BULLETIN

MARCH2022

FEATURES

Department of the Treasury

Bureau of the Fiscal Service

Profile of the Economy

Financial Operations

International Statistics

Special Reports

Produced and Published by
The Treasury Bulletin is issued quarterly in March, June, September, and December by the 

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

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

other Federal program agencies. 

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 
Table of Contents 

FINANCIAL OPERATIONS 

PROFILE OF THE ECONOMY 

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

FEDERAL FISCAL OPERATIONS 

Introduction—Federal Fiscal Operations ............................................................................................................................. 10 

Analysis—Budget Results and Financing of the U.S. Government and Fourth-Quarter Receipts by Source ..................... 11 

FFO-A—Chart: Monthly Receipts and Outlays ................................................................................................................. 13 

FFO-B—Chart: Budget Receipts by Source ........................................................................................................................ 13 

FFO-1—Summary of Fiscal Operations .............................................................................................................................. 14 

FFO-2—On-Budget and Off-Budget Receipts by Source ................................................................................................... 15 

FFO-3—On-Budget and Off-Budget Outlays by Agency ................................................................................................... 17 

FFO-4—Summary of U.S. Government Receipts by Source and Outlays by Agency ........................................................ 19

FEDERAL DEBT 

Introduction—Federal Debt ................................................................................................................................................. 20 

FD-1—Summary of Federal Debt ....................................................................................................................................... 21 

FD-2—Debt Held by the Public .......................................................................................................................................... 22 

FD-3—Government Account Series .................................................................................................................................... 23 

FD-4—Interest-Bearing Securities Issued by Government Agencies .................................................................................. 24 

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

 Private Investors .................................................................................................................................................... 25 

FD-6—Debt Subject to Statutory Limit ............................................................................................................................... 26 

FD-7—Treasury Holdings of Securities Issued by Government Corporations and Other Agencies ................................... 27

BUREAU OF THE FISCAL SERVICE OPERATIONS 

Introduction—Bureau of the Fiscal Service Operations ...................................................................................................... 29 

TREASURY FINANCING ................................................................................................................................................. 29 

PDO-1—Offerings of Regular Weekly Treasury Bills ........................................................................................................ 47 

PDO-2—Offerings of Marketable Securities Other than Regular Weekly Treasury Bills .................................................. 49 

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 .......................................................................................................................... 56 
IV

Table of Contents 

SECTION I—Canadian Dollar Positions 

FCP-I-1—Weekly Report of Major Market Participants ..................................................................................................... 57 

FCP-I-2—Monthly Report of Major Market Participants ................................................................................................... 58 

FCP-I-3—Quarterly Report of Large Market Participants .................................................................................................. 58 

SECTION II—Japanese Yen Positions 

FCP-II-1—Weekly Report of Major Market Participants ................................................................................................... 59 

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

FCP-II-3—Quarterly Report of Large Market Participants ................................................................................................. 60 

SECTION III—Swiss Franc Positions 

FCP-III-1—Weekly Report of Major Market Participants .................................................................................................. 61 

FCP-III-2—Monthly Report of Major Market Participants ................................................................................................. 62 

FCP-III-3—Quarterly Report of Large Market Participants ................................................................................................ 62 

SECTION IV—Sterling Positions 

FCP-IV-1—Weekly Report of Major Market Participants .................................................................................................. 63 

FCP-IV-2—Monthly Report of Major Market Participants ................................................................................................. 64 

FCP-IV-3—Quarterly Report of Large Market Participants ................................................................................................ 64 

SECTION V—U.S. Dollar Positions 

FCP-V-1—Weekly Report of Major Market Participants ................................................................................................... 65 

FCP-V-2—Monthly Report of Major Market Participants .................................................................................................. 66 

FCP-V-3—Quarterly Report of Large Market Participants ................................................................................................. 66 

SECTION VI—Euro Positions 

FCP-VI-1—Weekly Report of Major Market Participants .................................................................................................. 67 

FCP-VI-2—Monthly Report of Major Market Participants ................................................................................................. 68 

FCP-VI-3—Quarterly Report of Large Market Participants ................................................................................................ 68 

EXCHANGE STABILIZATION FUND 

Introduction—Exchange Stabilization Fund ........................................................................................................................ 69 

ESF-1—Balance Sheet ........................................................................................................................................................ 70 

ESF-2—Income and Expense .............................................................................................................................................. 71

SPECIAL REPORTS 

TRUST FUNDS 

Introduction—Airport and Airway Trust Fund .................................................................................................................... 72 

TF-1—Airport and Airway Trust Fund ............................................................................................................................... 73 

Introduction—Uranium Enrichment Decontamination and Decommissioning Fund .......................................................... 74 

TF-2—Uranium Enrichment Decontamination and Decommissioning Fund...................................................................... 75 

Introduction—Black Lung Disability Trust Fund ................................................................................................................ 76 

TF-3—Black Lung Disability Trust Fund ........................................................................................................................... 77 

Introduction—Harbor Maintenance Trust Fund .................................................................................................................. 78 

TF-4—Harbor Maintenance Trust Fund .............................................................................................................................. 79 

Introduction—Hazardous Substance Superfund .................................................................................................................. 80 

TF-5—Hazardous Substance Superfund .............................................................................................................................. 81 

Introduction—Highway Trust Fund .................................................................................................................................... 83 

TF-6—Highway Trust Fund ................................................................................................................................................ 84 
V

Table of Contents 

TF-6A—Highway Trust Fund; Highway Account, Mass Transit Account ......................................................................... 86 

Introduction—Inland Waterways Trust Fund ...................................................................................................................... 87 

TF-7—Inland Waterways Trust Fund .................................................................................................................................. 87 

Introduction—Leaking Underground Storage Tank Trust Fund .......................................................................................... 88 

TF-8—Leaking Underground Storage Tank Trust Fund ..................................................................................................... 89 

Introduction—Nuclear Waste Fund ..................................................................................................................................... 90 

TF-9—Nuclear Waste Fund ................................................................................................................................................. 90 

TF-A—Chart: Major Trust Funds, Interest on Investments ................................................................................................. 91 

TF-B—Chart: Major Trust Funds, Receipts and Expenses.................................................................................................. 91 

Introduction—Reforestation Trust Fund .............................................................................................................................. 92 

TF-10—Reforestation Trust Fund ....................................................................................................................................... 92 

Introduction— Sport Fish Restoration and Boating Safety Trust Fund ............................................................................... 93 

TF-11—Sport Fish Restoration and Boating Safety Trust Fund .......................................................................................... 94 

Introduction—Oil Spill Liability Trust Fund ....................................................................................................................... 95 

TF-12—Oil Spill Liability Trust Fund ................................................................................................................................ 96 

Introduction—Vaccine Injury Compensation Trust Fund ................................................................................................... 97 

TF-13—Vaccine Injury Compensation Trust Fund ............................................................................................................. 97 

Introduction—Wool Research, Development, and Promotion Trust Fund .......................................................................... 98 

TF-14—Wool Research, Development, and Promotion Trust Fund ................................................................................... 99 

Introduction— Agriculture Disaster Relief Trust Fund ..................................................................................................... 100 

TF-15—Agricultural Disaster Relief Trust Fund ............................................................................................................... 101 

Introduction—Patient Centered Outcomes Research Trust Fund ...................................................................................... 102 

TF-16—Patient Centered Outcomes Research Trust Fund ................................................................................................ 103 

Introduction— United States Victims of State Sponsored Terrorism Fund ....................................................................... 104 

TF-17—United States Victims of State Sponsored Terrorism Fund ................................................................................. 105 

GLOSSARY ...................................................................................................................................................................... 106

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 

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 

Trust Fund Reports:

Agriculture Disaster Relief Trust Fund ............................................................. √

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Profile of theEconomy

FederalFiscalOperations

Account of theU.S.Treasury

FederalDebt

Fiscal Service Operations

OwnershipofFederalSecurities

U.S. Currency andCoinOutstanding

andinCirculation
1

Profile of the Economy 

(Office of Macroeconomic Analysis) 

February 17, 2022

Introduction 

The U.S. economy ended 2021 on a very strong note; real GDP growth accelerated sharply to 6.9 

percent at an annual rate in the final quarter of 2021, supported by inventory investment, strong 

export growth, and robust consumer spending on services (as the economy continued to reopen). 

Given the pace of GDP growth in the fourth quarter, 2021 ended on a historic note with real 

GDP growing 5.5 percent over the four quarters of the year, the fastest annual pace in 37 years. 

It also now appears that the labor market approached full employment over the course of 2021. 

Over the twelve months ending December 2021, the economy enjoyed the greatest number of job 

gains on record as well as the fastest calendar-year drop in the unemployment rate. Labor force 

participation began to rise again in the fourth quarter, which should alleviate some of the labor 

market tightness that dominated 2021. 

Meanwhile, a mismatch between supply and demand led inflation to rise substantially last year 

and into this year. Yet a receding pandemic, weaker demand for goods, and easing supply 

bottlenecks may ease inflationary pressure in 2022. 

Following the very strong showing in the final quarter of 2021, a consensus of private forecasters 

expects real GDP growth to decelerate to 1.8 percent at an annual rate in the first quarter of 2022. 

On a fourth quarter over fourth quarter basis, GDP growth is expected to be 2.9 percent in 2022. 

Economic Growth 

According to the advance (first) estimate, real GDP growth accelerated sharply to 6.9 percent at 

an annual rate in the final quarter of 2021, following a 2.3 percent gain in the third quarter. 

Given the robust pace of growth in the fourth quarter, GDP at the end of 2021 was 5.5 percent 

higher on a year-over-year basis, the strongest annual pace of growth since 1984. 

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

investment, and residential investment—grew 2.8 percent at an annual rate in the fourth quarter, 

after increasing 1.4 percent in the third quarter. PDFP growth in the second half of 2021 was 

slower than in the first half—in the first quarter, PDFP surged by 11.8 percent and by 10.1 

percent in the second. By this measure, demand has returned to pre-pandemic trend. 

Real personal consumption expenditures (PCE)—the largest component of PDFP and roughly 

two-thirds of real GDP—rose by 3.3 percent in the fourth quarter on an annualized basis, 

accelerating from the 2.0 percent gain in the third quarter. The fourth-quarter print reflected 

continued rotation of consumption from goods to services. Real purchases of durable goods 

increased just 1.6 percent in the fourth quarter—held down by reduced purchases of motor 

vehicles and household durable items – while nondurable goods PCE ticked down by 0.1 
2

percent. Expenditures on services increased by 4.7 percent in the fourth quarter, propelled by 

higher spending on health care and strong recovery in pandemic-sensitive sectors, such as 

recreation and transportation services. Despite the rotation toward pre-pandemic consumption 

patterns, the composition of PCE remains weighted more heavily toward goods than services—

as of the fourth quarter of 2021, PCE goods was still 15.4 percent higher than just before the 

pandemic while PCE services was 0.4 percent lower. 

Business fixed investment (BFI) increased by 2.0 percent at an annual rate in the fourth quarter, 

following a 1.6 percent gain in the third quarter. Investment in structures continued to be a drag 

on BFI growth, dropping by 11.4 percent in the third quarter. Investment in mining-related 

structures, including oil and gas wells, rose in the fourth quarter as rising oil prices made 

domestic rigs more profitable. Meanwhile, both equipment investment and investment in 

intellectual property products increased in the fourth quarter—by 0.8 percent and 10.6 percent, 

respectively. 

Real residential investment—the third and final component of PDFP—slipped by 0.8 percent at 

an annual rate in the fourth quarter, the third consecutive quarterly decrease. Rising construction 

prices were partly responsible for the decrease in real investment. Although nominal residential 

spending rose 8.6 percent on an annualized basis, the price index for residential construction 

jumped by 9.5 percent. Higher construction costs have been driven in part by shortages of 

materials and labor. However, residential investment remains well above pre-pandemic trend. 

The change in private inventories (CIPI) was the strongest contributor to real GDP growth in the 

fourth quarter, adding 4.9 percentage points. Unlike in the third quarter, the impetus to GDP 

growth from CIPI was due to inventory build-up, rather than slower inventory draw down. 

During the pandemic, inventories have been depleted to historically low levels. Between the first 

quarter of 2020 and the third quarter of 2021, total real private inventories were drawn down by 

over $81 billion (not annualized). The increase in the fourth quarter recovered only about half of 

the loss. However, inventories for some industries remain very lean despite buildup in the fourth 

quarter, such as retail motor vehicle inventories which recovered only 7 percent of the net 

drawdown since the beginning of the pandemic. That is, inventories are stretched and restocking 

needs have extended into the current year. 

The trade deficit widened by $21.4 billion to $1338.0 billion in the fourth quarter; a change that 

neither added nor subtracted from GDP growth. Total imports of goods and services jumped 

17.7 percent at an annualized rate, while total exports of goods and services jumped 24.5 percent. 

Over 60 percent of the increase in services exports was due to the return of international travel to 

the United States. 

Total government spending declined 2.9 percent at an annual rate in the fourth quarter, after 

rising 0.9 percent in the third quarter. A 4.0 percent decline in federal spending drove the overall 

pull-back, largely reflecting fewer purchases of defense-related intermediate goods. State and 

local government consumption was down 2.2 percent at an annual rate in the fourth quarter; the 

decrease reflected lower real spending on compensation for state and local government salaries 

as well as less real investment in structures—which was significantly affected by rising 

construction costs. 
3

In sum, real GDP accelerated to 6.9 percent in the fourth quarter on an annualized basis. The 

acceleration primarily reflected sizeable contributions from a private inventory build (4.9 

percentage points) as well as increased consumer spending (2.3 percentage points) and business 

fixed investment (0.3 percentage points). Government consumption and investment was the sole 

significant drag on fourth quarter growth (-0.5 percentage points). 

Growth of Real GDP  

(Quarterly percent change at annual rate)

Labor Markets and Wages 

Labor markets recovered markedly in 2021 and appear to be near full employment. The 

economy added a net 6.67 million jobs in 2021, the largest number on record for a single year. 

Growth continued at a strong pace in January 2022 as firms added 467,000 to payrolls. As a 

result labor markets had reclaimed 87 percent of the total number of jobs lost in the first two 

months of the pandemic. 

As of January 2022, the unemployment rate was 4.0 percent, down 10.7 percentage points from 

the pandemic high and just 0.5 percentage points above the half-century low achieved before the 

pandemic. The broadest measure of labor market slack, known as the U-6 unemployment rate, 

has also declined noticeably over the past several months; at 7.1 percent as of January 2022, the 

U-6 is now roughly in line with pre-pandemic levels – just 0.3 percentage points above the prepandemic low of 6.8 percent observed in December 2019. Notable progress has also been made

over the past six months or so in reducing long-term unemployment: after climbing to a high of

2.6 percent in March 2021, the share of the labor force who were unemployed 27 weeks or more
4

has since declined, reaching 1.0 percent in January 2022—or 0.4 percentage points above the 0.6 

percent rate seen in April 2020. 

Throughout much of 2021, the headline labor force participation rate (LFPR) – as well as primeage (ages 25-54) LFPR – showed minimal to slow improvement, contributing to labor market 

tightness. However, LFPR began to rise in the fourth quarter of 2021: in January, the headline 

LFPR rose 0.3 percentage points to 62.2 percent, the highest level since March 2020, while the 

prime-age LFPR was 82.0 percent, its highest level since March 2020. 

Higher wages may be helping to draw workers back into the labor force. Over the past few 

months, wage gains have been propelled by growth in lower-wage industries—such leisure and 

hospitality. While total private production and nonsupervisory average hourly earnings were up 

6.9 percent over the year ending in January, wages in the leisure and hospitality sector have 

jumped by 13.0 percent over the past twelve months as employers have offered higher wages to 

fill their job openings. The Employment Cost Index (ECI), which has is better at adjusting for 

compositional changes of the labor force, tells a similar story. The ECI for private wages and 

salaries advanced 5.0 percent over the four quarters ending in December 2021—almost double 

the 2.8 percent gain over the four quarters through December 2020— and the ECI for leisure and 

hospitality was up 8.9 percent over the year. 

Due to strong paces of inflation in 2021, however, most industries have seen a decline in real 

wages. As of January 2022, real average hourly earnings for production and nonsupervisory 

workers were down 1.3 percent over the year. Even so, lower-wage industries have seen growth 

in real wages: leisure and hospitality workers saw wage growth of 5.1 percent over the same 

period after adjusting for inflation. 

Payroll Employment

(Monthly average for year shown and monthly amounts)
5

Unemployment Rate

(Percent)

Nonfarm Productivity of Labor 

Quarterly productivity growth rates have fluctuated markedly in recent quarters. After dropping 

5.0 percent in the third quarter, productivity grew 6.6 percent in the final quarter of 2021, 

reflecting a 9.2 percent surge in output, which more than offset a 2.4 percent increase in worker 

hours. On a year-over-year basis, productivity growth rose 2.0 percent through the fourth quarter 

of 2021, slowing somewhat from the 2.5 percent, four-quarter increase a year earlier. 

Nominal hourly compensation costs in the nonfarm business sector rose 6.9 percent at an annual 

rate in the fourth quarter of 2021, after increasing 3.9 percent in the previous quarter. On a yearover-year basis, hourly compensation costs rose at a solid 5.1 percent over the four most recent 

quarters–albeit slower than the 8.5 percent, year-earlier pace. Unit labor costs, defined as the 

average cost of labor per unit of output, were up 0.3 percent at an annual rate in the fourth 

quarter, following a 9.3 percent surge in the third quarter. These costs were up 3.1 percent over 

the most recent four quarters, decelerating from the 5.8 percent pace over the four quarters 

ending in 2020’s fourth quarter. 

Industrial Production, Manufacturing, and Services 

Total industrial production trended higher in 2021 and into this year but production in key 

industries was hindered by supply-chain disruptions — though recently, there have been some 

signs that supply-chain problems may be easing. In January, output at factories, mines, and 

utilities was up 1.4 percent over the month and 4.1 percent over the previous 12 months. The 

gain in January elevated total industrial output to be 2.1 percent above pre-pandemic levels. 
6

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

0.2 percent in January and was 2.5 percent higher over the past year. Manufacturing output has 

been hindered by shortages of input goods, particularly in the automotive sector. For several 

months, production of motor vehicles and parts has been volatile, constrained in part by a global 

shortage of semiconductors. For example, after a combined, nearly 13 percent increase in output 

over October and November 2021, production declined in 0.4 percent in December and 0.9 

percent in January. Over the year through January, automotive production was 6.2 percent 

lower. Meanwhile, manufacturing output at select high-technology factories was unchanged 

over the latest month but was up 5.3 percent over the past year. Excluding motor vehicles and 

parts and high-technology industries, manufacturing output advanced 0.3 percent in January. 

This measure was 3.2 percent higher over the past year. 

Output at mines, which includes crude oil and natural gas extraction and accounts for 14 percent 

of industrial output, rose 1.0 percent in January, largely due to increased activity in drilling and 

mining support. Mining activity is sensitive to energy prices, and the increase in energy prices in 

2021 has contributed to strong mining output growth. Over the year through January 2021, 

mining output was up 8.2 percent. 

Utilities output, the remaining 12 percent of total industrial output, jumped 9.9 percent in 

January, due in part to increased heating demand from unusually cold temperatures. Weather is 

usually a factor contributing to swings in this sector; unseasonable weather in months often 

causes sharp swings in output from one month to the next. Over the 12 months through January, 

utilities production was up 9.3 percent. 

Measures of manufacturing and services business activity in the economy have recovered since 

summer 2020 and have signaled expansion for over a year. In January 2022, the manufacturing 

index stood at 57.6, indicating expansion in this sector for the twentieth consecutive month, 

although this index has begun to decline in the past three months. Similarly, the ISM’s services 

index rose to 68.4 in November 2021, an all-time high (series dates from July 1997), but 

declined over the next two months to 59.9 in January 2022. The services index has signaled 

expansion for twenty consecutive months. 

Housing Markets 

Throughout 2021, housing markets were marked by an imbalance between supply and demand, 

driving rapid home price growth and eroding affordability. The Case-Shiller national house 

price index—which measures sales prices of existing homes—was up 18.8 percent over the year 

ending in November 2021, a sharp acceleration from the 9.5 percent and 3.4 percent rates seen in 

November 2020 and November 2019, respectively. Moreover, in each of the past seven months, 

year-over-year increases in both of these indices have run between 17 percent and 20 percent. 

In the fourth quarter, however, there were positive signs for housing supply in coming quarters. 

Single-family housing starts rose by a combined 9.8 percent from September to December 2021, 

and single-family permits, which signal future starts, have increased by 8.4 percent over the 

same period. In 2019 and 2020, construction of a new single-family home took about eight 

months from authorization to completion (the estimated time-to-completion is not yet available 
7

from the Census Bureau), suggesting fresh supply will come on to the market in 2022 and ease 

some house price pressures. Indeed, the number of homes under construction at the end of 2021 

is the highest since 2007. Moreover, surveys of homebuilders reflect optimism about the state of 

the housing market. The National Association of Home Builder’s confidence index rose for the 

fourth consecutive month in December, ending the year at 84, just 6 points shy of record high 

reached in November 2020, before ticking down one point to 83 in January 2022. 

Meanwhile, sales of homes trended lower at the end of 2021. In December, existing home 

sales—which account for 90 percent of all home sales—declined 4.6 percent over the month and 

were down 7.1 percent over the year. Although new single-family home sales rose by 11.9 

percent in December, the level of sales was still down by 14.0 percent over the year. On net, 

existing and new home sales were lower by around 600,000 over the year ending December 

2021. The downtrend of existing home sales reflected in part very lean inventories. At the end 

of December 2021, existing home inventories dropped to an all-time low of 910,000, dropping 

by 14.7 percent over the year and equivalent to 1.8 months of sales. (Realtors consider a sevenmonth supply to be a balanced market.) By contrast, the inventory of new single-family homes 

available for sale has moved closer to a balanced market. Inventories of new homes rose by 34.8 

percent over the year to 403,000, equivalent to a 6.0-month supply. 

Prices 

Starting in early 2021, inflation rates began accelerating markedly, elevated by supply-chain 

disruptions, persistently high demand for durable goods, rising food prices, a global energy 

shortage, and (to a lesser extent) the reopening of sectors that had languished during the 

pandemic—such as travel, leisure, and hospitality. 

In January 2022, headline inflation – as measured by the consumer price index (CPI) – was 0.6 

percent. Though still elevated, this was slower than the 0.9 percent rate seen last year in June 

and October, which marked the fastest monthly pace since June 2008. Core inflation was also 

0.6 percent in January, reflecting an acceleration in services prices, particularly for shelter, as 

well as prices for new and used vehicles and other durable goods. On a year-over-year basis, 

headline and core inflation readings were at four-decade highs in January: CPI inflation was 7.5 

percent, and core inflation was 6.0 percent. Twelve-month core inflation has remained above 4.0 

percent for eight consecutive months. Energy and food prices remain quite elevated: the energy 

price index was up 27.0 percent over the year through January, while food price inflation was 7.0 

percent over the past 12 months. 

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

the Federal Open Market Committee (FOMC)’s 2-percent inflation target) rose 5.8 percent over 

the year through December 2021 (fastest pace since June 1982), while core PCE inflation was 

4.9 percent (fastest since September 1983). Prior to March 2021, inflation as measured by the 

PCE price index had held below the FOMC’s target since November 2018, which contributed to 

the FOMC adopting a new inflation regime. The flexible average inflation target regime would 

allow for inflation to exceed 2 percent for some period, such that PCE inflation would average 2 

percent over time. 
8

Consumer Prices

(Percent change from a year earlier)

Consumer and Business Sentiment 

The Reuters/Michigan consumer sentiment index has trended much lower since April 2021, 

falling to 61.7 by the early-February survey—that is, it is now 10.1 points below the pandemic 

low reached in April 2020. The ongoing decline in the last several months has reflected renewed 

concerns among consumers about the impact of the Delta and the Omicron variants on the 

economy and about the persistence of significant inflationary pressures in many sectors of the 

economy, as well as recently-emerged concerns about geopolitical challenges and their 

implications for oil prices. 

The Conference Board’s consumer confidence index has followed a different path. The 

confidence index began a noticeable uptrend in March 2021; by June 2021, it had risen to 

128.9, only 3.7 points below its pre-pandemic level. Since then, the index has stabilized at a 

lower level: it averaged 112.9 over the past six months, and stood at 113.8 in January, or 

28.1 points above the pandemic low. 

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

optimism index has recovered noticeably since the initial months of the pandemic, with the index 

rising to 104.0 last October (or only 0.5 points below its level in February 2020). Since October, 

however, it has since trended lower and, as of January 2022, had fallen to 97.1, its lowest reading 

since early 2021. 
9

Federal Budget Deficit and Debt 

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

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

economy. At the end of fiscal year 2021, the federal government’s budget deficit was $2.78 

trillion (12.4% of GDP); although down from $3.13 trillion (15.0% of GDP) at the end of fiscal 

year 2020, the deficit was still $1.79 trillion higher than in fiscal year 2019. Federal receipts 

totaled $4.05 trillion in fiscal year 2021, up $626 billion (18.3%) from fiscal year 2020. Net 

outlays for fiscal year 2021 were $6.82 trillion, up $266 billion (4.1%) from fiscal year 2020, 

primarily due to the extensive fiscal measures enacted in late 2020 and early 2021 to counter the 

pandemic’s effects on low- and middle-income households and small businesses. 

