 10/01/20 0.090% CMB—01/28/21 119d 125,581 30,001 

09/30/20 10/06/20 0.095% CMB—01/19/21 105d 90,377 25,001 

09/30/20 10/06/20 0.105% CMB—03/09/21 154d 105,830 30,001 

10/06/20 10/08/20 0.090% CMB—11/19/20 42d 99,147 30,001 

10/06/20 10/08/20 0.105% CMB—02/04/21 119d 93,821 30,000 

10/06/20 10/08/20 0.140% bill—10/07/21 364d 112,338 39,165 

10/06/20 10/15/20 0.125% note—10/15/23-AS 3y 128,189 53,455 0.193 - 99.796687 

10/07/20 10/13/20 0.100% CMB—01/26/21 105d 86,227 25,000 

10/07/20 10/13/20 0.110% CMB—03/16/21 154d 95,232 30,000 

10/07/20 10/15/20 0.625% note—08/15/30-E 9y 10m 87,594 35,979 0.765 - 98.675865 

10/08/20 10/15/20 1.375% bond—08/15/50 29y 10m 53,262 23,643 1.578 - 95.183187 

10/13/20 10/15/20 0.095% CMB—11/27/20 43d 102,950 30,000 

10/13/20 10/15/20 0.110% CMB—02/11/21 119d 100,800 30,000 

10/14/20 10/20/20 0.105% CMB—02/02/21 105d 88,043 25,001 

10/14/20 10/20/20 0.120% CMB—03/23/21 154d 97,353 30,000 

10/20/20 10/22/20 0.090% CMB—12/03/20 42d 109,995 30,000 

10/20/20 10/22/20 0.105% CMB—02/18/21 119d 106,215 30,000 

10/21/20 10/27/20 0.100% CMB—02/09/21 105d 95,944 25,001 

10/21/20 10/27/20 0.115% CMB—03/30/21 154d 108,439 30,001 

10/21/20 11/02/20 1.125% bond—08/15/40 19y 10m 55,767 24,334 1.370 - 95.765607 

10/22/20 10/30/20 0.125% TIPS—10/15/25-AE 5y 45,151 17,000 -1.320 - 

107.593657 

10/27/20 10/29/20 0.080% CMB—12/10/20 42d 103,340 30,001 

10/27/20 10/29/20 0.100% CMB—02/25/21 119d 97,933 30,001 

10/27/20 11/02/20 0.125% note—10/31/22-BH 2y 135,732 59,729 0.151 - 99.948240 

10/28/20 11/03/20 0.095% CMB—02/16/21 105d 101,915 25,000 

10/28/20 11/03/20 0.105% CMB—04/06/21 154d 96,773 30,000 

10/28/20 11/02/20 0.055% FRN—10/31/22-BJ 2y 86,454 28,759 0.055 - 100.000000 

10/28/20 11/02/20 0.250% note—10/31/25-AF 5y 136,630 60,835 0.330 - 99.604038 

10/29/20 11/02/20 0.500% note—10/31/27-R 7y 124,141 58,623 0.600 - 99.316022 

11/03/20 11/05/20 0.085% CMB—12/17/20 42d 96,223 30,000 
49 

March 2021 

11/12/20 11/17/20 0.100% CMB—04/20/21 154d 101,350 30,001 

11/12/20 11/16/20 1.625% bond—11/15/50 30y 69,279 34,403 1.680 - 98.708151 

11/17/20 11/19/20 0.095% CMB—12/31/20 42d 112,707 30,000 

11/17/20 11/19/20 0.095% CMB—03/18/21 119d 114,645 30,003 

11/18/20 11/24/20 0.090% CMB—03/09/21 105d 97,521 25,001 

11/18/20 11/24/20 0.090% CMB—04/27/21 154d 103,960 30,001 

11/18/20 11/30/20 1.375% bond—11/15/40 20y 65,057 30,746 1.422 - 99.185441 

11/19/20 11/30/20 0.125% TIPS—07/15/30-D 9y 8m 34,161 13,665 -0.867 - 111.642995 

11/23/20 11/30/20 0.125% note—11/30/22-BK 2y 159,654 63,769 0.165 - 99.920165 

11/23/20 11/30/20 0.375% note—11/30/25-AG 5y 143,719 64,908 0.397 - 99.891191 

11/24/20 11/27/20 0.075% CMB—01/07/21 41d 94,470 30,001 

11/24/20 11/27/20 0.090% CMB—03/25/21 118d 104,326 30,000 

11/24/20 11/27/20 0.055% FRN—10/31/22-BJ 1y 11m 69,643 24,000 0.053 - 100.003897 

11/24/20 11/30/20 0.625% note—11/30/27-S 7y 140,691 63,769 0.653 - 99.808717 

11/25/20 12/01/20 0.085% CMB—03/16/21 105d 108,678 25,001 

11/25/20 12/01/20 0.090% CMB—05/04/21 154d 109,369 30,002 

12/01/20 12/03/20 0.080% CMB—01/14/21 42d 100,102 30,001 

12/01/20 12/03/20 0.090% CMB—04/01/21 119d 107,181 30,001 

12/01/20 12/03/20 0.110% bill—12/02/21 364d 131,771 38,988 

12/02/20 12/08/20 0.085% CMB—03/23/21 105d 98,603 25,000 

12/02/20 12/08/20 0.090% CMB—05/11/21 154d 115,081 30,000 

12/08/20 12/10/20 0.070% CMB—01/21/21 42d 114,310 30,000 

12/08/20 12/10/20 0.080% CMB—04/08/21 119d 107,552 30,001 

12/08/20 12/15/20 0.125% note—12/15/23-AU 3y 129,796 58,385 0.211 - 99.742950 

12/09/20 12/15/20 0.085% CMB—03/30/21 105d 92,559 25,000 

12/09/20 12/15/20 0.090% CMB—05/18/21 154d 105,373 30,001 

12/09/20 12/15/20 0.875% note—11/15/30-F 9y 11m 90,118 39,619 0.951 - 99.282076 

12/10/20 12/15/20 1.625% bond—11/15/50 29y 11m 60,564 25,022 1.665 - 99.059547 

12/15/20 12/17/20 0.075% CMB—01/28/21 42d 96,318 30,001 

12/15/20 12/17/20 0.085% CMB—04/15/21 119d 103,982 30,001 

12/16/20 12/22/20 0.085% CMB—04/06/21 105d 95,382 25,000 

12/16/20 12/22/20 0.090% CMB—05/25/21 154d 98,270 30,001 

12/17/20 12/21/20 0.060% CMB—12/29/20 8d 163 25 

12/21/20 12/31/20 1.375% bond—11/15/40 19y 11m 61,126 27,652 1.470 - 98.367014 

12/22/20 12/24/20 0.080% CMB—02/04/21 42d 101,499 30,001 

12/22/20 12/24/20 0.090% CMB—04/22/21 119d 102,457 30,000 

12/22/20 12/31/20 0.125% TIPS—10/15/25-AE 4y 10m 45,223 17,282 -1.575 - 108.871082 

12/23/20 12/29/20 0.090% CMB—04/13/21 105d 90,521 25,000 

12/23/20 12/29/20 0.095% CMB—06/01/21 154d 104,316 30,000 

12/23/20 12/28/20 0.055% FRN—10/31/22-BJ 1y 10m 67,886 24,000 0.060 - 99.990678 

12/28/20 12/31/20 0.125% note—12/31/22-BL 2y 151,105 66,824 0.137 - 99.976041 

12/28/20 12/31/20 0.375% note—12/31/25-AH 5y 150,028 67,977 0.394 - 99.906021 

12/29/20 12/31/20 0.085% CMB—02/11/21 42d 109,876 30,001 

12/29/20 12/31/20 0.095% CMB—04/29/21 119d 112,051 30,001 
50 

March 2021 

12/29/20 12/31/20 0.110% bill—12/30/21 364d 114,705 39,732 

12/29/20 12/31/20 0.625% note—12/31/27-T 7y 145,553 67,977 0.662 - 99.747318 

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. 
51 

March 2021 

INTRODUCTION: Ownership of Federal Securities 

Federal securities presented in the following tables are 

public debt securities such as savings bonds, bills, notes, and 

bonds that the Treasury issues. The tables also detail debt 

issued by other Federal agencies under special financing 

authorities. [See the Federal debt (FD) tables for a more 

complete description of the Federal debt.] 

Effective January 1, 2001, Treasury’s Bureau of the 

Fiscal Service revised formats, titles, and column headings 

in the “Monthly Statement of the Public Debt of the United 

States,” Table I: Summary of Treasury Securities 

Outstanding and Table II: Statutory Debt Limit. These 

changes should reduce confusion and bring the publication 

more in line with the public’s use of terms. 

Treasury’s Bureau of the Fiscal Service compiles data in 

the “Treasury Bulletin” table OFS-1 from the “Monthly 

Statement of the Public Debt of the United States.” Effective 

June 2001, Bureau of the Fiscal Service revised procedures 

and categories in this table to agree with the Bureau of the 

Fiscal Service’s publication changes. 

 Table OFS-1 presents Treasury marketable and 

nonmarketable securities and debt issued by other Federal 

agencies held by Government accounts, the FRBs, and 

private investors. Social Security and Federal retirement 

trust fund investments comprise much of the Government 

account holdings. 

The FRBs acquire Treasury securities in the market as a 

means of executing monetary policy. 

 Table OFS-2 presents the estimated ownership of 

U.S. Treasury securities. Information is primarily obtained 

from the Federal Reserve Board of Governors Flow of Funds 

data, Table L209. State, local, and foreign holdings include 

special issues of nonmarketable securities to municipal 

entities and foreign official accounts. They also include 

municipal, foreign official, and private holdings of 

marketable Treasury securities. (See footnotes to the table 

for description of investor categories.) 
52 

March 2021 

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

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

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) 

 

2016 ................................................ 19,597,812 19,573,445 5,395,699 - 5,395,699 2,830,115 

2017 ................................................ 20,269,269 20,244,900 5,563,074 - 5,563,074 2,867,555 

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 

 

2019 - Dec ....................................... 23,222,591 23,201,380 6,013,988 - 6,013,988 2,637,320 

2020 - Jan ....................................... 23,708,055 23,686,871 5,994,397 - 5,994,397 2,713,573 

Feb ...................................... 23,430,714 23,409,959 5,980,003 - 5,980,003 2,787,019 

Mar ...................................... 23,244,893 23,223,813 5,995,035 - 5,995,035 3,559,553 

 Apr ....................................... 24,995,281 24,974,172 5,902,393 - 5,902,393 4,300,244 

May ...................................... 25,766,665 25,746,260 5,914,931 - 5,914,931 4,497,502 

June ..................................... 26,498,260 26,477,241 5,928,866 - 5,928,866 4,615,353 

 July ...................................... 26,545,875 26,524,953 5,872,303 - 5,872,303 4,709,565 

Aug ...................................... 26,966,120 26,945,391 5,888,362 - 5,888,362 4,798,517 

Sept ..................................... 26,965,542 26,945,391 5,907,764 - 5,907,764 4,872,973 

Oct. ...................................... 27,155,572 27,135,477 6,019,517 - 6,019,517 4,958,328 

Nov. ..................................... 27,466,498 27,446,288 6,078,238 - 6,078,238 5,039,121 

Dec. ..................................... 27,768,006 27,747,798 6,096,382 - 6,096,382 5,127,835 

 

 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) 

 

2016 ................................................ 11,347,631 10,830,489 517,142 24,367 24,363 4 

2017 ................................................ 11,814,271 11,332,237 482,034 24,369 24,368 1 

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 - 

 

2019 – Dec. ..................................... 14,550,072 14,044,816 505,256 21,211 21,211 - 

2020 - Jan ....................................... 14,515,843 14,006,429 509,414 21,184 21,184 - 

Feb ...................................... 14,642,937 14,131,506 511,431 20,755 20,755 - 

Mar ...................................... 14,132,283 13,603,254 529,029 21,080 21,080 - 

 Apr ....................................... 14,771,535 14,235,360 536,175 21,109 21,109 - 

May ...................................... 15,333,827 14,734,537 599,290 20,405 20,405 - 

June ..................................... 15,933,022 15,290,612 642,410 21,019 21,019 - 

 July ...................................... 15,946,085 15,298,299 644,787 20,922 20,922 - 

Aug ...................................... 16,041,957 15,392,229 649,727 20,729 20,729 - 

Sept ..................................... 16,164,654 15,501,967 662,687 20,151 20,151 - 

Oct. ...................................... 13,996,327 14,273,711 504,547 20,095 20,095 

Nov. ..................................... 14,628,901 14,866,844 360,330 20,210 20,210 

Dec. ..................................... 15,253,024 14,104,204 417,839 20,208 20,208 

 

 

Note—Public issues held by the Federal Reserve banks have been revised to 

include Ginnie Mae and exclude the following Government-Sponsored Enterprises: 

Federal National Mortgage Association, Federal Home Loan Mortgage Corporation, 

and the Federal Home Loan Bank System. 
53 

March 2021 

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

[In billions of dollars. Source: Office of Debt Management, Office of the Under Secretary for Domestic Finance] 

 

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) 

 

2020 - Dec. 27,747.8 10,809.2 16,938.6 0.0 147.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 

Sept. 26,945.4 10,371.9 16,573.5 1,236.9 148.6 783.7 222.0 253.3 3,495.1 1,086.4 7,071.0 2,276.5 

 June 26,477.4 10,157.7 16,319.6 1,158.9 149.8 765.3 261.9 242.2 3,559.4 1,049.3 7,046.6 2,086.1 

 Mar. 23,686.9 9,279.7 14,407.2 948.5 150.0 744.3 352.1 243.9 2,384.6 902.2 6,949.5 1,732.1 

2019 - Dec. 23,201.4 8,359.9 14,841.5 937.5 151.3 684.8 368.2 215.3 2,350.6 837.0 6,844.2 2,452.6 

Sept. 22,719.4 8,023.6 14,695.8 911.7 152.3 670.6 370.1 214.3 2,217.3 810.8 6,923.5 2,425.2 

 June 22,023.5 7,945.2 14,078.4 810.0 153.4 447.7 388.8 206.4 1,951.2 811.1 6,625.9 2,683.8 

 Mar. 22,028.0 7,999.1 14,028.9 771.3 154.5 440.6 358.9 203.6 2,058.3 814.9 6,474.0 2,752.7 

2018 - Dec. 21,974.1 8,095.0 13,879.1 771.5 155.7 636.9 367.9 203.7 2,023.3 771.5 6,270.1 2,678.5 

 Sept. 21,516.1 8,068.1 13,447.9 683.9 156.8 615.2 301.7 225.9 1,898.2 789.0 6,225.9 2,551.4 

 June 21,195.3 8,106.9 13,088.5 665.3 157.8 604.8 307.3 225.6 1,843.4 784.3 6,225.0 2,275.0 

 Mar. 21,089.9 8,086.6 13,003.3 639.7 159.0 589.5 300.1 361.6 1,977.1 755.6 6,223.4 1,997.3 

2017 - Dec. 20,492.7 8,132.1 12,360.6 638.3 160.4 432.0 289.4 372.6 1,797.5 759.3 6,211.3 1,699.9 

 Sept. 20,244.9 8,036.9 12,208.0 611.8 161.7 570.8 266.5 359.4 1,697.8 728.7 6,301.9 1,509.4 

 June 19,844.6 7,943.4 11,901.1 621.9 162.8 425.9 262.8 348.2 1,608.5 735.1 6,151.9 1,584.0 

 Mar. 19,846.4 7,941.1 11,905.3 658.6 164.2 444.2 239.5 338.2 1,669.1 749.6 6,075.3 1,566.5 

2016 - Dec. 19,976.9 8,005.6 11,971.3 663.9 165.8 538.0 218.8 330.2 1,705.4 742.3 6,006.3 1,600.7 

 Sept. 19,573.4 7,863.5 11,709.9 627.6 167.5 545.6 203.8 341.2 1,600.4 735.9 6,155.9 1,332.0 

 June 19,381.6 7,911.2 11,470.4 580.6 169.0 537.9 185.0 329.8 1,434.2 712.6 6,279.1 1,242.2 

 Mar. 19,264.9 7,801.4 11,463.6 562.9 170.3 524.4 170.4 315.5 1,404.1 694.9 6,284.4 1,336.6 

2015 - Dec. 18,922.2 7,711.2 11,211.0 547.4 171.6 504.7 174.5 306.7 1,318.3 680.9 6,146.2 1,360.6 

 Sept. 18,150.6 7,488.7 10,661.9 519.1 172.8 305.3 171.0 306.6 1,195.1 646.0 6,105.9 1,240.2 

 June 18,152.0 7,536.5 10,615.5 518.5 173.9 373.8 185.7 304.3 1,139.8 652.8 6,163.1 1,103.5 

 Mar. 18,152.1 7,521.3 10,630.8 518.1 174.9 447.8 176.7 305.1 1,170.4 663.3 6,172.6 1,001.8 

2014 - Dec. 18,141.4 7,578.9 10,562.6 516.8 175.9 507.1 199.2 307.0 1,121.8 654.5 6,157.7 922.4 

 Sept. 17,824.1 7,490.8 10,333.2 471.1 176.7 490.7 198.7 298.1 1,075.8 628.7 6,069.2 924.1 

 June 17,632.6 7,461.0 10,171.6 409.5 177.6 482.6 198.3 287.7 986.2 638.8 6,018.7 972.1 

 Mar. 17,601.2 7,301.5 10,299.7 368.4 178.3 474.3 184.3 276.8 1,060.4 632.0 5,948.3 1,177.0 

2013 - Dec. 17,352.0 7,205.3 10,146.6 321.1 179.2 464.9 181.3 271.2 983.3 633.6 5,792.6 1,319.5 

 Sept. 16,738.2 6,834.2 9,904.0 293.2 180.0 347.8 187.5 273.2 986.1 624.3 5,652.8 1,359.1 

 June 16,738.2 6,773.3 9,964.9 300.2 180.9 444.5 187.7 276.2 1,000.1 612.6 5,595.0 1,367.8 

 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 

2011 - Dec. 15,222.8 6,439.6 8,783.3 279.7 185.2 391.9 160.7 297.3 927.9 562.2 5,006.9 971.4 

 Sept. 14,790.3 6,328.0 8,462.4 293.8 185.1 373.6 155.7 259.6 788.7 557.9 4,912.1 935.8 

 June 14,343.1 6,220.4 8,122.7 279.4 186.0 251.8 158.0 254.8 753.7 572.2 4,690.6 976.1 

 Mar. 14,270.0 5,958.9 8,311.1 321.0 186.7 215.8 157.9 253.5 749.4 585.3 4,481.4 1,360.1 

2010 - Dec. 14,025.2 5,656.2 8,368.9 319.3 187.9 206.8 153.7 248.4 721.7 595.7 4,435.6 1,499.9 

 Sept. 13,561.6 5,350.5 8,211.1 322.8 188.7 198.2 145.2 240.6 671.0 586.0 4,324.2 1,534.4 

 June 13,201.8 5,345.1 7,856.7 266.1 189.6 190.8 150.1 231.8 676.8 584.4 4,070.0 1,497.1 

 Mar. 12,773.1 5,259.8 7,513.3 269.3 190.2 183.0 153.6 225.7 678.5 585.0 3,877.9 1,350.1 1 Source: “Monthly Statement of the Public Debt of the United States” (MSPD). Face value. 

2 Sources: Federal Reserve Bulletin, Table 1.18, Federal Reserve banks, statement of 

condition, for System Open Market Accounts; and the U.S. Treasury MSPD for 

intragovernmental holdings. Federal Reserve holdings exclude Treasury securities held 

under repurchase agreements. As of February 2005, the debt held by Government 

Accounts was renamed to Intragovernmental holdings. 

3 Source: Federal Reserve Board of Governors, Flow of Funds Table L.210. 

4 Includes U.S. chartered depository institutions, foreign banking offices in U.S., banks in 

U.S. affiliated areas, credit unions and bank holding companies. 

5 Sources: “Monthly Statement of the Public Debt of the United States” from January 1996. 

From December 2014 to September 2018, includes savings bonds issued to myRA 

accounts. Current accrual value. 

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: Federal Reserve Board Treasury International Capital Survey. Includes 

nonmarketable foreign series, Treasury securities, and Treasury deposit funds. Excludes 

Treasury securities held under repurchase agreements in custody accounts at the Federal 

Reserve Bank of New York. For additional information, see: 

http://www.treasury.gov/resource-center/data-chart-center/tic/pages/index.aspx. 

9 Includes individuals, Government-sponsored enterprises, brokers and dealers, bank 

personal trusts and estates, corporate and non-corporate businesses, and other investors. 
54 

March 2021 

INTRODUCTION: U.S. Currency and Coin Outstanding and in Circulation 

The U.S. Currency and Coin Outstanding and in 

Circulation (USCC) statement informs the public of the total 

face value of currency and coin used as a medium of 

exchange that is in circulation at the end of a given 

accounting month. The statement defines the total amount of 

currency and coin outstanding and the portion deemed to be 

in circulation. It includes some old and current rare issues 

that do not circulate or that may do so to a limited extent. 

Treasury includes them in the statement because the issues 

were originally intended for general circulation. 

The USCC statement provides a description of the 

various issues of paper money. It also gives an estimated 

average of currency and coin held by each individual, using 

estimates of population from the Bureau of the Census. 

USCC information has been published by Treasury since 

1888, and was published separately until 1983, when it was 

incorporated into the “Treasury Bulletin.” The USCC comes 

from monthly reports compiled by Treasury offices, U.S. 

Mint offices, the Federal Reserve banks (FRBs), and the 

Federal Reserve Board. 

