1 EXECUTIVE SUMMARY TO THE 2020 FINANCIAL REPORT OF THE U.S. GOVERNMENT 
EXECUTIVE SUMMARY TO THE 2020 FINANCIAL REPORT OF THE U.S. GOVERNMENT 2 

Executive Summary to the FY 2020 

Financial Report of the United States Government 

The FY 2020 Financial Report presents the U.S. government’s current financial position and condition, and 

discusses key financial topics and trends. The Financial Report is produced by Treasury in coordination with 

OMB, which is part of the Executive Office of the President. The table on the preceding page presents several key 

indicators of the government’s financial position and condition, which are discussed in this Executive Summary 

and, in greater detail, in the Financial Report. The Secretary of the Treasury, the Director of OMB, and the 

Comptroller General of the U.S. at the GAO believe that the information discussed in this Financial Report is 

important to all Americans. 

This Financial Report addresses the government’s financial activity and results as of and for the fiscal years 

ended September 30, 2020 and 2019. Note 29—Subsequent Events discusses events that occurred after the end of 

the fiscal year that may affect the government’s financial position and condition. 

Where We Are Now 

The Federal Government’s Response to the Pandemic 

During FY 2020, the federal government took broad action to protect public health from the effects of the 

unprecedented pandemic, signing into law four major pieces of legislation: 

x Coronavirus Preparedness and Response Supplemental Appropriations Act of 2020 (P.L. 116-123) 

x Families First Coronavirus Response Act (FFCRA, P.L. 116-127) 

x Coronavirus Aid, Relief, and Economic Security (CARES Act, P.L. 116-136) 

x Paycheck Protection Program and Health Care Enhancement Act (PPPHCE Act, P.L. 116-139) 

These laws address the health and economic effects of COVID-19, providing assistance to American workers 

and families, small businesses, and state, local, and tribal governments, and preserving jobs for American 

industry. As indicated here and in the Financial Report, these essential programs had significant effects on the 

federal government’s budgetary and financial results. 

Source: Treasury – Central Accounting Reporting System (CARS) 
3 EXECUTIVE SUMMARY TO THE 2020 FINANCIAL REPORT OF THE U.S. GOVERNMENT 

Chart 1 summarizes the more than $2.6 trillion in appropriations enacted for key pandemic-related assistance 

programs, which include, but are not limited to: 

x The PPP, administered by SBA, is a loan guarantee 

program designed to provide a direct incentive for 

small businesses to retain employees by providing loan 

forgiveness for amounts used for eligible expenses for 

payroll and benefit costs, interest on mortgages, rent, 

and utilities. ($670.3 billion) 

x Through its Economic Stabilization and Assistance to 

Severely Distressed Sectors of the U.S. Economy 

efforts (CARES Act Title IV), Treasury, including in 

collaboration with the Federal Reserve, provides 

funding through direct loans or other support for 

various businesses and state and local governments. 

($500.0 billion) 

x Through its UI Program, DOL expands states’ ability to provide unemployment 

insurance for many workers impacted by the pandemic, including for workers 

who are not eligible for regular/traditional unemployment benefits. ($394.3 

billion) 

x The IRS provided a refundable tax credit, the recovery rebate, of $1,200 per 

qualifying adult, and $500 per dependent child, and a deferral of payment of 

employer’s share of Social Security taxes through December 2020. ($282.0 

billion) 

x Through the PHSSEF, HHS provides broad support, including, but not limited to: 

reimbursements to health care providers for expenses or lost revenues attributable 

to the pandemic, and support for the development and purchase of vaccines, 

therapeutic treatment, testing, and medical supplies. ($231.7 billion) 

x Through Coronavirus Relief Fund efforts, Treasury provides for payments to 

state, local, and tribal governments for pandemic-related spending. ($150.0 

billion) 

x Many other agencies and programs comprise the remaining $405.3 billion 

reported as “Other” in Chart 1, including, but not limited to funding for: 

transportation system assistance at the DOT, student loan deferrals at Education, 

and FEMA’s Disaster Relief Fund. 

x Note 29—Subsequent Events, discusses the financial effects of significant events 

that occurred following the end of the fiscal year, but prior to issuance of this Financial Report. For example, 

on December 27, 2020, the President signed into law the Consolidated Appropriations Act, 2021 (PL 116-

120). This act included provisions for an additional $900.0 billion in stimulus relief related to the pandemic 

and rescinded $478.8 billion of the $500.0 billion appropriation provided to Treasury referenced above. In 

addition, $146.5 billion that was appropriated to SBA under the SBA-Business Loans Program Account, 

CARES Act was rescinded under the Consolidated Appropriations Act, 2021. In addition, on March 11, 2021, 

the President signed into law the American Rescue Plan Act, 2021, a $1.9 trillion economic relief package to 

address the continued impact of COVID-19 on the economy. Additional information about these and other 

subsequent events and their effects are referenced in Note 29. 