At the end of fiscal year 2021, gross federal debt was $28.4 trillion, up from $26.9 trillion at the 

end of fiscal year 2020. The Treasury’s borrowing limit was raised to $28.89 trillion in midOctober 2021. Federal debt held by the public, which includes debt held by the Federal Reserve 

but excludes federal debt held by government agencies, rose from $21.0 trillion at the end of 

fiscal year 2020 (100.3% of GDP) to $22.3 trillion by the end of fiscal year 2021 (99.7% of 

GDP). 
10

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 
11

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 2022 

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 $535.4 billion for the first 

quarter of Fiscal Year 2022. This is an increase of $188.4 

billion over the comparable prior year quarter. Withheld 

receipts increased by $184.7 billion and non-withheld 

receipts increased by $8.2 billion during this period. 

Refunds increased by $4.4 billion over the comparable 

Fiscal Year 2021 quarter. There was a decrease of $1.6 

billion in accounting adjustments between individual income 

tax receipts and the Social Security and Medicare trust funds 

over the comparable quarter in Fiscal Year 2021. 

Corporate income taxes—Net corporate income tax 

receipts were $98.7 billion for the first quarter of Fiscal Year 

2022. This is an increase of $29.8 billion compared to the 

prior year first quarter. The $29.8 billion change is 

comprised of an increase of $25.2 billion in estimated and 

final payments, and a decrease of $4.6 billion in corporate 

refunds. 

Employment taxes and contributions—Employment 

taxes and contributions receipts for the first quarter of Fiscal 

Year 2022 were $318.1 billion, an increase of $12.0 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 $3.6 billion, $0.6 billion, and $3.4 billion 

respectively. There was a $4.5 billion accounting 

adjustment for prior years employment tax liabilities made 

in the first quarter of Fiscal Year 2022. There was a $6.1 

billion adjustment in the first quarter of Fiscal Year 2021. 

Unemployment insurance—Unemployment insurance 

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

2022 were $15.5 billion, an increase of $6.2 billion over the 

comparable quarter of Fiscal Year 2021. Net State taxes 

deposited in the U.S. Treasury increased by $5.9 billion to 

$14.7 billion. Net Federal Unemployment Tax Act taxes 

increased by $0.2 billion to $0.8 billion. 

Contributions for other insurance and retirement—

Contributions for other retirement were $1.6 billion for the 

first quarter of Fiscal Year 2022. This was an increase of 

$0.1 billion from the comparable quarter of Fiscal Year 

2021. 
12

Excise taxes—Net excise tax receipts for the first 

quarter of Fiscal Year 2022 were $20.5 billion, an increase 

of $4.8 billion over the comparable prior year quarter. Total 

excise tax refunds for the quarter were $0.6 billion, not a 

significant change over the comparable prior year quarter. 

Estate and gift taxes—Net estate and gift tax receipts 

were $6.6 billion for the first quarter of Fiscal Year 2022. 

These receipts represent an increase of $0.4 billion over the 

same quarter in Fiscal Year 2021. 

Customs duties—Customs duties net of refunds were 

$23.8 billion for the first quarter of Fiscal Year 2022. This 

is an increase of $5.6 billion over the comparable prior year 

quarter. 

Miscellaneous receipts—Net miscellaneous receipts 

for the first quarter of Fiscal Year 2022 were $31.7 billion, 

an increase of $1.2 billion over the comparable prior year 

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

Federal Reserve banks increasing by $3.7 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 2022 

October – December 

 Fiscal year 2022 

 year to date 

Total on- and off-budget results: 

Total receipts ............................................................... 1,051,873 1,051,873

On-budget receipts .................................................. 817,397 817,397

Off-budget receipts .................................................. 234,476 234,476

Total outlays................................................................. 1,429,567 1,429,567

On-budget outlays.................................................... 1,191,820 1,191,820

Off-budget outlays.................................................... 237,747 237,747

Total surplus or deficit (-)............................................. -377,693 -377,693

On-budget surplus or deficit (-)................................ -374,424 -374,424

Off-budget surplus or deficit (-)................................ -3,270 -3,270

Means of financing: 

Borrowing from the public ............................................ 862,453 862,453

Reduction of operating cash ........................................ -190,948 -190,948

Other means ................................................................ -293,812 -293,812

Total on- and off-budget financing ........................... 377,693 377,693

First-Quarter Net Budget Receipts by Source, Fiscal Year 2022 

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

Source October November December

Individual income taxes...................................................... 143.9 138.2 253.3

Corporate income taxes..................................................... 15.7 -0.3 83.3

Employment and general retirement.................................. 96.6 104.6 116.9

Unemployment insurance .................................................. 2.4 11.6 1.6

Contributions for other insurance and retirement .............. 0.6 0.6 0.5

Excise taxes ....................................................................... 5.6 7.8 7.2

Estate and gift taxes .......................................................... 2.5 1.8 2.4

Customs duties .................................................................. 7.8 7.8 8.2

Miscellaneous receipts....................................................... 8.9 9.3 13.5

Total budget receipts ..................................................... 283.9 281.2 486.7

Note.—Detail may not add to totals due to independent rounding. 
13

 ‐

50

100

150

200

250

300

350

400

450

500

550

Individual

income

taxes

Social

insurance

and

retirement

receipts

Corporate

income

taxes

Misc.

Receipts

Excise

taxes

Custom

duties

Estate/gift

taxes

2021 2022

CHART FFO-B.—

Budget Receipts by Source, Fiscal Year to Date, 2021-2022
14

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)

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

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

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

2022 – Est1.....................4,174,197 3,141,598 1,032,599 6,011,148 4,930,558 1,080,590 -1,836,951 -1,788,960 -47,991 2,219,190 

2023 – Est1.....................4,641,026 3,569,434 1,071,592 6,012,960 4,870,518 1,142,442 -1,371,934 -1,301,084 -70,850 1,581,138 

2020 – Dec..................... 346,119 264,479 81,640 489,682 412,233 77,449 -143,562 -147,753 4,191 302,308 

2021 – Jan ..................... 384,651 295,313 89,338 547,483 487,184 60,299 -162,832 -191,871 29,039 36,550 

Feb ..................... 248,314 173,852 74,462 559,236 466,710 92,526 -310,922 -292,858 -18,064 116,451 

Mar ..................... 267,614 185,367 82,248 927,217 835,564 91,653 -659,603 -650,197 -9,405 224,239 

Apr...................... 439,186 336,905 102,281 664,766 577,910 86,856 -225,579 -241,004 15,425 37,502 

May..................... 463,745 383,955 79,790 595,698 503,113 92,586 -131,953 -119,158 -12,796 25,466 

June.................... 449,199 391,133 58,066 623,359 561,348 62,011 -174,161 -170,215 -3,945 333,762 

July ..................... 262,000 186,778 75,222 564,050 482,202 81,848 -302,050 -295,424 -6,626 -95,980 

Aug ..................... 268,378 191,231 77,147 439,013 345,560 93,453 -170,635 -154,329 -16,306 143

Sept.................... 459,523 372,136 87,387 521,067 428,506 92,561 -61,544 -56,370 -5,175 2,949

Oct...................... 283,927 212,635 71,292 448,983 365,312 83,671 -165,055 -152,677 -12,379 480,630

Nov..................... 281,208 204,153 77,055 472,543 379,420 93,123 -191,335 -175,267 -16,068 -2,490 

Dec..................... 486,738 400,609 86,129 508,041 447,088 60,953 -21,303 -46,480 25,177 710,023

Fiscal year 2022 to date... 1,051,873 817,397 234,476 1,429,567 1,191,820 237,747 -377,693 -374,424 -3,270 1,188,163 

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)

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 -432,023 -62 616,309 

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

2021 ...................................... -652 215,402 1,211,761 -1,566,518 112,141 -729 1,496 106,725 71 2,772,167 

2022 – Est1............................ 337 121,454 2,098,073 - - - - -261,122 - 1,836,951 

2023 – Est1............................ 124 162,964 1,418,298 - - - - -46,364 - 1,371,934 

2020 – Dec............................ -3 18,242 284,064 105,583 374 112 2,493 -32,175 235 143,562

2021 – Jan ............................ -80 24,925 11,544 -117,217 19 -172 -468 33,433 17 162,832 

Feb ............................ -224 6,021 110,206 -196,886 -48 129 -115 3,832 -36 310,922 

Mar............................ -75 -2,055 226,219 -292,515 -811 -1,195 -1,572 137,837 -557 659,592 

Apr............................. -74 -28,093 9,335 -151,234 690 205 564 66,038 431 225,579 

May ........................... -72 55,573 -30,179 -194,017 324 -102 117 -31,743 197 131,953 

June .......................... 144 22,490 311,416 75,229 -671 -14 35 -62,255 -421 174,161 

July............................ -178 -55,878 -40,280 -392,526 86 226 26 -49,911 53 302,050 

Aug............................ -73 30,445 -30,375 -103,418 113,133 -100 -121 210,618 -114 170,635 

Sept........................... -75 -27,071 29,945 -140,824 -1,790 -59 -182 -111,016 -240 61,544 

Oct............................. 396 124,424 356,602 62,863 757 288 1,610 -126,181 152 165,055 

Nov............................ 350 -9,651 7,511 -64,870 -1,421 50 -299 117,284 - 191,335

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

Fiscal year 2022 to date... 55 189,045 613,930 -53,110 106,418 353 3,212 -98,645 741 572,899

1 These estimates are based on the President's FY 2022 Budget, released by the Office of Management and Budget on May 28, 2021. Note: Detail may not add to total due to rounding. 
15

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) 

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

2022 – Est1........... 2,038,575 - - 2,038,575 370,985 - 370,985 2,409,560 1,391,262 - 1,396,417 

2023 – Est1........... 2,242,112 - - 2,242,112 576,675 - 576,675 2,818,787 1,454,112 - 1,459,415 

2020 – Dec........... 127,808 22,564 5,893 144,481 67,776 4,855 62,920 207,401 114,730 3,872 110,858

2021 – Jan ........... 117,936 113,671 39 231,569 17,355 892 16,463 248,032 115,142 - 115,142

Feb ........... 133,303 11,548 19,023 125,827 6,589 2,810 3,780 129,607 94,677 - 94,677

Mar ........... 179,912 22,069 81,671 120,314 19,102 3,847 15,255 135,569 104,666 - 104,666

Apr............ 124,090 117,079 46,525 194,650 76,057 3,288 72,769 267,419 132,942 - 132,942

May........... 103,158 242,310 39,013 306,460 17,903 4,095 13,808 320,268 102,275 - 102,275

June.......... 173,187 116,408 24,755 264,840 78,570 4,381 74,189 339,029 78,088 - 78,088

July ........... 112,811 15,280 13,012 115,080 20,531 3,590 16,942 132,022 97,376 - 97,376

Aug ........... 127,495 13,366 17,014 123,847 5,957 2,925 3,033 126,880 99,960 - 99,960

Sept.......... 119,657 106,941 11,810 214,788 89,450 2,737 86,713 301,501 120,661 3,733 116,928

Oct............ 117,897 36,171 10,160 143,908 20,720 5,014 15,707 159,615 96,166 - 96,166

Nov........... 140,109 12,373 14,296 138,186 4,950 5,271 -321 137,865 104,120 - 104,120

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

Fiscal year 

2022 to date...... 491,756 73,631 29,990 535,398 113,009 14,339 98,671 634,069 316,540 - 316,540

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)

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

2022 – Est1.................. 5,155 - 5,155 1,396,417 59,451 - 59,451 6,114 31 6,145 

2023 – Est1.................. 5,303 - 5,303 1,459,415 61,144 - 61,144 6,544 30 6,574 

2020 – Dec.................. 340 9 330 111,189 3,676 11 3,666 475 2 477 

2021 – Jan .................. 428 - 428 115,570 2,177 5 2,172 427 2 429 

Feb.................. 646 - 646 95,323 3,686 5 3,681 432 2 434 

Mar.................. 488 - 488 105,153 1,150 11 1,139 429 2 431 

Apr................... 455 - 455 133,398 10,052 23 10,030 544 3 546 

May ................. 445 - 445 102,720 12,481 11 12,469 437 2 439 

June ................ -86 20 -105 77,982 1,363 11 1,352 505 2 507 

July.................. 460 7 453 97,830 4,726 28 4,698 469 2 472 

Aug.................. 468 2 466 100,426 6,045 13 6,031 452 2 454 

Sept................. 441 - 441 117,367 5,670 7 5,663 451 2 453 

Oct................... 423 - 423 96,588 2,433 - 2,433 569 2 571 

Nov.................. 443 - 443 104,563 11,562 8 11,555 561 2 563 

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

Fiscal year 2022 to date 1,511 - 1,511 318,051 15,552 14 15,539 1,613 6 1,619 

See footnotes at end of table 
16

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)

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.................. 77,541 37,931 1,308 27,141 86,950 6,965 79,984 100,055 33,233 133,288 3,093,658 952,323 

2022 – Est1 84,277 20,781 - 20,781 57,383 - 57,383 101,604 38,579 140,183 3,141,598 1,032,599 

2023 – Est1 88,696 18,231 - 18,231 45,158 - 45,158 102,770 40,281 143,051 3,569,434 1,071,592 

2020– Dec.......... 5,333 5,617 284 2,212 6,712 665 6,047 8,177 1,617 9,794 264,479 81,640 

2021 – Jan......... 5,748 1,708 28 1,680 6,436 566 5,871 5,115 2,304 7,419 295,313 89,338 

 Feb......... 4,904 1,281 129 1,152 6,797 474 6,323 4,847 2,044 6,891 173,852 74,462 

 Mar......... 6,434 2,507 59 2,448 6,899 624 6,275 8,248 1,917 10,165 185,367 82,248 

 Apr......... 5,889 4,722 146 4,576 7,731 603 7,128 7,244 2,957 10,200 336,905 102,281 

 May......... 6,897 3,054 17 3,036 6,977 544 6,433 9,201 2,282 11,483 383,955 79,790 

 June......... 7,100 2,445 59 2,385 7,688 538 7,150 11,090 2,603 13,693 391,133 58,066 

 July......... 6,822 1,549 46 1,503 7,926 417 7,509 9,503 1,643 11,146 186,778 75,222 Aug......... 7,441 1,809 82 1,728 7,799 528 7,270 10,409 7,739 18,149 191,231 77,147 

 Sept......... 10,624 2,519 87 2,433 8,350 492 7,857 11,344 2,282 13,626 372,136 87,387 

 Oct.......... 5,586 2,533 75 2,458 8,381 611 7,770 6,851 2,057 8,908 212,635 71,292 

 Nov.......... 7,775 1,864 60 1,804 8,434 618 7,816 7,945 1,322 9,267 204,153 77,055 

 Dec.......... 7,155 2,367 14 2,353 8,633 447 8,187 11,918 1,600 13,519 400,609 86,129 

Fiscal year 2022 to date...... 20,516 6,764 149 6,615 25,448 1,676 23,773 26,714 4,979 31,694 817,397 234,476 

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

1 These estimates are based on the President's FY 2022 Budget, released by the Office of Management and Budget on 

May 28, 2021.

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

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

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)

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

2022 – Est1 ......... 1,462,013 15,293 - 15,293 230 - 230 40,915 - 40,915 27,839 - 27,839 

2023 – Est1 ......... 1,527,133 17,826 - 17,826 167 - 167 41,270 - 41,270 29,433 - 29,433 

2020 – Dec.......... 115,332 13 - 13 28 - 28 3,508 29 3,477 2,070 254 1,816

2021 – Jan......... 118,171 1,145 6 1,140 9 - 9 3,377 30 3,347 1,216 2,233 -1,017

 Feb......... 99,438 1,058 - 1,058 26 - 26 3,285 31 3,254 830 264 566

 Mar......... 106,723 912 - 912 23 - 23 2,832 31 2,802 2,992 294 2,698 Apr......... 143,974 1,150 2 1,148 -9 - -9 291 38 253 5,779 1,282 4,497

 May......... 115,628 1,538 - 1,538 33 - 33 3,603 44 3,559 2,009 242 1,767

 June......... 79,841 1,552 - 1,552 33 - 33 3,635 44 3,591 2,302 378 1,924

 July......... 103,000 1,512 3 1,510 16 - 16 2,567 44 2,523 4,317 1,544 2,772 Aug......... 106,911 1,428 - 1,428 33 - 33 4,044 43 4,012 2,173 204 1,969

 Sept......... 123,483 620 2 618 38 - 38 8,691 64 8,627 2,314 973 1,341

 Oct.......... 99,592 322 - 322 7 - 7 917 15 902 4,447 93 4,354

 Nov.......... 116,681 1,645 - 1,645 35 - 35 4,373 29 4,344 1,997 246 1,751

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

Fiscal year 

2022 to date .......... 335,209 3,400 - 3,400 72 - 72 9,099 73 9,025 8,583 565 8,017
17

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)

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 ................................. 5,265 8,310 235,194 13,135 717,585 260,381 33,695 1,466,673 91,069 31,778 15,788 39,262 404,772

2022 – Est1....................... 6,130 9,250 230,131 26,415 729,445 202,398 50,910 1,662,192 76,122 64,950 21,079 41,583 109,039

2023 – Est1....................... 6,232 9,450 187,373 32,278 731,288 233,310 63,599 1,723,195 72,356 78,645 23,593 41,340 67,108

2020 – Dec....................... 416 656 20,972 2,495 67,000 6,696 3,255 122,881 6,879 3,817 1,654 3,152 29,951

2021 – Jan ....................... 449 639 14,685 985 50,864 9,566 2,540 119,632 5,945 3,373 1,182 3,660 36,314

Feb ....................... 391 648 14,260 940 50,862 9,101 2,512 115,320 5,830 4,336 1,024 3,061 44,991

Mar ....................... 442 703 16,333 995 66,640 11,947 3,223 126,258 7,050 2,900 1,376 2,636 51,928

Apr........................ 394 819 22,233 745 67,179 10,297 3,347 157,718 8,246 2,051 955 3,561 39,056

May....................... 402 591 16,895 748 49,439 8,995 2,267 82,128 6,284 3,853 1,131 3,477 36,434

June...................... 533 745 21,423 1,252 61,491 53,980 2,471 127,772 8,834 4,044 2,048 3,760 40,953

July ....................... 410 663 18,660 742 63,370 11,923 2,230 167,368 5,867 -7,455 1,125 3,167 29,598

Aug ....................... 391 662 20,039 811 48,948 14,781 2,847 87,298 6,722 3,828 1,175 3,094 30,582

Sept...................... 464 690 18,596 740 63,733 108,310 3,311 126,541 8,649 3,190 2,004 3,807 15,284

Oct........................ 508 815 25,867 801 65,482 14,669 3,434 120,506 6,339 4,689 1,275 2,760 2,094

Nov....................... 548 738 23,629 1,978 60,817 11,543 2,251 134,199 8,079 4,386 1,242 3,546 5,481

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

Fiscal year 

2022 to date ........................ 1,483 2,200 74,455 3,756 197,226 39,159 8,594 389,571 21,368 12,726 3,824 9,313 13,281

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)

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 ................................. 35,814 104,937 562,389 1,071,359 233,782 7,936 58,085 8,310 426 -1,269 21,668 

2022 – Est1....................... 33,575 132,207 480,403 454,701 290,032 10,770 72,009 22,219 544 2,249 24,267 

2023 – Est1....................... 32,993 136,245 494,723 273,457 291,843 11,225 68,818 31,055 581 3,408 27,241 

2020 – Dec....................... 2,727 9,896 79,625 8,220 28,049 1,089 10,623 686 33 334 1,213

2021 – Jan ....................... 2,082 6,040 27,266 175,802 9,457 589 1,577 596 33 -411 -1,113

Feb ....................... 1,326 8,979 32,282 47,650 18,695 610 4,688 601 35 -286 5,918

Mar ....................... 4,019 6,942 36,639 372,930 20,093 605 5,186 632 30 84 2,493

Apr........................ 2,444 9,432 45,537 90,121 31,255 632 8,244 803 45 -62 1,327

May....................... 2,270 7,340 45,714 169,984 9,393 654 -530 669 33 -167 2,505

June...................... 2,466 9,356 99,290 80,416 17,920 832 4,100 837 29 39 2,223

July ....................... 5,271 8,688 47,815 50,028 28,448 445 9,359 578 40 -240 -706

Aug ....................... 3,313 9,372 57,719 65,880 10,501 635 -2,199 640 36 -296 1,160

Sept...................... 3,981 13,174 37,682 -16,548 21,199 381 4,887 768 35 -86 2,788

Oct........................ 2,184 7,645 18,939 34,430 21,933 649 6,895 786 48 -67 2,088

Nov....................... 4,044 8,276 36,029 30,701 20,207 812 5,037 758 35 -53 3,178

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

Fiscal year 

2022 to date ........................ 8,306 25,116 152,937 95,582 72,787 2,376 21,154 2,534 115 15 4,350 

See footnotes at end of table 
18

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) 

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 .................. 22,249 7,353 108,553 322,721 1,192,451 13,556 -110,687 -149,578 -4,231 - 5,814,312 1,003,847 

2022 – Est1........ 24,332 10,461 111,838 9,545 1,268,754 42,921 -117,760 -124,570 -5,027 -21,027 4,930,558 1,080,590 

2023 – Est1........ 24,822 14,040 116,596 1,014 1,338,676 39,499 -116,543 -119,839 -4,626 -62 4,870,518 1,142,442 

2020 - Dec ....... 2,403 517 8,868 595 126,674 -2,229 -7,677 -51,432 -353 - 412,233 77,449 

2021 - Jan ......... 1,355 497 9,271 2,426 69,570 1,420 -7,379 -1,300 -129 - 487,184 60,299 

Feb ........ 1,606 559 8,119 90,968 98,942 2,688 -7,455 -5,196 -292 -4,476 466,710 92,526 

Mar........ 2,178 571 9,362 86,532 99,121 -1,151 -7,329 -3,513 -639 - 835,564 91,653 

 Apr ........ 1,818 564 9,074 56,920 104,069 2,439 -8,275 -7,816 -406 - 577,910 86,856 

May ....... 1,622 543 9,126 53,161 95,041 1,394 -7,614 -6,387 -74 - 503,113 92,586 

June ...... 1,925 575 8,773 31,095 104,446 -3,815 -7,985 -57,860 -607 - 561,348 62,011 

 July........ 1,601 761 9,581 13,061 104,106 3,216 -7,505 -7,956 -210 - 482,202 81,848 

Aug........ 2,131 837 9,068 -17,950 95,726 2,376 -8,066 -12,242 -806 - 345,560 93,453 

Sept....... 1,799 764 9,680 2,767 99,682 -486 -7,665 -4,196 -390 -4,466 428,506 92,561 

Oct......... 1,765 644 9,365 2,333 101,055 6,337 -27,176 9,958 -67 - 365,312 83,671 

Nov........ 2,332 575 9,127 5,277 100,431 1,282 -9,099 -4,122 -720 - 379,420 93,123 

Dec........ 2,232 636 9,242 3,226 105,261 1,604 -8,416 -55,165 -574 - 447,088 60,953 

Fiscal year 

2022 to date ....... 6,329 1,855 27,734 10,836 306,747 9,223 -44,691 -49,329 -1,361 - 1,191,820 237,747 

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

1 These estimates are based on the President's FY 2022 Budget, released by the Office of Management and 

Budget on May 28, 2021..
19

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

December 2021 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............................................... 535,366 32 - 535,398 346,949 55 - 347,003

Corporation income taxes........................................... 98,671 - - 98,671 68,880 - - 68,880

Social insurance and retirement receipts: 

Employment and general retirement (off-budget)... - - 234,476 234,476 - - 226,382 226,382

Employment and general retirement (on-budget)... 64 - 83,510 83,574 22 - 79,685 79,707

Unemployment insurance ....................................... 3 - 15,536 15,539 * - 9,367 9,367

Other retirement...................................................... - - 1,619 1,619 - - 1,465 1,465

Excise taxes ................................................................ 7,199 454 12,862 20,515 6,332 384 8,966 15,682

Estate and gift taxes ................................................... 6,615 - - 6,615 6,199 - - 6,199

Customs duties ........................................................... 15,773 7,492 508 23,773 11,724 6,039 405 18,168

Miscellaneous receipts................................................ 27,467 3,900 327 31,694 25,584 4,745 186 30,515

Total receipts....................................................... 691,157 11,878 348,838 1,051,873 465,691 11,222 326,456 803,369

(On-budget)..................................................... 691,157 11,878 114,362 817,397 465,691 11,222 100,074 576,987