TABLE USCC-1—Amounts Outstanding and in Circulation, Dec. 31, 2020 

[Source: Bureau of the Fiscal Service] 

Currency 

Total 

currency 

and coin 

(1) 

Total currency 

(2) 

Federal Reserve notes 1

(3) 

U.S. notes 

(4) 

Currency no 

longer issued 

(5) 

Amounts outstanding .............................. $2,242,585,392,766 $2,192,605,228,788 2,192,130,235,261 $238,982,666 $236,010,861

Less amounts held by: 

The Treasury ....................................... 107,820,775 46,424,775 46,205,213 7,505 212,057

FRBs ................................................... 153,418,012,021 151,854,906,328 151,854,867,695 334 38,299

Amounts in circulation ............................. $2,089,059,559,970 $2,040,703,897,685 $2,040,229,162,353 $238,974,827 $235,760,505

Coins 2

Total 

(1) 

Dollars 2, 3 

(2) 

Fractional 

coins 

(3) 

 

Amounts outstanding .............................. $49,980,163,978 6,547,064,108 43,433,099,870 

Less amounts held by: 

The Treasury ....................................... 61,396,0000 48,770,000 12,626,000 

FRBs ................................................... 1,563,105,693 1,044,187,944 518,917,749 

Amounts in circulation ............................. $48,355,662,285 $5,454,106,164 $ 42,901,556,121 

See footnotes following table USCC-2. 
55 

March 2021 

TABLE USCC-2—Amounts Outstanding and in Circulation, Dec. 31, 2020 

[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 ................................................................................ $13,107,527,155 $12,967,861,138 $143,503 $139,522,514 

$2 ................................................................................ 2,721,164,590 2,589,727,010 131,425,014 12,566 

$5 ................................................................................ 16,106,716,090 15,976,926,935 107,385,010 22,404,145 

$10 .............................................................................. 22,547,157,410 22,527,409,250 6,290 19,741,870 

$20 .............................................................................. 234,908,723,640 234,888,620,820 3,820 20,099,000

$50 .............................................................................. 114,167,890,200 114,156,401,500 500 11,488,200 

$100 ............................................................................ 1,636,832,611,500 1,636,810,651,200 100 21,960,200 

$500 ............................................................................ 141,745,500 141,561,500 5,500 178,500 

$1,000 ......................................................................... 165,146,000 164,943,000 5,000 198,000 

$5,000 ......................................................................... 1,765,000 1,710,000 - 55,000 

$10,000 ....................................................................... 3,450,000 3,350,000 - 100,000 

Partial notes 5 .............................................................. 600 - 90 510 

Total currency ......................................................... $ 2,040,703,897,685 $2,040,229,162,353 $ 238,974,827 $235,760,505 

Comparative totals of currency and coins in circulation—selected dates 

 Amounts (in millions) 

 (1) 

 Per capita 4 

 (2) 

 

Dec. 31, 2020 ....................................................................................... 2,089,060 6,313 

Nov. 30, 2020 ....................................................................................... 2,067,209 6,250 

Oct. 31, 2020 ....................................................................................... 2,045,705 6,188 

Sept. 30, 2015 ...................................................................................... 1,387,552 4,310 

Sept. 30, 2010 ...................................................................................... 954,719 3,074 

Sept. 30, 2005 ...................................................................................... 766,487 2,578 

Sept. 30, 2000 ...................................................................................... 568,614 2,061 

Sept. 30, 1995 ...................................................................................... 409,272 1,553 

Sept. 30, 1990 ...................................................................................... 278,903 1,105 

Sept. 30, 1985 ...................................................................................... 187,337 782 

Sept. 30, 1980 ...................................................................................... 129,916 581 

June 30, 1975 ...................................................................................... 81,196 380 

June 30, 1970 ...................................................................................... 54,351 265 

June 30, 1965 ...................................................................................... 39,719 204 

 

 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
57 

March 2021 

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. 
58 

March 2021 

SECTION I—Canadian Dollar Positions 

TABLE FCP-I-1—Weekly Report of Major Market Participants 

[In millions of Canadian dollars. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward and future contracts Net options 

 positions 

(3) 

Exchange 

rate 

(Canadian 

dollars per 

U.S. dollar) 

(4) 

Purchased 

(1) 

Sold 

(2) 

 

07/01/20 ................................................................ 1,661,221 1,724,522 -237 1.3579 

07/08/20 ................................................................ 1,542,844 1,599,095 -218 1.3539 

07/15/20 ................................................................ 1,594,475 1,644,385 -224 1.3521 

07/22/20 ................................................................ 1,569,050 1,622,742 -228 1.3407 

07/29/20 ................................................................ 1,602,332 1,643,816 -321 1.3370 

 

08/05/20 ................................................................ 1,641,498 1,696,730 -316 1.3254 

08/12/20 ................................................................ 1,706,035 1,762,646 -307 1.3250 

08/19/20 ................................................................ 1,655,952 1,704,040 -289 1.3173 

08/26/20 ................................................................ 1,678,209 1,735,699 -282 1.3145 

 

09/02/20 ................................................................ 1,757,573 1,814,548 -382 1.3061 

09/09/20 ................................................................ 1,759,280 1,825,089 -285 1.3163 

09/16/20 ................................................................ 1,524,741 1,586,214 -257 1.3164 

09/23/20 ................................................................ 1,553,322 1,612,175 -240 1.3373 

9/30/20 .................................................................. 1,547,888 1,603,582 -244 1.3323 

 

10/07/20 ................................................................ 1,570,006 1,622,799 -228 1.3283 

10/14/20 ................................................................ 1,623,310 1,674,992 -236 1.3147 

10/21/20 ................................................................ 1,621,663 1,675,375 -235 1.3130 

10/28/20 ................................................................ 1,645,238 1,692,438 -238 1.3321 

 

11/04/20 ................................................................ 1,598,993 1,655,855 -234 1.3113 

11/10/20 ................................................................ 1,637,295 1,694,070 -270 1.2998 

11/18/20 ................................................................ 1,655,685 1,698,461 -297 1.3049 

11/25/20 ................................................................ 1,701,787 1,732,785 -327 1.2994 

 

12/02/20 ................................................................ 1,755,453 1,784,131 -292 1.2934 

12/09/20 ................................................................ 1,827,417 1,857,569 -246 1.2791 

12/16/20 ................................................................ 1,640,750 1,670,830 -254 1.2755 

12/23/20 ................................................................ 1,618,439 1,649,692 -244 1.2841 

12/30/20 ................................................................ 1,582,813 1,612,282 -220 1.2764 

 

 
FOREIGN CURRENCY POSITIONS 

March 2021 

59 

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) 

 

2018 - Dec .................... 1,738,245 1,819,509 313,369 302,946 43,236 38,625 76,598 72,266 -5 1.3644 

2019 – Dec.. ................. 1,638,356 1,699,212 383,381 n.a 49,215 46,379 65,623 63,132 -129 1.2962 

2020 – Jan. .................. 1,779,799 1,849,366 413,962 n.a 47,493 46,346 69,306 63,548 -171 1.322 

Feb ................... 1,932,800 2,010,357 440,202 n.a 57,471 52,991 86,169 83,187 -203 1.3411 

Mar ................... 1,865,276 1,922,160 252,425 n.a 71,395 60,722 103,975 97,906 283 1.4123 

 Apr. ................... 1,841,130 1,910,795 258,951 n.a 69,158 57,720 105,000 100,201 -70 1.3911 

May ................... 1,819,304 1,878,733 270,223 n.a 68,144 56,195 94,046 96,715 -157 1.3809 

June .................. 1,580,213 1,639,903 252,213 n.a 65,025 53,887 94,868 98,647 -189 1.3614 

 July. .................. 1,677,198 1,731,687 279,492 n.a 66,430 59,284 95,432 93,843 -232 1.3384 

Aug ................... 1,786,728 1,849,915 277,732 n.a 59,414 53,096 88,067 88,484 -218 1.3034 

Sept .................. 1,691,002 1,743,107 228,690 n.a 45,672 45,176 81,755 78,328 -192 1.3323 

Oct. ................... 1,703,429 1,758,534 224,685 n.a 48,430 45,795 81,609 77,280 -190 1.3332 

Nov. .................. 1,792,131 1,833,180 273,359 195,891 55,702 54,430 91,951 84,834 -225 1.2982 

Dec. .................. 1,615,296 1,653,883 271,333 191,964 53,008 50,684 77,418 70,360 -141 1.2753 

 

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) 

 

2017 - Dec .................... 33,411 65,839 131,559 88,031 534 483 n.a. 1,372 n.a. 1.2517 

2018 - Mar .................... 30,951 67,926 138,067 96,580 1,522 1,210 1,761 n.a. -374 1.2891 

June ................... 35,482 69,299 150,243 n.a. 920 1,052 3,455 2,751 n.a. 1.3140 

Sept ................... 36,139 66,217 154,540 107,071 608 493 2,173 n.a. n.a. 1.2922 

Dec .................... 29,734 61,026 139,329 98,110 696 346 3,017 1,941 18 1.3644 

2019 - Mar .................... 44,154 77,412 136,922 n.a 326 276 4,592 n.a 4 1.3360 

June ................... 61,181 92,673 141,337 n.a 1,612 922 n.a 427 n.a 1.3091 

Sept ................... 65,325 98,507 135,411 n.a 527 393 n.a 653 -2 1.3243 

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 

 
60 

March 2021 

SECTION II—Japanese Yen Positions 

TABLE FCP-II-1—Weekly Report of Major Market Participants 

[In billions of Japanese yen. Source: Treasury Foreign Currency Reporting] 

 Exchange 

rate 

(Japanese 

yen per U.S. 

dollar) 

Report date (4) 

Spot, forward and future contracts 

Net options positions 

(3) 

Purchased 

(1) 

Sold 

(2) 

 

07/01/20 ............................................................. 565,570 568,809 -86 107.50 

07/08/20 ............................................................. 553,203 554,971 -87 107.39 

07/15/20 ............................................................. 549,014 550,794 -81 106.92 

07/22/20 ............................................................. 535,018 536,023 -86 107.18 

07/29/20 ............................................................. 550,755 553,669 -92 105.06 

 

08/05/20 ............................................................. 547,817 548,784 -89 105.44 

08/12/20 ............................................................. 567,416 567,335 n.a. 106.85 

08/19/20 ............................................................. 559,054 546,846 -85 105.71 

08/26/20 ............................................................. 561,794 549,575 -90 106.13 

 

09/02/20 ............................................................. 586,864 575,413 -87 106.15 

09/09/20 ............................................................. 592,353 580,443 -89 106.23 

09/16/20 ............................................................. 544,957 532,531 -71 104.94 

09/23/20 ............................................................. 561,800 552,251 -69 105.34 

09/30/20 ............................................................. 524,878 515,956 -73 105.58 

 

10/07/20 ............................................................. 556,549 546,408 -75 105.97 

10/14/20 ............................................................. 548,447 539,217 -64 105.08 

10/21/20 ............................................................. 554,450 544,552 -65 104.58 

10/28/20 ............................................................. 567,603 557,276 -56 104.33 

 

11/04/20 ............................................................. 571,348 558,524 -63 104.39 

11/10/20 ............................................................. 580,365 601,213 -65 105.36 

11/18/20 ............................................................. 553,404 554,088 -37 103.72 

11/25/20 ............................................................. 565,779 563,740 -38 104.39 

 

12/02/20 ............................................................. 588,371 588,246 -46 104.52 

12/09/20 ............................................................. 580,508 579,908 -46 104.28 

12/16/20 ............................................................. 534,385 529,333 -42 103.59 

12/23/20 ............................................................. 558,545 521,979 -37 103.52 

12/30/20 ............................................................. 537,778 498,704 -40 103.31 

 
FOREIGN CURRENCY POSITIONS 

March 2021 

61 

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) 

 

2018 - Dec ................... 563,910 575,977 148,629 116,910 32,541 33,380 53,035 53,747 122 109.70 

2019 - Dec. .................. 514,008 518,815 89,712 73,001 29,712 31,697 46,539 50,688 -34 108.67 

2020 - Jan. .................. 535,693 543,117 87,022 72,337 31,814 33,768 48,528 52,024 -18 108.50 

Feb .................. 576,326 583,699 97,443 86,210 35,640 37,364 53,210 57,804 -14 108.12 

Mar .................. 589,962 590,317 92,368 80,754 40,090 41,475 59,480 64,273 34 107.53 

 Apr. .................. 589,164 587,185 91,266 81,766 37,104 38,387 55,117 59,061 -1 106.94 

May .................. 568,008 566,109 87,358 76,126 34,470 35,371 52,631 56,174 -29 107.77 

June ................. 559,664 560,995 94,239 81,863 36,371 36,846 54,856 58,729 -42 107.77 

 July. ................. 571,100 570,595 96,990 87,137 35,414 36,745 56,876 60,506 -37 105.78 

Aug .................. 586,727 572,430 88,350 79,089 34,100 36,188 53,773 56,854 -48 105.84 

Sept ................. 560,205 549,301 88,384 75,801 33,066 34,752 50,830 54,384 -29 105.58 

Oct. .................. 551,159 549,301 88,637 77,844 29,742 31,765 45,209 48,076 3 104.54 

Nov. ................. 583,969 582,439 86,824 76,272 30,927 32,800 45,772 48,846 11 104.38 

Dec. ................. 551,945 515,485 93,852 78,209 26,458 27,754 40,126 42,187 40 103.19 

 

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) 

 

2017 - Dec ..................... 6,451 6,017 7,824 6,224 n.a. 373 537 n.a. 3 112.69 

2018 - Mar ..................... 7,528 5,557 8,133 5,332 n.a. 568 568 312 -1 106.20 

June ................... 8,528 6,807 8,813 6,062 371 432 446 259 -4 110.71 

Sept .................... 8,632 8,294 9,056 6,455 432 518 387 145 -9 113.48 

Dec ..................... 8,255 5,873 8,065 6,269 489 505 440 153 49 109.70 

2019 - Mar ..................... 7,790 7,262 9,387 6,865 297 513 425 122 3 110.68 

June ................... 7,769 6,437 9,348 6,519 499 554 665 186 -38 107.84 

Sept .................... 7,691 6,782 8,470 5,769 302 445 550 135 1 108.11 

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 

 
62 

March 2021 

SECTION III—Swiss Franc Positions 

TABLE FCP-III-1—Weekly Report of Major Market Participants 

[In millions of Swiss francs. Source: Treasury Foreign Currency Reporting] 

 Exchange 

rate (Swiss 

francs per 

U.S. dollar) 

Report date (4) 

Spot, forward and future contracts 

Net options positions 

(3) 

Purchased 

(1) 

Sold 

(2) 

 

07/01/20 .................................................................. 904,732 908,279 n.a. 0.9455 

07/08/20 .................................................................. 886,631 882,151 n.a. 0.9382 

07/15/20 .................................................................. 898,197 894,921 n.a. 0.9439 

07/22/20 .................................................................. 855,254 852,855 n.a. 0.9288 

07/29/20 .................................................................. 849,093 851,467 n.a. 0.9141 

 

08/05/20 .................................................................. 862,023 856,864 n.a. 0.9053 

08/12/20 .................................................................. 881,371 882,483 n.a. 0.9109 

08/19/20 .................................................................. 846,831 848,232 n.a. 0.9114 

08/26/20 .................................................................. 845,231 841,925 n.a. 0.9086 

 

09/02/20 .................................................................. 897,879 902,666 n.a. 0.9107

09/09/20 .................................................................. 943,311 949,809 n.a. 0.9131 

09/16/20 .................................................................. 827,372 830,304 n.a. 0.9080 

09/23/20 .................................................................. 813,873 821,524 n.a. 0.9233 

09/30/20 .................................................................. 795,385 803,644 n.a 0.9188 

 

10/07/20 .................................................................. 834,248 839,848 n.a 0.9168 

10/14/20 .................................................................. 860,885 865,866 n.a 0.9127 

10/21/20 .................................................................. 888,184 891,775 n.a 0.9042 

10/28/20 .................................................................. 894,360 897,372 n.a 0.9097 

 

11/04/20 .................................................................. 862,340 868,642 n.a 0.9107 

11/10/20 .................................................................. 883,642 885,616 n.a 0.9136 

11/18/20 .................................................................. 857,227 865,886 n.a 0.9096 

11/25/20 .................................................................. 860,888 876,855 n.a 0.9090 

 

12/02/20 .................................................................. 926,857 936,503 n.a 0.8961 

12/09/20 .................................................................. 890,331 903,336 n.a 0.8901 

12/16/20 .................................................................. 818,311 836,997 n.a 0.8861 

12/23/20 .................................................................. 789,745 805,346 n.a 0.8882 

12/30/20 .................................................................. 761,909 777,146 n.a 0.8832 

 
FOREIGN CURRENCY POSITIONS 

March 2021 

63 

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) 

 

2018 - Dec ..................... 903,658 958,551 140,373 74,358 41,440 40,908 71,023 66,935 n.a 0.9832 

2019 - Dec. .................... 875,026 919,323 94,699 70,094 41,629 39,815 66,118 62,231 n.a 0.9677 

2020 – Jan. ................... 994,355 1,024,500 96,193 69,982 46,513 44,284 69,965 67,047 n.a 0.9645 

Feb .................... 1,065,027 1,097,649 89,911 68,584 47,236 45,141 65,978 63,666 n.a 0.9671 

Mar .................... 1,063,516 1,086,862 86,798 69,394 45,839 45,627 74,146 68,087 n.a 0.9627 

 Apr. .................... 1,020,472 1,019,767 88,097 69,384 48,997 47,007 69,202 63,702 n.a 0.9669 

May .................... 1,038,532 1,034,686 86,450 68,148 50,534 47,800 73,666 67,694 n.a 0.9618 

June ................... 889,360 893,775 90,126 70,360 46,665 43,727 65,573 62,186 n.a 0.9467 

 July. ................... 908,472 922,263 92,858 73,932 46,149 42,599 62,196 58,714 n.a 0.9113 

Aug .................... 919,655 931,052 91,978 74,491 43,348 39,871 58,502 57,482 n.a 0.9012 

Sept ................... 916,414 941,467 80,315 60,526 39,568 36,235 55,222 55,320 n.a 0.9188 

Oct. .................... 957,045 972,381 82,486 59,614 36,546 33,368 50,714 49,187 n.a 0.9165 

Nov. ................... 939,685 966,047 79,537 59,193 34,296 32,042 50,156 48,387 n.a 0.9060 

Dec. ................... 788,408 818,907 84,653 61,459 30,684 29,500 46,891 45,610 n.a 0.8841 

 

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) 

 

2017 - Dec ..................... 13,981 15,244 137,271 21,087 n.a. n.a. n.a. n.a. n.a. 0.9738 

2018 - Mar ..................... 16,766 16,882 n.a. 16,258 n.a. n.a. n.a. n.a. n.a. 0.9532 

 June ................... 16,890 20,470 142,369 20,256 447 n.a. n.a. 18 8 0.9922 

Sept .................... 19,130 19,387 123,956 18,990 1,571 n.a. n.a. n.a. n.a. 0.9758 

Dec ..................... 15,001 18,474 n.a 21,413 n.a n.a n.a n.a n.a 0.9832 

2019 - Mar ..................... 15,382 18,508 116,780 17,956 n.a n.a 1,002 n.a n.a 0.9962 

 June .................... 15,792 24,077 111,660 16,940 n.a n.a n.a n.a n.a 0.9758 

Sept .................... 15,906 20,908 109,813 16,485 82 n.a 148 67 n.a 0.9978 

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 

 
64 

March 2021 

SECTION IV—Sterling Positions 

TABLE FCP-IV-1—Weekly Report of Major Market Participants 

[In millions of pounds sterling. Source: Treasury Foreign Currency Reporting] 

 Exchange 

rate (U.S. 

dollars per 

pound) 

Report date (4) 

Spot, forward and future contracts 

Net options positions 

(3) 

Purchased 

(1) 

Sold 

(2) 

 

07/01/20 .................................................................. 2,901,058 3,091,480 -87 1.2474 

07/08/20 .................................................................. 2,728,908 2,887,859 -63 1.2593 

07/15/20 .................................................................. 2,756,108 2,922,615 -132 1.2586 

07/22/20 .................................................................. 2,683,085 2,843,250 -106 1.2729 

07/29/20 .................................................................. 2,789,732 2,966,401 -54 1.2974 

 

08/05/20 .................................................................. 2,730,447 2,895,124 -47 1.3141 

08/12/20 .................................................................. 2,791,916 2,978,580 -71 1.3047 

08/19/20 .................................................................. 2,773,363 2,951,699 -33 1.3191 

08/26/20 .................................................................. 2,801,912 2,979,899 -40 1.3186 

 

09/02/20 .................................................................. 2,892,295 3,054,062 17 1.3315 

09/09/20 .................................................................. 3,044,980 3,204,646 -110 1.3011 

09/16/20 .................................................................. 2,789,460 2,949,114 -43 1.2980 

09/23/20 .................................................................. 2,788,578 2,953,615 -87 1.2750 

09/30/20 .................................................................. 2,858,364 3,037,657 -78 1.2921 

 

10/07/20 .................................................................. 2,800,902 2,974,125 -16 1.2914 

10/14/20 .................................................................. 2,931,810 3,087,100 -54 1.3023 

10/21/20 .................................................................. 2,865,714 3,032,092 -37 1.3143 

10/28/20 .................................................................. 3,028,704 3,182,638 -77 1.2997 

 

11/04/20 .................................................................. 3,019,360 3,149,798 -124 1.3021 

11/10/20 .................................................................. 3,107,551 3,220,867 21 1.3234 

11/28/20 .................................................................. 3,033,616 3,182,601 21 1.3299 

11/25/20 .................................................................. 3,035,461 3,189,598 9 1.3378 

 

12/05/20 .................................................................. 3,191,624 3,359,219 80 1.3348 

12/09/20 .................................................................. 3,244,597 3,431,454 143 1.3392 

12/16/20 .................................................................. 2,967,661 3,150,239 139 1.3503 

12/23/20 .................................................................. 2,914,300 3,119,084 148 1.3510 

12/30/20 .................................................................. 2,888,736 3,105,554 160 1.3605 

 
FOREIGN CURRENCY POSITIONS 

March 2021 

65 

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) 

 

2018 – Dec....... 2,689,988 2,890,865 1,007,091 949,828 140,974 136,398 113,570 106,149 -93 1.2763 

2019 – Dec....... 2,782,534 3,002,683 657,263 535,326 159,065 163,213 105,419 96,965 n.a 1.3269 

2020 – Jan....... 3,085,125 3,289,926 662,147 547,746 125,856 129,034 84,291 79,450 n.a 1.3195 

 Feb....... 3,039,361 3,222,077 695,560 595,904 108,688 109,546 85,322 80,166 -265 1.2778 

 Mar....... 3,138,105 3,315,938 694,060 606,479 112,334 109,827 90,332 83,233 -75 1.2454 

 Apr........ 2,987,286 3,160,213 662,150 555,773 88,216 85,904 77,586 70,839 -119 1.2602 

 May...... 3,003,523 3,173,289 641,487 542,145 80,616 76,412 73,891 67,743 -144 1.2320 

 June...... 2,871,428 3,064,521 667,983 575,234 70,618 69,518 73,033 66,466 -156 1.2369 

 July....... 2,950,888 3,153,353 694,056 607,331 69,072 64,886 63,164 58,327 21 1.3133 

 Aug....... 3,039,636 3,226,248 661,794 570,503 68,135 64,430 65,188 61,872 64 1.3375 

 Sept...... 3,067,850 3,263,317 638,283 568,045 83,074 80,765 82,073 75,679 -55 1.2921 

Oct........ 3,232,180 3,394,734 655,529 557,915 111,934 108,000 80,289 82,582 -64 1.2933 

Nov....... 3,307,523 3,477,920 700,787 585,524 98,597 94,155 83,970 88,187 69 1.3338 

Dec....... 3,002,184 3,213,613 721,561 592,495 95,736 93,253 81,783 74,031 137 1.3662 

 

TABLE FCP-IV-3—Quarterly Report of Large Market Participants 

[In millions of pounds sterling. Source: Treasury Foreign Currency Reporting] 

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) 

 

2017 - Dec ..................... 25,399 53,184 191,984 55,362 n.a. n.a. n.a. n.a. 47 1.3529 

2018 - Mar ..................... 30,475 53,016 199,384 59,382 981 1,011 2,162 n.a. 41 1.4027 

June ................... 29,048 52,235 194,834 55,851 1,208 1,396 2,551 n.a. -26 1.3197 

Sept .................... 41,040 58,126 201,492 60,050 1,700 1,559 2,739 2,481 33 1.3053 

Dec ..................... 35,003 56,301 196,698 56,905 7,323 5,123 2,941 2,060 118 1.2763 

2019 - Mar ..................... 38,710 60,551 212,555 66,770 11,947 10,874 2,508 2,109 57 1.3032 

June ................... 33,103 59,034 205,735 61,990 1,363 1,645 1,897 1,197 -37 1.2704 

Sept .................... 38,175 64,162 207,780 63,653 5,195 3,823 3,871 3,397 83 1.2305 

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 

 
66 

March 2021 

SECTION V—U.S. Dollar Positions 

TABLE FCP-V-1—Weekly Report of Major Market Participants 

[In millions of U.S. dollars. Source: Treasury Foreign Currency Reporting] 

 

Report date 

Spot, forward and future contracts Net options 

 positions 

(3) 

Exchange 

 rate 

(4) 

Purchased 

(1) 

Sold 

(2) 

 

07/01/20 ................................................................ 25,083,486 24,440,413 -1,840 n.a. 

07/08/20 ................................................................ 24,288,228 23,713,957 -1,889 n.a. 

07/15/20 ................................................................ 24,449,342 23,900,663 -1,983 n.a. 

07/22/20 ................................................................ 24,268,267 23,745,599 -1,678 n.a. 

07/29/20 ................................................................ 24,949,609 24,434,164 -2,577 n.a. 

 

08/05/20 ................................................................ 24,755,232 24,237,713 -2,768 n.a. 

08/12/20 ................................................................ 25,343,288 24,813,478 -2,094 n.a. 

08/19/20 ................................................................ 25,270,577 24,753,090 -2,150 n.a. 