The financial effects of the government’s response to the COVID-19 pandemic were broad, impacting many 

agencies in a variety of ways and to varying degrees. The Financial Report includes discussion and analysis of the 

significant impact that the federal government’s response to the COVID-19 pandemic had on the government’s 
EXECUTIVE SUMMARY TO THE 2020 FINANCIAL REPORT OF THE U.S. GOVERNMENT 4 

financial statements for FY 2020. Additional information can be obtained from individual agency financial 

statements. 

Comparing the Budget and the Financial Report 

The Budget and the Financial Report present complementary perspectives on the government’s financial 

position and condition. 

x The Budget is the government’s primary financial planning and control tool. It accounts for past government 

receipts and spending, and includes the President’s proposed receipts and spending plan. Receipts are cash 

received by the U.S. government and spending is measured as outlays, or payments made by the federal 

government to the public or entities outside the government. In simple terms, when total receipts are greater 

than outlays, then there is a budget surplus; and when total outlays exceed total receipts, then there is a budget 

deficit. 

x The Financial Report includes the government’s costs and revenues, assets and liabilities, and other important 

financial information. It compares the government’s revenues (amounts earned, but not necessarily collected), 

with costs (amounts incurred, but not necessarily paid) to derive net operating cost. 

Chart 2 compares the government’s budget deficit (receipts vs. outlays) and net operating cost (revenues vs. 

costs) for FYs 2016 - 2020. During FY 2020: 

x A $2.1 trillion increase in outlays and a 

$42.2 billion decrease in receipts 

combined to increase the budget deficit by 

$2.1 trillion to $3.1 trillion. 

x Net operating cost increased $2.4 trillion 

or 164.7 percent from $1.4 trillion to $3.8 

trillion, due mostly to a $2.3 trillion or 

46.3 percent increase in net cost combined 

with a $49.4 billion or 1.4 percent decrease 

in tax and other revenues. 

The $696.9 billion difference between the 

budget deficit and net operating cost is 

primarily due to accrued costs (incurred but 

not necessarily paid) that are included in net 

operating cost, but not the budget deficit, 

primarily costs related to increases in estimated federal employee and veteran benefits liabilities. Other sources of 

differences include, but are not limited to increases in taxes receivable, as well as increases in advances associated 

with the government’s pandemic response. 
5 EXECUTIVE SUMMARY TO THE 2020 FINANCIAL REPORT OF THE U.S. GOVERNMENT 

Costs and Revenues 

The government’s “bottom line” net operating cost increased $2.4 trillion (164.7 percent) during FY 2020 to 

$3.8 trillion. It is calculated as follows: 

x Starting with total gross costs of $7.2 trillion, 

the government subtracts earned program 

revenues (e.g., Medicare premiums, national 

park entry fees, and postal service fees) and 

adjusts the balance for gains or losses from 

changes in actuarial assumptions used to 

estimate future federal employee and veteran 

benefits payments to derive its net cost before 

taxes and other revenues of $7.4 trillion (see 

Chart 3), an increase of $2.3 trillion (46.3 

percent) from FY 2019. This net increase is the 

combined effect of many offsetting increases 

and decreases across the government. For 

example: 

o The federal government’s response to the COVID-19 pandemic translated into substantial increases in 

costs across multiple agencies during FY 2020, including but not limited to: 

 A $559.1 billion increase in net costs at the SBA, driven primarily by a $527.8 billion 

increase in loan subsidy costs, including reestimates, attributable to the PPP and Debt Relief 

programs under the CARES Act. As noted earlier, the PPP provides loan forgiveness for 

amounts used for eligible expenses for payroll and benefit costs. Under the Debt Relief 

program, SBA pays six months of principal, interest, and any associated fees that borrowers 

owe for all current loans in regular servicing status in its 7(a), 504, and Microloan programs, 

as well as new 7(a), 504, and Microloans disbursed prior to September 27, 2020; 

 A $452.7 billion increase at DOL, much of which is attributable to a $461.4 billion increase 

primarily associated with unemployment benefits authorized by the CARES Act; 

 A $405.0 billion increase in Treasury net costs largely due to the issuance of “Economic 

Impact Payments” to individuals to help stimulate the economy. In FY 2020, the IRS 

disbursed $274.7 billion of EIPs to eligible recipients in every state and territory and at 

foreign addresses. Treasury’s net cost increase is also due in part from Coronavirus relief 

fund payments made to affected state, local, territorial, and tribal governments. $80.6 billion 

of the $149.5 billion of such payments made was recognized as net costs in FY 2020. 