(Off-budget)..................................................... - - 234,476 234,476 - - 226,382 226,382

Budget outlays: 

Legislative branch ....................................................... 1,450 40 -7 1,483 1,397 6 -15 1,388

Judicial branch ............................................................ 2,151 69 -21 2,199 1,928 238 -16 2,150

Department of Agriculture ........................................... 62,709 11,763 -17 74,455 56,500 15,571 -1 72,069

Department of Commerce........................................... 2,647 1,107 1 3,755 3,593 1,582 2 5,177

Department of Defense-military .................................. 196,710 412 104 197,226 191,991 2,986 82 195,059

Department of Education ............................................ 39,336 -177 * 39,159 21,495 -14 * 21,481

Department of Energy................................................. 8,652 -58 * 8,594 9,133 -186 * 8,947

Department of Health and Human Services ............... 322,548 2,786 64,240 389,573 286,995 3,392 66,252 356,639

Department of Homeland Security.............................. 21,271 85 13 21,368 28,033 -422 30 27,641

Department of Housing and Urban Development....... 12,753 -75 48 12,725 11,601 * 58 11,658

Department of the Interior........................................... 3,394 335 95 3,825 3,285 392 90 3,768

Department of Justice ................................................. 7,892 1,478 -56 9,313 7,988 1,108 -57 9,040

Department of Labor................................................... 5,666 -2,037 9,652 13,280 75,954 -2,884 6,562 79,632

Department of State.................................................... 7,518 528 261 8,306 7,334 1,047 260 8,641

Department of Transportation..................................... 125,268 73 -100,227 25,115 32,889 148 -7,423 25,613

Department of the Treasury: 

Interest on Treasury Debt Securities (Gross)............. 152,937 - - 152,937 132,444 - - 132,444

Other ....................................................................... 95,788 -233 27 95,582 34,983 70 42 35,095

Department of Veterans Affairs .................................. 73,710 -1,035 111 72,787 67,785 -1,090 125 66,820

Corps of Engineers ..................................................... 2,081 261 33 2,376 2,453 232 -132 2,554

Other defense civil programs...................................... 122,017 -7,407 -93,455 21,154 105,146 -4,737 -77,636 22,773

Environmental Protection Agency............................... 6,087 -4 -3,548 2,535 2,059 -28 155 2,186

Executive Office of the President................................ 111 * 3 114 107 * 4 111

General Services Administration ................................ 46 -31 - 15 55 100 - 155

International Assistance Program............................... 6,237 13 -1,900 4,349 5,306 -81 -151 5,074

National Aeronautics and Space Administration ........ 6,299 30 - 6,329 6,182 32 * 6,214

National Science Foundation...................................... 1,778 28 48 1,854 1,632 29 22 1,682

Office of Personnel Management ............................... 3,589 1,009 23,135 27,733 3,380 322 22,797 26,499

Small Business Administration ................................... 11,009 -173 - 10,836 3,741 * - 3,741

Social Security Administration .................................... 31,925 * 274,823 306,748 29,352 * 292,395 321,748

Other independent agencies....................................... 5,023 1,127 3,074 9,224 3,937 -92 1,629 5,474

Undistributed offsetting receipts: 

Interest ........................................................................ - - -49,330 -49,330 - - -43,112 -43,112

Other ....................................................................... -1,087 -9,883 -35,082 -46,052 -470 -8,829 -32,793 -42,092

Total outlays............................................................ 1,337,515 28 92,023 1,429,567 1,138,209 8,891 229,169 1,376,268

(On-budget)......................................................... 1,337,412 -1,192 -144,399 1,191,821 1,138,151 9,992 -21,929 1,126,214

(Off-budget)..................................................... 103 1,220 236,423 237,746 58 -1,101 251,097 250,054

Surplus or deficit (-)......................................... -646,358 11,850 256,814 -377,694 -672,518 2,332 97,288 -572,899

(On-budget)......................................................... -646,255 13,071 258,761 -374,424 -672,461 1,230 122,003 -549,227

(Off-budget)..................................................... -103 -1,220 -1,946 -3,270 -58 1,101 -24,715 -23,672

-No Transactions

* Less than $500,000 

Note.—Detail may not add to totals due to rounding 
20

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. 
21

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) 

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 

2021............................... 28,448,421 28,426,919 19,502 6,123,040 6,123,040 - 22,325,381 22,303,879 19,502 

2020 - Dec. .................... 27,768,006 27,747,798 20,208 6,096,382 6,096,382 - 21,671,624 21,651,416 20,208 

2021 - Jan...................... 27,804,680 27,784,553 20,127 6,121,360 6,121,360 - 21,683,320 21,663,193 20,127 

Feb..................... 27,922,267 27,902,364 19,903 6,127,521 6,127,521 - 21,794,746 21,774,843 19,903 

Mar..................... 28,152,398 28,132,570 19,828 6,125,707 6,125,707 - 22,026,691 22,006,863 19,828 

 Apr ..................... 28,194,469 28,174,714 19,755 6,098,072 6,098,072 - 22,096,397 22,076,642 19,755 

May .................... 28,218,691 28,199,008 19,683 6,153,591 6,153,591 - 22,065,100 22,045,417 19,683 

June ................... 28,549,263 28,529,436 19,827 6,175,904 6,175,904 - 22,373,359 22,353,532 19,827 

 July .................... 28,447,372 28,427,722 19,650 6,119,935 6,119,935 - 22,327,437 22,307,787 19,650 

Aug..................... 28,446,893 28,427,317 19,576 6,150,237 6,150,237 - 22,296,656 22,277,080 19,576 

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

Oct. .................... 28,928,663 28,908,765 19,898 6,247,399 6,247,399 - 22,681,264 22,661,366 19,898 

Nov..................... 28,928,235 28,907,987 20,248 6,237,725 6,237,725 - 22,690,510 22,670,262 20,248 

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

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) 

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 

2021 ............................... 28,448,421 64,433 28,384,458 6,123,040 25,601 6,097,438 22,325,381 38,832 22,287,019 

2020 - 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 

2021 - Jan ...................... 27,804,680 64,127 27,740,552 6,121,360 25,354 6,096,007 21,683,320 38,773 21,644,545 

Feb ..................... 27,922,267 65,487 27,856,779 6,127,521 25,494 6,102,027 21,794,746 39,993 21,754,751 

Mar..................... 28,152,398 71,455 28,080,943 6,125,707 25,735 6,099,972 22,026,691 45,720 21,980,970 

 Apr ..................... 28,194,469 76,097 28,118,371 6,098,072 26,193 6,071,879 22,096,397 49,904 22,046,492 

May .................... 28,218,691 74,925 28,143,765 6,153,591 26,139 6,127,452 22,065,100 48,786 22,016,313 

June ................... 28,549,263 71,591 28,477,671 6,175,904 25,962 6,149,943 22,373,359 45,629 22,327,728 

 July..................... 28,447,372 65,857 28,381,513 6,119,935 25,871 6,094,064 22,327,437 39,986 22,287,449 

Aug..................... 28,446,893 65,310 28,381,583 6,150,237 25,728 6,124,509 22,296,656 39,582 22,257,074 

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

Oct...................... 28,928,663 63,178 28,865,484 6,247,399 25,536 6,221,863 22,681,264 37,642 22,643,622 

Nov..................... 28,928,235 64,889 28,863,345 6,237,725 25,513 6,212,212 22,690,510 39,376 22,651,133 

Dec..................... 29,637,003 64,095 29,572,907 6,448,886 25,451 6,423,435 23,188,117 38,644 23,149,472 
22

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) 

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

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

2020 - Dec. ............... 147,130 - 264 296,812 115,786 111,112 2,793

2021 - Jan ................. 146,655 - 264 299,532 114,583 53,074 2,800

Feb ................ 146,320 - 264 299,601 117,109 53,074 2,826

Mar................ 145,793 - 264 297,423 121,684 53,075 2,799

 Apr ................ 145,269 - 264 296,675 123,708 53,075 2,911

May ............... 144,915 - 264 298,295 125,339 53,075 2,955

June .............. 144,693 - 264 299,575 122,755 44,571 3,052

 July................ 144,382 - 264 281,874 135,428 44,572 3,075

Aug................ 144,020 - 264 24,175 129,562 44,573 3,060

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

Oct................. 143,515 - 264 229,416 120,298 32,782 3,178

Nov................ 144,171 - 264 28,462 113,852 28,592 3,250

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

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) 

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 

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

2020 - Dec................. 21,632,419 20,958,523 4,963,056 11,084,744 2,833,625 1,578,599 498,499 673,896 

2021 - Jan ................. 21,643,915 21,027,007 4,953,849 11,165,664 2,859,903 1,549,101 498,490 616,908 

Feb ................ 21,755,737 21,136,544 4,857,868 11,305,192 2,913,929 1,559,328 500,226 619,194 

Mar................ 21,986,939 21,365,900 4,667,846 11,590,088 3,000,423 1,581,333 526,210 621,038 

 Apr................. 22,056,055 21,434,152 4,538,683 11,776,025 3,056,509 1,561,548 501,387 621,903 

May ............... 22,020,939 21,396,096 4,375,781 11,821,157 3,087,149 1,584,621 527,387 624,843 

June .............. 22,329,823 21,714,913 4,273,670 12,097,216 3,173,226 1,617,396 553,405 614,910 

 July................ 22,284,628 21,675,033 4,140,792 12,176,507 3,201,102 1,603,247 553,383 609,595 

Aug................ 22,254,544 21,908,889 4,036,835 12,403,488 3,287,357 1,627,920 553,288 345,654 

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

Oct................. 22,637,090 22,107,637 3,850,718 12,637,484 3,365,745 1,674,398 579,291 529,453 

Nov................ 22,645,912 22,327,321 3,784,677 12,845,781 3,426,188 1,694,646 576,028 318,591 

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

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) 

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

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

2020 - Dec. .......... 2,793,146 882 142,775 24,029 1,851 16,052 654 59,468 1,890,383

2021 - Jan ............ 2,814,839 882 139,117 22,927 1,800 16,182 571 56,126 1,918,988

Feb ........... 2,797,938 882 172,681 23,056 1,753 16,009 604 55,326 1,903,510

Mar........... 2,787,279 882 177,660 22,403 1,697 25,770 667 55,152 1,903,614

 Apr ........... 2,800,686 882 153,709 18,439 1,650 22,004 726 42,160 1,906,482

May .......... 2,787,919 882 180,596 18,523 1,615 22,494 485 56,028 1,921,171

June ......... 2,785,928 882 177,726 17,560 1,607 23,179 502 62,576 1,924,703

 July........... 2,779,001 882 149,550 14,703 1,560 24,149 628 52,365 1,909,548

Aug........... 2,763,094 882 173,498 13,671 1,519 24,281 740 60,183 1,664,717

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

Oct............ 2,746,390 882 171,181 14,076 1,447 22,559 701 52,264 2,013,916

Nov........... 2,729,698 882 167,147 14,392 1,412 23,362 459 61,984 1,812,136

Dec........... 2,752,688 882 181,774 132,390 1,392 23,373 506 60,145 2,076,100

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) 

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 

2021 .................. 6,243,318 15,902 115,527 50,151 22,837 98,032 940,140 136,168 94,132 

2020 - Dec. ....... 6,390,322 18,205 110,403 49,253 11,166 90,703 976,112 134,505 70,735 

2021 - Jan ......... 6,418,212 17,420 108,611 49,306 11,166 97,789 971,807 137,918 52,763 

Feb ........ 6,424,251 17,426 109,660 49,858 11,159 96,888 967,819 127,692 71,990 

Mar........ 6,420,855 17,082 112,485 49,759 11,159 97,106 963,956 120,954 73,230 

 Apr ........ 6,392,633 17,020 112,291 49,722 12,793 99,862 960,504 118,615 75,088 

May ....... 6,451,133 17,283 111,133 49,692 12,789 99,752 956,515 136,163 78,093 

June ...... 6,475,076 17,441 114,403 49,028 22,838 97,756 966,224 133,123 79,600 

 July........ 6,401,459 17,619 111,127 49,697 22,839 97,420 962,098 116,012 92,261 

Aug........ 6,173,650 17,661 114,408 50,187 22,836 97,068 947,947 127,759 93,199 

Sept....... 6,243,318 15,902 115,527 50,151 22,837 98,032 940,140 136,168 94,132 

Oct......... 6,476,647 12,878 113,982 50,184 22,838 97,231 925,520 136,252 94,346 

Nov........ 6,266,251 13,966 116,043 50,194 22,563 97,125 925,469 137,026 92,393 

Dec........ 6,738,100 13,284 116,180 50,163 22,004 99,438 1,002,182 142,338 63,261 
24

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) 

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 * *

2021 ........................... 19,502 19 45 19,438 * *

2020 - Dec. ................ 20,208 19 59 20,130 * *

2021 - Jan .................. 20,127 19 59 20,049 * *

Feb ................. 19,903 19 51 19,833 * *

Mar................. 19,828 19 51 19,758 * *

 Apr ................. 19,755 19 52 19,684 * *

May ................ 19,683 19 52 19,612 * *

June ............... 19,827 19 52 19,756 * *

 July................. 19,650 19 53 19,578 * *

Aug................. 19,576 19 45 19,513 * *

Sept................ 19,502 19 45 19,438 * *

Oct.................. 19,898 19 45 19,834 * *

Nov................. 20,248 19 46 20,184 * *

Dec................. 19,788 19 46 19,724 * *

Note—Detail may not add to totals due to rounding. * Less than $500,000. 
25

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) 

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 

2021 ............................... 16,439,495 5,237,754 6,270,122 2,855,223 537,059 1,539,338 66 

2020 - Dec...................... 16,284,139 6,361,468 5,716,708 2,454,885 317,935 1,433,143 58 

2021 - Jan ...................... 16,144,933 6,367,936 5,599,900 2,415,636 315,069 1,446,391 58 

Feb ..................... 16,230,397 6,281,711 5,728,953 2,422,721 351,910 1,445,103 59 

Mar ..................... 16,438,546 6,102,024 5,923,038 2,560,765 395,746 1,456,974 60 

 Apr...................... 16,432,951 6,000,621 5,919,098 2,631,745 412,677 1,468,811 61

May..................... 16,241,507 5,853,774 5,896,838 2,595,751 420,066 1,475,078 62 

June.................... 16,549,632 5,763,848 6,109,620 2,719,055 465,663 1,491,446 62 

 July..................... 16,285,637 5,650,055 5,960,565 2,706,413 460,238 1,508,367 63 

Aug ..................... 16,561,991 5,551,884 6,195,336 2,773,359 518,540 1,522,873 64 

Sept.................... 16,439,495 5,237,754 6,270,122 2,855,223 537,059 1,539,338 66 

Oct...................... 16,455,433 5,390,259 6,120,690 2,858,166 531,506 1,554,811 65 

Nov..................... 16,757,903 5,309,420 6,356,333 2,945,703 586,315 1,560,131 66 

Dec..................... 16,931,552 5,305,095 6,445,636 3,004,209 600,532 1,576,081 66 

Note—Detail may not add to totals due to rounding. 
26

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) 

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

2021 ....................................... 28,401,463 28,401,438 28,401,438 - 28,428,919 - 27,481

2020 - Dec.............................. - 27,721,341 27,721,341 - 27,747,798 - 26,457

2021 - Jan .............................. - 27,757,191 27,757,191 - 27,784,553 - 27,362

Feb ............................. - 27,871,301 27,871,301 - 27,902,364 - 31,063

Mar ............................. - 28,100,561 28,100,561 - 28,132,570 - 32,009

 Apr.............................. - 28,143,582 28,143,582 - 28,174,714 - 31,132

May............................. - 28,168,249 28,168,249 - 28,199,008 - 30,759

June............................ - 28,501,528 28,501,528 - 28,529,436 - 27,907

 July........................ - 28,401,438 28,401,438 - 28,427,722 - 26,284

 Aug............................ 28,401,463 28,401,438 28,401,438 - 28,427,317 - 25,879

Sept............................ 28,401,463 28,401,438 28,401,438 - 28,428,919 - 27,481

 Oct............................. 28,881,463 28,881,438 28,881,438 - 28,908,765 - 27,328

Nov............................. 28,881,463 28,881,438 28,881,438 - 28,907,987 - 26,549

Dec............................. 31,381,463 29,590,001 29,590,001 - 29,617,215 - 27,214

(1) Pursuant to 31 U.S.C. 3101(b). By the Bipartisan Budget Act of 2019, Public Law 116-37, the 

Statutory Debt Limit has been suspended through July 31, 2021. The Statutory Debt Limit in 31

U.S.C. 3101(b) was permanently increased effective August 1, 2021 to $28,401,462,788,891.71. 

(2) Pursuant to 31 U.S.C. 3101(b). By 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 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. 
27

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) 

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

2021 ...................................... 1,809,674 31,592 21,196 30,286 658 317

2020 - Dec. ........................... 1,859,398 28,781 21,756 31,298 648 363

2021 - Jan ............................. 1,817,313 29,585 21,881 31,417 651 363

Feb ............................ 1,823,065 29,428 21,698 31,569 653 363

Mar............................ 1,840,824 27,661 20,095 28,819 571 363

 Apr ............................ 1,838,936 27,823 20,171 28,940 578 363

May ........................... 1,840,653 27,637 20,280 29,093 582 363

June .......................... 1,798,723 27,746 20,425 29,317 585 363

 July............................ 1,869,619 27,596 20,425 29,319 585 363

Aug............................ 1,918,353 28,636 21,182 30,141 656 317

Sept........................... 1,809,674 31,592 21,196 30,286 658 317

Oct............................. 1,869,279 39,986 21,364 30,439 660 317

Nov............................ 1,887,822 42,593 21,494 30,550 663 317

Dec............................ 1,911,421 30,333 21,629 31,039 665 317

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) 

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

2021 ...................................... 1,221,381 5,629 66,271 10 70,500

2020 - Dec. ........................... 1,292,020 5,643 51,817 30 72,366

2021 - Jan............................. 1,310,294 5,580 51,817 36 72,547

Feb............................ 1,310,294 5,530 51,817 36 72,875

Mar............................ 1,326,753 5,552 51,817 36 71,477

 Apr ............................ 1,326,766 5,510 51,817 30 68,686

May ........................... 1,326,766 5,628 51,817 30 69,467

June .......................... 1,291,837 5,762 51,817 30 69,963

 July ........................... 1,326,667 5,870 70,044 30 70,223

Aug............................ 1,325,568 5,867 70,044 10 70,624

Sept........................... 1,221,381 5,629 66,271 10 70,500

Oct............................. 1,258,486 5,621 66,271 10 70,668

Nov............................ 1,258,479 5,621 66,271 10 71,302

Dec............................ 1,277,348 5,615 66,271 10 71,819
28

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) 

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

2021 ...................................... 14,531 4,567 262,655 80,081

2020 - Dec. ........................... 15,389 5,271 188,096 145,920

2021 - Jan ............................. 15,390 6,222 188,096 83,434

Feb ............................ 15,390 6,611 192,965 83,836

Mar............................ 15,390 7,001 192,965 92,324

 Apr ............................ 15,390 7,399 192,982 92,481

May ........................... 15,390 7,776 192,982 92,842

June .......................... 15,391 3,375 197,982 84,130

 July............................ 15,391 3,790 214,982 84,334

Aug............................ 14,431 4,145 264,070 82,662

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

14,531 4,567 262,655 80,081

 Oct. ........................... 14,532 4,994 275,269 80,662

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

14,532 5,326 294,269 76,395

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

14,590 5,757 309,269 76,759

Note—Detail may not add to totals due to rounding. 
29

 INTRODUCTION: Bureau of the Fiscal Service Operations 

Chapter 31 of Title 31 of the United States Code allows 

the Secretary of Treasury to borrow money by issuing 

Treasury securities. The Secretary determines the terms and 

conditions of issue, conversion, maturity, payment, and 

interest rate. New issues of Treasury notes mature in 2 to 10 

years. Bonds mature in more than 10 years from the issue 

date. Each outstanding marketable security is listed in the 

“Monthly Statement of the Public Debt of the United States.” 

The information in this section of the “Treasury Bulletin” 

pertains only to marketable Treasury securities. 

The Bureau of the Fiscal Service is a new bureau within 

the Treasury Department, formed on October 7, 2012, from 

the consolidation of the Financial Management Service and 

the Bureau of the Public Debt. Our mission is to promote the 

financial integrity and operational efficiency of the U.S. 

government through exceptional accounting, financing, 

collections, payments, and shared services. As one bureau, 

the organization is better positioned to help transform 

financial management and the delivery of shared services in 

the federal government. The bureau will be a valued partner 

for agencies as they work to strengthen their own financial 

management or as they look for a quality service provider 

who can allow them to focus on their missions. 

Table PDO-1 presents the results of weekly auctions of 4-, 

13-, and 26-week bills. Treasury bills mature each Thursday. 

Issues of 4- and 13-week bills are reopenings of 26-week 

bills. High rates on accepted tenders and the dollar value of 

total bids are presented, with the dollar value of awards made 

on both competitive and noncompetitive basis. 

To encourage the participation of individuals and smaller 

institutions, Treasury accepts noncompetitive tenders of up to 

$5 million in each auction of securities. 

Table PDO-2 lists the results of auctions of marketable 

securities, other than weekly bills, in chronological order over 

the past 2 years. Issues of cash management bills also are 

presented. 

Note: On July 31, 2013, Treasury published amendments 

to its marketable securities auction rules to accommodate the 

auction and issuance of Floating Rate Notes (FRNs). An FRN 

is a security that has an interest payment that can change over 

time. Treasury FRNs will be indexed to the most recent 13-

week Treasury bill auction High Rate, which is the highest 

accepted discount rate in a Treasury bill auction. FRNs will 

pay interest quarterly. 

TREASURY FINANCING: OCTOBER-DECEMBER 

[Source: Bureau of the Fiscal Service, Division of Financing Operations]

OCTOBER 

Auction of 119-Day Cash Management Bills 

On September 28, 2021, Treasury announced it would auction $30,000 million of 119-day bills. They 

were issued October 5 and will mature February 1, 2022. The issue was to raise new cash of 

approximately $30,000 million. Treasury auctioned the bills on September 29. Tenders totaled $87,712 

million; Treasury accepted $30,000 million, including $2 million of noncompetitive tenders from the 

public. The high bank discount rate was 0.050 percent. 

Auction of 8-Day Cash Management Bills 

On October 4, 2021, Treasury announced it would auction $25,000 million of 8-day bills. They were 

issued October 7 and matured October 15. The issue was to raise new cash of approximately $25,000 

million. Treasury auctioned the bills on October 5. Tenders totaled $74,935 million; Treasury accepted 

$25,000 million, including $ million of noncompetitive tenders from the public. The high bank discount 

rate was 0.140 percent. 

Auction of 52-Week Bills 

On September 30, 2021, Treasury announced it would auction $34,000 million of 364-day Treasury bills. 

They were issued October 7 and will mature October 6, 2022. The issue was to refund $145,002 million 

of all maturing bills and to pay down approximately $2,002 million. Treasury auctioned the bills on 
30

October 5. Tenders totaled $114,464 million; Treasury accepted $34,001 million, including $181 million 

of noncompetitive tenders from the public. The high bank discount rate was 0.090 percent. 

In addition to the $34,001 million of tenders accepted in the auction process, Treasury accepted $5,631 

million from Federal Reserve Banks (FRBs) for their own accounts. 

Auction of 119-Day Cash Management Bills 

On October 5, 2021, Treasury announced it would auction $30,000 million of 119-day bills. They were 

issued October 12 and will mature February 8, 2022. The issue was to raise new cash of approximately 

$30,000 million. Treasury auctioned the bills on October 6. Tenders totaled $107,939 million; Treasury 

accepted $30,000 million, including $ million of noncompetitive tenders from the public. The high bank 

discount rate was 0.055 percent. 

Auction of 64-Day Cash Management Bills 

On October 5, 2021, Treasury announced it would auction $40,000 million of 64-day bills. They were 

issued October 13 and matured December 16. The issue was to raise new cash of approximately $40,000 

million. Treasury auctioned the bills on October 6. Tenders totaled $130,429 million; Treasury accepted 

$40,001 million, including $1 million of noncompetitive tenders from the public. The high bank discount 

rate was 0.050 percent. 

Auction of 3-Year Notes 

On October 7, 2021, Treasury announced it would auction $58,000 million of 3-year notes. The issue was 

to refund $26,971 million of securities maturing October 15 and to raise new cash of approximately 

$93,029 million. 

The 3-year notes of Series AT-2024 were dated and issued October 15. They are due October 15, 2024, 

with interest payable on April 15 and October 15 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 11:00 a.m. Eastern Time (ET) for noncompetitive tenders 

and before 11:30 a.m. ET for competitive tenders on October 12. Tenders totaled $136,652 million; 

Treasury accepted $58,000 million. All noncompetitive and successful competitive bidders were allotted 

securities at the high yield of 0.635 percent with an equivalent price of $99.970331. Treasury accepted in 

full all competitive tenders at yields lower than 0.635 percent. Tenders at the high yield were allotted 7.43 

percent. The median yield was 0.595 percent, and the low yield was 0.520 percent. Noncompetitive 

tenders totaled $43 million. Competitive tenders accepted from private investors totaled $57,752 million. 