08/26/20 ................................................................ 25,739,440 25,225,083 -2,175 n.a. 

 

09/02/20 ................................................................ 26,401,414 25,803,699 -2,029 n.a. 

09/09/20 ................................................................ 27,373,424 26,724,726 -1,959 n.a. 

09/16/20 ................................................................ 24,905,955 24,492,522 -1,810 n.a. 

09/23/20 ................................................................ 25,147,017 24,459,970 -1,080 n.a. 

09/30/20 ................................................................ 24,453,430 23,678,379 -1,545 n.a. 

 

10/07/20 ................................................................ 24,728,000 24,016,467 -1,362 n.a. 

10/14/20 ................................................................ 25,211,696 24,534,699 -1,312 n.a. 

10/21/20 ................................................................ 25,258,278 24,587,895 -1,066 n.a. 

10/28/20 ................................................................ 25,772,076 25,266,119 -683 n.a. 

 

11/04/20 ................................................................ 25,605,424 25,103,264 -1,047 n.a. 

11/10/20 ................................................................ 26,580,588 26,091,069 -1,029 n.a. 

11/18/20 ................................................................ 26,231,998 25,720,417 -1,095 n.a. 

11/25/20 ................................................................ 26,541,481 25,897,437 -1,289 n.a. 

 

12/05/20 ................................................................ 27,739,396 27,003,417 -1,090 n.a. 

12/09/20 ................................................................ 28,283,085 27,512,501 -1,363 n.a. 

12/16/20 ................................................................ 25,699,631 25,072,753 -1,375 n.a. 

12/23/20 ................................................................ 25,263,446 24,602,099 -934 n.a. 

12/30/20 ................................................................ 24,906,659 24,132,345 -957 n.a. 

 
FOREIGN CURRENCY POSITIONS 

March 2021 

67 

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) 

 

2018 - Dec 25,392,480 24,612,467 - - 1,523,947 1,488,815 1,300,684 1,276,938 1,281 n.a. 

2019 – Dec. 24,180,933 23,475,477 - - 1,314,653 1,305,332 1,109,429 1,106,074 -1,902 n.a. 

2020 – Jan. 26,288,090 25,596,527 - - 1,363,899 1,380,408 1,184,501 1,148,168 -1,366 n.a. 

 Feb 27,703,334 27,013,747 - - 1,557,226 1,587,528 1,265,035 1,237,457 -998 n.a. 

 Mar 27,248,371 26,611,540 - - 1,630,356 1,663,835 1,366,642 1,365,870 713 n.a. 

 Apr. 26,459,016 25,873,845 - - 1,506,705 1,536,993 1,267,422 1,277,225 -559 n.a. 

 May 26,307,968 25,702,780 - - 1,509,774 1,539,411 1,218,664 1,251,305 -792 n.a. 

 June 24,851,800 24,245,694 - - 1,519,578 1,509,168 1,211,803 1,251,072 -976 n.a. 

 July. 25,999,106 25,423,523 - - 1,532,311 1,526,221 1,325,310 1,365,900 -1,202 n.a. 

 Aug 26,866,602 26,334,076 - - 1,499,717 1,502,328 1,338,197 1,349,100 -224 n.a. 

 Sept 26,062,176 25,467,118 - - 1,442,221 1,442,951 1,271,881 1,279,101 -112 n.a. 

 Oct. 26,310,379 25,787,833 - - 1,384,975 1,374,666 1,241,723 1,249,970 117 n.a. 

 Nov. 28,284,969 27,161,281 - - 1,406,692 1,388,649 1,319,213 1,339,533 -772 n.a. 

 Dec. 25,233,574 24,492,626 - - 1,328,145 1,297,830 1,224,642 1,268,973 -917 n.a. 

 

TABLE FCP-V-3—Quarterly Report of Large Market Participants 

[In millions of U.S. dollars. Source: Treasury Foreign Currency Reporting] 

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) 

 

2017 - Dec .................... 413,086 391,712 - - 22,767 13,886 11,689 15,952 3,468 n.a. 

2018 - Mar .................... 409,805 388,908 - - 22,041 14,030 17,127 23,531 2,909 n.a. 

June .................. 453,783 396,708 - - 27,521 21,915 18,996 22,059 3,559 n.a. 

Sept ................... 460,821 345,464 - - 23,367 20,128 14,757 15,794 3,811 n.a. 

Dec .................... 424,656 368,534 - - 23,014 25,224 26,202 25,804 2,684 n.a. 

2019 - Mar .................... 479,088 367,085 - - 24,392 24,220 27,390 26,982 1,982 n.a. 

June .................. 492,795 384,134 - - 22,611 19,703 22,966 20,310 2,439 n.a. 

Sept ................... 517,152 383,695 - - 22,698 19,505 21,249 19,635 1,960 n.a. 

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. 

 
68 

March 2021 

SECTION VI—Euro Positions 

TABLE FCP-VI-1—Weekly Report of Major Market Participants 

[In millions of euros. Source: Treasury Foreign Currency Reporting] 

 Exchange 

rate 

(Euros per 

U.S. dollar) 

Report date (4) 

Spot, forward and future contracts 

Net options positions 

(3) 

Purchased 

(1) 

Sold 

(2) 

 

07/01/20 ............................................................................. 7,417,763 7,628,427 -90 0.8882 

07/08/20 ............................................................................. 7,077,373 7,289,202 -305 0.8827 

07/15/20 ............................................................................. 7,173,138 7,357,403 -473 0.8767 

07/22/20 ............................................................................. 7,083,314 7,242,102 -621 0.8630 

07/29/20 ............................................................................. 7,241,006 7,399,487 -415 0.8496 

 

08/05/20 ............................................................................. 7,143,091 7,297,623 -109 0.8405 

08/12/20 ............................................................................. 7,291,644 7,441,041 -259 0.8477 

08/19/20 ............................................................................. 7,113,751 7,273,847 104 0.8405 

08/26/20 ............................................................................. 7,105,164 7,291,820 -112 0.8465 

 

09/02/20 ............................................................................. 7,416,354 7,587,173 -45 0.8446

09/09/20 ............................................................................. 7,544,755 7,735,950 -206 0.8467 

09/16/20 ............................................................................. 6,957,609 7,131,314 -59 0.8450 

09/23/20 ............................................................................. 6,970,697 7,182,594 -355 0.8564 

09/30/20 ............................................................................. 6,810,165 7,005,391 -286 0.8530 

 

10/07/20 ............................................................................. 6,880,133 7,063,560 -174 0.8499 

10/14/20 ............................................................................. 7,151,439 7,341,768 -320 0.8507 

10/21/20 ............................................................................. 7,165,318 7,358,279 -117 0.8425 

10/28/20 ............................................................................. 7,448,754 7,590,469 -359 0.8510 

 

11/06/20 ............................................................................. 7,365,673 7,491,759 -402 0.8525 

11/10/20 ............................................................................. 7,563,035 7,699,910 -299 0.8467 

11/18/20 ............................................................................. 7,473,155 7,626,707 -269 0.8425 

11/25/20 ............................................................................. 7,439,507 7,586,826 -183 0.8398 

 

12/02/20 ............................................................................. 7,877,877 8,023,891 -82 0.8269

12/09/20 ............................................................................. 7,873,540 8,009,763 127 0.8278 

12/16/20 ............................................................................. 7,405,484 7,601,961 166 0.8214 

12/23/20 ............................................................................. 7,131,759 7,277,402 276 0.8201 

12/30/20 ............................................................................. 7,073,106 7,279,893 589 0.8143 

 
FOREIGN CURRENCY POSITIONS 

March 2021 

69 

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) 

 

2018 - Dec ................... 6,855,887 7,081,645 2,342,011 2,797,839 504,551 499,156 366,025 351,874 654 0.8729 

2019 - Dec ................... 6,756,072 6,851,499 1,411,269 1,433,139 452,926 441,518 313,106 309,793 -76 0.8907 

2020 – Jan. ................. 7,285,961 7,331,455 1,532,508 1,456,626 459,220 442,111 305,713 304,297 -127 0.9024 

Feb .................. 7,780,386 7,887,143 1,542,028 1,469,699 510,380 502,068 355,452 355,121 -195 0.9090 

Mar .................. 7,805,377 7,990,868 1,479,544 1,475,386 604,517 598,153 367,595 362,819 215 0.9078 

 Apr. .................. 7,637,602 7,811,742 1,422,476 1,437,799 530,015 538,550 358,952 340,364 -142 0.9146 

May .................. 7,663,178 7,864,702 1,462,033 1,513,407 524,746 529,955 351,391 333,556 -102 0.9003 

June ................. 7,374,067 7,549,259 1,471,701 1,491,901 518,239 530,089 344,896 328,221 -68 0.8899 

 July. ................. 7,658,361 7,771,813 1,603,291 1,576,443 635,900 637,924 359,736 339,880 -272 0.8459 

Aug .................. 7,514,678 7,688,086 1,542,516 1,485,333 658,450 658,714 350,406 334,381 74 0.8368 

Sept ................. 7,330,142 7,499,167 1,465,244 1,365,571 608,184 601,419 355,530 341,386 -310 0.8530 

Oct. .................. 7,610,961 7,731,933 1,629,698 1,441,998 573,385 567,065 355,937 342,392 -381 0.8586 

Nov. ................. 7,985,834 8,129,044 1,607,199 1,540,279 581,051 575,894 345,375 332,602 -158 0.8370 

Dec. ................. 7,296,388 7,446,168 1,588,358 1,479,214 563,482 551,133 327,482 324,693 333 0.8177 

 

TABLE FCP-VI-3—Quarterly Report of Large Market Participants 

[In millions of euros. Source: Treasury Foreign Currency Reporting] 

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) 

 

2017 - Dec ..................... 132,848 141,002 424,027 221,785 7,219 5,647 6,446 3,750 1,410 0.8318 

2018 - Mar ..................... 121,906 133,637 438,501 239,147 7,782 8,243 11,826 7,446 n.a. 0.8117 

June ................... 127,433 149,132 420,024 228,919 9,337 9,142 15,583 10,718 -38 0.8564 

Sept .................... 148,337 150,159 420,886 233,535 6,139 6,305 13,161 7,093 n.a. 0.8604 

Dec ..................... 120,635 151,502 403,637 243,374 9,724 9,224 14,938 10,156 219 0.8729 

2019 - Mar ..................... 123,672 155,693 399,029 230,690 6,690 6,683 16,534 12,516 n.a 0.8906 

June ................... 138,570 152,753 415,773 246,478 7,578 6,376 8,135 4,478 n.a 0.8792 

Sept .................... 143,594 164,534 418,921 259,403 5,806 6,451 8,774 5,174 449 0.9170 

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 

 
70 

March 2021 

INTRODUCTION: Exchange Stabilization Fund

To stabilize the exchange value of the dollar, the 

Exchange Stabilization Fund (ESF) was established pursuant 

to chapter 6, section 10 of the Gold Reserve Act of January 

30, 1934 codified at 31 United States Code 5302, which 

authorized establishment of a Treasury fund to be operated 

under the exclusive control of the Secretary, with approval 

of the President. 

Subsequent amendment of the Gold Reserve Act 

modified the original purpose somewhat to reflect 

termination of the fixed exchange rate system. 

Section 4027 of H.R. 748, the Coronavirus Aid, Relief, 

and Economic Security Act (CARES Act), enacted on 

March 27, 2020 as Pub. Law 116-136, appropriated $500 

billion to the ESF. The CARES Act authorized the Secretary 

of the Treasury to make loans, loan guarantees, and other 

investments in support of eligible businesses, States, and 

municipalities and to provide the subsidy amounts necessary 

for such loans, loan guarantees, and other investments in 

accordance with the provisions of the Federal Credit Reform 

Act of 1990 (2 U.S.C. 661 et seq.). The CARES Act 

appropriation is used to fund the credit subsidy portion of 

loans, loan guarantees, and other investments authorized 

under section 4003 of the CARES Act, and the remaining 

portion of such disbursements is funded by borrowings from 

Treasury through the Bureau of Fiscal Service. This 

appropriated balance and borrowings from Treasury are held 

as a fund balance with Treasury until disbursed. 

On December 27, 2020, the Consolidated Appropriations 

Act, 2021, rescinded $429 billion of the $500 billion 

appropriation provided to Treasury under Section 4027 of 

the CARES Act. As a result, the Fund Balance with 

Treasury was reduced, from $480 billion as of September 

30, 2020 to $51 billion as of December 31, 2020. Further, 

the Consolidated Appropriations Act, 2021 provided that the 

remaining unobligated appropriation as of January 9, 2021 

be rescinded as of that date other than with respect to those 

funds made available for administrative expenses pursuant to 

Section 4003(f), for the Special Inspector General for 

Pandemic Recovery pursuant to Section 4018(g), and for the 

Congressional Oversight Commission pursuant to Section 

4020. 

Resources of the fund include (a) Fund Balance, which 

reflects the appropriation from the CARES Act minus the 

subsequent rescission of funds resulting from the passage of 

the Consolidated Appropriations Act, 2021, the subsidy 

portion of investments and loans receivable and expenditures 

for administrative expenses in support of the CARES Act, 

(b) U.S. Government securities (dollar balances), (c) special 

drawing rights -SDRs, and (d) foreign currencies. Principal 

sources of income -+ or loss -- for the fund are profits -+ or 

losses -- on SDRs and foreign exchange, interest earned on 

U.S Government and foreign securities, and SDRs. 

 Table ESF-1 presents the assets, liabilities, and 

capital of the fund. The figures are in U.S. dollars. Amounts 

and transactions pertaining to foreign currencies have been 

converted to U.S. dollars based on current exchange rates 

computed according to the accrual method of accounting. 

Investments and loans receivable are reported at cost. The 

capital account represents the original capital appropriated to 

the fund by Congress of $2 billion, minus a subsequent 

transfer of $1.8 billion to pay for the initial U.S. quota 

subscription to the International Monetary Fund. The 

additional appropriated capital represents the $500 billion 

appropriated under the CARES Act Sec 4027 minus 

transfers, expenditures, and a subsequent rescission of $429 

billion resulting from the passage of Consolidated 

Appropriations Act, 2021. Conversion gains and losses are 

reflected in the cumulative net income -+ or loss -- account. 

 Table ESF-2 shows the results of operations for the 

current quarter and year-to-date. Figures are in U.S. dollars 

computed according to the accrual method. “Profit -+ or loss 

-- on foreign exchange” includes realized profits or losses. 

“Adjustment for change in valuation of SDR holdings and 

allocations” reflects net gain or loss on revaluation of SDR 

holdings and allocations for the quarter. CARES Act related 

administrative costs incurred in connection with the loans, 

loan guarantees and other investments are accrued. 

See Table ESF-1 and ESF-2 on the following pages. 
71 

March 2021 

TABLE ESF-1—Balances as of Sept. 30, 2020, and Dec. 31, 2020 

[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] 

Assets, liabilities, and capital Sept. 30, 2020 

Oct. 1, 2020, 

through 

Dec. 31, 2020 Dec. 31, 2020 

Assets 

U.S. dollars: 

Held with treasury: 

Fund balance .................................................................. 480,643,983 (429,080,095) 51,563,888 

U.S. Government securities ............................................ 11,169,942 (4,306) 11,165,636 

Special drawing rights 1 ........................................................... 51,732,943 1,209,102 52,942,045 

Economic recovery program investments .............................. 114,118,699 - 114,118,699 

Economic recovery program loans receivable ........................ 1,821,145 534,706 2,355,851 

Foreign exchange and securities: 

European euro .................................................................... 12,609,664 516,267 13,125,931 

Japanese yen ...................................................................... 8,853,707 204,446 9,058,153 

Accounts receivable ................................................................ 60,237 23,102 83,339 

Total assets ......................................................................... 681,010,320 (426,596,778) 254,413,542

 

Liabilities and capital 

Current liabilities: 

Accounts payable ................................................................ 7,870 2,080 9,950 

Total current liabilities ..................................................... 7,870 2,080 9,950 

Other liabilities: 

SDR certificates .................................................................. 5,200,000 - 5,200,000 

SDR allocations ................................................................... 49,709,293 1,154,822 50,864,115 

Debt, including accrued interest payable ............................ 87,100,139 1,194,313 88,294,452 

Total other liabilities ........................................................ 142,009,432 2,349,135 144,358,567 

Capital: 

Initial appropriated capital account ..................................... 200,000 - 200,000 

Additional appropriated capital Account ............................. 498,806,743 (429,535,788) 69,270,955 

Net income -+ or loss -- -see Table ESF-2 ......................... 467,217 (409,828) 57,389 

Total capital ..................................................................... 538,993,018 (428,947,993) 110,045,025 

Total liabilities and capital ........................................... 681,010,320 (426,596,778) 254,413,542 

See footnote on the following page. 
72 

1 Beginning July 1974, the International Monetary Fund adopted a technique for valuing the 

SDRs based on a weighted average of exchange rates for the currencies of selected 

member countries. The U.S. SDR holdings and allocations are valued on this basis 

beginning July 1974. 

Note—Annual balance sheets for fiscal years 1934 through 1940 appeared in the 1940 

“Annual Report of the Secretary of the Treasury” and those for succeeding years 

appeared in subsequent reports through 1980. Quarterly balance sheets beginning with 

December 31, 1938, have been published in the “Treasury Bulletin.” Data from inception 

to September 30, 1978, may be found on the statements published in the January 1979 

“Treasury Bulletin.” 

March 2021 

TABLE ESF-2—Income and Expense 

[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] 

Current quarter 

Oct. 1, 2020, 

through 

Dec. 31, 2020 

Fiscal year to date 

Oct. 1, 2020 

through 

Dec. 31, 2020 

Income and expense 

Profit -+ or loss-- on: 

Foreign exchange .............................................................. 752,430 752,430

Adjustment for change in valuation 

 of SDR holdings and allocations 1 ................................. 47,161 47,161 

Net income (+) or loss (-): 

SDRs... ............................................................................... 509 509 

U.S. Government securities ........................................... 2,379 2,379 

Foreign exchange (10,528) (10,528) 

Economic Recovery Program (+) or net charges (-) 

on:

Appropriations revenue .................................................. 4,710 4,710 

Administrative expense .................................................. (5,114) (5,114) 

Facility fees .................................................................... - - 

Net interest revenue and expense ................................. (734,157) (734,157) 

Income from operations ................................................. 57,390 57,390 

Net income (+) or loss (-) ............................................... 57,390 57,390 
Financial Report of the

United States Government

Excerpt

Trust Funds
74 

March 2021 

INTRODUCTION: Financial Report of the United States Government

The Financial Report of the United States Government 

(Report) provides the President, Congress, and the American 

People with a comprehensive view of the Federal 

Government's finances, i.e., its financial position and 

condition, its revenues and costs, assets and liabilities, and 

other obligations and commitments. The Fiscal Year 2019 

Report also discusses important financial topics, including 

continuing economic recovery efforts and fiscal 

sustainability. The related Executive Summary provides a 

concise overview of the information contained in the full 

Financial Report.

The Department of the Treasury, in coordination with the 

Office of Management and Budget (OMB), prepares the 

Report, which includes the financial statements for the U.S. 

Government. The United States Government Accountability 

Office (GAO) is required to audit these statements. The 

Report is compiled primarily from individual federal 

agencies' audited financial statements and related 

information included in the agencies' financial reports. 

Inspectors General are generally responsible for annually 

auditing the financial statements for their respective 

agencies. The agency and Government wide financial 

statements are generally required to be prepared in 

conformity with U.S.’ generally accepted accounting 

principles as promulgated by the Federal Accounting 

Standards Advisory Board (FASAB). 

The complete Financial Report, can be accessed easily 

through the internet at: 

https://fiscal.treasury.gov/reports-statements/financialreport/current-report.html
75 

March 2021 

Financial Statements 

of the United States Government 

for the Fiscal Years Ended September 30, 

2020, and 2019 

The consolidated financial statements of the U.S. government were prepared using GAAP. These statements include the 

accrual-based financial statements and the sustainability financial statements, which are discussed in more detail below, and 

the related notes to the consolidated financial statements. Collectively, the accrual-based financial statements, the 

sustainability financial statements, and the notes represent basic information that is deemed essential for the consolidated 

financial statements to be presented in conformity with GAAP. 

ACCRUAL-BASED FINANCIAL STATEMENTS 

The accrual-based financial statements present historical information on what the federal government owns (assets) and 

owes (liabilities) at the end of the year, what came in (revenues) and what went out (net costs) during the year, and how 

accrual-based net operating costs of the federal government reconcile to the budget deficit and changes in its cash balance 

during the year. The following sections discuss each of the accrual-based financial statements. 

Statements of Net Cost 

These statements present the net cost of the government operations for FYs 2020 and 2019, including the operations 

related to funds from dedicated collections. Costs and earned revenues are categorized on the Statement of Net Cost by 

significant entity, providing greater accountability by showing the relationship of the entities’ net cost to the governmentwide net cost. Costs and earned revenues are presented in this Financial Report on an accrual basis, while the budget presents 

outlays and receipts, generally on a cash basis. The focus of the Budget of the U.S. is by entity. Budgets are prepared, 

defended, and monitored by entity. In reporting by entity, we are assisting the external users in assessing the budget integrity, 

operating performance, stewardship, and systems and controls of the government.

The Statements of Net Cost contain the following four components: 

 Gross cost—is the full cost of all the departments and entities excluding (gain)/loss from changes in assumptions. 

These costs are assigned on a cause-and-effect basis, or reasonably allocated to the corresponding entities. 

 Earned revenue—is exchange revenue resulting from the government providing goods and services to the public at a 

price. 

 (Gain)/loss from changes in assumptions—is the gain or loss from changes in long-term assumptions used to 

measure the liabilities reported for federal civilian and military employee pensions, OPEB, and ORB, including 

veterans’ compensation. 

 Net cost—is computed by subtracting earned revenue from gross cost, adjusted by the (gain)/loss from changes in 

assumptions. 

Individual entity net cost amounts will differ from the entity’s financial statements primarily because of reallocations 

completed at the government-wide level which are listed below. 

 Employee benefit costs. 

 Intra-governmental eliminations, as adjusted for buy/sell costs and related revenues. 

 Imputed costs. 

Because of its specific function, most of the employee benefit costs originally associated with the OPM have been 

reallocated to the user entities for government-wide reporting purposes. The remaining costs for OPM on the Statements of 

Net Cost are the administrative operating costs, the expenses from prior costs from health and pension plan amendments, and 

the actuarial gains and losses, if applicable. 
76 

March 2021 

GSA is the primary provider of goods and services to federal entities. GSA’s net cost is adjusted for its intragovernmental buy/sell costs and related revenues. The remaining costs for GSA on the Statements of Net Cost are 

administrative operating costs. With regard to intra-governmental buy/sell costs and related revenues, the amounts recognized 

by each entity are added to, and subtracted from, respectively, the individual entity non-federal net cost amounts. 

In addition, the intra-governmental imputed costs recognized for the receipt of goods and services, financed in whole or 

part by the providing entities, are added to the individual entity non-federal net cost amounts. The most significant types of 

imputed costs that are recorded relate to post-retirement and health benefits, FECA, and Treasury’s Judgment Fund. The 

consolidated Statements of Net Cost is intended to show the full cost for each entity, therefore, the amount of these imputed 

costs are added back to the reporting entities’ gross cost line item and subtracted from the applicable administering entities’

gross cost line item. These imputed costs have a net effect of zero on the Statements of Net Cost in the Financial Report. 

The interest on securities issued by Treasury and held by the public is reported on Treasury’s financial statements, but 

because of its importance and the dollar amounts involved, it is reported separately in these statements. 

Statements of Operations and Changes in Net Position 

These statements report the results of government operations, net operating costs, which include the results of 

operations for funds from dedicated collections. See Note 21—Funds from Dedicated Collections for additional information. 