Treasury costs also include $28.2 billion in financial assistance payments to passenger air 

carriers, air cargo carriers, and contractors, and to provide payroll support to aviation 

workers; and 

 A $184.8 billion net cost increase at HHS primarily due to a $106.2 billion increase to the 

PHSSEF to fund a wide range of efforts, including, but not limited to reimbursements to 

health care providers for expenses or lost revenues, and development and purchase of 

vaccines, therapeutic treatment, testing, and medical supplies. 

o Entities administering federal employee and veteran benefits programs, including the OPM, VA, and 

DOD employ a complex series of assumptions to make actuarial projections of their long-term benefits 

liabilities. These assumptions include but are not limited to interest rates, beneficiary eligibility, life 

expectancy, and medical cost levels. Changes in these assumptions can result in either losses (net cost 

increases) or gains (net cost decreases). Across the government, these net losses from changes in 

assumptions amounted to $679.5 billion in FY 2020, a loss (and net cost) increase of $480.6 billion 

compared to FY 2019. 
EXECUTIVE SUMMARY TO THE 2020 FINANCIAL REPORT OF THE U.S. GOVERNMENT 6 

o VA net costs increased $567.4 billion due largely to changes in benefits program experience and 

assumptions, including, but not limited to an increase in veterans who first became eligible for benefits 

during FY 2020. 

o DOD net costs decreased $163.4 billion due primarily to a $156.4 billion loss decrease (net gain) from 

changes in assumptions referenced above, as well as slight decreases in net costs across DOD’s major 

programs, including military operations, readiness, support, procurement, personnel, and R&D. 

o HHS and SSA net costs increased $184.8 billion and $56.4 billion, respectively. These increases resulted 

largely from COVID-19 relief efforts at HHS referenced above, as well as increases in benefit expenses 

from the social insurance programs administered by these entities (e.g., Medicare and Social Security). 

o DHS costs increased by $49.7 billion due to costs associated with disaster responses to COVID-19, 

hurricanes, and wildfires. 

o While debt held by the public increased substantially, interest costs related to federal debt securities held 

by the public decreased by $32.5 billion due largely to a decrease in the average interest rates on the debt. 

x The government deducts tax and other revenues from net cost (with some adjustments) to derive its FY 2020 

“bottom line” net operating cost of $3.8 trillion. 

o From Chart 4, total government tax and other 

revenues decreased slightly by $49.4 billion (1.4 

percent) to about $3.6 trillion for FY 2020. This 

net decrease was due primarily to a $51.6 billion 

decrease in individual tax revenue, compared with 

an offsetting decrease and increase in corporate 

and other tax revenue, respectively. 

o Together, individual income tax and tax 

withholdings, and corporate taxes accounted for 

about 88.8 percent of total tax and other revenues 

in FY 2020. Other revenues include Federal 

Reserve earnings, excise taxes, and customs 

duties.

Assets and Liabilities 

Chart 5 summarizes the assets and liabilities that the government reports on its Balance Sheet. As of 

September 30, 2020: 

x More than three-fourths of the federal 

government’s total assets ($6.0 trillion) 

consist of: 1) $1.9 trillion in cash and 

monetary assets, 2) $1.6 trillion in net 

loans receivable (primarily student loans), 

and 3) $1.1 trillion in net PP&E. 

o Other significant government 

resources not reported on the Balance 

Sheet include stewardship assets, 

natural resources, and the 

government’s power to tax and set 

monetary policy. 

x Total liabilities ($32.7 trillion) consist 

mostly of: 1) $21.1 trillion in federal debt 

and interest payable and 2) $9.4 trillion in 

federal employee and veteran benefits payable. 
7 EXECUTIVE SUMMARY TO THE 2020 FINANCIAL REPORT OF THE U.S. GOVERNMENT 

o Federal debt held by the public is debt held outside of the government by individuals, corporations, state 

and local governments, FRB, foreign governments, and other non-federal entities. 