In addition to the $58,000 million of tenders accepted in the auction process, Treasury accepted $4,364 

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 AT-2024 is $100. 

Auction of 9-Year 10-Month 1-1/4 Percent Notes 

On October 7, 2021, Treasury announced it would auction $38,000 million of 9-year 10-month 1-1/4 

percent notes. The issue was to refund $26,971 million of securities maturing October 15 and to raise new 

cash of approximately $93,029 million. 

The 9-year 10-month 1-1/4 percent notes of Series E-2031 were dated August 15 and issued October 15. 

They are due August 15, 2031, with interest payable on February 15 and August 15 until maturity. 
31

Treasury received tenders for the notes before 12:00 noon ET for noncompetitive tenders and before 1:00 

p.m. ET for competitive tenders on October 12. Tenders totaled $98,041 million; Treasury accepted

$38,000 million. All noncompetitive and successful competitive bidders were allotted securities at the

high yield of 1.584 percent with an equivalent price of $96.968273. Treasury accepted in full all

competitive tenders at yields lower than 1.584 percent. Tenders at the high yield were allotted 60.17

percent. The median yield was 1.540 percent, and the low yield was 1.500 percent. Noncompetitive

tenders totaled $17 million. Competitive tenders accepted from private investors totaled $37,983 million.

Accrued interest of $2.07201 per $1,000 must be paid for the period from August 15 to October 15.

In addition to the $38,000 million of tenders accepted in the auction process, Treasury accepted $2,859 

million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of 

Series E-2031 is $100. 

Auction of 29-Year 10-Month 2 Percent Bonds 

On October 7, 2021, Treasury announced it would auction $24,000 million of 29-year 10-month 2 percent 

bonds. The issue was to refund $26,971 million of securities maturing October 15 and to raise new cash 

of approximately $93,029 million. 

The 29-year 10-month 2 percent bonds of August 2051 were dated August 15 and issued October 15. 

They are due August 15, 2051, with interest payable on February 15 and August 15 until maturity. 

Treasury received tenders for the bonds before 12:00 noon ET for noncompetitive tenders and before 1:00 

p.m. ET for competitive tenders on October 13. Tenders totaled $56,628 million; Treasury accepted

$24,000 million. All noncompetitive and successful competitive bidders were allotted securities at the

high yield of 2.049 percent with an equivalent price of $98.908044. Treasury accepted in full all

competitive tenders at yields lower than 2.049 percent. Tenders at the high yield were allotted 64.54

percent. The median yield was 1.970 percent, and the low yield was 1.900 percent. Noncompetitive

tenders totaled $4 million. Competitive tenders accepted from private investors totaled $23,996 million.

Accrued interest of $3.31522 per $1,000 must be paid for the period from August 15 to October 15.

In addition to the $24,000 million of tenders accepted in the auction process, Treasury accepted $1,806 

million from FRBs for their own accounts. The minimum par amount required for STRIPS of bonds of 

August 2051 is $100. 

Auction of 39-Day Cash Management Bills 

On October 13, 2021, Treasury announced it would auction $60,000 million of 39-day bills. They were 

issued October 18 and matured November 26. The issue was to raise new cash of approximately $60,000 

million. Treasury auctioned the bills on October 14. Tenders totaled $180,088 million; Treasury accepted 

$60,000 million, including $4 million of noncompetitive tenders from the public. The high bank discount 

rate was 0.055 percent. 

Auction of 119-Day Cash Management Bills 

On October 12, 2021, Treasury announced it would auction $35,000 million of 119-day bills. They were 

issued October 19 and will mature February 15, 2022. The issue was to raise new cash of approximately 

$35,000 million. Treasury auctioned the bills on October 13. Tenders totaled $137,704 million; Treasury 

accepted $35,002 million, including $4 million of noncompetitive tenders from the public. The high bank 

discount rate was 0.050 percent. 
32

Auction of 40-Day Cash Management Bills 

On October 14, 2021, Treasury announced it would auction $60,000 million of 40-day bills. They were 

issued October 21 and matured November 30. The issue was to raise new cash of approximately $60,000 

million. Treasury auctioned the bills on October 19. Tenders totaled $186,479 million; Treasury accepted 

$60,004 million, including $13 million of noncompetitive tenders from the public. The high bank 

discount rate was 0.055 percent. 

Auction of 27-Day Cash Management Bills 

On October 19, 2021, Treasury announced it would auction $60,000 million of 27-day bills. They were 

issued October 22 and matured November 18. The issue was to raise new cash of approximately $60,000 

million. Treasury auctioned the bills on October 20. Tenders totaled $203,623 million; Treasury accepted 

$60,001 million, including $1 million of noncompetitive tenders from the public. The high bank discount 

rate was 0.055 percent. 

Auction of 119-Day Cash Management Bills 

On October 19, 2021, Treasury announced it would auction $40,000 million of 119-day bills. They were 

issued October 26 and will mature February 22, 2022. The issue was to raise new cash of approximately 

$40,000 million. Treasury auctioned the bills on October 20. Tenders totaled $146,160 million; Treasury 

accepted $40,002 million, including $ million of noncompetitive tenders from the public. The high bank 

discount rate was 0.055 percent. 

Auction of 48-Day Cash Management Bills 

On October 21, 2021, Treasury announced it would auction $40,000 million of 48-day bills. They were 

issued October 28 and matured December 15. The issue was to raise new cash of approximately $40,000 

million. Treasury auctioned the bills on October 26. Tenders totaled $108,663 million; Treasury accepted 

$40,000 million, including $13 million of noncompetitive tenders from the public. The high bank 

discount rate was 0.100 percent. 

Auction of 5-Year Treasury Inflation Protected Security (TIPS) 

On October 14, 2021, Treasury announced it would auction $19,000 million of 5-year TIPS. The issue 

was to raise new cash of approximately $19,000 million. 

The 5-year TIPS of Series AE-2026 were dated October 15 and issued October 29. They are due October 

15, 2026, 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 21. Tenders totaled $46,548 million; Treasury accepted

$19,000 million. All noncompetitive and successful competitive bidders were allotted securities at the

high yield of -1.685 percent with an equivalent adjusted price of $109.509314. Treasury accepted in full

all competitive tenders at yields lower than -1.685 percent. Tenders at the high yield were allotted 41.49

percent. The median yield was -1.750 percent, and the low yield was -1.770 percent. Noncompetitive

tenders totaled $57 million. Competitive tenders accepted from private investors totaled $18,943 million.

Adjusted accrued interest of $0.04812 per $1,000 must be paid for the period from October 15 to October

29. Both the unadjusted price of $109.407565 and the unadjusted accrued interest of $0.04808 were

adjusted by an index ratio of 1.00093, for the period from October 15 to October 29. The minimum par

amount required for STRIPS of TIPS of Series AE-2026 is $100.
33

NOVEMBER 

Auction of 19-Year 10-Month 1-3/4 Percent Bonds 

On October 14, 2021, Treasury announced it would auction $24,000 million of 19-year 10-month 1-3/4 

percent bonds. The issue was to refund $143,457 million of securities maturing October 31 and to raise 

new cash of approximately $91,543 million. 

The 19-year 10-month 1-3/4 percent bonds of August 2041 were dated August 15 and issued November 

1. They are due August 15, 2041, 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 20. Tenders totaled $54,091 million; Treasury accepted

$24,000 million. All noncompetitive and successful competitive bidders were allotted securities at the

high yield of 2.100 percent with an equivalent price of $94.354444. Treasury accepted in full all

competitive tenders at yields lower than 2.100 percent. Tenders at the high yield were allotted 97.19

percent. The median yield was 2.007 percent, and the low yield was 1.880 percent. Noncompetitive

tenders totaled $6 million. Competitive tenders accepted from private investors totaled $23,994 million.

Accrued interest of $3.70924 per $1,000 must be paid for the period from August 15 to November 1.

In addition to the $24,000 million of tenders accepted in the auction process, Treasury accepted $2,440 

million from FRBs for their own accounts. The minimum par amount required for STRIPS of bonds of 

August 2041 is $100. 

Auction of 2-Year Notes 

On October 21, 2021, Treasury announced it would auction $60,000 million of 2-year notes. The issue 

was to refund $143,457 million of securities maturing October 31 and to raise new cash of approximately 

$91,543 million. 

The 2-year notes of Series BH-2023 were dated October 31 and issued November 1. They are due 

October 31, 2023, with interest payable on April 30 and October 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 October 26. Tenders totaled $161,160 million; Treasury accepted

$60,000 million. All noncompetitive and successful competitive bidders were allotted securities at the

high yield of 0.481 percent with an equivalent price of $99.789555. Treasury accepted in full all

competitive tenders at yields lower than 0.481 percent. Tenders at the high yield were allotted 31.04

percent. The median yield was 0.440 percent, and the low yield was 0.350 percent. Noncompetitive

tenders totaled $92 million. Competitive tenders accepted from private investors totaled $59,803 million.

Accrued interest of $0.01036 per $1,000 must be paid for the period from October 31 to November 1.

In addition to the $60,000 million of tenders accepted in the auction process, Treasury accepted $6,100 

million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of 

Series BH-2023 is $100. 
34

Auction of 2-Year Floating Rate Notes (FRNs) 

On October 21, 2021, Treasury announced it would auction $28,000 million of 2-year FRNs. The issue 

was to refund $143,457 million of securities maturing October 31 and to raise new cash of approximately 

$91,543 million. 

The 2-year FRNs of Series BJ-2023 were dated October 31 and issued November 1. They are due October 

31, 2023, with interest payable on January 31, April 30, July 31, and October 31 until maturity. Treasury 

set a spread of 0.035 percent after determining which tenders were accepted on a discount margin basis. 

Treasury received tenders for the FRNs before 11:00 a.m. ET for noncompetitive tenders and before 

11:30 a.m. ET for competitive tenders on October 27. Tenders totaled $83,783 million; Treasury accepted 

$28,000 million. All noncompetitive and successful competitive bidders were allotted securities at the 

high discount margin of 0.035 percent with an equivalent price of $100.000000. Treasury accepted in full 

all competitive tenders at discount margins lower than 0.035 percent. Tenders at the high discount margin 

were allotted 44.30 percent. The median discount margin was 0.028 percent, and the low discount margin 

was 0.010 percent. Noncompetitive tenders totaled $30 million. Competitive tenders accepted from 

private investors totaled $27,970 million. Accrued interest of $0.000250021 per $100 must be paid for the 

period from October 31 to November 1. 

In addition to the $28,000 million of tenders accepted in the auction process, Treasury accepted $2,847 

million from FRBs for their own accounts. 

Auction of 5-Year Notes 

On October 21, 2021, Treasury announced it would auction $61,000 million of 5-year notes. The issue 

was to refund $143,457 million of securities maturing October 31 and to raise new cash of approximately 

$91,543 million. 

The 5-year notes of Series AF-2026 were dated October 31 and issued November 1. They are due October 

31, 2026, with interest payable on April 30 and October 31 until maturity. Treasury set an interest rate of 

1-1/8 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 $155,642 million; Treasury accepted

$61,000 million. All noncompetitive and successful competitive bidders were allotted securities at the

high yield of 1.157 percent with an equivalent price of $99.845040. Treasury accepted in full all

competitive tenders at yields lower than 1.157 percent. Tenders at the high yield were allotted 71.36

percent. The median yield was 1.119 percent, and the low yield was 0.880 percent. Noncompetitive

tenders totaled $38 million. Competitive tenders accepted from private investors totaled $60,857 million.

Accrued interest of $0.03108 per $1,000 must be paid for the period from October 31 to November 1.

In addition to the $61,000 million of tenders accepted in the auction process, Treasury accepted $6,202 

million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of 

Series AF-2026 is $100. 

Auction of 7-Year Notes 

On October 21, 2021, Treasury announced it would auction $62,000 million of 7-year notes. The issue 

was to refund $143,457 million of securities maturing October 31 and to raise new cash of approximately 

$91,543 million. 
35

The 7-year notes of Series R-2028 were dated October 31 and issued November 1. They are due October 

31, 2028, with interest payable on April 30 and October 31 until maturity. Treasury set an interest rate of 

1-3/8 percent after determining which tenders were accepted on a yield auction basis.

Treasury received tenders for the notes before 12:00 noon ET for noncompetitive tenders and before 1:00

p.m. ET for competitive tenders on October 28. Tenders totaled $139,214 million; Treasury accepted

$62,000 million. All noncompetitive and successful competitive bidders were allotted securities at the

high yield of 1.461 percent with an equivalent price of $99.429922. Treasury accepted in full all

competitive tenders at yields lower than 1.461 percent. Tenders at the high yield were allotted 49.74

percent. The median yield was 1.380 percent, and the low yield was 1.291 percent. Noncompetitive

tenders totaled $19 million. Competitive tenders accepted from private investors totaled $61,981 million.

Accrued interest of $0.03798 per $1,000 must be paid for the period from October 31 to November 1.

In addition to the $62,000 million of tenders accepted in the auction process, Treasury accepted $6,303 

million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of 

Series R-2028 is $100. 

Auction of 119-Day Cash Management Bills 

On October 26, 2021, Treasury announced it would auction $40,000 million of 119-day bills. They were 

issued November 2 and will mature March 1, 2022. The issue was to raise new cash of approximately 

$40,000 million. Treasury auctioned the bills on October 27. Tenders totaled $144,958 million; Treasury 

accepted $40,000 million, including $ million of noncompetitive tenders from the public. The high bank 

discount rate was 0.055 percent. 

Auction of 52-Week Bills 

On October 28, 2021, Treasury announced it would auction $34,000 million of 364-day Treasury bills. 

They were issued November 4 and will mature November 3, 2022. The issue was to refund $142,002 

million of all maturing bills and to pay down approximately $6,002 million. Treasury auctioned the bills 

on November 2. Tenders totaled $110,442 million; Treasury accepted $34,000 million, including $207 

million of noncompetitive tenders from the public. The high bank discount rate was 0.160 percent. 

In addition to the $34,000 million of tenders accepted in the auction process, Treasury accepted $5,107 

million from FRBs for their own accounts. 

Auction of 119-Day Cash Management Bills 

On November 2, 2021, Treasury announced it would auction $40,000 million of 119-day bills. They were 

issued November 9 and will mature March 8, 2022. The issue was to raise new cash of approximately 

$40,000 million. Treasury auctioned the bills on November 3. Tenders totaled $137,917 million; Treasury 

accepted $40,000 million, including $3 million of noncompetitive tenders from the public. The high bank 

discount rate was 0.055 percent. 

November Quarterly Financing 

On Nov 3, 2021, Treasury announced it would auction $56,000 million of 3-year notes, $39,000 million 

of 10-year notes, and $25,000 million of 30-year bonds to refund $75,855 million of securities maturing 

November 15, 2021 and to raise new cash of approximately $44,145 million. 
36

The 3-year notes of Series AU-2024 were dated and issued November 15. They are due November 15, 

2024, with interest payable on May 15 and November 15 until maturity. Treasury set an interest rate of 0-

3/4 percent after determining which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon ET for noncompetitive tenders and before 1:00 

p.m. ET for competitive tenders on November 8. Tenders totaled $130,254 million; Treasury accepted

$56,000 million. All noncompetitive and successful competitive bidders were allotted securities at the

high yield of 0.750 percent with an equivalent price of $100.000000. Treasury accepted in full all

competitive tenders at yields lower than 0.750 percent. Tenders at the high yield were allotted 74.06

percent. The median yield was 0.690 percent, and the low yield was 0.080 percent. Noncompetitive

tenders totaled $96 million. Competitive tenders accepted from private investors totaled $55,799 million.

In addition to the $56,000 million of tenders accepted in the auction process, Treasury accepted $32,394 

million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of 

Series AU-2024 is $100. 

The 10-year notes of Series F-2031 were dated and issued November 15. They are due November 15, 

2031, 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 notes before 12:00 noon ET for noncompetitive tenders and before 1:00 

p.m. ET for competitive tenders on November 9. Tenders totaled $91,822 million; Treasury accepted

$39,000 million. All noncompetitive and successful competitive bidders were allotted securities at the

high yield of 1.444 percent with an equivalent price of $99.359650. Treasury accepted in full all

competitive tenders at yields lower than 1.444 percent. Tenders at the high yield were allotted 66.22

percent. The median yield was 1.370 percent, and the low yield was 1.337 percent. Noncompetitive

tenders totaled $21 million. Competitive tenders accepted from private investors totaled $38,979 million.

In addition to the $39,000 million of tenders accepted in the auction process, Treasury accepted $22,560 

million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of 

Series F-2031 is $100. 

The 30-year bonds of November 2051 were dated and issued November 15. They are due November 15, 

2051, with interest payable on May 15 and November 15 until maturity. Treasury set an interest rate of 1-

7/8 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 10. Tenders totaled $55,060 million; Treasury accepted

$25,000 million. All noncompetitive and successful competitive bidders were allotted securities at the

high yield of 1.940 percent with an equivalent price of $98.526943. Treasury accepted in full all

competitive tenders at yields lower than 1.940 percent. Tenders at the high yield were allotted 32.58

percent. The median yield was 1.824 percent, and the low yield was 1.750 percent. Noncompetitive

tenders totaled $4 million. Competitive tenders accepted from private investors totaled $24,996 million.

In addition to the $25,000 million of tenders accepted in the auction process, Treasury accepted $14,461 

million from FRBs for their own accounts. The minimum par amount required for STRIPS of bonds of 

November 2051 is $100. 
37

Auction of 119-Day Cash Management Bills 

On November 9, 2021, Treasury announced it would auction $40,000 million of 119-day bills. They were 

issued November 16 and will mature March 15, 2022. The issue was to raise new cash of approximately 

$40,000 million. Treasury auctioned the bills on November 10. Tenders totaled $145,470 million; 

Treasury accepted $40,002 million, including $2 million of noncompetitive tenders from the public. The 

high bank discount rate was 0.055 percent. 

Auction of 14-Day Cash Management Bills 

On November 10, 2021, Treasury announced it would auction $60,000 million of 14-day bills. They were 

issued November 18 and matured December 2. The issue was to raise new cash of approximately $60,000 

million. Treasury auctioned the bills on November 16. Tenders totaled $165,544 million; Treasury 

accepted $60,001 million, including $3 million of noncompetitive tenders from the public. The high bank 

discount rate was 0.055 percent. 

Auction of 22-Day Cash Management Bills 

On November 16, 2021, Treasury announced it would auction $40,000 million of 22-day bills. They were 

issued November 23 and matured December 15. The issue was to raise new cash of approximately 

$40,000 million. Treasury auctioned the bills on November 17. Tenders totaled $106,132 million; 

Treasury accepted $40,000 million, including $2 million of noncompetitive tenders from the public. The 

high bank discount rate was 0.130 percent. 

Auction of 119-Day Cash Management Bills 

On November 16, 2021, Treasury announced it would auction $40,000 million of 119-day bills. They 

were issued November 23 and will mature March 22, 2022. The issue was to raise new cash of 

approximately $40,000 million. Treasury auctioned the bills on November 17. Tenders totaled $124,366 

million; Treasury accepted $40,001 million, including $1 million of noncompetitive tenders from the 

public. The high bank discount rate was 0.055 percent. 

Auction of 35-Day Cash Management Bills 

On November 18, 2021, Treasury announced it would auction $40,000 million of 35-day bills. They were 

issued November 26 and matured December 31. The issue was to raise new cash of approximately 

$40,000 million. Treasury auctioned the bills on November 23. Tenders totaled $120,830 million; 

Treasury accepted $40,000 million, including $15 million of noncompetitive tenders from the public. The 

high bank discount rate was 0.150 percent. 

Auction of 1-Year 11-Month 0.035 Percent FRNs 

On November 18, 2021, Treasury announced it would auction $24,000 million of 1-year 11-month 0.035 

percent FRNs. The issue was to raise new cash of approximately $24,000 million. 

The 1-year 11-month 0.035 percent FRNs of Series BJ-2023 were dated October 31 and issued November 

26. They are due October 31, 2023, with interest payable on January 31, April 30, July 31, and October

31 until maturity.

Treasury received tenders for the FRNs before 11:00 a.m. ET for noncompetitive tenders and before 

11:30 a.m. ET for competitive tenders on November 23. Tenders totaled $67,170 million; Treasury 

accepted $24,000 million. All noncompetitive and successful competitive bidders were allotted securities 
38

at the high discount margin of 0.038 percent with an equivalent price of $99.994138. Treasury accepted in 

full all competitive tenders at discount margins lower than 0.038 percent. Tenders at the high discount 

margin were allotted 97.65 percent. The median discount margin was 0.028 percent, and the low discount 

margin was 0.000 percent. Noncompetitive tenders totaled $35 million. Competitive tenders accepted 

from private investors totaled $23,965 million. Accrued interest of $0.005930957 per $100 must be paid 

for the period from October 31 to November 26. 

Auction of 14-Day Cash Management Bills 

On November 23, 2021, Treasury announced it would auction $60,000 million of 14-day bills. They were 

issued November 30 and matured December 14. The issue was to raise new cash of approximately 

$60,000 million. Treasury auctioned the bills on November 24. Tenders totaled $165,705 million; 

Treasury accepted $60,000 million, including $ million of noncompetitive tenders from the public. The 

high bank discount rate was 0.060 percent. 

Auction of 119-Day Cash Management Bills 

On November 23, 2021, Treasury announced it would auction $40,000 million of 119-day bills. They 

were issued November 30 and will mature March 29, 2022. The issue was to raise new cash of 

approximately $40,000 million. Treasury auctioned the bills on November 24. Tenders totaled $117,595 

million; Treasury accepted $40,001 million, including $1 million of noncompetitive tenders from the 

public. The high bank discount rate was 0.070 percent. 

Auction of 20-Year Bonds 

On November 10, 2021, Treasury announced it would auction $23,000 million of 20-year bonds. The 

issue was to refund $92,237 million of securities maturing November 30 and to raise new cash of 

approximately $120,763 million. 

The 20-year bonds of November 2041 were dated November 15 and issued November 30. They are due 

November 15, 2041, with interest payable on May 15 and November 15 until maturity. Treasury set an 

interest rate of 2 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 17. Tenders totaled $53,774 million; Treasury accepted

$23,000 million. All noncompetitive and successful competitive bidders were allotted securities at the

high yield of 2.065 percent with an equivalent price of $98.940421. Treasury accepted in full all

competitive tenders at yields lower than 2.065 percent. Tenders at the high yield were allotted 78.36

percent. The median yield was 1.989 percent, and the low yield was 1.940 percent. Noncompetitive

tenders totaled $2 million. Competitive tenders accepted from private investors totaled $22,998 million.

Accrued interest of $0.82873 per $1,000 must be paid for the period from November 15 to November 30.

In addition to the $23,000 million of tenders accepted in the auction process, Treasury accepted $1,896 

million from FRBs for their own accounts. The minimum par amount required for STRIPS of bonds of 

November 2041 is $100. 

Auction of 9-Year 8-Month 0-1/8 Percent TIPS 

On November 10, 2021, Treasury announced it would auction $14,000 million of 9-year 8-month 0-1/8 

percent TIPS. The issue was to refund $92,237 million of securities maturing November 30 and to raise 

new cash of approximately $120,763 million. 
39

The 9-year 8-month 0-1/8 percent TIPS of Series D-2031 were dated July 15 and issued November 30. 

They are due July 15, 2031, 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 18. Tenders totaled $34,029 million; Treasury accepted

$14,000 million. All noncompetitive and successful competitive bidders were allotted securities at the

high yield of -1.145 percent with an equivalent adjusted price of $115.601579. Treasury accepted in full

all competitive tenders at yields lower than -1.145 percent. Tenders at the high yield were allotted 57.74

percent. The median yield was -1.235 percent, and the low yield was -1.880 percent. Noncompetitive

tenders totaled $14 million. Competitive tenders accepted from private investors totaled $13,986 million.

Adjusted accrued interest of $0.47970 per $1,000 must be paid for the period from July 15 to November

30. Both the unadjusted price of $112.961665 and the unadjusted accrued interest of $0.46875 were

adjusted by an index ratio of 1.02337, for the period from July 15 to November 30.

In addition to the $14,000 million of tenders accepted in the auction process, Treasury accepted $1,154 

million from FRBs for their own accounts. The minimum par amount required for STRIPS of TIPS of 

Series D-2031 is $100. 

Auction of 2-Year Notes 

On November 18, 2021, Treasury announced it would auction $58,000 million of 2-year notes. The issue 

was to refund $92,237 million of securities maturing November 30 and to raise new cash of 

approximately $120,763 million. 