They include non-exchange revenues, which are generated from transactions that do not require a government entity to give 

value directly in exchange for the inflow of resources. The government does not “earn” the non-exchange revenue. These are 

generated principally by the government’s sovereign power to tax, levy duties, and assess fines and penalties. These 

statements also include the net cost reported in the Statements of Net Cost. They further include certain adjustments and 

unmatched transactions and balances that affect the net position. 

Revenue 

Inflows of resources to the government that the government demands or that it receives by donations are identified as 

non-exchange revenue. The inflows that it demands include individual income tax and tax withholdings, corporate income 

taxes, excise taxes, unemployment taxes, custom duties, and estate and gift taxes. The non-exchange revenue is recognized 

when collected and adjusted for the change in amounts receivable. 

Individual income tax and tax withholdings include FICA/SECA taxes and other taxes. 

Individual income tax and tax withholding and Corporate income tax include the TCJA, which imposed a one-time tax 

on previously unrepatriated foreign earnings at a reduced rate that taxpayers may elect to pay over an eight-year installment 

schedule. 

Excise taxes consist of taxes collected for various items, such as airline tickets, gasoline products, distilled spirits and 

imported liquor, tobacco, firearms, and other items. 

Other taxes and receipts include FRBs earnings, tax related fines, penalties and interest, and railroad retirement taxes. 

Miscellaneous earned revenues consist of earned revenues received from the public with virtually no associated cost. 

These revenues include rents and royalties on the Outer Continental Shelf Lands resulting from the leasing and development 

of mineral resources on public lands. 

Intra-governmental interest represents interest earned from the investment of surplus dedicated collections, which 

finance the deficit spending of all other fund’s non-dedicated operations. These investments are recorded as intragovernmental debt holdings and are included in Note 12—Federal Debt and Interest Payable, in the table titled Intragovernmental Debt Holdings: Federal Debt Securities Held as Investments by Government Accounts. These interest earnings 

and the associated investments are eliminated in the consolidation process. 
77 

March 2021 

Net Cost of Government Operations 

The net cost of government operations—gross cost (including gains/losses from changes in assumptions) less earned 

revenue—flows through from the Statements of Net Cost. 

Intra-governmental Transfers 

Intra-governmental transfers reflect budgetary and other financing sources for funds from dedicated collections, 

excluding financing sources related to non-exchange revenues, intra-governmental interest, and miscellaneous revenues. 

These intra-governmental transfers include appropriations, transfers, and other financing sources. These amounts are labeled 

as “other changes in fund balance” in Note 21—Funds from Dedicated Collections. Some transfers reflect amounts required 

by statute to be transferred from the General Fund to funds from dedicated collections. 

Unmatched Transactions and Balances 

Unmatched transactions and balances are adjustments needed to bring the change in net position into balance due 

primarily to unresolved intra-governmental differences. See Note 1.S—Unmatched Transactions and Balances for additional 

information. 

The unmatched transactions are included in net operating cost to make the sum of net operating costs and adjustments to 

beginning net position for the year equal to the change in net position balance. The unmatched balances are included in the 

net position, funds other than those from dedicated collections on the Balance Sheet. 

Net Operating Cost 

The net operating cost equals revenue less net cost of government operations (that flows from the Statement of Net 

Cost) adjusted by unmatched transactions and balances. See Note 1.S—Unmatched Transactions and Balances for additional 

information. 

Net Position, Beginning of Period 

The net position, beginning of period, reflects the amount reported on the prior year’s Balance Sheet as of the end of 

that fiscal year. The net position, beginning of period, is shown at the combined level by fund type for FY 2020 and adjusted 

through changes in accounting principle to report at a consolidated level by fund type. See Note 21—Funds from Dedicated 

Collections for additional information. 

Adjustments to beginning net position may include corrections of material errors or changes in accounting principles. 

See Note 1.T—Changes in Accounting Principle and Note 1.U—Correction of Errors for additional information. 

Net Position, End of Period 

The net position, end of period, reflects the amount as of the end of the fiscal year. The net position for funds from 

dedicated collections is separately shown. 

 
78 

March 2021 

Reconciliations of Net Operating Cost and Budget Deficit 

These statements reconcile the results of operations (net operating cost) on the Statements of Operations and Changes in 

Net Position to the budget deficit (result of outlays exceeding receipts during a particular fiscal year). The premise of the 

reconciliation is that the accrual and budgetary accounting basis share transaction data. 

Receipts and outlays in the budget are measured primarily on a cash basis and differ from the accrual basis of 

accounting used in the Financial Report. Refer to Note 1.B—Basis of Accounting and Revenue Recognition for additional 

information on the accrual basis of accounting. These statements begin with the net results of operations (net operating cost) 

and report activities where the basis of accounting for the components of net operating cost and the budget deficit differ. 

Some presentations of the budget deficit make the distinction between on-budget and off-budget totals. On-budget totals 

reflect the transactions of all government entities, except those excluded from the budget by law. Off-budget totals reflect the 

transactions of government entities that are excluded from the on-budget totals by law. Under current law, the off-budget 

totals include the Social Security trust funds and USPS. The budget deficit, as presented in the Financial Report, combines 

the on-budget and off-budget totals to derive consolidated totals for federal activity. 

Components of Net Operating Cost Not Part of the Budget Deficit 

This information includes the operating components, such as the changes in benefits payable for veterans, military and 

civilian employees, environmental and disposal liabilities, and depreciation expense, not included in the budget results. 

Components of the Budget Deficit Not Part of Net Operating Cost 

This information includes the budget components, such as the acquisition of capital assets (that are recorded as outlays 

in the budget when cash is disbursed and reflected in net operating cost through depreciation expense over the useful life of 

the asset) and increases in other assets that are not included in the operating results. 

Statements of Changes in Cash Balance from Budget and Other 

Activities 

The primary purpose of these financial statements is to report how the annual budget deficit relates to the change in the 

government’s cash and other monetary assets, as well as federal debt and interest payable. It explains why the budget deficit 

normally would not result in an equivalent change in the government’s cash and other monetary assets. 

These statements reconcile the budget deficit to the change in cash and other monetary assets during the fiscal year. 

They also serve to explain how the budget deficits were financed. These statements show the adjustments for non-cash 

outlays included in the budget, and items affecting the cash balance not included in the budget, to explain the change in cash 

and other monetary assets. 

The budget deficit is primarily financed through borrowings from the public. When receipts exceed outlays, the 

difference is a surplus. The budget treats borrowing and debt repayment as a means of financing, not as receipts and 

outlays. The budget records outlays for the interest on the public issues of Treasury debt securities as the interest accrues, 

not when the cash is paid. 

Non-cash flow amounts in the budget related to loan financing account activity also reflect intra-governmental 

transactions such as interest expense paid or interest revenue received from Treasury, entity year-end credit reform 

subsidy reestimates, and the receipt of subsidy expense from program accounts. Cash flow from non-budget activities 

related to loan financing account activity includes all cash flows to and from the public, including direct loan 

disbursements/default payments to lenders, fees collected, principal and interest repayments, collections on defaulted 

guarantee loans, and sale proceeds of foreclosed property. The budget totals exclude the transactions of the financing 

accounts because they are not a cost to the government. However, since loan financing accounts record all credit cash 

flows to and from the public, they affect the means of financing a budget deficit. 
79 

March 2021 

 

Balance Sheets 

The Balance Sheets show the government’s assets, liabilities, and net position. When combined with stewardship 

information, this information presents a more comprehensive understanding of the government’s financial position. The net 

position for funds from dedicated collections is shown separately. 

Assets 

Assets included on the Balance Sheets are resources of the government that remain available to meet future needs. The 

most significant assets that are reported on the Balance Sheets are direct loans and loan guarantees receivable, net, general 

PP&E, net; inventory and related property, net; and cash and other monetary assets. There are, however, other significant 

resources available to the government that extend beyond the assets presented in these Balance Sheets. Those resources 

include stewardship PP&E in addition to the government’s sovereign powers to tax and set monetary policy. 

Liabilities and Net Position 

Liabilities are obligations of the government resulting from prior actions that will require financial resources. The most 

significant liabilities reported on the Balance Sheets are federal debt and interest payable and federal employee and veteran 

benefits payable. Liabilities also include environmental and disposal liabilities, benefits due and payable, loan guarantees 

liability, as well as insurance and guarantee program liabilities. 

As with reported assets, the government’s responsibilities, policy commitments, and contingencies are much broader 

than these reported Balance Sheet liabilities. They include the social insurance programs reported in the SOSI and disclosed 

in the unaudited RSI—Social Insurance section, fiscal long-term projections of non-interest spending reported in the SLTFP, 

and a wide range of other programs under which the government provides benefits and services to the people of this nation, 

as well as certain future loss contingencies. 

The government has entered into contractual commitments requiring the future use of financial resources and has 

unresolved contingencies where existing conditions, situations, or circumstances create uncertainty about future losses. 

Commitments and contingencies that do not meet the criteria for recognition as liabilities on the Balance Sheets, but for 

which there is at least a reasonable possibility that losses have been incurred, are disclosed in Note 19—Commitments and 

Note 20—Contingencies. 

Unmatched transactions and balances are adjustments needed to bring the change in net position into balance due 

primarily to unreconciled intra-governmental differences. See Note 1.S—Unmatched Transactions and Balances for 

additional information. 

The unmatched transactions are included in net operating cost on the Statement of Operations and Changes in Net 

Position to make the sum of net operating costs and adjustments to beginning net position for the year equal to the change in 

net position balance. The unmatched balances are included in the net position, funds other than those from dedicated 

collections on the Balance Sheet and as a separate reconciling item on the face of the Balance Sheet. 

The collection of certain taxes and other revenue is credited to the corresponding funds from dedicated collections that 

will use these funds to meet a particular government purpose. If the collections from taxes and other sources exceed the 

payments to the beneficiaries, the excess revenue is invested in Treasury securities or deposited in the General Fund; 

therefore, the trust fund balances do not represent cash. An explanation of the trust funds for social insurance is included in

Note 21—Funds from Dedicated Collections. That note also contains information about trust fund receipts, disbursements, 

and assets. 

Due to its sovereign power to tax and borrow, and the country’s wide economic base, the government has unique access 

to financial resources through generating tax revenues and issuing federal debt securities. This provides the government with 

the ability to meet present obligations and those that are anticipated from future operations, and are not reflected in net 

position. 

The net position is the residual difference between assets and liabilities and is the cumulative results of operations since 

inception. For detailed components that comprise the net position, refer to the section “Statement of Operations and Changes 

in Net Position.” 
80 

March 2021 

 

 SUSTAINABILITY FINANCIAL STATEMENTS 

The sustainability financial statements are comprised of the SLTFP, covering all federal government programs, and the 

SOSI and the SCSIA, covering social insurance programs (Social Security, Medicare, Railroad Retirement, and Black Lung 

programs). The sustainability financial statements are designed to illustrate the relationship between projected receipts and 

expenditures if current policy is continued over a 75 year time horizon.1

 In preparing the sustainability financial statements, 

management selects assumptions and data that it believes provide a reasonable basis to illustrate whether current policy is 

sustainable. Current policy is based on current law, but includes several adjustments. In the SLTFP, notable adjustments to 

current law are: 1) projected spending, receipts, and borrowing levels assume raising or suspending the current statutory limit

on federal debt; 2) continued discretionary appropriations are assumed throughout the projections period; 3) scheduled Social 

Security and Medicare Part A benefit payments are assumed to occur beyond the projected point of trust fund depletion; 4) 

many mandatory programs with expiration dates prior to the end of the 75-year projection period are assumed to be 

reauthorized; and 5) tax changes under the TCJA are assumed to continue beyond 2025, similar to the presentation in the FY 

2021 President’s Budget. In the Statement of Social Insurance, the one adjustment to current law is that scheduled Social 

Security and Medicare Part A benefit payments are assumed to occur beyond the projected point of trust fund depletions. 

Assumptions underlying such sustainability information do not consider changes in policy or all potential future events that 

could affect future income, future expenditures, and, hence, sustainability. The projections do not reflect any adverse 

economic consequences resulting from continuously rising debt levels. A large number of factors affect the sustainability 

financial statements and future events and circumstances cannot be estimated with certainty. Therefore, even if current policy 

is continued, there will be differences between the estimates in the sustainability financial statements and actual results, and 

those differences may be material. The unaudited RSI section of this report includes PV projections using different 

assumptions to illustrate the sensitivity of the sustainability financial statements to changes in certain assumptions. The 

sustainability financial statements are intended to help citizens understand current policy and the importance and magnitude 

of policy reforms necessary to make it sustainable. 

By accounting convention, General Fund transfers to Medicare Parts B and D reported in the SOSI are eliminated when 

preparing the government-wide consolidated financial statement. The SOSI shows the projected General Fund transfers as 

eliminations that, under current law, would be used to finance the remainder of the expenditures in excess of revenues for 

Medicare Parts B and D reported in the SOSI. The SLTFP include all revenues (including general revenues) of the federal 

government. 

 

Statements of Long-Term Fiscal Projections 

The SLTFP, including the corresponding Note and RSI, are intended to help readers of the government’s financial 

statements assess the federal government’s financial condition and how it has changed during the year and may change in the 

future. The statements and corresponding analysis are specifically designed to help readers assess whether future budgetary 

resources will be sufficient to sustain public services and to meet obligations as they come due, assuming that current policy 

for federal government services and taxation continues without change. 

The SLTFP display the PV of 75-year projections by major category of receipts and non-interest spending. The 

projections show the extent to which future receipts of the government exceed or fall short of the government’s non-interest 

spending and are presented both in terms of PV dollars and in terms of PV dollars as a percent of PV GDP. The projections 

reflect policies currently in place and are neither forecasts nor predictions. The projections are consistent with the projections 

for Social Security and Medicare presented in the SOSI and are based on the same economic and demographic assumptions 

that underlie the SOSI. The SLTFP display the fiscal gap, which is a summary measure of the change in receipts or noninterest spending that is necessary to reach a target ratio of debt held by the public to GDP at the end of the projection period. 

Note 24—Long-Term Fiscal Projections, explains the methods used to prepare the projections. Unaudited RSI further 

assesses the sustainability of current fiscal policy and provides results that are based on alternative assumptions to those used 

in the SLTFP. 

1 With the exception of the Black Lung program, which has a rolling 25-year projection period that begins on the September 30 valuation date each year. 
81 

March 2021 

As discussed further in Note 24, a sustainable policy is one where the debt-to-GDP ratio is stable or declining over the 

long term. Because GDP measures the size of the nation’s economy in terms of the total value of all final goods and services 

that are produced in a year, the debt-to-GDP ratio is a useful indicator of the economy’s capacity to support federal 

government’s services. 

Statements of Social Insurance and Changes in Social Insurance 

Amounts 

SOSI provides estimates of the status of the most significant social insurance programs: Social Security, Medicare, 

Railroad Retirement, and Black Lung.2

 They are administered by SSA, HHS, RRB, and DOL, respectively. The SSA and 

HHS projections are based on the intermediate economic and demographic assumptions representing the Trustees’ reasonable 

estimates of likely future economic and demographic conditions, as set forth in the applicable Social Security and Medicare 

Trustees’ Reports as well as in the financial statements of HHS and SSA. RRB’s projections are based on assumptions from 

the 27th Valuation on the Assets and Liabilities Under the Railroad Retirement Acts of December 31, 2016, the 2020 Annual 

Report on the Railroad Retirement System required by Section 502 of the Railroad Retirement Solvency Act of 1983, as well 

as in RRB’s financial statements and DOL’s projections are based on assumptions disclosed in its financial statements. 

 Note 23—Social Insurance describes the social insurance programs, reports long-range estimates that can be used to 

assess the financial condition of the programs, and explains some of the factors that impact the various programs. The SOSI 

reports the General Fund transfers for the estimated future revenue of Medicare Part B and D which are consistent with the 

entities’ financial statements and, by accounting convention, such General Fund transfers are eliminated in the consolidation 

of the SOSI at the government-wide level. 

 The SCSIA show two reconciliations: 1) change from the period beginning on January 1, 2019 to the period beginning 

on January 1, 2020; and 2) change from the period beginning on January 1, 2018 to the period beginning on January 1, 2019. 

It reconciles the changes (between the current valuation and the prior valuation) in the PV of estimated future revenue less 

estimated future expenditures for current and future participants (the open group measure) over the next 75 years (except 

Black Lung which has a rolling 25-year projection period through September 20, 2045). The reconciliation identifies several 

components of the changes that are significant and provides reasons for the changes in Note 23. 

 

 

2 In relation to the amounts presented in the SOSI and SCSIA, because the combined Railroad Retirement and Black Lung programs account for less than 

one-quarter of 1 percent of the statement totals, they are not material from the government-wide perspective. 
82 

March 2021 

United States Government 

Statement of Net Cost 

for the Year Ended September 30, 2020 (Gain)/Loss 

 from 

 Gross Earned Changes in Net 

 (In billions of dollars) Cost Revenue Subtotal Assumption Cost 

 Department of Health and Human Services ................... 1,537.0 130.0 1,407.0 0.1 1,407.1 

 Social Security Administration ........................................ 1,157.6 0.3 1,157.3 - 1,157.3 

 Department of Veterans Affairs ...................................... 386.3 4.0 382.3 602.7 985.0 

 Department of Defense .................................................. 802.2 39.8 762.4 (17.4) 745.0 

 Department of the Treasury ........................................... 581.3 20.6 560.7 - 560.7 

 Small Business Administration ....................................... 562.1 3.1 559.0 - 559.0 

 Department of Labor ...................................................... 493.2 - 493.2 - 493.2 

 Interest on Treasury Securities Held by the Public ........ 371.1 - 371.1 - 371.1 

 Department of Agriculture .............................................. 198.0 10.1 187.9 - 187.9 

 Office of Personnel Management ................................... 97.3 25.2 72.1 89.9 162.0 

 Department of Education ............................................... 190.2 33.3 156.9 - 156.9 

 Department of Homeland Security ................................. 122.3 11.8 110.5 3.1 113.6 

 Security Assistance Accounts ........................................ 154.8 42.8 112.0 - 112.0 

 Department of Transportation ........................................ 108.8 1.1 107.7 - 107.7 

 Department of Energy .................................................... 60.9 5.4 55.5 - 55.5 

 Department of Justice .................................................... 39.1 1.8 37.3 - 37.3 

 Department of Housing and Urban Development .......... 36.3 2.2 34.1 - 34.1 

 Department of State ....................................................... 34.6 2.8 31.8 1.1 32.9 

 National Aeronautics and Space Administration ............ 22.3 0.2 22.1 - 22.1 

 Department of the Interior .............................................. 23.0 2.4 20.6 - 20.6 

 Department of Commerce .............................................. 19.4 3.9 15.5 - 15.5 

 U.S. Agency for International Development ................... 13.8 - 13.8 - 13.8 

 Federal Communications Commission .......................... 13.9 0.4 13.5 - 13.5 

 Railroad Retirement Board ............................................. 13.1 - 13.1 - 13.1 

 Environmental Protection Agency .................................. 9.1 0.4 8.7 - 8.7 

 U.S. Postal Service ........................................................ 79.2 71.7 7.5 - 7.5 

 National Science Foundation ......................................... 7.3 - 7.3 - 7.3 

 Smithsonian Institution ................................................... 1.5 0.5 1.0 - 1.0 

 Millennium Challenge Corporation ................................. 0.6 - 0.6 - 0.6 

 Export-Import Bank of the U.S. ...................................... 0.8 0.4 0.4 - 0.4 

 U.S. Nuclear Regulatory Commission ............................ 0.9 0.7 0.2 - 0.2 

 National Credit Union Administration ............................. 0.3 0.2 0.1 - 0.1 

 U.S. International Development Finance Corporation .... - 0.1 (0.1) - (0.1) 

 Farm Credit System Insurance Corporation ................... 0.1 0.2 (0.1) - (0.1) 

 General Services Administration .................................... 0.3 0.8 (0.5) - (0.5) 

 Securities and Exchange Commission ........................... 2.2 3.3 (1.1) - (1.1) 

 Tennessee Valley Authority ........................................... 8.8 10.1 (1.3) - (1.3) 

 National Railroad Retirement Investment Trust ............. 0.1 1.8 (1.7) - (1.7) 

 Pension Benefit Guaranty Corporation .......................... 19.2 22.0 (2.8) - (2.8) 

 Federal Deposit Insurance Corporation ......................... 1.7 6.5 (4.8) - (4.8) 

All other entities ............................................................. 23.4 1.7 21.7 - 21.7 

Total ............................................................................... 7,194.1 461.6 6,732.5 679.5 7,412.0 

The accompanying notes are an integral part of these financial statements. 
83 

March 2021 

United States Government 

Statement of Net Cost 

for the Year Ended September 30, 2019 (Gain)/Loss 

 from 

 Gross Earned Changes in Net 

 (In billions of dollars) Cost Revenue Subtotal Assumptions Cost 

 Department of Health and Human Services ................ 1,341.4 119.1 1,222.3 - 1,222.3 

 Social Security Administration ..................................... 1,101.2 0.3 1,100.9 - 1,100.9 

 Department of Veterans Affairs .................................... 364.7 5.1 359.6 58.0 417.6 

 Department of Defense ................................................ 813.6 44.2 769.4 139.0 908.4 

 Department of the Treasury ......................................... 181.0 25.3 155.7 - 155.7 

 Small Business Administration ..................................... 0.3 0.4 (0.1) - (0.1)

 Department of Labor .................................................... 40.5 - 40.5 - 40.5 

 Interest on Treasury Securities Held by the Public ...... 403.6 - 403.6 - 403.6 

 Department of Agriculture ............................................ 149.1 8.3 140.8 - 140.8 

 Office of Personnel Management ................................ 118.5 24.1 94.4 0.3 94.7 

 Department of Education ............................................. 153.9 31.9 122.0 - 122.0 

 Department of Homeland Security ............................... 77.0 14.0 63.0 0.9 63.9 

 Security Assistance Accounts ...................................... 38.6 - 38.6 - 38.6 

 Department of Transportation ...................................... 82.2 1.1 81.1 - 81.1 

 Department of Energy .................................................. 59.3 5.7 53.6 - 53.6 

 Department of Justice .................................................. 40.8 3.5 37.3 - 37.3 

 Department of Housing and Urban Development ........ 29.6 1.8 27.8 - 27.8 

 Department of State ..................................................... 33.9 4.6 29.3 0.7 30.0 

 National Aeronautics and Space Administration .......... 21.0 0.2 20.8 - 20.8 

 Department of the Interior ............................................ 21.1 2.6 18.5 - 18.5 

 Department of Commerce............................................ 13.8 3.6 10.2 - 10.2 

 U.S. Agency for International Development ................. 12.2 0.1 12.1 - 12.1 

 Federal Communications Commission ........................ 11.2 0.4 10.8 - 10.8 

 Railroad Retirement Board .......................................... 12.1 - 12.1 - 12.1 

 Environmental Protection Agency ................................ 8.8 0.3 8.5 - 8.5 

 U.S. Postal Service ...................................................... 77.5 70.2 7.3 - 7.3 

 National Science Foundation ....................................... 7.3 - 7.3 - 7.3 

 Smithsonian Institution ................................................. 1.5 0.4 1.1 - 1.1 

 Millennium Challenge Corporation ............................... 0.5 - 0.5 - 0.5 

 Export-Import Bank of the U.S. .................................... (0.1) 0.5 (0.6) - (0.6)

 U.S. Nuclear Regulatory Commission ......................... 0.8 0.7 0.1 - 0.1 

 National Credit Union Administration ........................... 0.4 0.2 0.2 - 0.2 

 Overseas Private Investment Corporation ................... (0.2) 0.1 (0.3) - (0.3)

 Farm Credit System Insurance Corporation................. 0.1 0.2 (0.1) - (0.1)

 General Services Administration .................................. 0.1 0.8 (0.7) - (0.7)

 Securities and Exchange Commission ........................ 1.8 2.1 (0.3) - (0.3)

 Tennessee Valley Authority ......................................... 9.9 11.3 (1.4) - (1.4)

 National Railroad Retirement Investment Trust ........... 0.1 0.7 (0.6) - (0.6)

 Pension Benefit Guaranty Corporation ........................ 35.7 27.8 7.9 - 7.9 

 Federal Deposit Insurance Corporation ....................... 0.4 5.0 (4.6) - (4.6)

All other entities ........................................................... 22.0 1.8 20.2 - 20.2 

 Total ............................................................................. 5,287.2 418.4 4,868.8 198.9 5,067.7 

The accompanying notes are an integral part of these financial statements. 
84 

March 2021 

United States Government 

Statement of Operations and Changes in Net Position 

for the Year Ended September 30, 2020 (Consolidated) 

 

 

Funds other Funds from 

 those from Dedicated 

Dedicated Collections 

Collections (Note 21) Eliminati Total 

(In billions of dollars) 2020 

 

Revenue (Note 18): 

Individual income tax and tax withholdings ... 1,570.8 1,283.8 - 2,854.