o The government borrows from the public (increases federal debt levels) to finance deficits. During FY 

2020, federal debt held by the public increased $4.2 trillion (25.0 percent) to $21.1 trillion. 

o The government also reports about $6.0 trillion of intra-governmental debt outstanding, which arises 

when one part of the government borrows from another. For example, government funds (e.g., Social 

Security and Medicare Trust Funds) typically must invest excess annual receipts, including interest 

earnings, in Treasury-issued federal debt securities. Although not reflected in Chart 5, these securities 

are included in the calculation of federal debt subject to the debt limit. 

o Federal debt held by the public plus intra-governmental debt equals gross federal debt, which, with some 

adjustments, is subject to a statutory debt ceiling (“debt limit”). At the end of FY 2020, debt subject to 

the statutory limit was $26.9 trillion. Increasing or suspending the debt limit does not increase spending 

or authorize new spending; rather, it permits the government to continue to honor pre-existing 

commitments. Effective March 2, 2019, the statutory debt limit was set at $22.0 trillion. On August 2, 

2019, the BBA of 2019 (P.L. 116-37) was enacted suspending the statutory debt limit through July 31, 

2021. 

o FEVBP represents the amounts of benefits payable by agencies which administer the government’s 

pension and other benefit plans for its military and civilian employees. 

The Effects of the Pandemic on the Balance Sheet 

The COVID-19 pandemic’s effects on the government’s finances extended to the balance sheet, affecting 

both assets and liabilities, including, but not limited to: 

x Cash and monetary assets ($1.9 trillion) is comprised largely of the operating cash of the U.S. government, 

which grew by $1.4 trillion (371 percent) to $1.8 trillion during FY 2020 largely due to Treasury maintaining 

an elevated cash balance to maintain prudent liquidity in light of the size and relative uncertainty of COVID19-related outflows. (See Note 2—Cash and Monetary Assets). 

x SBA’s credit program receivables are generally comprised of business and disaster direct loans and defaulted 

business loans purchased per the terms of SBA’s loan guarantee programs. These receivables increased to 

$182.9 billion as of FY 2020, stemming from a $173.2 billion increase in direct disaster loans primarily 

funded by the CARES Act. SBA’s liability for loan guarantees increased $510.7 billion. These large fluxes 

are a direct result of the PPP and Debt Relief programs (See Note 4—Direct Loans and Loan Guarantees 

Receivable, Net and Loan Guarantees Liability). 

x During FY 2020, Education net loans receivable decreased by $32.4 billion, due to various factors including a 

provision related to the CARES Act and a subsequent Presidential Memorandum which provided support for 

student loan borrowers by temporarily suspending nearly all federal student loan payments. In addition, all 

federal wage garnishments and collections actions for borrowers with federally held loans in default were 

halted (See Note 4—Direct Loans and Loan Guarantees Receivable, Net and Loan Guarantees Liability). 

x The Balance Sheet includes $108.4 billion of “Investments in Special Purpose Vehicles”. In response to the 

COVID-19 pandemic, Treasury holds equity investments in SPVs established by the Federal Reserve for the 

purpose of enhancing the liquidity of the U.S. financial system (See Note 8—Investments in Special Purpose 

Vehicles). 

x “Other Assets” on the Balance Sheet includes $218.6 billion in “Advances and Prepayments”. The $150.6 

billion increase in this amount during FY 2020 is largely attributable to COVID-19 relief efforts at HHS (for 

AAP and PHSSEF advances for personal protection equipment and test kits) and Treasury (for Coronavirus 

Relief Fund assistance payments (See Note 10—Other Assets)). 

See Note 28—COVID-19 Activity, as well as the referenced agencies’ FY 2020 financial statements for 

additional information. 
EXECUTIVE SUMMARY TO THE 2020 FINANCIAL REPORT OF THE U.S. GOVERNMENT 8 

As noted earlier, Note 29—Subsequent Events, discusses the financial effects of significant events that 

occurred following the end of the fiscal year, but prior to issuance of this Financial Report. 

Key Economic Trends 

An examination of key macroeconomic indicators helps put the discussion of the government’s financial 

performance into context. During the first five months of FY 2020, the U.S. economy exhibited solid growth with 

strong labor markets. However, the spread of the COVID-19 virus led to a sharp, severe economic contraction and 

an unprecedented level of fiscal support. These and other economic and financial developments are discussed in 

greater detail in the Financial Report. 