The 2-year notes of Series BK-2023 were dated and issued November 30. They are due November 30, 

2023, with interest payable on May 31 and November 30 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 11:00 a.m. ET for noncompetitive tenders and before 11:30 

a.m. ET for competitive tenders on November 22. Tenders totaled $136,787 million; Treasury accepted

$58,000 million. All noncompetitive and successful competitive bidders were allotted securities at the

high yield of 0.623 percent with an equivalent price of $99.755904. Treasury accepted in full all

competitive tenders at yields lower than 0.623 percent. Tenders at the high yield were allotted 90.18

percent. The median yield was 0.575 percent, and the low yield was 0.430 percent. Noncompetitive

tenders totaled $154 million. Competitive tenders accepted from private investors totaled $57,841 million.

In addition to the $58,000 million of tenders accepted in the auction process, Treasury accepted $4,781 

million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of 

Series BK-2023 is $100. 

Auction of 5-Year Notes 

On November 18, 2021, Treasury announced it would auction $59,000 million of 5-year notes. The issue 

was to refund $92,237 million of securities maturing November 30 and to raise new cash of 

approximately $120,763 million. 

The 5-year notes of Series AG-2026 were dated and issued November 30. They are due November 30, 

2026, with interest payable on May 31 and November 30 until maturity. Treasury set an interest rate of 1-

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 22. Tenders totaled $138,008 million; Treasury accepted
40

$59,000 million. All noncompetitive and successful competitive bidders were allotted securities at the 

high yield of 1.319 percent with an equivalent price of $99.667191. Treasury accepted in full all 

competitive tenders at yields lower than 1.319 percent. Tenders at the high yield were allotted 66.65 

percent. The median yield was 1.250 percent, and the low yield was 1.130 percent. Noncompetitive 

tenders totaled $61 million. Competitive tenders accepted from private investors totaled $58,884 million. 

In addition to the $59,000 million of tenders accepted in the auction process, Treasury accepted $4,863 

million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of 

Series AG-2026 is $100. 

Auction of 7-Year Notes 

On November 18, 2021, Treasury announced it would auction $59,000 million of 7-year notes. The issue 

was to refund $92,237 million of securities maturing November 30 and to raise new cash of 

approximately $120,763 million. 

The 7-year notes of Series S-2028 were dated and issued November 30. They are due November 30, 

2028, with interest payable on May 31 and November 30 until maturity. Treasury set an interest rate of 1-

1/2 percent after determining which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon ET for noncompetitive tenders and before 1:00 

p.m. ET for competitive tenders on November 23. Tenders totaled $143,014 million; Treasury accepted

$59,000 million. All noncompetitive and successful competitive bidders were allotted securities at the

high yield of 1.588 percent with an equivalent price of $99.419180. Treasury accepted in full all

competitive tenders at yields lower than 1.588 percent. Tenders at the high yield were allotted 92.14

percent. The median yield was 1.532 percent, and the low yield was 0.888 percent. Noncompetitive

tenders totaled $22 million. Competitive tenders accepted from private investors totaled $58,978 million.

In addition to the $59,000 million of tenders accepted in the auction process, Treasury accepted $4,863 

million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of 

Series S-2028 is $100. 

DECEMBER 

Auction of 21-Day Cash Management Bills 

On November 24, 2021, Treasury announced it would auction $30,000 million of 21-day bills. They were 

issued December 2 and matured December 23. The issue was to raise new cash of approximately $30,000 

million. Treasury auctioned the bills on November 30. Tenders totaled $83,740 million; Treasury 

accepted $30,000 million, including $30 million of noncompetitive tenders from the public. The high 

bank discount rate was 0.160 percent. 

Auction of 52-Week Bills 

On November 24, 2021, Treasury announced it would auction $34,000 million of 364-day Treasury bills. 

They were issued December 2 and will mature December 1, 2022. The issue was to refund $199,005 

million of all maturing bills and to pay down approximately $27,005 million. Treasury auctioned the bills 

on November 30. Tenders totaled $102,479 million; Treasury accepted $34,000 million, including $196 

million of noncompetitive tenders from the public. The high bank discount rate was 0.240 percent. 
41

In addition to the $34,000 million of tenders accepted in the auction process, Treasury accepted $4,686 

million from FRBs for their own accounts. 

Auction of 19-Year 11-Month 2 Percent Bonds 

On December 2, 2021, Treasury announced it would auction $25 million of 19-year 11-month 2 percent 

bonds. The issue was to raise new cash of approximately $25 million. 

The 19-year 11-month 2 percent bonds of November 2041 were dated November 15 and issued December 

6. They are due November 15, 2041, with interest payable on May 15 and November 15 until maturity.

Treasury received tenders for the bonds before 1:00 p.m. ET for noncompetitive tenders and before 1:00

p.m. ET for competitive tenders on December 2. Tenders totaled $73 million; Treasury accepted $25

million. All noncompetitive and successful competitive bidders were allotted securities at the high yield

of 1.872 percent with an equivalent price of $102.121152. Treasury accepted in full all competitive

tenders at yields lower than 1.872 percent. Tenders at the high yield were allotted 65.39 percent. The

median yield was 1.865 percent, and the low yield was 1.810 percent. Noncompetitive tenders totaled $

million. Competitive tenders accepted from private investors totaled $25 million. Accrued interest of

$1.16022 per $1,000 must be paid for the period from November 15 to December 6. The minimum par

amount required for STRIPS of bonds of November 2041 is $100.

Auction of 8-Day Cash Management Bills 

On November 30, 2021, Treasury announced it would auction $40,000 million of 8-day bills. They were 

issued December 7 and matured December 15. The issue was to raise new cash of approximately $40,000 

million. Treasury auctioned the bills on December 1. Tenders totaled $101,856 million; Treasury accepted 

$40,000 million, including $ million of noncompetitive tenders from the public. The high bank discount 

rate was 0.160 percent. 

Auction of 119-Day Cash Management Bills 

On November 30, 2021, Treasury announced it would auction $40,000 million of 119-day bills. They 

were issued December 7 and will mature April 5, 2022. The issue was to raise new cash of approximately 

$40,000 million. Treasury auctioned the bills on December 1. Tenders totaled $118,667 million; Treasury 

accepted $40,001 million, including $1 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 7, 2021, Treasury announced it would auction $35,000 million of 119-day bills. They were 

issued December 14 and will mature April 12, 2022. The issue was to raise new cash of approximately 

$35,000 million. Treasury auctioned the bills on December 8. Tenders totaled $114,806 million; Treasury 

accepted $35,000 million, including $1 million of noncompetitive tenders from the public. The high bank 

discount rate was 0.090 percent. 

Auction of 3-Year Notes 

On December 2, 2021, Treasury announced it would auction $54,000 million of 3-year notes. The issue 

was to refund $21,485 million of securities maturing December 15 and to raise new cash of 

approximately $90,515 million. 
42

The 3-year notes of Series AV-2024 were dated and issued December 15. They are due December 15, 

2024, with interest payable on June 15 and December 15 until maturity. Treasury set an interest rate of 1 

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 7. Tenders totaled $131,319 million; Treasury accepted

$54,000 million. All noncompetitive and successful competitive bidders were allotted securities at the

high yield of 1.000 percent with an equivalent price of $100.000000. Treasury accepted in full all

competitive tenders at yields lower than 1.000 percent. Tenders at the high yield were allotted 88.76

percent. The median yield was 0.957 percent, and the low yield was 0.849 percent. Noncompetitive

tenders totaled $94 million. Competitive tenders accepted from private investors totaled $53,801 million.

In addition to the $54,000 million of tenders accepted in the auction process, Treasury accepted $7,963 

million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of 

Series AV-2024 is $100. 

Auction of 9-Year 11-Month 1-3/8 Percent Notes 

On December 2, 2021, Treasury announced it would auction $36,000 million of 9-year 11-month 1-3/8 

percent notes. The issue was to refund $21,485 million of securities maturing December 15 and to raise 

new cash of approximately $90,515 million. 

The 9-year 11-month 1-3/8 percent notes of Series F-2031 were dated November 15 and issued December 

15. They are due November 15, 2031, 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 8. Tenders totaled $87,570 million; Treasury accepted

$36,000 million. All noncompetitive and successful competitive bidders were allotted securities at the

high yield of 1.518 percent with an equivalent price of $98.687294. Treasury accepted in full all

competitive tenders at yields lower than 1.518 percent. Tenders at the high yield were allotted 24.62

percent. The median yield was 1.450 percent, and the low yield was 0.880 percent. Noncompetitive

tenders totaled $17 million. Competitive tenders accepted from private investors totaled $35,983 million.

Accrued interest of $1.13950 per $1,000 must be paid for the period from November 15 to December 15.

In addition to the $36,000 million of tenders accepted in the auction process, Treasury accepted $5,308 

million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of 

Series F-2031 is $100. 

Auction of 29-Year 11-Month 1-7/8 Percent Bonds 

On December 2, 2021, Treasury announced it would auction $22,000 million of 29-year 11-month 1-7/8 

percent bonds. The issue was to refund $21,485 million of securities maturing December 15 and to raise 

new cash of approximately $90,515 million. 

The 29-year 11-month 1-7/8 percent bonds of November 2051 were dated November 15 and issued 

December 15. They are due November 15, 2051, 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 9. Tenders totaled $48,818 million; Treasury accepted

$22,000 million. All noncompetitive and successful competitive bidders were allotted securities at the

high yield of 1.895 percent with an equivalent price of $99.543665. Treasury accepted in full all
43

competitive tenders at yields lower than 1.895 percent. Tenders at the high yield were allotted 25.57 

percent. The median yield was 1.800 percent, and the low yield was 1.750 percent. Noncompetitive 

tenders totaled $3 million. Competitive tenders accepted from private investors totaled $21,997 million. 

Accrued interest of $1.55387 per $1,000 must be paid for the period from November 15 to December 15. 

In addition to the $22,000 million of tenders accepted in the auction process, Treasury accepted $3,244 

million from FRBs for their own accounts. The minimum par amount required for STRIPS of bonds of 

November 2051 is $100. 

Auction of 119-Day Cash Management Bills 

On December 14, 2021, Treasury announced it would auction $35,000 million of 119-day bills. They 

were issued December 21 and will mature April 19, 2022. The issue was to raise new cash of 

approximately $35,000 million. Treasury auctioned the bills on December 15. Tenders totaled $103,582 

million; Treasury accepted $35,001 million, including $5 million of noncompetitive tenders from the 

public. The high bank discount rate was 0.090 percent. 

Auction of 23-Day Cash Management Bills 

On December 16, 2021, Treasury announced it would auction $60,000 million of 23-day bills. They were 

issued December 21 and will mature January 13, 2022. The issue was to raise new cash of approximately 

$60,000 million. Treasury auctioned the bills on December 17. Tenders totaled $162,800 million; 

Treasury accepted $60,000 million, including $1 million of noncompetitive tenders from the public. The 

high bank discount rate was 0.050 percent. 

Auction of 78-Day Cash Management Bills 

On December 16, 2021, Treasury announced it would auction $60,000 million of 78-day bills. They were 

issued December 22 and will mature March 10, 2022. The issue was to raise new cash of approximately 

$60,000 million. Treasury auctioned the bills on December 20. Tenders totaled $172,461 million; 

Treasury accepted $60,000 million, including $11 million of noncompetitive tenders from the public. The 

high bank discount rate was 0.070 percent. 

Auction of 119-Day Cash Management Bills 

On December 21, 2021, Treasury announced it would auction $40,000 million of 119-day bills. They 

were issued December 28 and will mature April 26, 2022. The issue was to raise new cash of 

approximately $40,000 million. Treasury auctioned the bills on December 22. Tenders totaled $137,415 

million; Treasury accepted $40,000 million, including $ million of noncompetitive tenders from the 

public. The high bank discount rate was 0.110 percent. 

Auction of 52-Week Bills 

On December 23, 2021, Treasury announced it would auction $34,000 million of 364-day Treasury bills. 

They were issued December 30 and will mature December 29, 2022. The issue was to refund $130,002 

million of all maturing bills and to raise new cash of approximately $14,998 million. Treasury auctioned 

the bills on December 28. Tenders totaled $107,270 million; Treasury accepted $34,000 million, 

including $233 million of noncompetitive tenders from the public. The high bank discount rate was 0.390 

percent. 

In addition to the $34,000 million of tenders accepted in the auction process, Treasury accepted $4,798 

million from FRBs for their own accounts. 
44

Auction of 19-Year 11-Month 2 Percent Bonds 

On December 16, 2021, Treasury announced it would auction $20,000 million of 19-year 11-month 2 

percent bonds. The issue was to refund $80,037 million of securities maturing December 31 and to raise 

new cash of approximately $149,963 million. 

The 19-year 11-month 2 percent bonds of November 2041 were dated November 15 and issued December 

31. They are due November 15, 2041, 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 $51,894 million; Treasury accepted

$20,000 million. All noncompetitive and successful competitive bidders were allotted securities at the

high yield of 1.942 percent with an equivalent price of $100.950671. Treasury accepted in full all

competitive tenders at yields lower than 1.942 percent. Tenders at the high yield were allotted 80.01

percent. The median yield was 1.900 percent, and the low yield was 1.840 percent. Noncompetitive

tenders totaled $2 million. Competitive tenders accepted from private investors totaled $19,998 million.

Accrued interest of $2.54144 per $1,000 must be paid for the period from November 15 to December 31.

In addition to the $20,000 million of tenders accepted in the auction process, Treasury accepted $2,717 

million from FRBs for their own accounts. The minimum par amount required for STRIPS of bonds of 

November 2041 is $100. 

Auction of 4-Year 10-Month 0-1/8 Percent TIPS 

On December 16, 2021, Treasury announced it would auction $17,000 million of 4-year 10-month 0-1/8 

percent TIPS. The issue was to refund $80,037 million of securities maturing December 31 and to raise 

new cash of approximately $149,963 million. 

The 4-year 10-month 0-1/8 percent TIPS of Series AE-2026 were dated October 15 and issued December 

31. They are due October 15, 2026, 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 $41,221 million; Treasury accepted

$17,000 million. All noncompetitive and successful competitive bidders were allotted securities at the

high yield of -1.508 percent with an equivalent adjusted price of $109.428984. Treasury accepted in full

all competitive tenders at yields lower than -1.508 percent. Tenders at the high yield were allotted 82.49

percent. The median yield was -1.600 percent, and the low yield was -1.660 percent. Noncompetitive

tenders totaled $48 million. Competitive tenders accepted from private investors totaled $16,952 million.

Adjusted accrued interest of $0.26757 per $1,000 must be paid for the period from October 15 to

December 31. Both the unadjusted price of $108.139956 and the unadjusted accrued interest of $0.26442

were adjusted by an index ratio of 1.01192, for the period from October 15 to December 31.

In addition to the $17,000 million of tenders accepted in the auction process, Treasury accepted $2,310 

million from FRBs for their own accounts. The minimum par amount required for STRIPS of TIPS of 

Series AE-2026 is $100. 

Auction of 2-Year Notes 

On December 23, 2021, Treasury announced it would auction $56,000 million of 2-year notes. The issue 

was to refund $80,037 million of securities maturing December 31 and to raise new cash of 

approximately $149,963 million. 
45

The 2-year notes of Series BL-2023 were dated and issued December 31. They are due December 31, 

2023, with interest payable on June 30 and December 31 until maturity. Treasury set an interest rate of 0-

3/4 percent after determining which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon ET for noncompetitive tenders and before 1:00 

p.m. ET for competitive tenders on December 27. Tenders totaled $142,963 million; Treasury accepted

$56,000 million. All noncompetitive and successful competitive bidders were allotted securities at the

high yield of 0.769 percent with an equivalent price of $99.962362. Treasury accepted in full all

competitive tenders at yields lower than 0.769 percent. Tenders at the high yield were allotted 46.93

percent. The median yield was 0.725 percent, and the low yield was 0.650 percent. Noncompetitive

tenders totaled $171 million. Competitive tenders accepted from private investors totaled $55,729 million.

In addition to the $56,000 million of tenders accepted in the auction process, Treasury accepted $7,608 

million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of 

Series BL-2023 is $100. 

Auction of 5-Year Notes 

On December 23, 2021, Treasury announced it would auction $57,000 million of 5-year notes. The issue 

was to refund $80,037 million of securities maturing December 31 and to raise new cash of 

approximately $149,963 million. 

The 5-year notes of Series AH-2026 were dated and issued December 31. They are due December 31, 

2026, with interest payable on June 30 and December 31 until maturity. Treasury set an interest rate of 1-

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 December 28. Tenders totaled $137,148 million; Treasury accepted

$57,000 million. All noncompetitive and successful competitive bidders were allotted securities at the

high yield of 1.263 percent with an equivalent price of $99.937202. Treasury accepted in full all

competitive tenders at yields lower than 1.263 percent. Tenders at the high yield were allotted 53.19

percent. The median yield was 1.210 percent, and the low yield was 1.150 percent. Noncompetitive

tenders totaled $38 million. Competitive tenders accepted from private investors totaled $56,962 million.

In addition to the $57,000 million of tenders accepted in the auction process, Treasury accepted $7,744 

million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of 

Series AH-2026 is $100. 

Auction of 1-Year 10-Month 0.035 Percent FRNs 

On December 23, 2021, Treasury announced it would auction $24,000 million of 1-year 10-month 0.035 

percent FRNs. The issue was to refund $80,037 million of securities maturing December 31 and to raise 

new cash of approximately $149,963 million. 

The 1-year 10-month 0.035 percent FRNs of Series BJ-2023 were dated October 31 and issued December 

31. They are due October 31, 2023, with interest payable on January 31, April 30, July 31, and October

31 until maturity.

Treasury received tenders for the FRNs before 11:00 a.m. ET for noncompetitive tenders and before 

11:30 a.m. ET for competitive tenders on December 29. Tenders totaled $96,635 million; Treasury 

accepted $24,000 million. All noncompetitive and successful competitive bidders were allotted securities 

at the high discount margin of 0.030 percent with an equivalent price of $100.009279. Treasury accepted 
46

in full all competitive tenders at discount margins lower than 0.030 percent. Tenders at the high discount 

margin were allotted 78.63 percent. The median discount margin was 0.010 percent, and the low discount 

margin was 0.000 percent. Noncompetitive tenders totaled $18 million. Competitive tenders accepted 

from private investors totaled $23,982 million. Accrued interest of $0.015154091 per $100 must be paid 

for the period from October 31 to December 31. 

In addition to the $24,000 million of tenders accepted in the auction process, Treasury accepted $3,261 

million from FRBs for their own accounts. 

Auction of 7-Year Notes 

On December 23, 2021, Treasury announced it would auction $56,000 million of 7-year notes. The issue 

was to refund $80,037 million of securities maturing December 31 and to raise new cash of 

approximately $149,963 million. 

The 7-year notes of Series T-2028 were dated and issued December 31. They are due December 31, 2028, 

with interest payable on June 30 and December 31 until maturity. Treasury set an interest rate of 1-3/8 

percent after determining which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon ET for noncompetitive tenders and before 1:00 

p.m. ET for competitive tenders on December 29. Tenders totaled $123,850 million; Treasury accepted

$56,000 million. All noncompetitive and successful competitive bidders were allotted securities at the

high yield of 1.480 percent with an equivalent price of $99.304232. Treasury accepted in full all

competitive tenders at yields lower than 1.480 percent. Tenders at the high yield were allotted 45.77

percent. The median yield was 1.397 percent, and the low yield was 1.317 percent. Noncompetitive

tenders totaled $11 million. Competitive tenders accepted from private investors totaled $55,989 million.

In addition to the $56,000 million of tenders accepted in the auction process, Treasury accepted $7,608 

million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of 

Series T-2028 is $100. 
47

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) 

2021-Oct. 05................................................ 2021-Nov. 02 28 47,676.4 11,745.4 9,201.1 699.0 99.996500 0.045 0.046

Nov. 30 56 97,078.6 29,363.2 24,802.2 147.9 99.993778 0.040 0.041

Oct. 07.......................................................... 2022-Jan. 06 91 151,774.8 48,956.8 41,462.5 538.4 99.989889 0.040 0.041

Apr. 07 182 145,767.8 48,957.6 41,326.9 374.8 99.972194 0.055 0.056

Oct. 12.......................................................... 2021-Nov. 09 28 59,452.6 11,365.9 9,292.5 707.6 99.997278 0.035 0.035

Dec. 07 56 79,639.2 28,414.6 24,856.6 143.4 99.982889 0.110 0.112

Oct. 14.......................................................... 2022-Jan. 13 91 151,517.3 48,266.0 41,361.9 538.3 99.987361 0.050 0.051

Apr. 14 182 173,966.7 48,266.1 41,382.7 417.6 99.972194 0.055 0.056

Oct. 19.......................................................... 2021-Nov. 16 28 92,107.2 27,636.2 24,353.1 647.5 99.997278 0.035 0.035

Dec. 14 56 80,376.4 27,636.1 24,681.6 218.8 99.987556 0.080 0.081

Oct. 21.......................................................... 2022-Jan. 20 91 153,796.4 54,982.5 47,420.8 580.2 99.986097 0.055 0.056

Apr. 21 182 146,956.6 51,547.6 43,608.1 394.4 99.969667 0.060 0.061

Oct. 26.......................................................... 2021-Nov. 23 28 214,660.9 63,551.6 59,339.3 661.4 99.996111 0.050 0.051

Dec. 21 56 82,327.4 26,479.6 24,709.6 190.5 99.984444 0.100 0.101

Oct. 28.......................................................... 2022-Jan. 27 91 187,089.5 60,651.6 53,363.8 537.9 99.986097 0.055 0.056

Apr. 28 182 165,999.8 53,912.9 46,632.4 369.5 99.969667 0.060 0.061

Nov. 02......................................................... 2021-Nov. 30 28 210,277.0 63,830.4 59,294.2 710.4 99.995722 0.055 0.056

Dec. 28 56 87,890.4 26,594.3 24,708.8 191.4 99.985222 0.095 0.096

Nov. 04......................................................... 2022-Feb. 03 91 208,732.4 62,112.1 53,362.0 539.6 99.987361 0.050 0.051

May 05 182 146,578.8 55,210.5 46,643.7 357.5 99.967139 0.065 0.066

Nov. 09......................................................... 2021-Dec. 07 28 56,170.7 11,327.8 9,341.6 658.7 99.996889 0.040 0.041

2022-Jan. 04 56 91,563.3 28,319.3 24,686.2 214.1 99.991444 0.055 0.056

Nov. 12......................................................... Feb. 10 90 182,232.3 60,232.1 53,399.7 501.7 99.988750 0.045 0.046

May 12 181 164,551.2 53,540.8 46,595.2 407.2 99.967319 0.065 0.066

Nov. 16......................................................... 2021-Dec. 14 28 54,084.6 12,008.3 9,315.2 535.0 99.996111 0.050 0.051

2022-Jan. 11 56 89,063.4 30,021.3 24,838.7 162.3 99.990667 0.060 0.061

Nov. 18......................................................... Feb. 17 91 196,710.2 64,340.1 56,387.3 513.0 99.988625 0.045 0.046

May 19 182 180,537.8 57,568.6 49,612.8 388.7 99.967139 0.065 0.066

Nov. 23......................................................... 2021-Dec. 21 28 45,639.5 12,279.3 9,205.0 695.1 99.991444 0.110 0.112

2022-Jan. 18 56 116,475.0 30,698.3 24,845.4 154.7 99.993000 0.045 0.046

Nov. 26......................................................... Feb. 24 90 178,772.8 62,625.7 56,369.4 531.3 99.987500 0.050 0.051

May 26 181 154,268.7 56,034.5 49,667.9 333.8 99.964806 0.070 0.071

Nov. 30......................................................... 2021-Dec. 28 28 40,187.3 12,339.8 9,240.9 659.2 99.990278 0.125 0.127

2022-Jan. 25 56 95,755.8 30,849.5 24,893.7 106.6 99.993000 0.045 0.046

Dec. 02......................................................... Mar. 03 91 186,286.3 64,856.7 55,655.0 446.1 99.987361 0.050 0.051

June 02 182 159,648.4 58,030.1 49,663.8 337.7 99.954500 0.090 0.091

Dec. 07......................................................... Jan. 04 28 49,686.9 11,355.0 9,235.2 714.9 99.996889 0.040 0.041

Feb. 01 56 86,563.3 28,388.0 24,858.7 142.1 99.993000 0.045 0.046

Dec. 09......................................................... Mar. 10 91 165,878.8 62,160.0 56,383.5 517.7 99.986097 0.055 0.056

June 09 182 150,622.4 55,615.8 49,545.2 454.9 99.946917 0.105 0.107

Dec. 14......................................................... Jan. 11 28 56,888.3 11,327.0 9,403.0 597.1 99.997667 0.030 0.030

Feb. 08 56 95,720.8 28,317.8 24,825.3 175.6 99.992222 0.050 0.051

Dec. 16......................................................... Mar. 17 91 164,034.8 62,587.2 56,367.3 533.5 99.986097 0.055 0.056