6 Corporate income taxes ............................ 317.1 - - 317.1 

Excise taxes ........................................... 40.8 52.2 - 93.0 

Unemployment taxes ............................... 6.2 34.5 - 40.7 

Customs duties ....................................... 66.2 0.1 - 66.3 

Estate and gift taxes ................................ 17.6 - - 17.6 

Other taxes and receipts ........................... 147.0 18.9 - 165.9 

Miscellaneous earned revenues ................. 16.3 0.1 - 16.4 

Intra-governmental revenue ....................... - 107.7 (107.7) - 

Total revenue ......................................... 2,182.0 1,497.3 (107.7) 3,571.

Net Cost of Government Operations: 

Net cost ................................................ 5,328.9 2,083.1 - 7,412.

0 Intra-governmental cost ............................ 107.7 - (107.7) - 

Total net cost ......................................... 5,436.6 2,083.1 (107.7) 7,412.

Intra-governmental transfers ........................ (555.6) 555.6 - - 

Unmatched transactions and balances 

(Note 1.S) ............................................. 11.6 - - 11.6 

Net operating (cost)/revenue ......................... (3,798.6) (30.2) - (3,828.

)

Net position, beginning of period* ................. (26,484.6) 3,517.1 - (22,967

5) Adjustments to beginning net position 

Changes in accounting principle (Note 1.T) 12.5 (12.5) - - 

Net operating (cost)/revenue ..................... (3,798.6) (30.2) - (3,828.

8) Net position, end of period .......................... (30,270.7) 3,474.4 - (26,796

) 

*Net position, beginning of period is presented above as combined in alignment with the FY 2019 presentation. 

 

The accompanying notes are an integral part of these financial statements. 
85 

March 2021 

United States Government 

Statement of Operations and Changes in Net Position 

for the Year Ended September 30, 2019 (Restated) 

 

 Funds other than Funds from 

 those from Dedicated 

 Dedicated Collections 

 Collections (Note 21) 

 (Combined) (Combined) Eliminations Consolidated 

(In billions of dollars) 2019 

 

Revenue (Note 18): 

Individual income tax and tax withholdings ....... 1,687.6 1,218.6 - 2,906.2 

Corporate income taxes ............................... 322.5 - - 322.5 

Excise taxes .............................................. 42.1 60.7 - 102.8 

Unemployment taxes .................................. - 39.4 - 39.4 

Customs duties .......................................... 72.6 0.1 - 72.7 

Estate and gift taxes ................................... 16.7 - - 16.7 

Other taxes and receipts .............................. 102.4 42.9 - 145.3 

Miscellaneous earned revenues .................... 12.0 3.4 - 15.4 

Intra-governmental revenue .......................... - 95.5 (95.5) - 

Total revenue ............................................ 2,255.9 1,460.6 (95.5) 3,621.0 

 

Net Cost of Government Operations: 

Net cost .................................................... 3,237.5 1,830.2 - 5,067.7 

Intra-governmental cost ............................... 95.5 - (95.5) - 

Total net cost ............................................. 3,333.0 1,830.2 (95.5) 5,067.7 

 

Intra-governmental transfers ............................ (406.0) 406.0 - - 

 

Unmatched transactions and balances 

(Note 1.S) ................................................ 0.4 - - 0.4 

 

Net operating (cost)/revenue ............................ (1,482.7) 36.4 - (1,446.3)

 

Net position, beginning of period ...................... (25,001.4) 3,480.7 - (21,520.7)

Adjustments to beginning net position 

 Changes in accounting principle .................. 5.7 - - 5.7 

 Correction of errors (Note 1.U) ................... (6.2) - - (6.2)

Net operating (cost)/revenue ......................... (1,482.7) 36.4 - (1,446.3)

Net position, end of period............................... (26,484.6) 3,517.1 - (22,967.5)

 

The accompanying notes are an integral part of these financial statements. 
86 

March 2021 

United States Government 

Reconciliations of Net Operating Cost and Budget Deficit 

for the Years Ended September 30, 2020, and 2019 

 Restated

(In billions of dollars) 2020 2019

Net operating cost ...................................................................................................... (3,828.8) (1,446.3)

Components of net operating cost not part of the budget deficit 

 Excess of accrual-basis expenses over budget outlays 

* Federal employee and veteran benefits payable 

 Pension and accrued benefits ............................................................................... 160.1 183.1 

 Veterans compensation and burial benefits .............................................................. 733.3 173.5 

 Post-retirement health and accrued benefits ............................................................. 22.0 55.0 

 Other benefits .................................................................................................... 53.6 46.4 

 Subtotal - federal employee and veteran benefits payable ........................................ 969.0 458.0 

* Insurance and guarantee program liabilities ............................................................... 4.8 24.3 

 * Environmental and disposal liabilities ........................................................................ 7.3 18.1 

* Accounts payable ................................................................................................. 7.1 11.3 

* Benefits due and payable ....................................................................................... 32.7 12.5 

* Other liabilities ..................................................................................................... 57.9 31.4 

 Subtotal - excess of accrual-basis expenses over budget outlays ............................... 1,078.8 555.6 

Amortized expenses not included in budget outlays 

 Property, plant, and equipment depreciation expense .................................................. 77.2 88.4 

Other expenses that are not reported as budget outlays 

 Property, plant, and equipment disposals and revaluations ........................................... (50.2) (38.8)

Excess of accrual-basis revenue over budget receipts 

Accounts receivable, net ........................................................................................ 7.9 (4.0)

Taxes receivable, net ............................................................................................. (91.1) (89.1)

Other losses/(gains) and cost/(revenue) that are not budget receipts 

* Investments in government-sponsored enterprises ...................................................... 3.2 1.1 

 Subtotal - components of net operating cost not part of budget deficit ......................... 1,025.8 513.2 

Components of the budget deficit that are not part of net operating cost 

Budget receipts not included in net operating cost 

 Credit reform and other loan activities ....................................................................... 44.9 45.3 

Budget outlays not included in net operating cost 

 Acquisition of capital assets ..................................................................................... (65.1) (66.0)

* Securities and investments ..................................................................................... (3.6) (6.1)

* Inventory and related property, net ........................................................................... (24.0) (18.2)

* Other assets ........................................................................................................ (150.7) 1.2 

 Subtotal - components of the budget deficit that are not part of net operating cost ......... (198.5) (43.8)

Adjustments to beginning net position - (0.5)

Unmatched transactions and balances (11.6) 14.7

Other 

 All other reconciling items ....................................................................................... (118.8) (21.7)

Budget deficit............................................................................................................. (3,131.9) (984.4)

* The amounts represent the year over year net change in the Balance Sheet line items. 

 

The accompanying notes are an integral part of these financial statements. 
87 

March 2021 

United States Government

Statements of Changes in Cash Balance from Budget and Other Activities

for the Years Ended September 30, 2020, and 2019

 

(In billions of dollars) 2020 2019

 

Cash flow from budget activities 

Total budget receipts ........................................................................................................... 3,420.0 3,462.2 

Total budget outlays ........................................................................................................... (6,551.9) (4,446.6)

Budget deficit ..................................................................................................................... (3,131.9) (984.4)

Adjustments for non-cash outlays included in the budget 

Non-cash flow amounts in the budget related to federal debt securities 

Accrued interest ................................................................................................................. 312.1 305.5 

Net amortization ................................................................................................................. 40.9 65.7 

Other................................................................................................................................ 63.1 (33.3)

Subtotal - adjustments for non-cash flow amounts in the budget related to federal debt securities ....... 416.1 337.9 

Non-cash flow amounts in the budget related to loan financing account activity 

Interest revenue on uninvested funds ...................................................................................... 23.3 7.1 

Interest expense on entity borrowings ..................................................................................... (57.6) (43.2)

Downward reestimates/negative subsidy payments ................................................................... (28.9) (22.8)

Subsidy expense/upward reestimates ..................................................................................... 713.6 47.7 

Subtotal - adjustments for non-cash flow amounts in the budget related to loan financing account 

activity .............................................................................................................................. 650.4 (11.2)

Total of adjustments for non-cash outlays included in the budget .................................................... 1,066.5 326.7 

Cash flow from activities not included in the budget 

Cash flow from non-budget activities related to federal debt securities 

Interest paid ...................................................................................................................... (314.7) (305.7)

Subtotal - cash flow from non-budget activities related to federal debt securities .............................. (314.7) (305.7)

Cash flow from non-budget activities related to loan financing account activity 

Loan disbursements/default payments .................................................................................... (492.5) (214.3)

Fees ................................................................................................................................ 26.6 24.5 

Principal & interest repayments.............................................................................................. 112.0 125.9 

Other collections on defaulted loans receivable and sale of foreclosed property ............................... 4.3 4.5 

Subtotal - cash flow from non-budget activities related to loan financing account activity .................... (349.6) (59.4)

Cash flow from financing federal debt securities 

Borrowings ........................................................................................................................ 18,969.1 11,813.4 

Repayments ...................................................................................................................... (14,822.4) (10,732.1)

Discount/premium ............................................................................................................... (32.5) (60.4)

Subtotal - cash flow from financing federal debt securities ........................................................... 4,114.2 1,020.9 

Total cash flow from activities not included in the budget ............................................................... 3,449.9 655.8 

Other 

Total other ........................................................................................................................... 17.8 19.0 

Change in cash and other monetary assets balance .................................................................... 1,402.3 17.1 

Beginning cash and other monetary assets balance ..................................................................... 524.6 507.5 

Ending cash and other monetary assets balance ......................................................................... 1,926.9 524.6 

 

The accompanying notes are an integral part of these financial statements. 
88 

March 2021 

United States Government 

Balance Sheets 

as of September 30, 2020, and 2019 

 Restated

(In billions of dollars) 2020 2019

Assets: 

 Cash and other monetary assets (Note 2) ........................................................ 1,926.9 524.6 

Accounts receivable, net (Note 3) ................................................................... 321.2 238.0 

 Direct loans and loan guarantees receivable, net (Note 4) .................................... 1,577.4 1,425.8 

 Inventory and related property, net (Note 5) ...................................................... 379.7 355.7 

 General property, plant and equipment, net (Note 6) ........................................... 1,145.0 1,106.9 

 Securities and investments (Note 7) ................................................................ 121.9 118.3 

 Investments in special purpose vehicles (Note 8) ............................................... 108.4 - 

 Investments in government-sponsored enterprises (Note 9).................................. 108.9 112.1 

 Other assets (Note 10) ................................................................................. 261.3 110.6 

 Total assets ............................................................................................ 5,950.7 3,992.0 

 Stewardship property, plant and equipment (Note 25) 

 

Liabilities: 

Accounts payable (Note 11) .......................................................................... 105.1 98.0 

 Federal debt and interest payable (Note 12) ..................................................... 21,082.9 16,861.0 

 Federal employee and veteran benefits payable (Note 13) ................................... 9,409.3 8,440.3 

 Environmental and disposal liabilities (Note 14) ................................................. 602.7 595.4 

 Benefits due and payable (Note 15) ................................................................ 256.3 223.6 

 Loan guarantees liability (Note 4) ................................................................... 520.1 21.7 

 Insurance and guarantee program liabilities (Note 16) ......................................... 199.3 194.5 

 Other liabilities (Note 17) .............................................................................. 568.2 510.3 

 Total liabilities ......................................................................................... 32,743.9 26,944.8 

 Commitments (Note 19) and Contingencies (Note 20) 

 

Unmatched transactions and balances (Note 1.S) ............................................. 3.1 14.7 

 

Net Position: 

 Funds from Dedicated Collections (Note 21) ..................................................... 3,474.4 3,517.1 

 Funds other than those from Dedicated Collections ........................................... (30,270.7) (26,484.6)

 Total net position ...................................................................................... (26,796.3) (22,967.5)

 Total liabilities and net position* ..................................................................... 5,950.7 3,992.0 

 

*Total liabilities and net position equals Total liabilities, Total net position and Unmatched transactions and balances. 

 The accompanying notes are an integral part of these financial statements. 
89 

March 2021 

United States Government 

Statements of Long-Term Fiscal Projections (Note 24) 

Present Value of 75-Year Projections as of September 30, 2020 and 20191 

 In trillions of dollars Percent of GDP2

2020 2019 Change 2020 2019 Change

 

Receipts: 

 Social Security payroll taxes ................. 68.5 65.7 2.9 4.2 4.3 (0.1)

 Medicare payroll taxes ......................... 22.9 22.1 0.9 1.4 1.4 - 

 Individual income taxes ....................... 164.4 161.7 2.7 10.0 10.6 (0.6)

 Corporation income taxes .................... 21.0 19.3 1.7 1.3 1.3 - 

 Other receipts ................................... 18.6 21.1 (2.5) 1.1 1.4 (0.2)

Total receipts ......................................... 295.4 289.9 5.6 18.0 18.9 (1.0)

Non-interest spending: 

 Social Security................................... 95.2 88.7 6.5 5.8 5.8 - 

 Medicare Part A3 ................................ 32.6 32.2 0.4 2.0 2.1 (0.1)

 Medicare Parts B & D4 ......................... 45.2 40.7 4.5 2.7 2.7 0.1 

 Medicaid .......................................... 37.4 37.3 0.1 2.3 2.4 (0.2)

 Other mandatory ................................ 58.5 45.4 13.1 3.6 3.0 0.6 

 Defense discretionary .......................... 53.6 48.1 5.5 3.3 3.1 0.1 

 Non-defense discretionary .................... 52.4 46.6 5.9 3.2 3.0 0.1 

Total non-interest spending ....................... 374.9 338.9 36.1 22.8 22.1 0.7 

 

Receipts less non-interest spending ........ (79.5) (49.0) (30.5) (4.8) (3.2) (1.6)

 

Fiscal gap5 ................................................................................................ (5.4) (3.8) (1.6)

1

75-year present value projections for 2020 are as of 9/30/2020 for FYs 2021-2095; projections for 2019 are as of 9/30/2019 for FYs 2020-

2094. 

2

The 75-year present value of nominal GDP, which drives the calculations above is $1,645.1 trillion starting in FY 2021, and was $1,531.8 

trillion starting in FY 2020. 

3

Represents portions of Medicare supported by payroll taxes. 

4

Represents portions of Medicare supported by general revenues. Consistent with the President's Budget, outlays for Parts B & D are 

presented net of premiums. 

5

To prevent the debt-to-GDP ratio from rising over the next 75 years, a combination of non-interest spending reductions and receipt increases 

that amounts to 5.4 percent of GDP on average is needed (3.8 percent of GDP on average in 2019). See Note 24—Long-Term Fiscal 

Projections. 

Totals may not equal the sum of components due to rounding. 

 

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

 
90 

March 2021 

United States Government 

Statements of Social Insurance (Note 23) 

Present Value of Long-Range (75 Years, except Black Lung) Actuarial Projections 

(In trillions of dollars) 2020 2019 2018 2017 2016

Federal Old-Age, Survivors and Disability Insurance (Social 

Security):11 

Revenue (Contributions and Dedicated Taxes) from: 

 Participants who have attained eligibility age (age 62 and over) .. 1.7 1.5 1.5 1.4 1.3 

 Participants who have not attained eligibility age ..................... 35.2 33.6 31.6 30.2 29.3 

 Future participants ............................................................ 37.0 35.3 31.8 30.5 29.7 

 All current and future participants ......................................... 73.9 70.4 64.9 62.1 60.3 

Expenditures for Scheduled Future Benefits for: 

 Participants who have attained eligibility age (age 62 and over) .. (18.3) (16.9) (15.9) (14.7) (13.6)

 Participants who have not attained eligibility age ..................... (59.8) (55.8) (52.2) (50.2) (48.4)

 Future participants ............................................................ (15.5) (14.5) (13.0) (12.6) (12.4)

 All current and future participants ......................................... (93.6) (87.2) (81.1) (77.5) (74.4)

Present value of future expenditures in excess of future 

revenue ............................................................................ (19.7)1 (16.8)2 (16.2)3 (15.4)4 (14.1)5

Federal Hospital Insurance (Medicare Part A):11 

Revenue (Contributions and Dedicated Taxes) from: 

 Participants who have attained eligibility age (age 65 and over) .. 0.6 0.6 0.5 0.5 0.5 

 Participants who have not attained eligibility age ..................... 12.5 12.0 11.3 10.6 10.2 

 Future participants ............................................................ 12.5 11.8 11.0 10.6 10.0 

All current and future participants ......................................... 25.6 24.4 22.8 21.7 20.7 

Expenditures for Scheduled Future Benefits for: 

 Participants who have attained eligibility age (age 65 and over) .. (6.1) (5.3) (5.0) (4.5) (4.3)

 Participants who have not attained eligibility age ..................... (20.1) (20.0) (18.6) (17.2) (16.8)

 Future participants ............................................................ (4.2) (4.5) (3.9) (3.5) (3.4)

All current and future participants ......................................... (30.4) (29.8) (27.5) (25.2) (24.5)

Present value of future expenditures in excess of future 

revenue ............................................................................ (4.8)1 (5.4)2 (4.7)3 (3.5)4 (3.8)5

Federal Supplementary Medical Insurance (Medicare Part B):11 

Revenue (Premiums) from: 

 Participants who have attained eligibility age (age 65 and over) .. 1.7 1.5 1.3 1.1 1.0 

 Participants who have not attained eligibility age ..................... 9.3 7.5 6.6 5.9 5.3 

 Future participants ............................................................ 2.5 1.9 1.5 1.4 1.2 

 General Fund transfers ...................................................... 33.1 28.8 25.1 22.4 20.0 

All current and future participants ......................................... 46.6 39.7 34.5 30.8 27.5 

Expenditures for Scheduled Future Benefits for: 

 Participants who have attained eligibility age (age 65 and over) .. (6.2) (5.8) (5.2) (4.5) (4.0)

 Participants who have not attained eligibility age ..................... (31.8) (27.3) (23.9) (21.4) (19.2)

 Future participants ............................................................ (8.6) (6.6) (5.4) (4.9) (4.3)

All current and future participants ......................................... (46.6) (39.7) (34.5) (30.8) (27.5)

Eliminations ....................................................................... (33.1) (28.8) (25.1) (22.4) (20.0)

Present value of future expenditures in excess of future 

revenue (after eliminations)6 .................................................. (33.1)1 (28.8)2 (25.1)3 (22.4)4 (20.0)5

 

The accompanying notes are an integral part of these financial statements. 
91 

March 2021 

United States Government 

Statements of Social Insurance (Note 23), continued 

Present Value of Long-Range (75 Years, except Black Lung) Actuarial Projections 

(In trillions of dollars) 2020 2019 2018 2017 2016

Federal Supplementary Medical Insurance (Medicare Part D):11

Revenue (Premiums and State Transfers) from: 

 Participants who have attained eligibility age (age 65 and over) .. 0.3 0.2 0.3 0.3 0.3 

 Participants who have not attained eligibility age ...................... 2.0 2.1 2.1 2.1 2.2 

 Future participants ............................................................. 0.9 0.9 0.8 0.8 1.0 

 General Fund transfers ....................................................... 7.8 8.0 7.9 7.6 8.7 

All current and future participants ......................................... 11.0 11.2 11.1 10.8 12.2 

Expenditures for Scheduled Future Benefits for: 

 Participants who have attained eligibility age (age 65 and over) .. (1.0) (1.0) (1.0) (1.0) (1.0)

 Participants who have not attained eligibility age ...................... (7.0) (7.2) (7.2) (6.9) (7.6)

 Future participants ............................................................. (3.0) (3.0) (2.9) (2.9) (3.6)

All current and future participants ......................................... (11.0) (11.2) (11.1) (10.8) (12.2)

 

Eliminations ........................................................................ (7.8) (8.0) (7.9) (7.6) (8.7)

 

Present value of future expenditures in excess of future 

revenue (after eliminations)6 ................................................... (7.8)1 (8.0)2 (7.9)3 (7.6)4 (8.7)5

Other: 

Present value of future expenditures in excess of future 

 revenue 7 ......................................................................... (0.1) (0.1) (0.1) (0.1) (0.1)

Total present value of future expenditures in excess of future 

revenue8, 9, 10 ...................................................................... (65.5) (59.1) (54.0) (49.0) (46.7)

The accompanying notes are an integral part of these financial statements. 
92 

March 2021 

United States Government 

Statements of Social Insurance (Note 23), continued 

Present Value of Long-Range (75 Years, except Black Lung) Actuarial Projections 

(In trillions of dollars) 2020 2019 2018 2017 2016

Social Insurance Summary11 

Participants who have attained eligibility age: 

 Revenue (e.g., contributions and dedicated taxes) ................. 4.3 3.8 3.6 3.3 3.1 

 Expenditures for scheduled future benefits ........................... (31.6) (29.1) (27.2) (24.8) (23.0)

 Present value of future expenditures in excess of 

 future revenue .............................................................. (27.3) (25.3) (23.6) (21.5) (19.9)

Participants who have not attained eligibility age: 

 Revenue (e.g., contributions and dedicated taxes) ................. 59.0 55.2 51.6 48.8 47.0 

 Expenditures for scheduled future benefits ........................... (118.7) (110.3) (101.9) (95.7) (92.0)

 Present value of future expenditures in excess of 

 future revenue .............................................................. (59.7) (55.1) (50.3) (46.9) (45.0)

Closed-group - Total present value of future expenditures (87.0) (80.4) (73.9) (68.4) (64.9)

in excess of future revenue ............................................... 

Future participants: 

 Revenue (e.g., contributions and dedicated taxes) ................. 52.9 49.9 45.1 43.3 41.9 

 Expenditures for scheduled future benefits ........................... (31.4) (28.6) (25.2) (23.9) (23.7)

 Present value of future revenue in excess of future 

 expenditure ................................................................. 21.5 21.3 19.9 19.4 18.2 

Open-group - Total present value of future expenditures in (65.5) (59.1) (54.0) (49.0) (46.7)

excess of future revenue ..................................................... 1 The projection period for Social Security and Medicare is 1/1/2020-12/31/2094 and the valuation date is 1/1/2020. 2 The projection period for Social Security and Medicare is 1/1/2019-12/31/2093 and the valuation date is 1/1/2019. 3 The projection period for Social Security and Medicare is 1/1/2018-12/31/2092 and the valuation date is 1/1/2018. 4 The projection period for Social Security and Medicare is 1/1/2017-12/31/2091 and the valuation date is 1/1/2017. 5 The projection period for Social Security and Medicare is 1/1/2016-12/31/2090 and the valuation date is 1/1/2016. 6 These amounts represent the PV of the future transfers from the General Fund to the SMI Trust 

Fund. These future intra-governmental transfers are included as income in both HHS’ and the CMS’s 

Financial Reports but, by accounting convention, are not income from the government-wide perspective of this report. 7 Includes Railroad Retirement and Black Lung. 

8 These amounts do not include the PV of the financial interchange between the railroad retirement and social security systems, 

 which is included as income in the Railroad Retirement Financial Report, but is not included from the government-wide perspective of this 

 report. (See discussion of RRP in the unaudited RSI section of this report). 

9 Does not include interest expense accruing on the outstanding debt of the BLDTF. 10 For information on the projection periods and valuation dates for the Railroad Retirement and Black Lung programs, refer to the financial 

 statements of RRB and DOL, respectively. 