An Unsustainable Fiscal Path 

An important purpose of this Financial Report is to help citizens understand current fiscal policy and the 

importance and magnitude of policy reforms necessary to make it sustainable. A sustainable fiscal policy is 

defined as one where the ratio of debt held by the public to GDP (the debt-to-GDP ratio) is stable or declining 

over the long term. GDP measures the size of the nation’s economy in terms of the total value of all final goods 

and services that are produced in a year. Considering financial results relative to GDP is a useful indicator of the 

economy’s capacity to sustain the government’s many programs. This report presents data, including debt, as a 

percent of GDP to help readers assess whether current fiscal policy is sustainable. The debt-to-GDP ratio reached 

100 percent at the end of FY 2020. The long-term fiscal projections in this report are based on the same economic 

assumptions that underlie the Social Security Trustees’ Report, and those assumptions were developed using data 

available as of January 1, 2020, prior to the economic downturn. At this time, management cannot reasonably 

estimate the potential effects of COVID-19 on the projections or other sustainability measures (such as projected 

depletion dates for the Social Security and Medicare Hospital Insurance Trust Funds in Table 1 below), which 

could be significant. 

The current fiscal path is unsustainable. To determine if current fiscal policy is sustainable, the projections 

based on the assumptions discussed in the Financial Report assume current policy will continue indefinitely.1 The 

projections are therefore neither forecasts nor predictions. Nevertheless, the projections demonstrate that policy 

changes need to be enacted for the actual financial outcomes to differ from those projected. 

Receipts, Spending, and the Debt 

Chart 6 shows historical and current policy projections for receipts, non-interest spending by major category, 

net interest, and total spending expressed 

as a percent of GDP. 

x The primary deficit is the difference 

between non-interest spending and 

receipts. The ratio of the primary 

deficit to GDP is useful for gauging 

long-term fiscal sustainability. 

x The primary deficit-to-GDP ratio 

spiked during 2009 through 2012 due 

to the financial crisis of 2008-09 and 

the ensuing severe recession, as well 

as increased spending and temporary 

tax reductions enacted to stimulate 

the economy and support recovery. 

As an economic recovery took hold, 

the primary deficit-to-GDP ratio fell, 

1 Current policy in the projections is based on current law, but includes extension of certain policies that expire under current law but are routinely extended 

or otherwise expected to continue. 
9 EXECUTIVE SUMMARY TO THE 2020 FINANCIAL REPORT OF THE U.S. GOVERNMENT 

averaging 2.1 percent from 2013 through 2019. The ratio spiked again in 2020 rising to 13.3 percent of GDP 

due to increased spending to address the COVID-19 pandemic and lessen the economic impacts of stay-athome and social distancing orders on individuals, hard-hit industries, and small businesses. The ratio is 

projected to fall to 6.0 percent in 2021 and then shrink to 2.9 percent in 2023 as the economy grows and 

spending due to legislation enacted in response to the COVID-19 pandemic decreases. After 2024, however, 

increased spending for Social Security and health programs2

 due to the continued retirement of the baby boom 

generation and increases in health care costs is projected to result in increasing primary deficits that peak in 

2042, when the primary deficit-to-GDP ratio reaches 5.4 percent. After 2042, the ratio gradually decreases as 

the aging of the population continues at a slower pace, and reaches 4.3 percent in 2095, the last year of the 

projection period. 

x The expiring individual income and estate and gift tax provisions of the TCJA are assumed to continue past 

their legal expiration on December 31, 2025 because of the recent historical pattern of such tax rates being 

extended, similar to the presentation in the FY 2021 President’s Budget. Congressional action is required to 

extend the provisions of the TCJA. GDP, interest, and other economic and demographic assumptions are the 

same as those that underlie the most recent Social Security and Medicare Trustees’ Report projections, 

adjusted for historical revisions that occur annually. The most recent Social Security and Medicare Trustees’ 

Reports were released in April 2020, and the economic and demographic assumptions do not reflect the 

effects of the COVID-19 pandemic, increasing the uncertainty surrounding this year’s long-term fiscal 

projections including the projected depletion dates in Table 1. 

x The persistent long-term gap between projected receipts and total spending shown in Chart 6 occurs despite 

the projected effects of the PPACA3 on long-term deficits. 

o Enactment of the PPACA in 2010 and the MACRA in 2015 established cost controls for Medicare 

hospital and physician payments whose long-term effectiveness is still to be demonstrated fully. 

o There is uncertainty about the extent to which these projections can be achieved and whether the 

PPACA’s provisions intended to reduce Medicare cost growth will be overridden by new legislation. 