June 16 182 167,651.1 55,998.7 49,557.1 443.3 99.934278 0.130 0.132

Dec. 21......................................................... Jan. 18 28 93,954.4 32,050.5 29,373.5 626.8 99.997667 0.030 0.030

Feb. 15 56 79,137.0 26,708.9 24,764.9 185.5 99.992222 0.050 0.051

Dec. 23......................................................... Mar. 24 91 161,390.3 62,130.2 59,363.9 486.3 99.981042 0.075 0.076

June 23 182 146,958.8 52,810.9 49,585.9 414.4 99.919111 0.160 0.162
48

Dec. 28......................................................... Jan. 25 28 149,491.2 52,185.6 49,281.4 718.8 99.996889 0.040 0.041

Feb. 22 56 138,007.4 41,749.4 39,803.7 197.3 99.992222 0.050 0.051

 Continued from Table PDO-1 

Dec. 30......................................................... Mar. 31 91 189,403.0 68,468.0 58,596.6 403.9 99.978514 0.085 0.086 

June 30 182 155,449.1 58,197.7 49,638.5 361.9 99.893833 0.210 0.213

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. 
49

11/23/21 11/26/21 0.035% FRN—10/31/23-BJ 1y 11m 67,170 24,000 0.038 - 99.994138 

11/24/21 11/30/21 0.060% CMB—12/14/21 14d 165,705 60,000

11/24/21 11/30/21 0.070% CMB—03/29/22 119d 117,595 40,001

11/17/21 11/30/21 2.000% bond—11/15/41 20y 55,670 24,896 2.065 - 98.940421 

11/18/21 11/30/21 0.125% TIPS—07/15/31-D 9y 8m 35,183 15,154 -1.145 - 115.601579 

11/22/21 11/30/21 0.500% note—11/30/23-BK 2y 141,567 62,781 0.623 - 99.755904 

11/22/21 11/30/21 1.250% note—11/30/26-AG 5y 142,871 63,863 1.319 - 99.667191 

11/23/21 11/30/21 1.500% note—11/30/28-S 7y 147,877 63,863 1.588 - 99.419180 

11/30/21 12/02/21 0.160% CMB—12/23/21 21d 83,740 30,000 

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) 

 09/29/21 10/05/21 0.050% CMB—02/01/22 119d 87,712 30,000 

10/05/21 10/07/21 0.140% CMB—10/15/21 8d 74,935 25,000

10/05/21 10/07/21 0.090% bill—10/06/22 364d 120,094 39,632

10/06/21 10/12/21 0.055% CMB—02/08/22 119d 107,939 30,000 

10/06/21 10/13/21 0.050% CMB—12/16/21 64d 130,429 40,001

10/12/21 10/15/21 0.625% note—10/15/24-AT 3y 141,016 62,364 0.635 - 99.970331 

10/12/21 10/15/21 1.250% note—08/15/31-E 9y 10m 100,900 40,859 1.584 - 96.968273 

10/13/21 10/15/21 2.000% bond—08/15/51 29y 10m 58,434 25,806 2.049 - 98.908044 

10/14/21 10/18/21 0.055% CMB—11/26/21 39d 180,088 60,000

10/13/21 10/19/21 0.050% CMB—02/15/22 119d 137,704 35,002 

10/19/21 10/21/21 0.055% CMB—11/30/21 40d 186,479 60,004

10/20/21 10/22/21 0.055% CMB—11/18/21 27d 203,623 60,001

10/20/21 10/26/21 0.055% CMB—02/22/22 119d 146,160 40,002

10/26/21 10/28/21 0.100% CMB—12/15/21 48d 108,663 40,000 

10/21/21 10/29/21 0.125% TIPS—10/15/26-AE 5y 46,548 19,000 -1.685 - 

109.509314 

10/20/21 11/01/21 1.750% bond—08/15/41 19y 10m 56,531 26,440 2.100 - 94.354444 

10/26/21 11/01/21 0.375% note—10/31/23-BH 2y 167,260 66,100 0.481 - 99.789555 

10/27/21 11/01/21 0.035% FRN—10/31/23-BJ 2y 86,630 30,847 0.035 - 100.000000 

10/27/21 11/01/21 1.125% note—10/31/26-AF 5y 161,843 67,202 1.157 - 99.845040 

10/28/21 11/01/21 1.375% note—10/31/28-R 7y 145,518 68,303 1.461 - 99.429922 

10/27/21 11/02/21 0.055% CMB—03/01/22 119d 144,958 40,000 

11/02/21 11/04/21 0.160% bill—11/03/22 364d 115,548 39,107

11/03/21 11/09/21 0.055% CMB—03/08/22 119d 137,917 40,000 

11/08/21 11/15/21 0.750% note—11/15/24-AU 3y 162,648 88,394 0.750 - 100.000000 

11/09/21 11/15/21 1.375% note—11/15/31-F 10y 114,381 61,560 1.444 - 99.359650 

11/10/21 11/15/21 1.875% bond—11/15/51 30y 69,522 39,461 1.940 - 98.526943 

11/10/21 11/16/21 0.055% CMB—03/15/22 119d 145,470 40,002

11/16/21 11/18/21 0.055% CMB—12/02/21 14d 165,544 60,001

11/17/21 11/23/21 0.130% CMB—12/15/21 22d 106,132 40,000

11/17/21 11/23/21 0.055% CMB—03/22/22 119d 124,366 40,001

11/23/21 11/26/21 0.150% CMB—12/31/21 35d 120,830 40,000
50

11/30/21 12/02/21 0.240% bill—12/01/22 364d 107,164 38,686 

12/02/21 12/06/21 2.000% bond—11/15/41 19y 11m 73 25 1.872 - 102.121152 

12/01/21 12/07/21 0.160% CMB—12/15/21 8d 101,856 40,000 

12/01/21 12/07/21 0.075% CMB—04/05/22 119d 118,667 40,001 

12/08/21 12/14/21 0.090% CMB—04/12/22 119d 114,806 35,000 

12/07/21 12/15/21 1.000% note—12/15/24-AV 3y 139,281 61,963 1.000 - 100.000000 

12/08/21 12/15/21 1.375% note—11/15/31-F 9y 11m 92,878 41,308 1.518 - 98.687294 

12/09/21 12/15/21 1.875% bond—11/15/51 29y 11m 52,062 25,244 1.895 - 99.543665 

12/15/21 12/21/21 0.090% CMB—04/19/22 119d 103,582 35,001

12/17/21 12/21/21 0.050% CMB—01/13/22 23d 162,800 60,000

12/20/21 12/22/21 0.070% CMB—03/10/22 78d 172,461 60,000 

12/22/21 12/28/21 0.110% CMB—04/26/22 119d 137,415 40,000 

12/28/21 12/30/21 0.390% bill—12/29/22 364d 112,068 38,799 

12/21/21 12/31/21 2.000% bond—11/15/41 19y 11m 54,611 22,717 1.942 - 100.950671 

12/22/21 12/31/21 0.125% TIPS—10/15/26-AE 4y 10m 43,530 19,310 -1.508 - 109.428984 

12/27/21 12/31/21 0.750% note—12/31/23-BL 2y 150,571 63,608 0.769 - 99.962362 

12/28/21 12/31/21 1.250% note—12/31/26-AH 5y 144,892 64,744 1.263 - 99.937202 

12/29/21 12/31/21 0.035% FRN—10/31/23-BJ 1y 10m 99,896 27,261 0.030 - 100.009279 

12/29/21 12/31/21 1.375% note—12/31/28-T 7y 131,458 63,608 1.480 - 99.304232 

1 1 Currently, all issues are sold at auction. For bill issues, the rate shown is the high 

bank discount rate. For note and bond issues, the rate shown is the interest rate. For 

details of bill offerings, see table PDO-1. As of October 1, 1997, all Treasury issues of 

notes and bonds are eligible for STRIPS. 

2 From date of additional issue in case of a reopening. 

3 In reopenings, the amount accepted is in addition to the amount of original offerings. 

4 Includes securities issued to the Federal Reserve System; and to foreign and international 

monetary authorities, whether in exchange for maturing securities or for new cash. 

Note—Amounts listed as tendered and accepted are amounts tendered and awarded on 

auction day. 
51

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

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) 

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 

2021 ................................................ 28,448,421 28,428,919 6,123,040 - 6,123,040 5,911,599 

2020 - Dec....................................... 27,768,006 27,747,798 6,096,382 - 6,096,382 5,127,835

2021 - Jan ....................................... 27,804,680 27,784,553 6,121,360 - 6,121,360 5,208,587

Feb ...................................... 27,922,267 27,902,364 6,127,521 - 6,127,521 5,299,299

Mar ...................................... 28,152,398 28,132,570 6,125,707 - 6,125,707 5,401,362

 Apr....................................... 28,194,469 28,174,714 6,098,072 - 6,098,072 5,469,955

May...................................... 28,218,691 28,199,008 6,153,591 - 6,153,591 5,555,127

June..................................... 28,549,263 28,529,436 6,175,904 - 6,175,904 5,644,351

 July...................................... 28,447,372 28,427,722 6,119,935 - 6,119,935 5,736,573

Aug ...................................... 28,446,893 28,427,317 6,150,237 - 6,150,237 5,837,254

Sept..................................... 28,448,421 28,428,919 6,123,040 - 6,123,040 5,911,599

Oct....................................... 28,928,663 28,908,765 6,247,399 - 6,247,399 6,009,806

Nov...................................... 28,928,235 28,907,987 6,237,725 - 6,237,725 6,073,334

Dec...................................... 29,637,003 29,617,215 6,448,886 - 6,448,886 6,141,499

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) 

2017 ................................................ 11,347,631 10,830,489 517,142 24,367 24,363 4

2018 ................................................ 11,814,271 11,332,237 482,034 24,369 24,368 1

2019 ................................................ 13,080,946 12,580,185 500,761 22,822 22,822 -

2020 ................................................ 22,719,402 16,347,340 478,637 21,455 21,455 -

2021 ................................................ 16,394,280 15,967,103 427,176 19,502 19,502 -

2020 – Dec...................................... 15,253,024 14,104,204 417,839 20,208 20,208 -

2021 - Jan ....................................... 16,454,606 15,840,378 614,228 20,127 20,127 -

Feb ...................................... 16,475,544 15,859,221 616,323 19,903 19,903 -

Mar ...................................... 16,605,501 15,986,738 618,763 19,828 19,828 -

 Apr....................................... 16,606,687 15,986,899 619,789 19,755 19,755 -

May...................................... 16,490,290 15,866,200 624,090 19,683 19,683 -

June..................................... 16,709,181 16,094,674 614,507 19,827 19,827 -

 July...................................... 16,571,214 15,961,969 609,245 19,650 19,650 -

Aug ...................................... 16,439,826 16,094,934 344,892 19,576 19,576 -

Sept..................................... 16,394,280 15,967,103 427,176 19,502 19,502 -

Oct....................................... 16,651,560 16,122,276 529,284 19,898 19,898 -

Nov...................................... 16,596,928 16,278,273 318,655 20,248 20,248 -

Dec...................................... 17,026,830 16,448,593 578,237 19,788 19,788 -

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

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) 

2021 - Dec. 29,617.2 12,125.9 17,491.3 0.0 146.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 

Sept. 28,428.9 11,579.1 16,849.8 1,539.6 143.6 700.7 424.0 417.7 2,988.8 1,397.1 7,570.0 1,668.3 

 June 28,529.4 11,382.9 17,146.5 1,432.6 144.6 869.4 430.2 416.2 3,515.7 1,326.2 7,518.9 1,492.6 

 Mar. 28,132.6 11,095.5 17,037.1 1,347.6 145.7 841.0 346.4 388.1 3,665.1 1,112.1 7,038.3 2,152.7 

2020 - Dec. 27,747.8 10,809.2 16,938.6 1,264.9 147.1 864.6 354.2 398.2 3,552.9 1,111.9 7,070.7 2,174.1 

Sept. 26,945.4 10,371.9 16,573.5 1,240.9 148.6 846.1 327.0 413.3 3,531.8 1,057.7 7,069.2 1,938.9 

 June 26,477.4 10,157.7 16,319.6 1,157.9 149.8 818.1 306.3 402.6 3,559.4 1,032.8 7,052.1 1,840.6 

 Mar. 23,686.9 9,279.7 14,407.2 947.6 150.0 787.5 336.8 396.3 2,384.6 862.1 6,949.5 1,592.8 

2019 - Dec. 23,201.4 8,359.9 14,841.5 935.1 151.3 705.3 344.2 368.7 2,350.6 793.1 6,844.2 2,349.0 

 Sept. 22,719.4 8,023.6 14,695.8 909.4 152.3 691.1 346.4 366.5 2,217.3 766.8 6,923.5 2,322.4 

 June 22,023.5 7,945.2 14,078.4 808.2 153.4 470.4 382.0 363.4 1,951.2 751.4 6,625.9 2,572.6 

 Mar. 22,028.0 7,999.1 14,028.9 769.5 154.5 443.6 357.6 361.0 2,058.3 752.7 6,474.0 2,657.7 

2018 - Dec. 21,974.1 8,095.0 13,879.1 769.7 155.7 637.3 367.9 360.5 2,023.3 713.2 6,270.1 2,581.5 

 Sept. 21,516.1 8,068.1 13,447.9 682.0 156.8 615.3 301.7 361.3 1,898.2 730.7 6,225.9 2,476.0 

 June 21,195.3 8,106.9 13,088.5 663.1 157.8 605.0 307.3 360.2 1,843.4 726.8 6,225.0 2,199.9 

 Mar. 21,089.9 8,086.6 13,003.3 637.8 159.0 589.7 300.1 366.9 1,977.1 715.8 6,223.4 2,033.6 

2017 - Dec. 20,492.7 8,132.1 12,360.6 636.7 160.4 432.1 289.4 377.9 1,797.5 735.0 6,211.3 1,720.4 

 Sept. 20,244.9 8,036.9 12,208.0 610.5 161.7 570.8 266.5 364.3 1,697.8 704.0 6,301.9 1,530.5 

 June 19,844.6 7,943.4 11,901.1 620.5 162.8 425.9 262.8 352.8 1,608.5 710.1 6,151.9 1,605.8 

 Mar. 19,846.4 7,941.1 11,905.3 657.4 164.2 444.2 239.5 342.6 1,669.1 724.6 6,075.3 1,588.4 

2016 - Dec. 19,976.9 8,005.6 11,971.3 663.1 165.8 538.0 218.8 334.2 1,705.4 717.3 6,006.3 1,622.4 

 Sept. 19,573.4 7,863.5 11,709.9 626.8 167.5 545.6 203.8 345.2 1,600.4 710.9 6,155.9 1,353.8 

 June 19,381.6 7,911.2 11,470.4 580.6 169.0 537.9 185.0 333.7 1,434.2 712.6 6,279.1 1,238.3 

 Mar. 19,264.9 7,801.4 11,463.6 562.9 170.3 524.4 170.4 319.1 1,404.1 694.9 6,284.4 1,333.0 

2015 - Dec. 18,922.2 7,711.2 11,211.0 547.4 171.6 504.7 174.5 310.1 1,318.3 680.9 6,146.2 1,357.1 

 Sept. 18,150.6 7,488.7 10,661.9 519.1 172.8 305.3 171.0 310.0 1,195.1 646.0 6,105.9 1,236.8 

 June 18,152.0 7,536.5 10,615.5 518.5 173.9 373.8 185.7 307.7 1,139.8 652.8 6,163.1 1,100.1 

 Mar. 18,152.1 7,521.3 10,630.8 518.1 174.9 447.8 176.7 308.5 1,170.4 663.3 6,172.6 998.4 

2014 - Dec. 18,141.4 7,578.9 10,562.6 516.8 175.9 507.1 199.2 310.5 1,121.8 654.5 6,157.7 919.0 

 Sept. 17,824.1 7,490.8 10,333.2 471.1 176.7 490.7 198.7 301.4 1,075.8 628.7 6,069.2 920.8 

 June 17,632.6 7,461.0 10,171.6 409.5 177.6 482.6 198.3 291.0 986.2 638.8 6,018.7 968.8 

 Mar. 17,601.2 7,301.5 10,299.7 368.4 178.3 474.3 184.3 280.1 1,060.4 632.0 5,948.3 1,173.7 

2013 - Dec. 17,352.0 7,205.3 10,146.6 321.1 179.2 464.9 181.3 274.5 983.3 633.6 5,792.6 1,316.2 

 Sept. 16,738.2 6,834.2 9,904.0 293.2 180.0 347.8 187.5 276.6 986.1 624.3 5,652.8 1,355.7 

 June 16,738.2 6,773.3 9,964.9 300.2 180.9 444.5 187.7 281.3 1,000.1 612.6 5,595.0 1,362.6 

 Mar. 16,771.6 6,656.8 10,114.8 338.9 181.7 463.4 193.4 284.3 1,066.7 615.6 5,725.0 1,245.7 

2012 - Dec. 16,432.7 6,523.7 9,909.1 347.7 182.5 468.0 183.6 292.7 1,031.8 599.6 5,573.8 1,229.4 

 Sept. 16,066.2 6,446.8 9,619.4 338.2 183.8 453.9 181.7 292.6 1,080.7 596.9 5,476.1 1,015.4 

 June 15,855.5 6,475.8 9,379.7 303.2 184.7 427.4 171.2 293.6 997.8 585.4 5,310.9 1,105.4 

 Mar. 15,582.3 6,397.2 9,185.1 317.0 184.8 406.6 169.4 298.1 1,015.4 567.4 5,145.1 1,081.2 

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 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. 

*The “Insurance companies” data presented in Treasury Bulletin issues from December 

2018 through June 2021 have been revised. Beginning with the December 2018 TB issue 

and June 2018 data, ownership data for property-casualty insurance companies was not 

included in the total, nor were updates to historical data captured due to a change in the FRB 

Flow of Funds Z.1 release series reporting this data. This new series is now being captured 

and “Insurance companies” data have been revised back to June 2013. 
54

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, 2021 

[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 .............................. $2,487,710,217,410 $2,437,441,425,028 2,436,966,720,332 $238,924,666 $235,779,730

Less amounts held by: 

The Treasury....................................... 123,017,875 66,893,875 66,662,271 49,342 182,262

FRBs ................................................... 251,059,007,557 249,827,465,905 249,827,462,643 - 3,262

Amounts in circulation ............................. $2,236,528,191,978 $2,187,547,065,248 $2,187,072,595,418 $238,875,624 $235,594,206

Coins 2

Total 

(1) 

Dollars 2, 3 

(2) 

Fractional 

coins 

(3) 

Amounts outstanding .............................. $50,268,792,382 6,547,064,108 43,721,728,274 

Less amounts held by: 

The Treasury....................................... 56,124,000 48,770,000 7,354,000 

FRBs ................................................... 1,231,541,652 979,232,332 252,309,320 

Amounts in circulation ............................. $48,981,126,730 $5,519,061,776 $ 43,462,064,954 

See footnotes following table USCC-2. 
 55

TABLE USCC-2—Amounts Outstanding and in Circulation, Dec. 31, 2021 

[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 ................................................................................ $13,981,896,348 $13,842,298,280 $143,471 $139,454,597 

$2 ................................................................................ 2,848,612,850 2,717,192,458 131,407,818 12,574 

$5 ................................................................................ 17,093,646,220 16,964,026,580 107,344,355 22,275,285 

$10 .............................................................................. 23,198,243,610 23,178,529,860 4,880 19,708,870 

$20 .............................................................................. 237,924,326,920 237,904,223,540 -140 20,103,520 

$50 .............................................................................. 122,926,232,600 122,914,742,200 -8,850 11,499,250 

$100 ............................................................................ 1,769,262,028,100 1,769,240,066,500 -25,000 21,986,600 

$500 ............................................................................ 141,734,000 141,540,000 4,000 190,000 

$1,000 ......................................................................... 165,139,000 164,926,000 5,000 208,000 

$5,000 ......................................................................... 1,765,000 1,710,000 - 55,000 

$10,000 ....................................................................... 3,440,000 3,340,000 - 100,000 

Partial notes 5 .............................................................. 600 - 90 510 

Total currency ......................................................... $ 2,187,547,065,248 $2,187,072,595,418 $ 238,875,624 $235,594,206 

Comparative totals of currency and coins in circulation—selected dates 

 Amounts (in millions) 

 (1) 

 Per capita 4 

(2) 

Dec. 31, 2021....................................................................................... 2,236,528 6,727

Nov. 30, 2021....................................................................................... 2,221,454 6,683

Oct. 31, 2021 ....................................................................................... 2,204,937 6,633

Sept. 30, 2020...................................................................................... 2,032,424 6,150

Sept. 30, 2015...................................................................................... 1,387,552 4,310

Sept. 30, 2010...................................................................................... 954,719 3,074

Sept. 30, 2005...................................................................................... 766,487 2,578

Sept. 30, 2000...................................................................................... 568,614 2,061

Sept. 30, 1995...................................................................................... 409,272 1,553

Sept. 30, 1990...................................................................................... 278,903 1,105

Sept. 30, 1985...................................................................................... 187,337 782

June 30, 1980 ...................................................................................... 129,916 581

June 30, 1975 ...................................................................................... 81,196 380

June 30, 1970 ...................................................................................... 54,351 265

1 Issued on or after July 1, 1929. 

2 Excludes coins sold to collectors at premium prices. 

3 Includes $481,781,898 in standard silver dollars. 

4 Based on Bureau of the Census estimates of population.

5 Represents value of certain partial denominations not presented for redemption. 

6 Represents current FRB adjustment. 
ForeignCurrencyPositions

ExchangeStabilizationFund
56

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. 
57

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) 

07/07/21 ................................................................ 1,906,421 1,915,016 -337 1.2506

07/14/21 ................................................................ 1,961,933 1,964,053 -153 1.2521

07/21/21 ................................................................ 1,912,177 1,919,448 -248 1.2538

07/28/21 ................................................................ 1,973,060 1,976,917 -228 1.2563

08/04/21 ................................................................ 1,960,900 1,960,127 -222 1.2551

08/11/21 ................................................................ 1,999,366 2,005,360 -78 1.2513

08/18/21 ................................................................ 1,928,048 1,934,813 -336 1.2638

08/25/21 ................................................................ 1,984,044 1,983,457 -259 1.2624

09/01/21 ................................................................ 2,162,144 2,171,959 -342 1.2615

09/08/21 ................................................................ 2,189,671 2,200,996 -287 1.2681

09/15/21 ................................................................ 1,903,390 1,918,899 -284 1.2653

09/22/21 ................................................................ 1,871,803 1,896,386 -288 1.2733

09/29/21 ................................................................ 1,823,900 1,841,059 -325 1.2750

10/06/21 ................................................................ 1,815,484 1,830,488 -340 1.2612

10/13/21 ................................................................ 1,815,066 1,826,204 -309 1.2448

10/20/21 ................................................................ 1,835,583 1,849,689 -270 1.2328

10/27/21 ................................................................ 1,860,927 1,878,636 -201 1.2337

11/03/21 ................................................................ 1,872,097 1,885,528 -261 1.2416

11/10/21 ................................................................ 1,909,676 1,912,339 -298 1.2447

11/17/21 ................................................................ 1,937,243 1,942,400 -362 1.2594

11/24/21 ................................................................ 1,967,381 1,976,446 -285 1.2657

12/01/21 ................................................................ 2,013,160 2,015,538 -265 1.2778

12/08/21 ................................................................ 2,058,203 2,049,510 -292 1.2653

12/15/21 ................................................................ 1,856,672 1,839,530 -322 1.2916

12/22/21 ................................................................ 1,860,575 1,841,429 -231 1.2844

12/29/21 ................................................................ 1,821,597 1,807,733 -227 1.2810
58

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) 

2019 - Dec.................... 1,638,356 1,699,212 383,381 n.a. 49,215 46,379 65,623 63,132 -129 1.2962 

2020 - Dec.................... 1,615,296 1,653,883 271,333 191,964 53,008 50,684 77,418 70,360 -141 1.2753 

2021 - Jan. ................... 1,770,713 1,800,577 237,343 166,597 60,229 58,558 94,655 84,992 -116 1.2776 

Feb ................... 2,002,996 2,047,366 254,560 179,784 67,565 66,850 98,878 85,596 -117 1.2698 

Mar ................... 2,282,462 2,302,400 299,885 244,667 64,889 64,901 95,349 89,904 -107 1.2571 

 Apr.................... 2,041,923 2,057,465 223,148 153,300 54,871 57,489 93,507 84,248 -27 1.2291

May................... 2,048,784 2,075,557 218,449 156,807 64,082 63,840 109,543 111,552 -29 1.2087

June.................. 2,006,475 2,007,476 171,759 159,735 77,145 73,809 134,924 137,377 -183 1.2404 

 July................... 2,051,154 2,048,749 173,884 167,757 84,060 77,423 139,333 137,824 -137 1.2466 

Aug ................... 2,163,435 2,171,001 192,938 183,889 91,938 76,704 143,660 148,130 -206 1.2629 