11 Current participants for the Social Security and Medicare programs are assumed to be the “closed-group” of individuals who are at least 

15 years of age at the start of the projection period, and are participating as either taxpayers, beneficiaries, or both. Amounts shown exclude 

 General Fund transfers for Medicare's Parts B and D. 

The accompanying notes are an integral part of these financial statements. 
93 

March 2021 

United States Government 

Statement of Changes in Social Insurance Amounts 

for the Year Ended September 30, 2020 (Note 23) 

 

 Social Medicare Medicare 

(In trillions of dollars) Security1 HI1 SMI1 Other2 Total 

 

Net present value (NPV) of future revenue less 

 future expenditures for current and future 

 participants (the “open group”) over the next 75 

 years, beginning of the year ................................. (16.8) (5.4) (36.8) (0.1) (59.1)

Reasons for changes in the NPV during the year: 

Changes in valuation period .................................. (0.6) (0.2) (1.4) - (2.2)

Changes in demographic data, assumptions, and 

methods............................................................ (0.4) 2.6 1.1 - 3.3 

Changes in economic data, assumptions, and 

methods............................................................ (1.8) - - (1.8)

Changes in law or policy ...................................... (0.3) (0.5) 0.2 - (0.6)

Changes in methodology and programmatic data ...... 0.2 - - - 0.2 

Changes in economic and other health care 

 assumptions ................................................... - (1.7) (3.7) - (5.4)

Change in projection base .................................... - 0.4 (0.3) - 0.1 

 Net change in open group measure ........................ (2.9) 0.6 (4.1) - (6.4)

Open group measure, end of year ............................ (19.7) (4.8) (40.9) (0.1) (65.5)

 

1

 Amounts represent changes between valuation dates 1/1/2019 and 1/1/2020. 

2

 Includes Railroad Retirement changes between valuation dates 10/1/2018 and 10/1/2019 and Black Lung changes between 9/30/2019 and 

 9/30/2020. 

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

 
94 

March 2021 

United States Government 

Statement of Changes in Social Insurance Amounts 

for the Year Ended September 30, 2019 (Note 23) 

 

 

 Social Medicare Medicare 

(In trillions of dollars) Security1 HI1 SMI1 Other2 Total 

 

Net present value (NPV) of future revenue less 

 future expenditures for current and future 

 participants (the “open group”) over the next 75 

 years, beginning of the year .................................... (16.2) (4.7) (33.0) (0.1) (54.0)

Reasons for changes in the NPV during the year: 

 Changes in valuation period ..................................... (0.5) (0.2) (1.2) - (1.9)

 Changes in demographic data, assumptions, and 

methods ................................................................. 0.4 - 0.4 - 0.8 

Changes in economic data, assumptions, and 

methods ................................................................. (1.0) - - - (1.0)

Changes in law or policy .......................................... - - - - - 

Changes in methodology and programmatic data ....... 0.5 - - - 0.5 

Changes in economic and other health care 

 assumptions .......................................................... - (0.3) (2.7) - (3.0)

 Change in projection base ....................................... - (0.2) (0.3) - (0.5)

Net change in open group measure .......................... (0.6) (0.7) (3.8) - (5.1)

Open group measure, end of year ............................... (16.8) (5.4) (36.8) (0.1) (59.1)

 

1

 Amounts represent changes between valuation dates 1/1/2018 and 1/1/2019. 

2

 Includes Railroad Retirement changes between valuation dates 10/1/2017 and 10/1/2018 and Black Lung changes between 9/30/2018 and 

 9/30/2019. 

 

The accompanying notes are an integral part of these financial statements. 
95 

 March 2021 

INTRODUCTION: Airport and Airway Trust Fund 

The Airport and Airway Trust Fund was established on 

the books of the Department of Treasury in fiscal year 

1971, according to provisions of the Airport and Airway 

Revenue Act of 1970 [49 United States Code 1742(a), 

repealed]. The Tax Equity and Fiscal Responsibility Act of 

1982 (Public Law 97-248, dated September 3, 1982) 

reestablished the trust fund in the Internal Revenue Code 

(26 United States Code 9502) effective September 1, 1982. 

Treasury transfers from the general fund to the trust 

fund amounts equivalent to the taxes received from 

transportation of persons and property by air, gasoline and 

jet fuel used in commercial and noncommercial aircraft, 

and an international arrival and departure tax. The Omnibus 

Budget Reconciliation Act of 1990 (Public Law 101-508, 

dated November 5, 1990) increased rates for the excise 

taxes transferred to the fund. 

Treasury bases these transfers on estimates made by the 

Secretary of the Treasury. These are subject to adjustments 

in later transfers in the amount of actual tax receipts. The 

FAA Reauthorization Act of 2018 (Public Law 115-254), 

effective October 5, 2018, extended the aviation excise 

taxes until October 1, 2023. The Act included provisions 

that: 

 Retained the existing passenger ticket, flight 

segment, and freight waybill taxes. The domestic flight 

segment tax is indexed to the Consumer Price Index; 

effective calendar year 2021, the tax is $4.30. It also 

retained a special rule applied to flights between the 

continental United States and Alaska or Hawaii. This 

departure tax is indexed to the Consumer Price Index; 

effective calendar year 2021, the tax is $9.60. 

 Retained the existing tax per person for 

international flights that begin or end in the United States. 

The tax is indexed to the Consumer Price Index; effective 

calendar year 2021, the tax is $19.10. 

 Retained the existing tax on payments to airlines 

for frequent flyer and similar awards by banks and credit 

card companies, merchants and frequent flyer program 

partners, such as other airlines, hotels and rental car 

companies, and other businesses. The tax on mileage 

awards is 7.5% of the value of the miles. 

 Retained the commercial aviation fuel tax and the 

general aviation jet fuel/gas taxes. The current tax rate for 

commercial aviation fuel is 4.3 cents per gallon and 19.3 

cents per gallon for general aviation gas. General aviation 

jet fuel is 21.8 cents per gallon. 

The FAA Modernization and Reform Act 2012 imposed 

a new surtax on fuel used in aircraft that is part of a 

fractional ownership program; the surtax applies to fuel 

used after March 31, 2012. Currently this is a 14.1 cents 

per gallon surcharge of fuel used in fractional ownership 

flights. It also changed the classification of transportation as 

part of a fractional ownership program from commercial 

aviation to noncommercial aviation. 

The FAA Modernization and Reform Act 2012 also 

repealed the excise tax exemption for transportation by 

small jet aircraft operating on non- established lines. (IRS 

defines the term “operated on an established line” to mean 

operated with some degree of regularity between definite 

points). This was changed by the Tax Cuts and Jobs act 

(Public Law 115-97), which exempts certain payments 

related to the management of private aircraft from the 

excise taxes imposed on taxable transportation by air. 

More recently, the Coronavirus Aid, Relief, and 

Economic Security (CARES) Act (Public Law 116-136) 

enacted in late March suspended most of the aviation excise 

taxes through calendar year 2020 in order to provide some 

financial relief to the struggling commercial aviation 

industry. While fuel taxes paid by General Aviation users 

remained in effect, during this period Treasury did not 

collect taxes on fuel used by Commercial users, as well as 

taxes on commercial passengers and cargo. Combined with 

lower levels of aviation activity caused by the pandemic, 

this “tax holiday” significantly reduced the tax collections 

for FY 2020, thereby lowering the AATF balance. 

Treasury makes available to the Federal Aviation 

Administration (FAA), Department of Transportation 

(DOT), amounts required for outlays to carry out the 

Airport and Airway program. The Secretary of the Treasury 

makes other charges to the trust fund to transfer certain 

refunds of taxes and certain outfits, under section 34 of the 

Internal Revenue Code (IRC).
96 

 March 2021 

TABLE TF-1.—Airport and Airway Trust Fund 

Results of Operations, Fiscal Year 2020 

[Source: DOT] 

Description IRC section (26 United States Code) Amount 

Balance Oct. 1, 2019 ...................................................................................................................................................................................................... $17,915,697,037

Receipts: 

Grants-in-aid for Airports funding from General Fund............................ ........................................................................................................... 10,400,000,000

Excise taxes (transferred from general fund): Liquid fuel in a fractional ownership flight ............................................. 4043 ...................................................................................... 15,172,380 

Liquid fuel other than gasoline .............................................................. 4041 ...................................................................................... 346,204,494 

Gasoline ................................................................................................ 4081 ...................................................................................... 28,482,165 

Transportation by airseats, berths, etc. ................................................ 4261 (a) (b) ........................................................................... 6,497,250,713 

Use of international travel facilities ....................................................... 4261 (c) ................................................................................. 1,847,101,558 

Transportation of property, cargo ......................................................... 4271 ...................................................................................... 300,478,363

Gross excise taxes ............................................................................................................................................................................................. 9,034,689,673 

Less refunds of taxes (reimbursed to general fund): Liquid fuel other than gasoline .................................................................. 4041 ...................................................................................... 14,243,821

Gasoline ...................................................................................................................................................................................................................... 4,707,236

Total refunds of taxes ............................................................................................................................................................................................. 18,951,057 

Net taxes ................................................................................................................................................................................................................. 9,015,738,616 

General Fund Payments -

Refunds on Federal Payments (DOT) ........................................................................................................................................................................ 23,508,819 

Interest on investments ............................................................................................................................................................................................... 387,413,522 

 CMIA interest income ................................................................................................................................................................................................. 13,925 

Total receipts .......................................................................................................................................................................................................... 19,826,674,883 

Expenses: Operations .................................................................................................................................................................................................................. 10,362,900,000 

Grants in aid for Airports ............................................................................................................................................................................................. 6,896,894,124 

Facilities and equipment ............................................................................................................................................................................................. 2,907,086,182 

Research, engineering, and development .................................................................................................................................................................. 168,699,675 

Air carriers ................................................................................................................................................................................................................... 175,879,030 

CMIA Interest Expense ............................................................................................................................................................................................... -

Total expenses ........................................................................................................................................................................................................ 20,511,459,010

Offsetting collections ....................................................................................................................................................................................................... 91,698,909

Balance Sept. 30, 2020 .................................................................................................................................................................................................. $17,322,611,818

 

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

Airport and Airway Trust Fund 

Expected Condition and Results of Operations, Fiscal Years 2021-2025 

[In millions of dollars. Source: DOT] 

2021 2022 2023 2024 2025

Balance Oct. 1 ........................................................................... 17,323 19,167 14,347 13,960 15,482

Receipts: 

Excise taxes, net of refunds................................................... 25,511 15,591 18,070 19,344 20,698

Interest on investments .......................................................... 498 575 448 454 523 

Offsetting collections .............................................................. 102100 143 153 153 

Total receipts ..................................................................... 26,111 16,266 18,661 19,951 21,374

Expenses: 

Gross Outlays ........................................................................ 24,267 21,086 19,048 18,429 18,042

Balance Sept. 30........................................................................ 19,167 14,347 13,960 15,482 18,814
97 

 March 2021 

INTRODUCTION: Uranium Enrichment 

Decontamination and Decommissioning (D&D) Fund 

The Uranium Enrichment Decontamination and 

Decommissioning Fund was established on the books of the 

Treasury in fiscal year (FY) 1993, in accordance with 

provisions of the Energy Policy Act of 1992 (42 United 

States Code 2297g). Receipts represent (1) fees collected 

from domestic public utilities based on their pro rata share of 

purchases of separative work units from the Department of 

Energy (DOE) and (2) appropriations toward the 

Government contribution based on the balance of separative 

work unit purchases. 

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. 

The last appropriation was made in FY 2017 when 

Congress appropriated $563 Million. In FY 2018, Congress 

authorized the transfer of about $860.6 million in balances 

from a related account. 
98 

 March 2021 

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

Results of Operations, Fiscal Year 2020 

[Source: DOE] 

Balance Oct. 1, 2019 ................................................................................................................................................................................. $21,819,322.37 

Receipts: 

Fees collected ........................................................................................................................................................................................ - 

Penalties collected ................................................................................................................................................................................. - 

Interest on investments .......................................................................................................................................................................... 36,024,789.54 

Total receipts ...................................................................................................................................................................................... 36,024,789.54 

Nonexpenditure transfers: 

Transfers in (+) ....................................................................................................................................................................................... - 

Transfers out (-) ..................................................................................................................................................................................... - 

Net nonexpenditure transfers............................................................................................................................................................. - 

Outlays: 

DOE, decontamination and decommissioning activities ........................................................................................................................ 856,964,048.52 

Cost of investments................................................................................................................................................................................ -828,927,329.10 

Total outlays ....................................................................................................................................................................................... 28,036,719.42 

Balance Sept. 30, 2020 .............................................................................................................................................................................. $29,807,392.49 

Uranium Enrichment Decontamination and Decommissioning Fund 

Expected Condition and Results of Operations, Fiscal Years 2021-2025 

[In thousands of dollars. Source: DOE] 

 2021 2022 2023 2024 2025

Balance Oct. 1 ......................................................................... 29,807 29,807 - - -

Receipts: 

Fees collected ...................................................................... 291,000 - - - -

Interest collected .................................................................. 577 65 - - -

Total receipts ................................................................... 291,577 65 - - -

Outlays: 

DOE, decontamination and decommissioning fund ............ 841,000 331,897 - - -

Investments redeemed ........................................................ -549,423 -302,024 - - -

Total outlays net of investments redeemed ..................... 291,577 29,873 - - -

Balance Sept. 30...................................................................... 29,807 - - - -
99 

 March 2021 

INTRODUCTION: Black Lung Disability Trust Fund 

The Black Lung Disability Trust Fund was established on 

the books of the Treasury in fiscal year 1978 according to the 

Black Lung Benefits Revenue Act of 1977 (Public Law 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, 2018. 

The Emergency Economic Stabilization Act of 2008 

(Public Law 110-343, title I, subtitle B, section 113), enacted 

October 3, 2008, restructured the Trust Fund Debt by 1) 

refinancing the outstanding principal of the repayable 

advances and unpaid interest on such advances and 2) 

providing a onetime appropriation to the Trust Fund in an 

amount sufficient to pay to the general fund of the Treasury 

the difference between the market value of the outstanding 

repayable advances, plus accrued interest and the proceeds 

from the obligations issued by the Trust Fund to the 

Secretary of the Treasury. The Act also extends the 

temporary increase in the coal tax through December 31, 

2018, and allows the prepayment of the Trust Fund debt 

prior to the maturity date. 

The Code designates the following receipts to be 

appropriated and transferred from the general fund of the 

Treasury to the trust fund: excise taxes on coal sold; taxable 

expenditures of self-dealing by, and excess contributions to, 

private black lung benefit trusts; reimbursements by 

responsible mine operators; and related fines, penalties and 

interest charges. 

Estimates made by the Secretary of the Treasury 

determine monthly transfers of amounts for excise taxes to the 

trust fund subject to adjustments in later transfers to actual tax 

receipts. 

After retirement of the current indebtedness, amounts 

available in the fund exceeding current expenditure 

requirements will be invested by the Secretary of the Treasury 

in interest-bearing public debt securities. Any interest earned 

will be credited to the fund. Also credited, if necessary, will 

be repayable advances from the general fund to meet outlay 

requirements exceeding available revenues. 

To carry out the program, amounts are made available to 

the Department of Labor (DOL). Also charged to the fund are 

administrative expenses incurred by the Department of Health 

and Human Services (HHS) and the Treasury, repayments of 

advances from the general fund and interest on advances. 
100 

 March 2021 

TABLE TF-3.—Black Lung Disability Trust Fund 

Results of Operations, Fiscal Year 2020 

[Source: DOL] 

Balance Oct. 1, 2019 ........................................................................................................................................................................................... 79,392,013 

Receipts: 

Excise taxes (transferred from general fund): 

$1.10 tax on underground coal .................................................................................................................................................................... 157,533,177 

$0.55 tax on surface coal ............................................................................................................................................................................. 71,560,604 

4.4 percent tax on underground coal ........................................................................................................................................................... -282,891 

4.4 percent tax on surface coal .................................................................................................................................................................... 72,636,524 

Fines, penalties, and interest ....................................................................................................................................................................... 2,414,808 

Collection—responsible mine operators ...................................................................................................................................................... 21,763,784 

Recovery of prior year funds ........................................................................................................................................................................ - 

Repayable advances from the general fund ................................................................................................................................................ 2,322,600,000 

Total receipts ............................................................................................................................................................................................ 2,648,226,006 

Net receipts .............................................................................................................................................................................................. 2,648,226,006 

Outlays: 

Treasury administrative expenses ................................................................................................................................................................... 415,606 

Salaries and expenses—DOL—Departmental Management .......................................................................................................................... 30,906,204 

Salaries and expenses—DOL—Office of Inspector General .......................................................................................................................... 310,530 

Salaries and expenses—DOL—Employment Standards Administration ........................................................................................................ 35,989,486 

Total outlays ................................................................................................................................................................................................. 67,621,826 

Expenses: 

Program expenses—DOL ................................................................................................................................................................................ 162,329,144 

Repayable advances and interest ................................................................................................................................................................... 1,902,668,900 

Repayment of bond principal ........................................................................................................................................................................... 118,894,984 

Interest on principal debt .................................................................................................................................................................................. 76,777,016 

Total expenses ............................................................................................................................................................................................. 2,260,670,044 

Balance Sept. 30, 2020 ........................................................................................................................................................................................ 399,326,149 

Cumulative debt, end of year ............................................................................................................................................................................... 2,429,885,045 

 

Black Lung Disability Trust Fund 

Expected Condition and Results of Operations, Fiscal Years 2021-2025 

[In thousands of dollars. Source: DOL] 

 2021 2022 2023 2024 2025

Balance Oct. 1 ........................................................................................ 399,326 399,326 399,326 399,326 399,326 

Receipts: 

Excise taxes ....................................................................................... 206,000 156,000 148,000 144,000 139,000 

Advances from the general fund ........................................................ 2,582,299 2,911,180 3,272,606 3,663,818 4,088,699 

Fines, penalties, and interest ............................................................. 2,000 2,000 2,000 2,000 2,000 

Total receipts ................................................................................. 2,790,299 3,069,180 3,422,606 3,809,818 4,229,699 

Outlays: 

Benefit payments ............................................................................... 146,679 146,160 145,398 144,458 143,373 

Administrative expenses .................................................................... 70,126 76,409 78,198 80,030 81,905 

Repayable advances ......................................................................... 2,322,600 2,582,299 2,911,180 3,272,606 3,663,818 

Interest on repayable advances ........................................................ 40,710 39,305 47,719 58,368 72,789 

Repayment of principal debt .............................................................. 120,015 121,786 123,663 124,924 125,688 

Interest on principal debt ................................................................... 90,169 103,221 116,448 129,432 142,126 

Total outlays ................................................................................... 2,790,299 3,069,180 3,422,606 3,809,818 4,229,699 

Balance Sept. 30.................................................................................... 399,326 399,326 399,326 399,326 399,326 

Cumulative debt, end of year ................................................................. 2,309,870 2,188,084 2,064,420 1,939,497 1,813,808 

 

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

 
101 

 March 2021 

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. 
102 

 March 2021 

TABLE TF-4.—Harbor Maintenance Trust Fund 

Results of Operations, Fiscal Year 2020 

[Source: Department of the Army Corps of Engineers] 

Balance Oct. 1, 2019 ............................................................................................................................................................................................................... $9,306,746,015 

Receipts: 

Excise taxes: 

Imports ............................................................................................................................................................................................................................... 1,115,275,706 

Exports ............................................................................................................................................................................................................................... - 

Domestic ............................................................................................................................................................................................................................ 65,522,632 

Passengers ........................................................................................................................................................................................................................ 11,175,352 

Foreign trade ...................................................................................................................................................................................................................... 117,850,379 

Interest on investments ...................................................................................................................................................................................................... 139,468,270 

Total receipts ............................................................................................................................................................................................................... 1,449,292,339 

Expenses: 

Corps of Engineers ............................................................................................................................................................................................................. 1,568,682,099 

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 ................................................................................................................................................................................................................... 1,609,956,099 

Balance Sept. 30, 2020 ............................................................................................................................................................................................................. 9,146,082,255 

Harbor Maintenance Trust Fund 

Expected Condition and Results of Operations, Fiscal Years 2021-2025 * 

[In millions of dollars. Source: Department of the Army Corps of Engineers] 

2021 2022 2023 2024 2025

Balance Oct. 1 ..................................................................................................... 9,146.1 9,029.9 8,542.1 7,864.3 7,117.9

Receipts: 

Harbor maintenance fee .................................................................................. 1,384.4 1,445.3 1,511.3 1,576.3 1,638.0

Interest on investments .................................................................................... 188.7 209.2 213.3 202.4 179.0

Total receipts ............................................................................................... 1,573.1 1,654.5 1,724.6 1,778.7 1,817.0

Total available .............................................................................................. 10,719.2 10,684.4 10,266.7 9,643.0 8,934.9

Outlays: 

Harbor Maintenance Trust Fund, legislative proposal 

not subject to paygo ..................................................................................... - - - - -

Corps of Engineers operation, maintenance, 

and administrative expenses .......................................................................

1,561.1 2,010.0 2,264.6 2,381.8 2,486.8 

Corps of Engineers construction ..................................................................... 86.4 90.0 95.0 100.0 100.0

Saint Lawrence Seaway Development Corporation/DOT ............................... 38.5 39.0 39.5 40.0 40.5 

Administrative expenses for Department of Homeland Security 

(Customs Service) ...................................................................................................

3.3 3.3 3.3 3.3 3.3 

Total outlays ................................................................................................. 1,689.3 2,142.3 2,402.4 2,525.1 2,630.6 

Balance Sept. 30.................................................................................................. 9,029.9 8,542.1 7,864.3 7,117.9 6,304.3 

* Outyear projections are for planning purposes and are based on economic conditions and 

agencies’ best projections of revenues and expenses. 
103 

 March 2021 

INTRODUCTION: Hazardous Substance Superfund 

The Hazardous Substance Response Trust Fund was 

established on the books of the Treasury in fiscal year 1981, 

in accordance with section 221 of the Hazardous Substance 

Response Revenue Act of 1980 [42 United States Code 

9631(a), repealed]. The trust fund was renamed the 

Hazardous Substance Superfund (Superfund) and relocated 

in accordance with section 517 of the Superfund 

Amendments and Reauthorization Act of 1986 [Public Law 

99-499, dated October 17, 1986 (26 United States Code 

9507)]. 

The authority to collect excise taxes on petroleum and 

chemicals, and an environmental tax for all corporations 

with modified alternative taxable income in excess of $2 

million expired in 1995. To implement the Superfund 

program, amounts are appropriated from the start of year 

balance of the Superfund (augmented as necessary by 

general revenues) to the Environmental Protection Agency 

(EPA) for programmatic and administrative expenses. 

In 2015 the EPA implemented a Hazardous Substance 

Superfund Trust Fund Receipt Account for Special Accounts 

that were previously accounted for as off-setting collections. 

Settlement funds received by the Agency now flow through 

the receipt account to be placed in EPA interest bearing 

special accounts to perform response actions at the site in 

accordance with the supporting settlement agreement. Due 

to large settlements EPA received in fiscal year 2015, the 

EPA developed this new process for managing its Special 

Accounts. The Special Account subaccount to the Superfund 

Trust Fund was established as a mechanism for Special 

Account funds to be placed directly into the trust fund, and 

begin earning interest upon receipt. Monthly, the U.S. 

Department of the Treasury’s Bureau of the Fiscal Services 

will prepare separate financial statements for the Special 

Accounts subaccount within the Superfund Trust Fund 

financial statements. 

An annual report to Congress by the Secretary of 

Treasury is required by 26 United States Code 9602(a). 