Table 1 summarizes the status and projected trends of the government’s Social Security and Medicare Trust 

Funds. 

2

 See the 2020 Trustees’ Report for Medicare (pp 4-5) and Social Security (pp 4-23) and the 2018 Medicaid Actuarial Report. 3 The PPACA refers to P.L. 111-148, as amended by P.L. 111-152. The PPACA expands health insurance coverage, provides health insurance subsidies for 

low-income individuals and families, includes many measures designed to reduce health care cost growth, and significantly reduces Medicare payment rates 

relative to the rates that would have occurred in the absence of the PPACA. (See Note 23 and the RSI section of the Financial Report, and the 2020 

Medicare Trustees’ Report for additional information). 
EXECUTIVE SUMMARY TO THE 2020 FINANCIAL REPORT OF THE U.S. GOVERNMENT 10 

The primary deficit projections in Chart 6, along with those for interest rates and GDP, determine the debtto-GDP ratio projections in Chart 7. 

x The debt-to-GDP ratio was 100 

percent at the end of FY 2020, and 

under current policy and based on this 

report’s assumptions is projected to 

reach 623 percent in 2095. 

x The debt-to-GDP ratio rises 

continuously in great part because 

primary deficits lead to higher levels 

of debt. The continuous rise of the 

debt-to-GDP ratio indicates that 

current fiscal policy is unsustainable. 

x These debt-to-GDP projections are 

higher than both the 2019 and 2018 

Financial Report projections. 

The Fiscal Gap and the Cost of Delaying Fiscal Policy Reform 

x The 75-year fiscal gap is a measure of how much primary deficits must be reduced over the next 75 years in 

order to make fiscal policy sustainable. That estimated fiscal gap for 2020 is 5.4 percent of GDP (compared to 

3.8 percent for 2019). 

x This estimate implies that making fiscal policy sustainable over the next 75 years would require some 

combination of spending reductions and receipt increases that equals 5.4 percent of GDP on average over the 

next 75 years. The fiscal gap represents 30.2 percent of 75-year PV receipts and 23.8 percent of 75-year PV 

non-interest spending. 

x The timing of policy changes to make fiscal policy sustainable has important implications for the well-being 

of future generations as is shown in Table 2. 

o Table 2 shows that, if action is delayed by 10 years, the estimated magnitude of primary surplus 

increases necessary to close the 75-year fiscal gap increases by 18.5 percent from 5.4 percent of GDP 

on average over 75 years to 6.4 percent on average over 65 years; if action is delayed by 20 years, the 

magnitude of reforms necessary increases by an additional 21.9 percent. 

o The longer policy action to close the fiscal gap is delayed, the larger the post-reform primary 

surpluses must be to achieve the target debt-to-GDP ratio at the end of the 75-year period. Future 

generations are harmed by a policy delay because the higher the primary surpluses are during their 

lifetimes, the greater is the difference between the taxes they pay and the programmatic spending 

from which they benefit. 
11 EXECUTIVE SUMMARY TO THE 2020 FINANCIAL REPORT OF THE U.S. GOVERNMENT 

Conclusion 

x Projections in the Financial Report indicate that the government’s debt-to-GDP ratio is projected to rise over 

the 75-year projection period and beyond if current policy is kept in place. The projections in this Financial 

Report show that current policy is not sustainable. 

x If changes in fiscal policy are not so abrupt as to slow economic growth and those policy changes are adopted 

earlier, then the required changes to revenue and/or spending will be smaller to return the government to a 

sustainable fiscal path. 

Find Out More 

The FY 2020 Financial Report and other information about the nation’s finances are available at: 

x Treasury, https://www.fiscal.treasury.gov/fsreports/rpt/finrep/fr/fr_index.htm; 

x OMB’s Office of Federal Financial Management, https://www.whitehouse.gov/omb/management/office-federalfinancial-management/ ; and 

x GAO, https://www.gao.gov/federal-financial-accountability

The GAO audit report on the U.S. government’s consolidated financial statements can be found beginning on page 226 

of the full Financial Report. GAO was unable to express an opinion (disclaimed) on these consolidated financial 

statements for the reasons discussed in the audit report.