Sept.................. 2,027,415 2,040,957 187,938 153,782 89,889 86,305 143,447 148,004 -305 1.2673 

Oct.................... 1,943,163 1,957,595 214,779 144,402 75,121 76,439 125,307 127,100 -139 1.2397 

Nov................... 2,058,909 2,056,927 192,442 185,092 67,679 67,358 120,396 122,653 -154 1.2812 

Dec................... 1,827,403 1,817,039 170,694 142,950 64,273 63,388 115,552 124,009 -224 1.2653 

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) 

2018 - 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

Dec .................... 37,680 80,356 129,178 92,121 n.a. n.a. 1,062 570 n.a. 1.2753

2021 - Mar.................... 37,924 75,948 116,451 n.a. 3,162 3,062 3,854 3,348 n.a. 1.2571 

June................... 40,247 76,762 115,033 77,492 1,732 3,441 5,774 1,483 -148 1.2404

Sept................... 38,382 76,288 120,064 83,665 464 215 1,742 1,261 -40 1.2673
59

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) 

07/07/21 ............................................................. 540,084 542,091 -71 110.62

07/14/21 ............................................................. 540,591 545,008 -64 110.03

07/21/21 ............................................................. 541,481 541,041 -73 110.22

07/28/21 ............................................................. 547,020 546,257 -70 110.06

08/04/21 ............................................................. 539,389 542,706 -71 109.44

08/11/21 ............................................................. 555,172 559,687 -71 110.47

08/18/21 ............................................................. 538,233 543,099 -73 109.92

08/25/21 ............................................................. 552,496 555,512 -67 110.03

09/01/21 ............................................................. 572,522 577,815 -67 110.03

09/08/21 ............................................................. 582,786 587,494 -78 110.32

09/15/21 ............................................................. 542,221 546,410 -74 109.40

09/22/21 ............................................................. 576,605 550,186 -80 109.59

09/29/21 ............................................................. 596,323 572,271 -90 111.83

10/06/21 ............................................................. 590,626 561,678 -91 111.33

10/13/21 ............................................................. 600,586 575,081 -100 113.49

10/20/21 ............................................................. 598,410 579,465 -87 114.24

10/27/21 ............................................................. 588,110 564,320 -81 113.75

11/03/21 ............................................................. 625,450 598,597 -90 114.06

11/10/21 ............................................................. 602,349 576,237 -87 113.89

11/17/21 ............................................................. 613,239 586,649 -97 114.33

11/24/21 ............................................................. 628,741 597,451 -120 115.34

12/01/21 ............................................................. 653,681 635,581 -78 112.82

12/08/21 ............................................................. 647,176 623,502 -82 113.83

12/15/21 ............................................................. 600,310 580,692 -89 113.83

12/22/21 ............................................................. 581,692 567,502 -93 114.22

12/29/21 ............................................................. 557,366 558,529 -93 114.97
60

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) 

2019 - Dec................... 514,008 518,815 89,712 73,001 29,712 31,697 46,539 50,688 -34 108.67

2020 - Dec................... 551,945 515,485 93,852 78,209 26,458 27,754 40,126 42,187 40 103.19

2021 - Jan. .................. 572,126 535,411 96,452 81,942 29,099 30,875 42,146 44,256 1 104.64

Feb .................. 614,597 574,596 97,995 80,031 26,972 28,589 40,987 43,116 21 106.64

Mar .................. 590,832 593,506 106,991 93,309 27,446 28,288 41,003 43,537 -9 110.61

 Apr................... 567,978 571,315 80,853 68,133 24,935 26,069 38,704 40,559 -27 109.33

May.................. 572,366 582,086 83,062 68,554 24,250 25,780 38,338 39,855 -27 109.83

June................. 567,818 570,584 84,812 76,766 22,729 23,922 35,724 37,547 -26 111.05

 July.................. 554,596 554,165 70,634 60,541 22,119 23,297 33,820 35,360 -5 109.70

Aug .................. 563,062 565,922 70,295 60,291 21,429 22,256 31,645 33,429 -8 110.05

Sept................. 613,737 587,685 85,319 72,785 21,474 22,581 31,421 34,069 -33 111.50

Oct................... 621,848 594,363 83,618 70,234 22,631 24,377 34,108 36,871 -37 114.03

Nov.................. 658,174 626,856 74,225 65,406 25,265 26,413 37,915 40,157 -44 113.22

Dec.................. 555,955 563,499 86,747 71,664 22,950 23,843 32,370 33,780 -54 115.09

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) 

2018 - 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 

Dec..................... n.a. n.a. 9,738 6,246 413 n.a. n.a. 93 5 103.19

2021 - Mar..................... 9,089 9,554 10,518 6,406 239 551 704 359 2 110.61 

 June ................... 8,588 9,437 10,528 6,457 222 409 540 264 1 111.05 

 Sept.................... 8,410 8,709 10,081 6,448 296 555 710 342 -7 111.50
61

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) 

07/07/21 .................................................................. 838,784 858,692 64 0.9252

07/14/21 .................................................................. 866,086 887,114 28 0.9154

07/21/21 .................................................................. 843,487 855,425 68 0.9179

07/28/21 .................................................................. 854,186 872,803 103 0.9134

08/04/21 .................................................................. 808,225 832,331 137 0.9061

08/11/21 .................................................................. 836,567 860,296 85 0.9215

08/18/21 .................................................................. 858,162 883,853 65 0.9179

08/25/21 .................................................................. 897,893 924,218 62 0.9137

09/01/21 .................................................................. 968,306 992,599 41 0.9145

09/08/21 .................................................................. 932,361 962,716 13 0.9219

09/15/21 .................................................................. 863,776 895,736 13 0.9196

09/22/21 .................................................................. 875,078 905,655 26 0.9223

09/29/21 .................................................................. 880,625 909,122 21 0.9335

10/06/21 .................................................................. 833,390 855,889 56 0.9279

10/13/21 .................................................................. 844,478 869,644 47 0.9260

10/20/21 .................................................................. 869,188 899,345 74 0.9197

10/27/21 .................................................................. 874,118 905,473 76 0.9183

11/03/21 .................................................................. 887,054 906,775 115 0.9121

11/10/21 .................................................................. 866,588 889,157 99 0.9164

11/17/21 .................................................................. 903,308 923,210 78 0.9286

11/24/21 .................................................................. 906,839 925,180 52 0.9354

12/01/21 .................................................................. 1,002,564 1,018,951 50 0.9195

12/08/21 .................................................................. 953,077 971,315 53 0.9217

12/15/21 .................................................................. 845,901 872,007 39 0.9258

12/22/21 .................................................................. 871,668 886,062 27 0.9201

12/29/21 .................................................................. 855,296 874,475 42 0.9149
62

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) 

2019 - Dec..................... 875,026 919,323 94,699 70,094 41,629 39,815 66,118 62,231 n.a. 0.9677 

2020 - Dec..................... 788,408 818,907 84,653 61,459 30,684 29,500 46,891 45,610 n.a. 0.8841 

2021 - Jan. .................... 849,599 881,768 79,328 60,189 31,612 29,452 45,854 45,648 n.a. 0.8905 

Feb .................... 909,212 943,183 86,020 70,546 35,879 32,391 55,072 54,518 n.a. 0.9092 

Mar .................... 929,721 962,928 111,825 99,888 40,799 36,826 60,746 59,553 n.a. 0.9418 

 Apr..................... 886,203 919,745 66,391 53,952 41,057 37,255 62,056 61,530 n.a. 0.9127 

May.................... 907,082 956,795 71,244 58,361 38,856 36,976 58,262 56,780 n.a. 0.8995 

June................... 953,238 988,629 71,968 67,603 34,376 33,359 53,154 52,903 69 0.9253 

 July.................... 889,817 927,598 65,244 51,437 32,520 30,130 52,157 50,280 117 0.9061 

Aug .................... 1,007,233 1,047,742 67,580 58,989 35,418 32,547 57,952 59,107 66 0.9161 

Sept................... 941,447 978,529 73,713 61,402 37,392 36,565 60,400 58,162 31 0.9339 

Oct..................... 972,906 1,007,333 66,243 52,765 38,195 34,548 59,693 59,659 35 0.9165 

Nov.................... 1,040,691 1,070,292 69,669 56,874 36,496 32,846 53,126 51,728 13 0.9217 

Dec.................... 900,008 933,319 72,419 57,271 33,648 29,879 45,688 44,335 3 0.9119 

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) 

2018 - 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 

Dec..................... n.a. n.a. 101,140 14,702 22 n.a. n.a. 51 n.a. 0.8841

2021 - Mar..................... 12,060 41,773 95,515 17,129 n.a. n.a. 601 n.a. -8 0.9418 

 June ................... 11,891 40,383 79,145 14,385 36 180 575 372 1 0.9253 

 Sept.................... 10,682 38,238 80,060 14,117 558 1,515 1,954 704 -6 0.9339 
63

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) 

07/07/21 .................................................................. 3,031,552 3,195,108 -158 1.3792

07/14/21 .................................................................. 3,194,917 3,342,350 -144 1.3854

07/21/21 .................................................................. 3,103,984 3,242,935 -143 1.3695

07/28/21 .................................................................. 3,207,284 3,336,157 -179 1.3884

08/04/21 .................................................................. 3,161,398 3,276,653 -201 1.3912

08/11/21 .................................................................. 3,246,768 3,360,136 -213 1.3866

08/18/21 .................................................................. 3,191,649 3,303,971 -88 1.3749

08/25/21 .................................................................. 3,219,692 3,325,909 -153 1.3723

09/01/21 .................................................................. 3,346,077 3,489,056 -76 1.3790

09/08/21 .................................................................. 3,210,846 3,326,194 68 1.3761

09/15/21 .................................................................. 3,015,503 3,147,030 21 1.3837

09/22/21 .................................................................. 3,098,416 3,227,630 40 1.3669

09/29/21 .................................................................. 3,301,738 3,436,669 19 1.3439

10/06/21 .................................................................. 3,122,323 3,217,872 -49 1.3569

10/13/21 .................................................................. 3,263,700 3,368,714 -96 1.3645

10/20/21 .................................................................. 3,280,294 3,367,666 -78 1.3821

10/27/21 .................................................................. 3,384,475 3,498,611 -72 1.3739

11/03/21 .................................................................. 3,501,498 3,612,416 -208 1.3659

11/10/21 .................................................................. 3,354,078 3,469,332 -230 1.3470

11/17/21 .................................................................. 3,555,890 3,675,564 -135 1.3488

11/24/21 .................................................................. 3,418,056 3,553,551 -156 1.3332

12/01/21 .................................................................. 3,653,388 3,808,879 -213 1.3308

12/08/21 .................................................................. 3,561,530 3,693,438 -211 1.3236

12/15/21 .................................................................. 3,382,801 3,543,501 -207 1.3214

12/22/21 .................................................................. 3,263,044 3,433,567 -214 1.3345

12/29/21 .................................................................. 3,197,140 3,369,359 -174 1.3475
64

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) 

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 - Dec. ................ 3,002,184 3,213,613 721,561 592,495 95,736 93,253 81,783 74,031 137 1.3662

2021 - Jan. ................ 3,094,238 3,272,974 741,022 595,349 90,750 87,423 88,917 81,744 77 1.3723

 Feb ................. 3,427,549 3,607,808 698,107 575,176 107,650 105,462 86,953 87,450 74 1.3947

 Mar ................. 3,399,267 3,583,991 678,361 629,784 101,951 98,434 74,068 70,975 -1 1.3795 

 Apr .................. 3,337,230 3,527,657 505,764 456,979 98,642 94,837 70,994 69,478 -55 1.3838 

 May ................ 3,309,764 3,507,988 559,975 493,259 86,665 84,259 64,180 61,118 71 1.4188

 June ............... 3,306,543 3,494,167 565,087 504,257 76,806 75,434 69,588 67,183 -91 1.3806 

 July ................. 3,389,453 3,544,600 518,181 468,565 75,723 69,769 63,694 62,099 -94 1.3913 

 Aug ................. 3,365,775 3,509,309 535,004 477,549 63,432 57,471 55,128 53,428 30 1.3747

 Sept ................ 3,400,402 3,550,397 598,631 550,441 67,505 61,015 59,055 60,456 37 1.3470

Oct. ................ 3,582,729 3,714,083 554,929 500,684 65,530 61,653 77,313 69,917 -79 1.3686 

Nov ................ 3,710,840 3,854,182 632,598 575,365 67,673 64,987 89,387 76,056 -167 1.3252 

Dec ................ 3,257,135 3,430,618 579,389 488,530 64,036 62,403 81,057 64,114 -88 1.3544

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) 

2018 - 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 

Dec..................... 45,430 n.a. 222,675 80,552 1,711 1,354 2,318 2,241 222 1.3662

2021 - Mar..................... 43,845 63,450 232,954 88,856 1,918 1,890 1,065 669 187 1.3795 

 June ................... 50,602 66,849 225,356 87,405 1,519 1,652 1,224 306 303 1.3806 

 Sept.................... 50,173 63,895 227,437 83,716 559 522 1,002 393 220 1.3470 
65

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) 

07/07/21 ................................................................ 26,493,017 25,659,046 -2,270 n.a.

07/14/21 ................................................................ 27,155,219 26,377,445 -2,590 n.a.

07/21/21 ................................................................ 26,675,832 25,846,424 -2,860 n.a.

07/28/21 ................................................................ 27,384,297 26,646,133 -2,811 n.a.

08/04/21 ................................................................ 26,790,140 25,993,926 -2,490 n.a.

08/11/21 ................................................................ 27,664,117 26,772,316 -2,543 n.a.

08/18/21 ................................................................ 27,373,300 26,593,363 -2,117 n.a.

08/25/21 ................................................................ 28,092,408 27,356,850 -3,450 n.a.

09/01/21 ................................................................ 29,589,248 28,772,608 -3,296 n.a.

09/08/21 ................................................................ 29,282,248 28,454,856 -3,262 n.a.

09/15/21 ................................................................ 27,163,541 26,198,046 -2,698 n.a.

09/22/21 ................................................................ 27,651,796 26,620,004 -2,491 n.a.

09/29/21 ................................................................ 28,386,164 27,452,261 -2,724 n.a.

10/06/21 ................................................................ 27,525,291 26,540,654 -2,195 n.a.

10/13/21 ................................................................ 28,293,486 27,456,472 -2,234 n.a.

10/20/21 ................................................................ 28,285,268 27,484,834 -2,446 n.a.

10/27/21 ................................................................ 28,712,756 27,820,150 -2,222 n.a.

11/03/21 ................................................................ 28,769,871 27,896,186 -2,086 n.a.

11/10/21 ................................................................ 28,595,508 27,540,551 -1,933 n.a.

11/17/21 ................................................................ 29,417,162 28,608,943 -1,436 n.a.

11/24/21 ................................................................ 29,190,858 28,276,504 -1,533 n.a.

12/01/21 ................................................................ 30,990,757 30,072,655 -1,226 n.a.

12/08/21 ................................................................ 30,675,832 29,818,376 -1,978 n.a.

12/15/21 ................................................................ 28,254,664 27,439,786 -2,619 n.a.

12/22/21 ................................................................ 27,318,832 26,502,356 -1,957 n.a.

12/29/21 ................................................................ 27,029,998 26,168,144 -1,543 n.a.
66

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) 

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 - Dec.............. 25,233,574 24,492,626 - - 1,328,145 1,297,830 1,224,642 1,268,973 -917 n.a.

2021 - Jan .............. 27,260,519 26,568,251 - - 1,392,685 1,377,196 1,318,878 1,345,890 -1,205 n.a.

 Feb ............. 29,049,951 28,289,749 - - 1,386,453 1,369,219 1,292,974 1,300,441 -736 n.a.

 Mar ............. 28,837,712 28,080,020 - - 1,409,087 1,393,480 1,266,936 1,295,961 -509 n.a.

 Apr.............. 28,153,212 27,370,680 - - 1,369,601 1,347,210 1,209,128 1,229,889 -1,721 n.a.

 May ............ 28,477,597 27,686,519 - - 1,378,269 1,382,290 1,335,962 1,361,299 -1,587 n.a.

 June ............ 28,371,515 27,445,636 - - 1,365,836 1,366,509 1,260,538 1,292,253 -1,853 n.a.

 July............. 28,313,715 27,510,657 - - 1,360,993 1,363,212 1,213,782 1,221,994 -2,454 n.a.

 Aug............. 29,639,518 28,686,113 - - 1,356,241 1,378,023 1,174,116 1,166,137 -2,688 n.a.

 Sept............ 29,289,901 28,370,609 - - 1,358,432 1,386,914 1,172,663 1,177,010 -1,473 n.a.

 Oct.............. 29,800,133 28,897,492 - - 1,359,937 1,400,815 1,195,731 1,218,736 -1,607 n.a.

 Nov............. 31,383,646 30,481,967 - - 1,454,120 1,496,443 1,292,843 1,304,863 -1,527 n.a.

 Dec............. 27,411,478 26,601,323 - - 1,259,241 1,276,837 1,081,782 1,087,602 -1,218 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) 

2018 - 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.

Dec.................... n.a. n.a. - - n.a. 27,471 24,760 n.a. 1,381 n.a.

2021 - Mar.................... 544,055 384,504 - - 26,574 32,663 28,720 22,735 1,559 n.a.

 June .................. 577,405 440,815 - - 20,809 18,607 22,650 21,814 n.a. n.a.

 Sept................... 576,305 435,325 - - 19,758 20,291 21,963 16,726 2,503 n.a.
67

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) 

07/07/21 ............................................................................. 7,241,653 7,408,302 -489 0.8472

07/14/21 ............................................................................. 7,491,348 7,668,027 -433 0.8456

07/21/21 ............................................................................. 7,237,141 7,411,121 -145 0.8475

07/28/21 ............................................................................. 7,354,633 7,537,176 -229 0.8468

08/04/21 ............................................................................. 7,137,100 7,331,520 -294 0.8445

08/11/21 ............................................................................. 7,439,947 7,625,359 59 0.8520

08/18/21 ............................................................................. 7,360,758 7,550,351 159 0.8546

08/25/21 ............................................................................. 7,519,233 7,703,308 152 0.8505

09/01/21 ............................................................................. 8,001,894 8,206,954 159 0.8439

09/08/21 ............................................................................. 7,878,354 8,065,981 106 0.8462

09/15/21 ............................................................................. 7,547,700 7,723,668 50 0.8467

09/22/21 ............................................................................. 7,511,559 7,665,922 -15 0.8519

09/29/21 ............................................................................. 7,928,338 8,111,957 341 0.8612

10/06/21 ............................................................................. 7,578,218 7,734,806 123 0.8661

10/13/21 ............................................................................. 7,851,671 8,018,408 -23 0.8645

10/20/21 ............................................................................. 7,814,869 8,025,853 33 0.8589

10/27/21 ............................................................................. 7,915,352 8,104,332 6 0.8621

11/03/21 ............................................................................. 7,800,459 7,988,554 41 0.8633

11/10/21 ............................................................................. 7,780,736 7,998,737 -173 0.8683

11/17/21 ............................................................................. 8,094,352 8,298,393 -101 0.8832

11/24/21 ............................................................................. 8,008,972 8,205,295 171 0.8932

12/01/21 ............................................................................. 8,612,726 8,787,227 46 0.8832

12/08/21 ............................................................................. 8,450,353 8,673,661 -187 0.8826

12/15/21 ............................................................................. 8,146,024 8,369,366 -215 0.8880

12/22/21 ............................................................................. 7,784,211 7,979,303 -158 0.8831

12/29/21 ............................................................................. 7,752,178 7,934,176 -102 0.8821
68

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) 

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 - Dec................... 7,296,388 7,446,168 1,588,358 1,479,214 563,482 551,133 327,482 324,693 333 0.8177 

2021 - Jan ................... 7,563,421 7,695,095 1,504,154 1,340,558 559,384 555,378 352,313 342,696 252 0.8241 

 Feb .................. 7,836,248 7,973,948 1,556,999 1,304,954 548,195 548,795 378,481 369,348 143 0.8269 

Mar .................. 8,068,820 8,224,468 1,785,930 1,656,036 516,344 527,888 390,374 384,224 -41 0.8516

 Apr................... 7,865,156 8,031,263 1,323,093 1,181,557 539,190 545,503 366,466 364,085 -51 0.8313 

May.................. 7,552,510 7,694,740 1,403,319 1,294,190 602,994 618,745 377,810 375,265 -193 0.8201 

June................. 7,848,191 7,990,484 1,493,136 1,324,662 541,773 561,660 390,838 381,357 -141 0.8440 

 July.................. 7,772,269 7,917,860 1,430,678 1,238,588 498,728 517,768 383,123 371,151 -254 0.8429 

Aug .................. 8,107,119 8,274,461 1,451,545 1,245,586 444,830 465,203 354,184 346,028 -74 0.8475 

Sept................. 8,316,992 8,436,665 1,540,285 1,383,658 467,734 489,971 348,367 339,324 169 0.8638 

Oct................... 8,397,588 8,572,190 1,522,706 1,361,841 451,811 478,159 354,804 366,011 -12 0.8657 

Nov .................. 8,782,368 9,010,849 1,601,590 1,480,819 488,236 515,244 406,759 397,989 105 0.8860 

Dec .................. 8,038,278 8,176,622 1,345,974 1,260,293 415,988 445,127 352,592 329,041 -40 0.8789 

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) 

2018 - 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 

Dec..................... n.a. n.a. 457,474 253,720 5,629 n.a. n.a. 3,215 5 0.8177

2021 - Mar..................... 116,311 152,858 458,038 249,171 4,771 5,112 11,218 7,102 -719 0.8516 

 June ................... 126,660 156,997 426,336 261,396 6,094 6,700 10,693 5,108 630 0.8440 

 Sept.................... 138,855 163,917 460,740 252,086 10,076 5,663 7,786 6,332 286 0.8638 
69

INTRODUCTION: Exchange Stabilization Fund

To stabilize the exchange value of the dollar, the 

Exchange Stabilization Fund (ESF) was established pursuant 

to chapter 6, section 10 of the Gold Reserve Act of January 

30, 1934, codified at 31 United States Code 5302, which 

authorized establishment of a Treasury fund to be operated 

under the exclusive control of the Secretary, with approval 

of the President. 

Subsequent amendment of the Gold Reserve Act 

modified the original purpose somewhat to reflect 

termination of the fixed exchange rate system. 

Section 4027 of H.R. 748, the Coronavirus Aid, Relief, 

and Economic Security Act (CARES Act), enacted on 

March 27, 2020, as Pub. Law 116-136, appropriated $500 

billion to the ESF. The Consolidated Appropriations Act, 

2021 and the Infrastructure Investment and Jobs Act, 2021, 

subsequently rescinded $479 billion and $1.4 billion, 

respectively, of the $500 billion appropriation provided to 

Treasury. 

Resources of the fund include (a) Fund Balance, which is 

available to support subsidy costs for loan modifications 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, and interest earned on U.S Government, 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 and special 

drawing rights, an international reserve asset created by the 

International Monetary Fund (IMF) to supplement its 

member countries’ position in the Fund, have been 

converted to U.S. dollars based on current exchange rates 

computed according to the accrual method of accounting. 

Investments and loans receivable are reported at 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 amount 

appropriated under the CARES Act Sec 4027 minus 

transfers, expenditures for administrative and subsidy costs, 

and rescissions resulting from the passage of the 

Consolidated Appropriations Act, 2021 and the 

Infrastructure Investment and Jobs Act, 2021. Conversion 

gains and losses are reflected in the cumulative net income -

+ or loss -- account.