These reports present the financial condition of the 

Superfund and the results of operation for the past fiscal 

year, and its expected condition during the next 5 fiscal 

years. 
104 

 March 2021 

TABLE TF-5.—Hazardous Substance Superfund 1, 2 

Results of Operations, Fiscal Year 2020 

[Source: EPA] 

Balance Oct. 1, 2019 ...................................................................................................................................................................................... $225,000,000 

Receipts: 

Crude and petroleum .................................................................................................................................................................................. - 

Certain chemicals ........................................................................................................................................................................................ - 

Corporate environmental ............................................................................................................................................................................ - 

General fund appropriation ......................................................................................................................................................................... $1,077,000,000 

Cost recoveries ........................................................................................................................................................................................... $36,000,000 

Fines and penalties ..................................................................................................................................................................................... $4,000,000 

Interest on investments ............................................................................................................................................................................... -$16,000,000 

Special Accounts ......................................................................................................................................................................................... $202,000,000 

Agency for Toxic Substance and Disease Registry.................................................................................................................................... - 

Total receipts ........................................................................................................................................................................................... $1,303,000,000 

Expenses: 

EPA expense .............................................................................................................................................................................................. $1,186,000,000 

Other expenses ........................................................................................................................................................................................... $264,000,000 

Rounding adjustment .................................................................................................................................................................................. $3,000,000 

 Total expenses..................................................................................................................................................... 

Balance Sept. 30, 2020 ...................................................................................................................................................................................

$1,453,000,000 

$75,000,000 

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. 
105 

 March 2021 

Hazardous Substance Superfund 

Expected Condition and Results of Operations, Fiscal Years 2021-2025 1, 2, 3, 4, 5

[In millions of dollars. Source: EPA] 

2021 2022 2023 2024 2025

 

Balance Oct. 1 ................................................................................................. $75 $52 $52 $52 $52

Receipts: 

Interest ......................................................................................................... $79 $80 $80 $80 $80

Recoveries ................................................................................................... $36 $36 $36 $36 $36

Fines and penalties ...................................................................................... $3 $3 $3 $3 $3

Taxes .......................................................................................................... - - - - -

Special Accounts ......................................................................................... $350 $350 $350 $350 $350

General revenues ........................................................................................ $1,130 $1,153 $1,153 $1,153 $1,153

Total receipts ........................................................................................... $1,598 $1,622 $1,622 $1,622 $1,622

Appropriations ................................................................................................. $1,205 $1,205 $1,205 $1,205 $1,205

Other expenses ............................................................................................... $416 $417 $417 $417 $417

Balance Sept. 30.............................................................................................. $52 $52 $52 $52 $52

 

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 2021 - FY 2025 Appropriation amounts are straight-lined from Consolidated 

Appropriations Act, 2021 (P.L. 116-260). 

3 Interest, Fines and penalties, Special Accounts, General revenues, Other expenses are 

estimated. 

4 Recoveries are straight-lined from the FY 2020 actual receipts. 

5 Other expenses include Special Accounts. 
106 

 March 2021 

INTRODUCTION: Highway Trust Fund 

The Highway Trust Fund was established on the 

books of the Treasury in fiscal year 1957, according to 

provisions of the Highway Revenue Act of 1956 (Act of 

June 29, 1956, chapter 462, section 209). It has been 

amended and extended by various highway surface 

transportation and other acts since 1959. The FAST Act 

extends through September 30, 2021, the authority to make 

expenditures from the Highway Trust Fund for authorized 

purposes. After that date, expenditures from the Trust Fund 

are authorized only to liquidate obligations made before 

that date. Any other expenditure will cause the cessation of 

deposits of highway-user taxes to the Trust Fund. [FAST 

Act § 31101, 26 U.S.C. 9503]. 

Amounts equivalent to taxes on gasoline, diesel fuel, 

special motor fuels, certain tires, heavy trucks and trailers, 

and heavy vehicle use are designated by the Act to 

be appropriated and transferred from the general fund of 

the Treasury to Highway Account of the trust fund. These 

transfers are made twice monthly based on estimates by the 

Secretary of the Treasury, subject to later adjustments to 

reflect the amount of actual tax receipts. Amounts 

available in the fund exceeding outlay requirements are 

invested in non-interest-bearing public debt securities. 

The Highway Trust Fund’s Mass Transit Account is 

funded by a portion of the excise tax collections under 

sections 4041 and 4081 of the IRC (title 26 United 

States Code). The funds from this account are used for 

expenditures in accordance with chapter 53 of title 49 

United States Code, the Intermodal Surface 

Transportation Efficiency Act of 1991 (Public Law 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) and as amended by Fixing 

America’s Surface Transportation (FAST) Act. The 

remaining excise taxes are included in a separate account 

within the trust fund commonly referred to as the highway 

account. Expenditures from this account are made 

according to the provisions of various transportation acts. 

Amounts required for outlays to carry out the eligible 

surface transportation programs are made available to the 

responsible operating administrations within the 

Department of Transportation. Other charges to the trust 

fund are made by the Secretary of the Treasury for transfer 

of certain taxes to the Land and Water Conservation Fund 

and the Aquatic Resources Trust Fund. 

In addition, the Secretary of the Treasury is required 

by 26 U.S.C. 9503(d)(7) to report to specified 

Congressional Committees any estimate which he, in 

consultation with the Secretary of Transportation, makes 

pursuant to 26 U.S.C. 9503(d)(1) or any determination 

which he makes pursuant to 26 U.S.C. 9503(d)(2). The 

Congressional Committees are the Committee on Ways and 

Means of the House of Representatives, the Committee on 

Finance of the Senate, the Committees on the Budget 

of both Houses, the Committee on Transportation 

and Infrastructure of the House of Representatives, and 

the Committee on Environment and Public Works of the 

Senate. 
107 

 March 2021 

TABLE TF-6.—Highway Trust Fund 

Results of Operations, Fiscal Year 2020 

[Source: DOT] 

Description IRC section (26 United States Code) Amount 

 

Balance Oct. 1, 2019 ........................................................................................................................................................................................... 32,905,913,213 

Receipts: Excise taxes (transferred from general fund): Gasoline ....................................................................................................... 4081 .......................................................................... 25,727,028,507 

Diesel and special motor fuels ..................................................................... 4041 .......................................................................... 11,058,174,932 

Highway tires ................................................................................................ 4071 .......................................................................... 507,044,369 

Retail tax on trucks....................................................................................... 4051 .......................................................................... 4,951,352,620 

Heavy vehicle use ........................................................................................ 4481 .......................................................................... 1,462,862,252 

Total excise taxes .................................................................................................................................................................................... 43,706,462,680 

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 ............................................................................................................................................................... 437,500,000 

To Airport and Airway Trust Fund ................................................................................................................................................................ 611,450,901 

Total transfers .......................................................................................................................................................................................... 1,049,950,901 

Other income: 

Fines and penalties ...................................................................................................................................................................................... 107,464,010 

Interest ......................................................................................................................................................................................................... 195,991,946 

Transfer from the General Fund ................................................................................................................................................................. - 

Total other income ................................................................................................................................................................................... 303,455,956 

Net receipts .......................................................................................................................................................................................... 42,959,967,735 

Expenses: 

Federal Highway Administration: 

Federal aid to highways ............................................................................................................................................................................... 46,719,494,325 

Right-of-way revolving fund ......................................................................................................................................................................... - 

Appalachian Development Highway System ............................................................................................................................................... - 

Other ............................................................................................................................................................................................................ 3,131,173 

Total ......................................................................................................................................................................................................... 46,722,625,498 

Federal Motor Carrier Safety Administration ............................................................................................................................................... 617,984,518 

Federal Transit Administration ..................................................................................................................................................................... 9,933,833,250 

National Highway Traffic Safety Administration: 

Operations and research ......................................................................................................................................................................... 154,843,462 

Highway traffic safety grants .................................................................................................................................................................... 616,883,671 

National driver register ............................................................................................................................................................................. - 

Total ..................................................................................................................................................................................................... 771,727,132 

Federal Railroad Administration ...................................................................................................................................................................... -29,031 

 Office of the Secretary of Transportation................................................................................................................................................. 152,831,761 

Other agencies ............................................................................................................................................................................................. - 

Total expenses ......................................................................................................................................................................................... 58,198,973,127 

Balance Sept. 30, 2020 ........................................................................................................................................................................................ 17,666,907,821 

Note.—Detail may not add to totals due to rounding. 
108 

 March 2021 

Highway Trust Fund 

Expected Condition and Results of Operations, Fiscal Years 2022-2026 

[In billions of dollars. Source: DOT] 

Combined Statement Highway and Mass Transit Accounts 

 2022 2023 2024 2025 2026

Balance Oct. 1 ............................................................... 14 -3 -18 -33 -47

Receipts: 

Excise taxes, net of refunds....................................... 44 45 45 45 45

Interest, net ................................................................ - - - - -

Total receipts ......................................................... 44 45 45 45 45

Adjustments 1 ......................................................... - - - - -

Outlays ........................................................................... 61 60 59 59 58

Balance Sept. 30............................................................ -3 -18 -33 -47 -61

 

Mass Transit Account 

 2022 2023 2024 2025 2026

 

Balance Oct. 1 .................................................................... 5 -1 -6 -11 -17

Receipts: 

Excise taxes, net of refunds............................................ 5 5 5 5 5 

Interest, net ..................................................................... - - - - -

Total receipts .............................................................. 5 5 5 5 5 

Flex fund transfers .......................................................... 1 1 1 1 1 

Adjustments 1 .................................................................. - - - - -

Outlays ................................................................................ 12 12 12 12 12 

Balance Sept. 30................................................................. -1 -6 -11 -17 -23

 

Highway Account 

 2022 2023 2024 2025 2026

 

Balance Oct. 1 ......................................................................... 9 -2 -13 -22 -30

Receipts: 

Excise taxes, net of refunds................................................. 39 39 39 39 40

Interest, net .......................................................................... - - - - -

Total receipts ................................................................... 39 39 39 39 40

Flex fund transfers ............................................................... -1 -1 -1 -1 -1

Adjustments 1 ....................................................................... - - - - -

Outlays ..................................................................................... 49 48 47 47 46

Balance Sept. 30...................................................................... -2 -13 -22 -30 -38

Unfunded authorizations (EOY) ............................................... 85 95 105 115 125

Forty-eight-month revenue estimate ........................................ 152 153 153 154 155

 

Assumes the revenues and spending levels prescribed in the Public Law 114-94 are extended. Note.—Numbers may not add due to rounding. 
109 

 March 2021 

TABLE TF-6A.—Highway Trust Fund 

The following information is released according to the 

provisions of the Byrd Amendment [codified at 26 United 

States Code 9503(d)] and represents data concerning the 

Highway Trust Fund. 

The 48-month revenue estimates for the highway and 

mass transit accounts, respectively, include the latest 

estimates received from Treasury’s Office of Tax Analysis 

for excise taxes, net of refunds. 

Highway Account 

[In billions of dollars. Source: DOT] 

Commitments (unobligated balances plus unpaid obligations, fiscal year 2022) .............................................................................................................. 83 

less: 

 

Cash balance (fiscal year 2022) ......................................................................................................................................................................................... -2 

Unfunded authorizations (fiscal year 2022) ........................................................................................................................................................................ 85 

48-month revenue estimate (fiscal years 2023, 2024, 2025, and 2026) ............................................................................................................................ 152 

. 

Mass Transit Account 

[In billions of dollars. Source: DOT] 

Commitments (unobligated balances plus unpaid obligations, fiscal year 2022) .............................................................................................................. 33 

less: 

 

Cash balance (fiscal year 2022) ......................................................................................................................................................................................... -1 

Unfunded authorizations (fiscal year 2022) ........................................................................................................................................................................ 34 

48-month revenue estimate (fiscal years 2023, 2024, 2025, and 2026) ............................................................................................................................ 26 

Assumes the revenues and spending levels prescribed in the Public Law 114-94 are extended. Note.—Numbers may not add due to rounding. 
110 

 March 2021 

INTRODUCTION: Inland Waterways Trust Fund 

The Inland Waterways Trust Fund was established by the 

Treasury, pursuant to section 203 of the Inland Waterways 

Revenue Act of 1978 (Public Law 95-502) and continued 

pursuant to section 1405 of the Water Resources Development 

Act of 1986 (Public Law 99-662, codified at 26 United States 

Code 9506). Under 26 United States Code 9506(b), amounts 

from taxes on fuel used in commercial transportation on 

inland waterways, as determined by the Secretary of the 

Treasury, are appropriated to the trust fund. 

The Technical and Miscellaneous Revenue Act of 1988 

(Public Law 100-647, approved November 10, 1988) 

increased the tax each year, 1990 through 1995. The passage 

of the Achieving a Better Life Experience Act (Public Law 

113-295) in December 2014 increased the tax from 20 cents to 

29 cents per gallon effective April 1, 2015. These amounts are 

transferred quarterly from the general fund based on estimates 

made by the Secretary, subject to adjustments in later transfers 

to the amounts of actual tax receipts. 

The Secretary of the Treasury invests in interest-bearing 

obligations of the United States that portion of the trust fund, 

in his judgment, not required to meet current withdrawals. The 

interest on, and proceeds from, the sale or redemption of any 

obligation held in the trust fund is credited to the trust fund. 

The Inland Waterways Revenue Act of 1978 (Public Law 

95-502) provides that amounts in the trust fund shall be 

available as provided, by appropriations acts, for construction 

and rehabilitation expenditures for navigation on the inland 

and intracoastal waterways of the United States described in 

33 United States Code 1804. Expenditures must be otherwise 

authorized by law. 

Annual reports to Congress are required by 26 United 

States Code 9602(a) to be submitted by the Secretary of the 

Treasury. These reports are required to cover the financial 

condition and the results of operations of the fund during the 

past fiscal year and its expected condition and operations 

during the next five fiscal years. 

TABLE TF-7.—Inland Waterways Trust Fund 

Results of Operations, Fiscal Year 2020 

[Source: Department of the Army Corps of Engineers] 

Balance Oct. 1, 2019 ........................................................................................................................................................................................... $68,961,076

Receipts: 

Fuel taxes/revenues ......................................................................................................................................................................................... 111,690,580

Interest on investments ................................................................................................................................................................................... 686,326

Gain on sale of investments ............................................................................................................................................................................ -

Total receipts ................................................................................................................................................................................................ 112,376,906

Transfers: 

Corps of Engineers .......................................................................................................................................................................................... 50,037,921

Balance Sept. 30, 2020........................................................................................................................................................................................ $131,300,061

Inland Waterways Trust Fund 

Expected Condition and Results of Operations, Fiscal Years 2021-2025 * 

[In millions of dollars. Source: Department of the Army Corps of Engineers] 

2021 2022 2023 2024 2025

 

Balance Oct. 1 ....................................................................................................... 131 96 50 50 50

Receipts: 

Fuel taxes .......................................................................................................... 112 114 116 118 119

Interest on investments .................................................................................... 1 1 1 1 1

Total receipts ................................................................................................. 113 115 117 119 120

Transfers: 

Corps of Engineers ........................................................................................... 148 161 117 119 120

Balance Sept. 30 .................................................................................................. 96 50 50 50 50

 

* Outyear projections are based on economic conditions and agencies’ best projections of 

revenues and expenditures. 
111 

 March 2021 

INTRODUCTION: Leaking Underground Storage Tank Trust Fund 

The Leaking Underground Storage Tank (LUST) Trust 

Fund was established in fiscal year 1981 according to 

provisions of the Comprehensive Environmental Response, 

Compensation and Liability Act of 1980 (Public Law 96-510, 

codified at 26 United States Code 9508), as amended by the 

Superfund Amendments and Re-authorization Act of 1986 

(Public Law 99-499, dated October 17, 1986), sections 13163I 

and 13242(d)(42) of the Omnibus Budget Reconciliation Act 

of 1993 (Public Law 103-66, dated August 10, 1993), section 

1033 of the Taxpayer Relief Act of 1997 (Public Law 105-34, 

dated August 5, 1997), section 1362 of the Energy Policy Act 

of 2005 (Public Law 109-058, dated August 8, 2005) section 

141 (c) of the Surface and Air Transportation Programs 

Extension Act of 2011 (Public Law 112-30, dated September 

11, 2011), sections 40101(c) and 40201 of the Moving Ahead 

for Progress in the 21st Century Act (Public Law 112-141, 

dated July 6, 2012), sections 2001(c), 2002(b) and 2002(c) of 

the Highway and Transportation Funding Act of 2014 (Public 

Law 113-159, dated August 8, 2014), and section 31203 of the 

Fixing America’s Surface Transportation (FAST) Act of 

2015 (Public Law 114-94, dated December 4, 2015). 

The LUST Trust Fund is financed by taxes collected on 

gasoline, diesel fuels, special motor fuels, aviation fuels and 

fuels used in commercial transportation on inland 

waterways. Amounts available in the LUST Trust Fund, 

exceeding current expenditure requirements, are invested by 

the Secretary of the Treasury in interest-bearing Government 

securities (e.g., Treasury bills). All interest earned is credited 

directly to the LUST Trust Fund. 

To carry out the LUST program, amounts are 

appropriated for the LUST Trust Fund to the EPA for 

programmatic and administrative expenses. 

An annual report to Congress by the Secretary of the 

Treasury is required by 26 United States Code 9602(a). 

These reports present the financial condition of the LUST 

Trust Fund and results of operations for the past fiscal year 

and its expected condition and operations during the next 

five fiscal years. 
112 

 March 2021 

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

Results of Operations, Fiscal Year 2020 1

[Source: EPA] 

Balance Oct. 1, 2019 ..................................................................................................................................................................................... $694,000,000 

Receipts: 

Taxes .......................................................................................................................................................................................................... $219,000,000 

Interest ........................................................................................................................................................................................................ $6,000,000 

Gross tax receipts .................................................................................................................................................................................. $225,000,000 

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, 2020 .................................................................................................................................................................................. $827,000,000 

1 Reporting in this LUST Trust Fund table is consistent with previously reported 

presentations. However, the structure of this table may not accurately reflect the status of 

this Trust Fund. As a result, this table may be revised in future reports and other resources 

should be utilized for accurate Trust Fund reporting. 

Leaking Underground Storage Tank Trust Fund 

Expected Condition and Results of Operations, Fiscal Years 2021-2025 1, 2, 3

[In millions of dollars. Source: EPA] 

 2021 2022 2023 2024 2025 

 

Balance Oct. 1 ................................................................................................................. $827 $924 $1,029 $1,137 $1,243 

Receipts: 

Taxes .......................................................................................................................... $183 $196 $199 $197 $196 

Interest ....................................................................................................................... $6 $1 $1 $1 $1 

Total receipts ........................................................................................................... $189 $197 $200 $198 $197 

Appropriations ................................................................................................................. $92 $92 $92 $92 $92 

Other Expenses .............................................................................................................. - - - - - 

Balance Sept. 30 ............................................................................................................. $924 $1,029 $1,137 $1,243 $1,348 

 

1 Reporting in this LUST Trust Fund table is consistent with previously reported 

presentations. However, the structure of this table may not accurately reflect the status of 

the Trust Fund. As a result, this table may be revised in future reports and other resources 

should be utilized for accurate Trust Fund reporting. 

2 FY 2021 - FY 2025 Appropriation amounts are straight-lined from Consolidated 

Appropriations Act, 2021 (P.L. 116-260). 

3 Taxes and Interest are estimated. 
113 

 March 2021 

INTRODUCTION: Nuclear Waste Fund 

The Nuclear Waste Fund was established on the books of 

the Treasury in fiscal year 1983, according to section 302 of 

the Nuclear Waste Policy Act of 1982 [Public Law 97-425, 

codified at 42 United States Code 10222I]. Receipts 

represent fees collected from public utilities based on 

electricity generated by nuclear power reactors and spent 

nuclear fuel, and Interest on investment. Expenditures from 

the fund are for purposes of radioactive waste disposal 

activities. 

The NWPA requires the civilian owners and generators 

of nuclear waste to pay their share of the full cost of the 

NWF and, to that end, establishes a fee for electricity 

generated and sold by civilian nuclear power reactors which 

the Department must collect and annually assess to 

determine its adequacy. A one-time fee was recorded by the 

NWF as of April 7, 1983, related to the disposal of SNF 

generated prior to that date. Fees recognized by the NWF 

are based upon kilowatt (kWh) of electricity generated and 

sold by civilian nuclear reactors on and after April 7, 1983. 

The Department set the per kWh portion of the fee to zero in 

2014. 

Amounts available in the fund exceeding current needs 

may be invested by the Secretary of the Treasury in 

obligations of the United States (1) having maturities in 

tandem with the needs of the waste fund and (2) bearing 

interest at rates determined appropriate. The interest rates 

take into consideration the current average market yield on 

outstanding marketable obligations of the United States with 

remaining periods to maturity comparable to the maturities 

of such investments, except the interest rate on such 

investments shall not exceed the average interest rate 

applicable to existing borrowings. 

An annual report to Congress by the Secretary of the 

Treasury, after consultation with the Secretary of the 

Department of Energy (DOE), is required by 42 United 

States Code 10222(e)(1). This report must present the 

financial condition and the results of operations of the waste 

fund during the preceding fiscal year. 

TABLE TF-9.—Nuclear Waste Fund 

Results of Operations, Fiscal Year 2020 

[Source: DOE] 

Balance Sep. 30, 2019 ......................................................................................................................................................................................... $ 1,922,941 

Receipts: 

Fees Collected .................................................................................................................................................................................................

182,380,783 

Interest on investments .................................................................................................................................................................................... 1,561,679,292 

Total receipts ................................................................................................................................................................................................ 1,744,060,074 

Nonexpenditure transfers: 

SF-1151 transfers in (+) ................................................................................................................................................................................... - 

SF-1151 transfers out (-) .................................................................................................................................................................................. -3,600,000 

Net nonexpenditure transfers....................................................................................................................................................................... -3,600,000 

Outlays: 

DOE radioactive waste disposal activities ....................................................................................................................................................... 1,619,746 

Cost of investments.......................................................................................................................................................................................... 1,738,340,179 

Total outlays ................................................................................................................................................................................................. 1,739,959,925 

Balance Sept. 30, 2020 ........................................................................................................................................................................................ $2,423,090 

 
114 

 March 2021 

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.] 

 
115 

 March 2021 

INTRODUCTION: Reforestation Trust Fund 

The Reforestation Trust Fund was established on the 

books of the Treasury in fiscal year 1981 to continue 

through September 30, 1985, according to provisions of 

Title III—Reforestation, of the Recreational Boating Safety 

and Facilities Improvement Act of 1980 [Public Law 96-

451, codified at 16 United States Code 1606a(a)]. 

The act provides that the Secretary of the Treasury shall 

transfer to the trust fund tariffs, limited to not more than $30 

million for any fiscal year, received in the Treasury from 

October 1, 1979, through September 30, 1985, on (1) rough 

and primary wood products and wood waste; (2) lumber, 

flooring and moldings; and (3) wood veneers, plywood, 

other wood-veneer assemblies and building boards. Public 

Law 99-190, title II, 99 Statutes at Large 1245, extended the 

receipts for the trust fund. Amounts available in the 

reforestation trust fund exceeding current withdrawals are 

invested in interest-bearing obligations of the United States 

or in obligations guaranteed as to both principal and interest 

by the United States. The interest on, and the proceeds from 

the sale or redemption of, any obligations are credited to the 

trust fund. 

The Secretary of the Department of Agriculture is 

authorized to obligate available sums in the trust fund 

(including any amounts not obligated in previous years) for 

(1) reforestation and timber stand improvement and (2) 

administrative costs of the Government for these activities. 

Annual reports are required by 16 United States Code 

1606aI (1) to be submitted by the Secretary of the Treasury, 

after consultation with the Secretary of Agriculture, on the 

financial condition and the results of the operations of the 

trust fund during the past fiscal year and on its expected 

condition and operations during the next fiscal year. 

TABLE TF-10.—Reforestation Trust Fund 

Results of Operations, Fiscal Year 2020 

[Source: Department of Agriculture] 

Balance Oct. 1, 2019 1 ......................................................................................................................................................................................... $8,120,027 

Receipts: 

Excise taxes (tariffs) ......................................................................................................................................................................................... 30,000,000 

Redemption of investment ............................................................................................................................................................................... - 

Total receipts ................................................................................................................................................................................................ 30,000,000 

Expenses: 

Expenditure ...................................................................................................................................................................................................... 30,357,487 

Total expenses ............................................................................................................................................................................................. 30,357,487 

Adjustment ........................................................................................................................................................................................................... - 

Balance Sept. 30, 2020 ........................................................................................................................................................................................ $7,762,540 

1 Minor difference to beginning balance due to rounding. 

Reforestation Trust Fund 

Expected Condition and Results of Operations, Fiscal Year 2021 

[In thousands of dollars. Source: Department of Agriculture] 

Balance Oct. 1 ..................................................................................................................................................................................................... 7,763 

Receipts: 

Excise taxes (tariffs) ........................................................................................................................................................................................ 30,000 

Redemption of investment .............................................................................................................................................................................. - 

Total receipts ............................................................................................................................................................................................... 30,000 

Outlays ................................................................................................................................................................................................................ 29,500 

Balance Sept. 30 ................................................................................................................................................................................................. 8,263 
116 

 March 2021 

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. 

Effective October 1, 2005, motorboat fuel taxes (less $1 

million transferred to the Land and Water Conservation 

Fund) and small engine gasoline taxes [pursuant to the 

Omnibus Budget Reconciliation Act of 1990, Public Law 

101-508, title XI, sections 11211(i)(2) and (3)] were 

transferred from the Highway Trust Fund to the Sport Fish 

Restoration and Boating Trust Fund. In addition, amounts 

equivalent to the excise taxes received on sport fishing 

equipment and import duties on fishing tackle, yachts, and 

pleasure craft are appropriated into the fund. 

Amounts in the trust fund are used, as provided by 

appropriation acts, for the purposes of carrying out the 

Dingell-Johnson Sport Fish Restoration Act, approved 

August 9, 1950; Section 7404(d) of the Transportation 

Equity Act for the 21st Century; and the Coastal Wetlands 

Planning, Protection and Restoration Act (each as in effect 

on the date of enactment of the FAST Act). 

The general provisions of 26 United States Code 9602(b) 

are responsible for making amounts available in the fund 

exceeding outlay requirements to be invested in public debt 

securities with the interest credited to the fund. 

As required by 26 United States Code 9602(a), annual 

reports to Congress must be submitted by the Secretary of 

the Treasury. These reports will cover the financial condition 

and results of operations of the fund during the past fiscal 

year and those expected during the next five fiscal years. 
117 

 March 2021 

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

Sport Fish Restoration Results of Operations, Fiscal Year 2020 

[Source: Department of the Interior] 

Balance Oct. 1, 2019 .............................................................................................................................................................................................. $2,035,426,965

Revenue: 

Tax revenue: 

Gas, motorboat .............................................................................................................................................................................................. 313,749,000

Fish equipment ............................................................................................................................................................................................... 173,656,129

Tackle boxes .................................................................................................................................................................................................. 889,372

Rods and poles .............................................................................................................................................................................................. 27,440,549

Electric outboard motors ................................................................................................................................................................................ 7,008,506

Customs/import duties ................................................................................................................................................................................... 57,110,888

Gas, motorboat small engines ....................................................................................................................................................................... 123,751,000

Total, tax revenue ...................................................................................................................................................................................... 703,605,444

Investment revenue: 

Interest on investments (accrual basis) ......................................................................................................................................................... 40,050,440

Loss on sale of securities ............................................................................................................................................................................... -

Total, investment revenue .......................................................................................................................................................................... 40,050,440

Total revenue ............................................................................................................................................................................................. 743,655,884

Nonexpenditure appropriations: 

Interior ............................................................................................................................................................................................................ -426,700,000

Interior (U.S. Coast Guard) ............................................................................................................................................................................ -115,242,149

Interior (Corps of Engineers) .......................................................................................................................................................................... -95,063,080

Total appropriations ................................................................................................................................................................................... -637,005,229

Balance Sept. 30, 2019 .......................................................................................................................................................................................... $2,142,077,620

Sport Fish Restoration and Boating Trust Fund 

Sport Fish Expected Condition and Results of Operations, Fiscal Years 2021-2025 

[In thousands of dollars. Source: Department of the Interior] 

2021 2022 2023 2024 2025

Balance Oct. 1 ..................................................................................... 2,142,077,620 2,142,038,472 2,142,019,914 2,142,027,666 2,142,034,261

Receipts/revenue: 

Taxes ............................................................................................ 680,000 661,000 668,000 674,000 682,000

Interest .......................................................................................... 23,575 24,017 24,769 25,364 26,017

Transfers ....................................................................................... - - - - -

Total receipts ............................................................................ 703,575 685,017 692,769 699,364 708,017

Expenses: 

Expenses/transfers ....................................................................... 742,723 703,575 685,017 692,769 699,364

Total expenses .......................................................................... 742,723 703,575 685,017 692,769 699,364

Balance Sept. 30............................................................................... 2,142,038,472 2,142,019,914 2,142,027,666 2,142,034,261 2,142,042,914
118 

 March 2021 

INTRODUCTION: Oil Spill Liability Trust Fund 

The Oil Spill Liability Trust Fund was established on the 

books of the Treasury by section 8033 of the Omnibus Budget 

Reconciliation Act of 1986 (Public Law 99-509). It was made 

effective on January 1, 1990, by section 7811(m)(3) of the 

Omnibus Budget Reconciliation Act of 1989 (Public Law 

101-239) and amended by section 9001of the Oil Pollution 

Act of 1990 (Public Law 101-380). The Energy Improvement 

and Extension Act of 2008 (Public Law 110-343) increased 

the barrel tax on petroleum from five cents per barrel to eight 

cents from 2009 through 2016, and to nine cents in 2017. The 

act also repeals the requirement that the tax be suspended 

when the unobligated balance exceeds $2.7 billion. The barrel 

tax expired on December 31, 2018 but was reinstated by 

starting January 1, 2020. The Consolidated Appropriations 

Act, 2021 (Public Law 116-260) which amended 26 USC 

4611 (f) to extend the OSLTF tax until Dec 31, 2025 

Amounts equivalent to the taxes received from the 

environmental tax on petroleum, but only to the extent of the 

Oil Spill Liability Trust Fund rate, are appropriated to the 

fund. 

Certain amounts were transferred from other funds and 

were appropriated to the Oil Spill Liability Trust Fund as 

provided by 26 United States Code 9509(b). Certain paid 

penalties and amounts recovered for damages are also 

appropriated to the fund. 

Amounts in the fund are available for oil spill cleanup 

costs and certain other related purposes as provided by 

appropriations acts or section 6002(b) of the Oil Pollution Act 

of 1990 (Public Law 101-380). 
119 

 March 2021 

TABLE TF-12.—Oil Spill Liability Trust Fund 

Results of Operations, Fiscal Year 2020 

[Source: Bureau of the Fiscal Service, Funds Management Branch] 

Balance Oct. 1, 2019 1 ................................................................................................................................................................................................... $6,819,211,498 

Revenue: 

Drawback claims ........................................................................................................................................................................................................ -59,771,902 

Return of Funds—DOT .............................................................................................................................................................................................. 1,630,890 

Return of Funds—USCG ........................................................................................................................................................................................... 248,241 

Cost recoveries .......................................................................................................................................................................................................... 151,398,825 

Fines and penalties .................................................................................................................................................................................................... 70,971,545 

Excise taxes on crude oil/petroleum products ........................................................................................................................................................... 460,126,750 

Net revenue before interest ................................................................................................................................................................................... 624,604,348 

Investment income: 

Interest on investments .............................................................................................................................................................................................. 107,190,366 

Realized gain ............................................................................................................................................................................................................. 

Total investment income ........................................................................................................................................................................................ 107,190,366 

Total revenue ......................................................................................................................................................................................................... 731,794,714 

Expenditures: 

Treasury administrative expense—Fiscal Service .................................................................................................................................................... -165,000 

Nonexpenditure transfers: 

Transfer to Denali commission .................................................................................................................................................................................. -3,448,693 

Transfer to Interior ...................................................................................................................................................................................................... -14,899,000 

Transfer to EPA .......................................................................................................................................................................................................... -19,581,000 

Transfer to PHMSA .................................................................................................................................................................................................... -22,546,871 

Transfer to U.S. Coast Guard-70X8312 (claims)....................................................................................................................................................... -11,856,438 

Transfer to U.S. Coast Guard-70X8349 (Emer Fund) ............................................................................................................................................... -67,347,253 

Transfer to U.S. Coast Guard-annual (earmarked) ................................................................................................................................................... -45,000,000 

Total nonexpenditure transfers .............................................................................................................................................................................. -184,679,254 

Total expenditure/nonexpenditure transfers .......................................................................................................................................................... -184,844,254 

Balance Sept. 30, 2020 .................................................................................................................................................................................................. $7,366,161,958 

1 The Balances as of October 1, 2019, and September 30, 2020 tie to the published 

financial statements by Treasury/FMB and are posted at: 

http://www.federalinvestments.gov/govt/reports/ tfmp/oilspill/oilspill.htm. 

Oil Spill Liability Trust Fund 

Expected Condition and Results of Operations, Fiscal Years 2021-2025 

[In millions of dollars. Source: Department of Homeland Security] 

2021 2022 2023 2024 2025

Balance Oct. 1 ............................................................................................... 7,366 8,071 8,828 9,612 10,372 

Estimated receipts ......................................................................................... 907 959 986 962 976 

Estimated expenses ...................................................................................... 202 202 202 202 202 

Balance Sept. 30............................................................................................ 8,071 8,828 9,612 10,372 11,146 
120 

 March 2021 

INTRODUCTION: Vaccine Injury Compensation Trust Fund 

The Vaccine Injury Compensation Trust Fund was created 

on the books of the Treasury by Section 9202 of the Revenue 

Act of 1987 (Public Law 100-203, approved December 22, 

1987). Excise taxes on diphtheria, pertussis, tetanus, measles, 

mumps, rubella, polio, hepatitis B, haemophilus influenza type 

b, varicella, rotavirus, pneumococcal conjugate, hepatitis A, 

meningococcal, human papillomavirus, and seasonal influenza 

vaccines (26 United States Code 4131), are appropriated into 

the trust fund, which is the source of funds to pay 

compensation awards for a vaccine-related injury or death 

occurring after October 1, 1988, as well as program 

administrative expenses. 

Annual reports to Congress, required by 26 United States 

Code 9602(a), are submitted by the Secretary of the 

Treasury. These reports are required to cover the financial 

condition and results of operations of the fund during the past 

fiscal year and those expected during the next five fiscal 

years. 

TABLE TF-13.—Vaccine Injury Compensation Trust Fund 

Results of Operations, Fiscal Year 2021 

[Source: Department of the Treasury] 

Balance Oct. 1, 2019 ........................................................................................................................................................................................... $3,952,467,972 

Receipts: 

Excise tax ........................................................................................................................................................................................................ $310,216,295 

Interest on investments .................................................................................................................................................................................... $69,908,203 

Refund of Prior Year Authority $4,476,633 

Total receipts ............................................................................................................................................................................................... $384,601,131 

Expenditure appropriations: 

U.S. Court of Federal Claims expenses .......................................................................................................................................................... $4,830,618 

U.S. Department of Justice expenses ............................................................................................................................................................. $12,837,729 

Subtotal outlays ........................................................................................................................................................................................... $17,668,346 

Nonexpenditure transfers: 

Transfer to HRSA ............................................................................................................................................................................................ $228,540,141 

Total outlays/transfers ................................................................................................................................................................................. $246,208,487 

Balance Sept. 30, 2020 1 ..................................................................................................................................................................................... $4,090,860,616.53 

1 Balance for September 30, 2020: Balance does not tie to the 3310 ending balance in the 

September 30, 2020 published financial statement. The equity balance is not affected 

throughout the entire fiscal year but changes after adjusting/closing entries are made at the 

beginning of the following fiscal year. The balance shown here for September 30, 2020 reflects 

the net activity for FY 2020 and adjusting/closing entries made in October 2020. 

Vaccine Injury Compensation Trust Fund 

Expected Condition and Results of Operations, Fiscal Years 2021-2025 

[In thousands of dollars. Source: Department of Health and Human Services] 

2021 2022 2023 2024 2025

Balance Oct. 1 ...................................................................................................... $4,090,861 $4,229,324 $4,372,472 $4,520,444 $4,673,385

Receipts (from tax) ............................................................................................... $319,523 $329,108 $338,982 $349,151 $359,626

Interest on investments ..................................................................................... $72,005 $74,166 $76,391 $78,682 $81,043

Total receipts ................................................................................................ $391,528 $403,274 $415,372 $427,833 $440,668

Outlays: 

U.S. Court of Federal Claims expenses ........................................................... $4,831 $4,831 $4,831 $4,831 $4,831

U.S. Department of Justice expenses .............................................................. $12,838 $12,838 $12,838 $12,838 $12,838

Subtotal outlays ................................................................................................ $17,688 $17,688 $17,688 $17,688 $17,688

Nonexpenditure transfers: 

HRSA ................................................................................................................ $235,396 $242,458 $249,732 $257,224 $264,941

Total outlays/transfers .................................................................................. $253,065 $260,127 $267,400 $274,892 $282,609

Balance Sept. 30................................................................................................... $4,229,324 $4,372,472 $4,520,444 $4,673,385 $4,831,444
121 

 March 2021 

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. 
122 

 March 2021 

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

Results of Operations, Fiscal Year 2020 

[In thousands of dollars. Source: Department of Agriculture] 

Balance Oct. 1, 2019 ................................................................................................................................................................................................ 149 

Receipts: 

Harmonized tariff ................................................................................................................................................................................................... 2,250 

Sequestration return fiscal year 2018 ................................................................................................................................................................... 140 

Sequestration ........................................................................................................................................................................................................ -133 

Total receipts ..................................................................................................................................................................................................... 2,257 

Expenses: 

Expenditure ........................................................................................................................................................................................................... 2,257 

Total expenses .................................................................................................................................................................................................. 2,257 

Balance Sept. 30, 2020 ............................................................................................................................................................................................ - 

Wool Research, Development, and Promotion Trust Fund 

Expected Condition and Results of Operations, Fiscal Year 2021 

[In thousands of dollars. Source: Department of Agriculture] 

Balance Oct. 1, 2020 ................................................................................................................................................................................................ 139 

Receipts: 

Harmonized tariff ................................................................................................................................................................................................... 2,250 

Sequestration return FY 20 ................................................................................................................................................................................... 133 

Sequestration ........................................................................................................................................................................................................ -128 

Total receipts ..................................................................................................................................................................................................... 2,255 

Expenses: 

Expenditure ........................................................................................................................................................................................................... 2,255 

Total expenses .................................................................................................................................................................................................. 2,255 

Balance Sept. 30 ...................................................................................................................................................................................................... - 
123 

 March 2021 

INTRODUCTION: Agriculture Disaster Relief Trust Fund 

The Food, Conservation, and Energy Act of 2008, P.L. 

110-246, authorized the implementation of the Supplemental 

Agricultural Disaster Assistance Program under Sections 

12033 and 15001. The Taxpayer Relief Act of 2012 

provided authority for discretionary funds to be used to 

execute several of the disaster programs for fiscal year 2013, 

but no funds were appropriated. Using funds from the 

Agricultural Disaster Relief Trust Fund, established under 

section 902 of the Trade Act of 1974, the program is 

administered by the USDA Farm Service Agency (FSA). 

Funds from the Agricultural Disaster Relief Trust Fund 

were used to make payments to farmers and ranchers under 

the following five disaster assistance programs: 

Supplemental Revenue Assistance Payments (SURE) 

Program; Livestock Forage Disaster Program (LFP); 

Livestock Indemnity Program (LIP); Tree Assistance 

Program (TAP); and Emergency Assistance for Livestock, 

Honey Bees, and Farm-Raised Fish (ELAP) Program. 

Fiscal Year 2020 obligations, including adjustments to 

prior year obligations, totaled $45,040. Total net outlays 

were $88,400 including outlays from prior year obligations, 

as shown in the table below. In 2020, the amount of customs 

receipts credited to the Agricultural Disaster Relief Trust 

Fund receipt account totaled $38,220. The outlays reported 

in fiscal year 2020 are due to residual payments, corrections, 

and/or appeals to obligations incurred for crop years 2008 – 

2011. 

The Agriculture Act of 2014 shifted the funding 

authority for disaster programs from the Agricultural 

Disaster Relief Trust Fund to USDA’s Commodity Credit 

Corporation. 

TABLE TF-15.—Agriculture Disaster Relief Trust Fund 

Results of Operations, Fiscal Year 2020 

[In thousands of dollars. Source: Department of Agriculture] 

Cumulative debt, start of year 2020 ......................................................................................................................................................................... $2,609,971 

Borrowing authority ............................................................................................................................................................................................. - 

Repayment of debt ............................................................................................................................................................................................... -108 

Cumulative debt, end of year ................................................................................................................................................................................... 2,609,863 

Budgetary resources: 

Borrowing Authority ............................................................................................................................................................................................. - 

Mandatory appropriation...................................................................................................................................................................................... 38 

Other offsetting collections .................................................................................................................................................................................. - 

Total budgetary resources .............................................................................................................................................................................. 14,581 

Obligated balance, Oct. 1, 2019 .............................................................................................................................................................................. 46 

Fiscal Year 2020 obligations .................................................................................................................................................................................... 45 

Outlays: 

Supplemental Revenue Assistance Payments Program ..................................................................................................................................... 6 

Livestock Forage Disaster Program .................................................................................................................................................................... 80 

Livestock Indemnity Program............................................................................................................................................................................... 2 

Tree Assistance Program .................................................................................................................................................................................... - 

Emergency Assistance of Livestock, Honey Bees, and Farm-Raised Fish Program ......................................................................................... - 

Total outlays ..................................................................................................................................................................................................... 88 

Recoveries of Prior Year Obligations - 

Obligated balance, Sept. 30, 2020 ........................................................................................................................................................................... $3

. 
124 

 March 2021 

Agriculture Disaster Relief Trust Fund Trust Fund 

Expected Condition and Results of Operations, Fiscal Years 2021-2025 

[In thousands of dollars. Source: Department of Agriculture ] 

2021 2022 2023 2024 2025

Cumulative debt, start of year ............................................................................. 2,609,863 2,609,863 2,609,863 2,609,863 2,609,863

Borrowing authority ......................................................................................... - - - - -

Repayment of debt 1 ....................................................................................... - - - - -

Cumulative debt, end of year .............................................................................. 2,609,863 2,609,863 2,609,863 2,609,863 2,609,863

Budgetary Resources: 

Borrowing authority ........................................................................................ - - - - -

Mandatory appropriations ............................................................................... - 

Other offsetting collections ............................................................................. 

Total budgetary resources .......................................................................... 46 3 3 3 3

Obligated balance, Oct. 1 ................................................................................... 45 - - - -

New obligations ................................................................................................... - - - - -

Recoveries of prior year obligations - - - - -

Outlays: 

Supplemental revenue assistance payments program ................................. 88 - - - -

Total outlays ................................................................................................ 88 - - - -

Obligated balance, Sept. 30 .......................................................................... 3 3 3 3 3

1 Requires congressional authority to write off debt or appropriations action to repay debt. Note.—Detail may not add to totals due to rounding. 
125 

 March 2021 

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. 
126 

 March 2021 

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

Results of Operations, Fiscal Year 2020 

[Source: Bureau of the Fiscal Service] 

Balance Oct. 1, 2019 ................................................................................................................................................................................................ $45,131,897 

Receipts: 

General Fund Appropriation.................................................................................................................................................................................. 275,500,000 

Transfers from FHI and FSMI ............................................................................................................................................................................... 

IRS Health Insurance Fees ................................................................................................................................................................................... 266,155,432 

Interest on Investments ......................................................................................................................................................................................... 525,337 

Total receipts ..................................................................................................................................................................................................... 542,180,769 

Expenditure appropriations: 

Transfers to PCORI............................................................................................................................................................................................... -469,730,132 

Transfers to HHS .................................................................................................................................................................................................. -117,551,401 

Total outlays ...................................................................................................................................................................................................... -587,281,533 

Balance Sept. 30, 2020 1 .......................................................................................................................................................................................... $31,132 

1 Balance September 30, 2020: Balance does not tie to the 3310 ending balance in the September 30, 2020 published financial 

statement. The equity balance is not affected throughout the entire fiscal year but changes after adjusting/closing entries are made 

at the beginning of the following fiscal year. The balance shown here for September 30, 2020 reflects the net activity for FY 2020 

and adjusting/closing entries made in October 2020. 

Patient Centered Outcomes Research Trust Fund 

Expected Condition and Results of Operations, Fiscal Years 2020-2023 

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

2020 2021 2022 2023

 

Balance Oct. 1............................................................................................................ 45,132 31 31 31

Receipts: 

General Fund Appropriation ............................................................................................................................................... 275,500 285,000 293,500 311,500

Transfers from FHI and FSMI ............................................................................................................................................. - - - -

IRS Health Insurance Fees ................................................................................................................................................. 266,155 371,000 388,000 409,000

Interest on Investments....................................................................................................................................................... 525 - - -

Total receipts ...................................................................................................... 542,180 656,000 681,500 720,500

Expenditure appropriations: 

Transfers to PCORI ............................................................................................... -469,730 -524,800 -545,200 -576,400

Transfers to HHS ................................................................................................... -117,551 -131,200 -136,300 -144,100

Total outlays ....................................................................................................... -587,281 -656,000 -681,500 -720,500

Balance Sept. 30 .................................................................................................... 31 31 31 31
127 

 March 2021 

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. 
128 

 March 2021 

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

Results of Operations, Fiscal Year 2020 

[Source: Department of Justice] 

Balance Oct. 1, 2019 ...................................................................................................................................................................................... $1,177,812,263.64 

Receipts: 

Appropriation ............................................................................................................................................................................................................. 0.00 

Recoveries from prior year ....................................................................................................................................................................................... 88,139.00 

Fines/Penalties .......................................................................................................................................................................................................... 20,327,184.73 

Forfeitures ................................................................................................................................................................................................................. 40,207,741.92 

Interest on investments ............................................................................................................................................................................................. 8,516,818.09 

Total receipts ............................................................................................................................................................................................................. 69,139,883.74 

Outlays: 

Salaries & Expenses ................................................................................................................................................................................................. 6,621,156.71 

Victim Payments ....................................................................................................................................................................................................... 1,065,296,145.44 

Total outlays .............................................................................................................................................................................................................. 1,071,917,302.15 

Balance Sept. 30, 2020 ............................................................................................................................................................................................. 175,034,845.23 

United States Victims of State Sponsored Terrorism Fund 

Expected Condition and Results of Operations, Fiscal Years 2021-2025 

[In thousands of dollars. Source: Department of Justice] 

2021 2022 2023 2024 2025

Balance Oct. 1 ...................................................................................................... 175,035 187,046 181,005 174,725 168,198 

Receipts: 

Appropriation .................................................................................................... 

Fines/Penalties ................................................................................................. 18,414 - - - -

Forfeitures ........................................................................................................ - - - - -

Interest on investments .................................................................................... 839 901 869 837 803 

Total receipts ................................................................................................ 19,253 901 869 837 803 

Outlays: 

DOJ, Salaries & Expenses ............................................................................... 6,739 6,941 7,149 7,364 7,585 

Victim Payments .............................................................................................. 503 - - - -

Total Outlays net of Investments Redeemed .................................................. 7,242 6,941 7,149 7,364 7,585 

Balance Sept. 30 .................................................................................................. 187,046 181,005 174,725 168,198 161,416 
129 

 March 2021 

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 
130 

March 2021 

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. 
131 

March 2021 

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). 
DEPARTMENT OF THE TREASURY

BUREAU OF THE FISCAL SERVICE

WASHINGTON, D.C. 20227

OFFICIAL BUSINESS

PENALTY FOR PRIVATE USE, $300