• Table ESF-2 shows 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, 

and other investments are accrued. 
70

TABLE ESF-1—Balances as of Sept. 30, 2021, and Dec. 31, 2021 

[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] 

Assets, liabilities, and capital Sept. 30, 2021 

Oct 1, 2021, 

through 

Dec. 31, 2021 Dec. 31, 2021 

Assets 

U.S. dollars: 

Held with Treasury: 

Fund Balance................................................................... 1,984,276 (897,333) 1,086,943 

U.S. Government securities............................................. 22,836,891 (832,438) 22,004,453 

Special drawing rights 1 ........................................................... 163,874,174 (245,205) 163,628,969 

Economic Recovery Program Investments............................. 26,859,819 (5,601,479) 21,258,340 

Economic Recovery Program Loans Receivable.................... 1,146,708 2,369 1,149,077 

Foreign exchange and securities: -

European euro ..................................................................... 12,417,305 (226,772) 12,190,533 

Japanese yen....................................................................... 8,383,209 (262,017) 8,121,192 

Accounts receivable ................................................................. 55,178 6,953 62,131 

Total assets .......................................................................... 237,557,560 (8,055,922) 229,501,638 

Liabilities and capital 

Current liabilities: 

Accounts payable................................................................. 11,141 4,472 15,613 

Total current liabilities ...................................................... 11,141 4,472 15,613 

Other liabilities: 

SDR certificates ................................................................... 5,200,000 - 5,200,000 

SDR allocations ................................................................... 161,825,469 (1,065,918) 160,759,551 

Debt, including accrued interest payable 23,991,092 (5,098,576) 18,892,516 

Total other liabilities ......................................................... 191,016,561 (6,164,494) 184,852,067 

Capital: 

Initial Appropriated Capital Account .................................... 200,000 - 200,000 

Additional Appropriated Capital Account 6,353,195 (1,720,324) 4,632,871 

Net income -+ or loss -- -see Table ESF-2 .......................... (540,020) 10,670 (529,350) 

Total capital ...................................................................... 46,529,858 (1,895,900) 44,633,958 

Total liabilities and capital ............................................ 237,557,560 (8,055,922) 229,501,638 

See footnote on the following page. 
71

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, 2021, 

through 

Dec. 31, 2021 

Fiscal year to date 

Oct. 1, 2021 

through 

Dec. 31, 2021 

Income and expense 

Profit -+ or loss-- on: 

 Foreign exchange ......................................................... (475,684) (475,684)

Adjustment for change in valuation 

 of SDR holdings and allocations 1 .................................... (15,187) (15,187)

Interest (+) or net charges (-) on: 

 SDRs........................................................................... 316 316

 U.S. Government Securities........................................ 3,202 3,202

 Foreign exchange........................................................ (10,768) (10,768)

Economic Recovery Program (+) or net charges (-) on: 

 Appropriations Revenue.............................................. 1,057 1,057

 Administrative Expense............................................... 

. 

(1,150) (1,150)

 Facility Fees................................................................. - -

 Net gain (loss) on Disposition of Investments.............. - -

 Net Interest revenue and expense............................... (31,136) (31,136)

 Income for operations.................................................. (529,350) (529,350)

 Net income (+) or loss (-) ........................................ (529,350) (529,350)

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.” 
Trust Funds
72

INTRODUCTION: Airport and Airway Trust Fund 

The Airport and Airway Trust Fund was established on 

the books of the Department of Treasury in fiscal year 

1971, according to provisions of the Airport and Airway 

Revenue Act of 1970 [49 United States Code 1742(a), 

repealed]. The Tax Equity and Fiscal Responsibility Act of 

1982 (Public Law 97-248, dated September 3, 1982) 

reestablished the trust fund in the Internal Revenue Code 

(26 United States Code 9502) effective September 1, 1982. 

Treasury transfers from the general fund to the trust 

fund amounts equivalent to the taxes received from 

transportation of persons and property by air, gasoline and 

jet fuel used in commercial and noncommercial aircraft, 

and an international arrival and departure tax. The Omnibus 

Budget Reconciliation Act of 1990 (Public Law 101-508, 

dated November 5, 1990) increased rates for the excise 

taxes transferred to the fund. 

Treasury bases these transfers on estimates made by the 

Secretary of the Treasury. These are subject to adjustments 

in later transfers in the amount of actual tax receipts. The 

FAA Reauthorization Act of 2018 (Public Law 115-254), 

effective October 5, 2018, extended the aviation excise 

taxes until October 1, 2023. The Act included provisions 

that: 

 Retained the existing passenger ticket, flight

segment, and freight waybill taxes. The domestic flight 

segment tax is indexed to the Consumer Price Index; 

effective calendar year 2022, the tax is $4.50. It also 

retained a special rule applied to flights between the 

continental United States and Alaska or Hawaii. This 

departure tax is indexed to the Consumer Price Index; 

effective calendar year 2022, the tax is $9.90. 

 Retained the existing tax per person for

international flights that begin or end in the United States. 

The tax is indexed to the Consumer Price Index; effective 

calendar year 2022, the tax is $19.70. 

 Retained the existing tax on payments to airlines

for frequent flyer and similar awards by banks and credit 

card companies, merchants and frequent flyer program 

partners, such as other airlines, hotels and rental car 

companies, and other businesses. The tax on mileage 

awards is 7.5% of the value of the miles. 

 Retained the commercial aviation fuel tax and the

general aviation jet fuel/gas taxes. The current tax rate for 

commercial aviation fuel is 4.3 cents per gallon and 19.3 

cents per gallon for general aviation gas. General aviation 

jet fuel is 21.8 cents per gallon. 

The FAA Modernization and Reform Act 2012 imposed 

a new surtax on fuel used in aircraft that is part of a 

fractional ownership program; the surtax applies to fuel 

used after March 31, 2012. Currently this is a 14.1 cents 

per gallon surcharge of fuel used in fractional ownership 

flights. It also changed the classification of transportation as 

part of a fractional ownership program from commercial 

aviation to noncommercial aviation. 

The FAA Modernization and Reform Act 2012 also 

repealed the excise tax exemption for transportation by 

small jet aircraft operating on non- established lines. (IRS 

defines the term “operated on an established line” to mean 

operated with some degree of regularity between definite 

points). This was changed by the Tax Cuts and Jobs Act 

(Public Law 115-97), which exempts certain payments 

related to the management of private aircraft from the 

excise taxes imposed on taxable transportation by air. 

Excise tax collections resumed in January of 2021 after 

being suspended in late March 2020 with enactment of the 

Coronavirus Aid, Relief, and Economic Security (CARES) 

Act (Public Law 116-136). This “tax holiday” from March 

to December 2020 along with lower levels of aviation 

activity caused by the pandemic severely depleted the 

balance of the AATF. To reduce the impact of the CARES 

Act, Congress transferred $14 billion from the general fund 

of the Treasury to the AATF in the Continuing 

Appropriations Act, 2021 and Other Extensions Act (Public 

Law 116-159). This has ensured that the AATF remains 

solvent while excise tax collections continue to recover. 

Treasury makes available to the Federal Aviation 

Administration (FAA), Department of Transportation 

(DOT), amounts required for outlays to carry out the 

Airport and Airway program. The Secretary of the Treasury 

makes other charges to the trust fund to transfer certain 

refunds of taxes and certain outfits, under section 34 of the 

Internal Revenue Code (IRC). 
73

TABLE TF-1.—Airport and Airway Trust Fund 

Results of Operations, Fiscal Year 2021 

[Source: DOT] 

Description IRC section (26 United States Code) Amount 

Balance Oct. 1, 2020 ...................................................................................................................................................................................................... $8,971,508,905

Receipts: 

Grants-in-aid for Airports funding from General Fund....................................................................................................................................... -

Excise taxes (transferred from general fund): 

Liquid fuel in a fractional ownership flight............................................. 4043...................................................................................... 19,868,293

Liquid fuel other than gasoline.............................................................. 4041...................................................................................... 441,524,090

Gasoline................................................................................................ 4081...................................................................................... 33,183,245

Transportation by airseats, berths, etc. ................................................ 4261 (a) (b)........................................................................... 5,320,040,392

Use of international travel facilities ....................................................... 4261 (c)................................................................................. 1,904,240,754

Transportation of property, cargo ......................................................... 4271 ...................................................................................... 478,058,319

Gross excise taxes ............................................................................................................................................................................................. 8,196,915,094

Less refunds of taxes (reimbursed to general fund): 

Liquid fuel other than gasoline.................................................................. 4041...................................................................................... 8,181,733

Gasoline ...................................................................................................................................................................................................................... 5,091,143

Total refunds of taxes ............................................................................................................................................................................................. 13,272,876

Net taxes ................................................................................................................................................................................................................. 8,183,642,217

General Fund Payments 14,000,000,000

Refunds on Federal Payments (DOT) ........................................................................................................................................................................ 32,111,738

Interest on investments ............................................................................................................................................................................................... 267,828,619

 CMIA interest income ................................................................................................................................................................................................. 910

Total receipts .......................................................................................................................................................................................................... 22,483,583,485

Expenses: 

Operations .................................................................................................................................................................................................................. 10,272,000,000

Grants in aid for Airports ............................................................................................................................................................................................. 3,292,280,000

Facilities and equipment ............................................................................................................................................................................................. 2,831,802,760

Research, engineering, and development .................................................................................................................................................................. 167,094,011

Air carriers ................................................................................................................................................................................................................... 142,996,088

CMIA Interest Expense ............................................................................................................................................................................................... -

Total expenses ........................................................................................................................................................................................................ 16,706,172,859

Offsetting collections ....................................................................................................................................................................................................... 47,252,709

Balance Sept. 30, 2021 .................................................................................................................................................................................................. $14,796,172,240

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

Airport and Airway Trust Fund 

Expected Condition and Results of Operations, Fiscal Years 2022-2026 

[In millions of dollars. Source: DOT] 

2022 2023 2024 2025 2026

Balance Oct. 1 ........................................................................... 14,796 12,163 12,270 13,022 14,474

Receipts:

Excise taxes, net of refunds................................................... 14,292 17,565 18,572 19,593 20,359

Interest on investments .......................................................... 222 166 117 115 119

Offsetting collections .............................................................. 77 77 77 77 77

Total receipts ..................................................................... 14,591 17,808 18,766 19,785 20,555

Expenses: 

Gross Outlays ........................................................................ 17,224 17,701 18,014 18,334 18,663

Balance Sept. 30........................................................................ 12,163 12,270 13,022 14,474 16,366
74

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. 

While the last appropriation was made in FY 2017 when 

Congress appropriated $563 million, beginning in FY 2018, 

Congress authorized transferring funds from other accounts. 

In FY 2018, funds of about $860.6 million were transferred. 

In FY 2021, Congress authorized the transfer of 

$291 million from the United States Enrichment Corporation 

Fund. 
75

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

Results of Operations, Fiscal Year 2021 

[Source: DOE] 

Balance Oct. 1, 2020 ................................................................................................................................................................................. $29,807,392.49 

Receipts: 

Fees collected ........................................................................................................................................................................................ - 

Penalties collected ................................................................................................................................................................................. - 

Interest on investments .......................................................................................................................................................................... 14,298,982.74 

Total receipts ...................................................................................................................................................................................... 14,298,982.74 

Nonexpenditure transfers: 

Transfers in (+) ....................................................................................................................................................................................... 291,000,000.00 

Transfers out (-) ..................................................................................................................................................................................... - 

Net nonexpenditure transfers............................................................................................................................................................. 291,000,000.00 

Outlays: 

DOE, decontamination and decommissioning activities ........................................................................................................................ 812,314,781.74 

Cost of investments................................................................................................................................................................................ -507,192,468.75 

Total outlays ....................................................................................................................................................................................... 305,122,312.99 

Balance Sept. 30, 2021.............................................................................................................................................................................. $29,984,062.24 

Uranium Enrichment Decontamination and Decommissioning Fund 

Expected Condition and Results of Operations, Fiscal Years 2022-2026 

[In thousands of dollars. Source: DOE] 

2022 2023 2024 2025 2026

Balance Oct. 1 ......................................................................... 29,984 29,984 - - -

Receipts: 

Fees collected ...................................................................... 841,000 - - - -

Interest collected .................................................................. 2,154 516 - - -

Total receipts ................................................................... 843,154 516 - - -

Outlays: 

DOE, decontamination and decommissioning fund ............ 831,340 386,274 - - -

Investments redeemed ........................................................ 11,814 -355,774 - - -

Total outlays net of investments redeemed ..................... 843,154 30,500 - - -

Balance Sept. 30...................................................................... 29,984 - - - -
76

INTRODUCTION: Black Lung Disability Trust Fund 

Black Lung Disability Trust Fund was established on the 

books of the Treasury in fiscal year 1978 according to the 

Black Lung Benefits Revenue Act of 1977 (Public Law 95-

227). The Black Lung Benefits Revenue Act of 1981 (Public 

Law 97-119) reestablished the fund in the Internal Revenue 

Code (IRC), 26 United States Code 9501. 

The Consolidated Omnibus Budget Reconciliation Act of 

1985 (Public Law 99-272), enacted April 7, 1986, provided 

for an increase in the coal tax rates effective April 1, 1986, 

through December 31, 1995, and a 5-year forgiveness of 

interest retroactive to October 1, 1985. The 5-year moratorium 

on interest payments ended on September 30, 1990. Payment 

of interest on advances resumed in fiscal year 1991. The 

Omnibus Budget Reconciliation Act of 1987 (Public Law 

100-203, title X, section 10503), signed December 22, 1987,

extended the temporary increase in the coal tax through

December 31, 2013.

The Emergency Economic Stabilization Act of 2008 

(Public Law 110-343, title I, subtitle B, section 113), enacted 

October 3, 2008, restructured the Trust Fund Debt by 1) 

refinancing the outstanding principal of the repayable 

advances and unpaid interest on such advances and 2) 

providing a onetime appropriation to the Trust Fund in an 

amount sufficient to pay to the general fund of the Treasury 

the difference between the market value of the outstanding 

repayable advances, plus accrued interest and the proceeds 

from the obligations issued by the Trust Fund to the 

Secretary of the Treasury. The Act also extends the 

temporary increase in the coal tax through December 31, 

2018, and allows the prepayment of the Trust Fund debt 

prior to the maturity date. In 2019 the excise tax was 

reduced by more than 50% until Congress restored the 

temporary higher rates for 2020 and again for 2021. 

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. 
77

TABLE TF-3.—Black Lung Disability Trust Fund 

Results of Operations, Fiscal Year 2021 

[Source: DOL] 

Balance Oct. 1, 2020 ........................................................................................................................................................................................... 399,326,148.99 

Receipts: 

Excise taxes (transferred from general fund): 

$1.10 tax on underground coal .................................................................................................................................................................... 159,065,876.00 

$0.55 tax on surface coal............................................................................................................................................................................. 55,341,161.00 

4.4 percent tax on underground coal........................................................................................................................................................... 7,064,424.00 

4.4 percent tax on surface coal.................................................................................................................................................................... 64,526,449.00 

Fines, penalties, and interest....................................................................................................................................................................... 2,242,163.30 

Collection—responsible mine operators...................................................................................................................................................... 22,936,853.57 

Recovery of prior year funds........................................................................................................................................................................ - 

Repayable advances from the general fund................................................................................................................................................ 2,201,100,000.00 

Total receipts............................................................................................................................................................................................ 2,512,276,926.87 

Net receipts .............................................................................................................................................................................................. 2,512,276,926.87 

Outlays: 

Treasury administrative expenses ................................................................................................................................................................... 433,836.00 

Salaries and expenses—DOL—Departmental Management.......................................................................................................................... 31,150,119.00 

Salaries and expenses—DOL—Office of Inspector General .......................................................................................................................... 314,019.00 

Salaries and expenses—DOL—Employment Standards Administration........................................................................................................ 38,326,349.00 

Total outlays................................................................................................................................................................................................. 70,224,323.00 

Expenses: 

Program expenses—DOL................................................................................................................................................................................ 149,238,694.82 

Repayable advances and interest ................................................................................................................................................................... 2,217,037,372.00 

Repayment of bond principal ........................................................................................................................................................................... 90,168,853.57 

Interest on principal debt.................................................................................................................................................................................. 120,015,132.31 

Total expenses............................................................................................................................................................................................. 2,576,460,052.70 

Balance Sept. 30, 2021 ........................................................................................................................................................................................ 264,918,700.16 

Cumulative debt, end of year Zero Coupon Bonds only 2,309,869,914.18 

Cumulative debt, end of year ............................................................................................................................................................................... 4,623,026,914.18 

Black Lung Disability Trust Fund 

Expected Condition and Results of Operations, Fiscal Years 2022-2026 

[In thousands of dollars. Source: DOL] 

2021 2022 2023 2024 2025

Balance Oct. 1 ........................................................................................ 264,919 264,919 264,919 264,919 264,919

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.................................................................................... 264,919 264,919 264,919 264,919 264,919

Cumulative debt, end of year zero coupon bond only........................... 2,188,084 2,064,420 1,939,497 1,813,808 1,687,794

Cumulative debt, end of year zero coupon & advance ......................... 4,745,131 4,964,652 5,239,811 5,565,431 5,926,329

Note.—Detail may not add to totals due to rounding. 
78

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. 
79

TABLE TF-4.—Harbor Maintenance Trust Fund 

Results of Operations, Fiscal Year 2021 

[Source: Department of the Army Corps of Engineers] 

Balance Oct. 1, 2020 ............................................................................................................................................................................................................... $9,146,082,255 

Receipts: 

Excise taxes: 

Imports ............................................................................................................................................................................................................................... 1,366,718,851 

Exports............................................................................................................................................................................................................................... 0 

Domestic ............................................................................................................................................................................................................................ 60,478,572 

Passengers ........................................................................................................................................................................................................................ 99,758 

Foreign trade...................................................................................................................................................................................................................... 129,874,025 

Interest on investments ...................................................................................................................................................................................................... 60,414,553 

Total receipts ............................................................................................................................................................................................................... 1,617,585,759 

Return of Funds.................................................................................................................................................................................. 

Expenses: 

81,011,560 

Corps of Engineers ............................................................................................................................................................................................................. 1,553,683,544 

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 ................................................................................................................................................................................................................... 1,594,957,544 

Balance Sept. 30, 2021 ............................................................................................................................................................................................................. 9,249,722,030 

Harbor Maintenance Trust Fund 

Expected Condition and Results of Operations, Fiscal Years 2022-2026 * 

[In millions of dollars. Source: Department of the Army Corps of Engineers] 

2022 2023 2024 2025 2026

Balance Oct. 1 ..................................................................................................... 9,249.7 9,312.7 9,349.6 9,526.9 9,729.8

Receipts:

Harbor maintenance fee .................................................................................. 1,625.6 1,699.8 1,773.0 1,842.5 1,902.1

Interest on investments .................................................................................... 105.0 105.4 173.1 176.7 180.3

Total receipts ............................................................................................... 1,730.6 1,805.2 1,946.1 2,019.2 2,082.4

Total available .............................................................................................. 10,980.3 11,117.9 11,295.7 11,546.1 11,812.2

Outlays:

Harbor Maintenance Trust Fund, legislative proposal 

not subject to paygo ..................................................................................... ---- -

Corps of Engineers operation, maintenance, 

and administrative expenses .......................................................................

1,562.9 1,704.0 1,681.0 1,718.0 1,782.5

Corps of Engineers construction ..................................................................... 63.0 22.0 45.0 55.0 60.0

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 ................................................................................................. 1,667.6 1,768.3 1,768.8 1,816.3 1,886.3

Balance Sept. 30.................................................................................................. 9,312.7 9,349.6 9,526.9 9,729.8 9,925.9

* Outyear projections are for planning purposes and are based on economic conditions and 

agencies’ best projections of revenues and expenses. 
80

INTRODUCTION: Hazardous Substance Superfund 

The Hazardous Substance Response Trust Fund was 

established on the books of the Treasury in fiscal year 1981, 

in accordance with section 221 of the Hazardous Substance 

Response Revenue Act of 1980 [42 United States Code 

9631(a), repealed]. The trust fund was renamed the 

Hazardous Substance Superfund (Superfund) and relocated 

in accordance with section 517 of the Superfund 

Amendments and Reauthorization Act of 1986 [Public Law 

99-499, dated October 17, 1986 (26 United States Code

9507)].

The authority to collect excise taxes on petroleum and 

chemicals, and an environmental tax for all corporations 

with modified alternative taxable income in excess of $2 

million expired in 1995. On November 15, 2021, the 

Infrastructure Investment and Jobs Act (IIJA, Public Law 

117-58) reinstated and modified the taxes on hazardous

chemicals and imported substances that use hazardous

chemicals as feedstock. The taxes shall take effect beginning

July 1, 2022 and ending on December 31, 2031. In addition,

the taxes collected from the prior year will be available in

the budget year without further appropriation.

 To further 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. 
81

TABLE TF-5.—Hazardous Substance Superfund 1, 2 

Results of Operations, Fiscal Year 2021 

[Source: EPA] 

Balance Oct. 1, 2020 ...................................................................................................................................................................................... $75,000,000 

Receipts: 

Crude and petroleum .................................................................................................................................................................................. - 

Certain chemicals ........................................................................................................................................................................................ - 

Corporate environmental ............................................................................................................................................................................ - 

General fund appropriation ......................................................................................................................................................................... $1,153,000,000 

Cost recoveries ........................................................................................................................................................................................... $44,000,000 

Fines and penalties ..................................................................................................................................................................................... $2,000,000 

Interest on investments ............................................................................................................................................................................... $77,000,000 

Special Accounts ......................................................................................................................................................................................... $206,000,000 

Agency for Toxic Substance and Disease Registry.................................................................................................................................... - 

Total receipts ........................................................................................................................................................................................... $1,482,000,000 

Expenses: 

EPA expense .............................................................................................................................................................................................. $1,206,000,000 

Other expenses ........................................................................................................................................................................................... $270,000,000 

Rounding adjustment .................................................................................................................................................................................. -$4,000,000 

 Total expenses.................................................................................................................................................... 

Balance Sept. 30, 2021 ...................................................................................................................................................................................

$1,472,000,000 

$85,000,000 

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. 
82

Hazardous Substance Superfund 

Expected Condition and Results of Operations, Fiscal Years 2022-2026 1,2,3,4,5,6

[In millions of dollars. Source: EPA] 

2022 2023 2024 2025 2026

Balance Oct. 1 ................................................................................................. $85 $428 $1,679 $1,814 $1,947

Receipts:

Interest ......................................................................................................... $100 $102 $102 $102 $102

Recoveries ................................................................................................... $36 $36 $36 $36 $36

Fines and penalties ...................................................................................... $4 $4 $4 $4 $4

Taxes .......................................................................................................... $388 $1,574 $1,644 $1,712 $1,782

Special Accounts ......................................................................................... $350 $350 $350 $350 $350

General revenues ........................................................................................ $4,620 $1,478 $1,478 $1,478 $1,478

Total receipts ........................................................................................... $5,498 $3,544 $3,614 $3,682 $3,752

Appropriations ................................................................................................. $4,705 $1,841 $3,027 $3,097 $3,165

Other expenses ............................................................................................... $450 $452 $452 $452 $452

Balance Sept. 30.............................................................................................. $428 $1,679 $1,814 $1,947 $2,082

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 2022 - FY 2026 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 2021 actual receipts. 

5 Other expenses include Special Accounts. 

6 On November 15, 2021, the Infrastructure Investment and Jobs Act (IIJA, P.L. 117-58) 

reinstated and modified the taxes on hazardous chemicals and imported substances that 

use hazardous chemicals as a feedstock. The taxes shall take effect beginning July 1, 2022 

and ending on December 31, 2031. In addition, IIJA provided $3.5 billion from general 

revenues for Superfund Remedial Activities and taxes collected from the prior year are 

available in budget year without further appropriation. 
83

INTRODUCTION: Highway Trust Fund 

The Highway Trust Fund was established on the 

books of the Treasury in fiscal year 1957, according to 

provisions of the Highway Revenue Act of 1956 (Act of 

June 29, 1956, chapter 462, section 209). It has been 

amended and extended by various highway surface 

transportation and other acts since 1959. The Infrastructure 

Investment and Jobs Act extends through September 30, 

2026, the authority to make expenditures from the Highway 

Trust Fund for authorized purposes. After that date, 

expenditures from the Trust Fund are authorized only to 

liquidate obligations made before that date. Any other 

expenditure will cause the cessation of deposits of highwayuser taxes to the Trust Fund. [IIJA § 80101, 26 U.S.C. 

9503]. 

Amounts equivalent to taxes on gasoline, diesel fuel, 

special motor fuels, certain tires, heavy trucks and trailers, 

and heavy vehicle use are designated by the Act to be 

appropriated and transferred from the general fund of 

the Treasury to Highway Account of the trust fund. These 

transfers are made twice monthly based on estimates by the 

Secretary of the Treasury, subject to later adjustments to 

reflect the amount of actual tax receipts. Amounts 

available in the fund exceeding outlay requirements are 

invested in non-interest-bearing public debt securities. 

The Highway Trust Fund’s Mass Transit Account is 

funded by a portion of the excise tax collections under 

sections 4041 and 4081 of the IRC (title 26 United 

States Code). The funds from this account are used for 

expenditures in accordance with chapter 53 of title 49 

United States Code, the Intermodal Surface 

Transportation Efficiency Act of 1991 (Public Law 102-

240), the Transportation Equity Act for the 21st Century 

(TEA-21), SAFETEA-LU, Moving Ahead for Progress in 

the 21st Century Act (MAP-21), Fixing America’s Surface 

Transportation (FAST) Act and as amended by the 

Infrastructure Investment and Jobs Act (IIJA). The 

remaining excise taxes are included in a separate account 

within the trust fund commonly referred to as the highway 

account. Expenditures from this account are made 

according to the provisions of various transportation acts. 

Amounts required for outlays to carry out the eligible 

surface transportation programs are made available to the 

responsible operating administrations within the 

Department of Transportation. Other charges to the trust 

fund are made by the Secretary of the Treasury for transfer 

of certain taxes to the Land and Water Conservation Fund 

and the Aquatic Resources Trust Fund. 

In addition, the Secretary of the Treasury is required 

by 26 U.S.C. 9503(d)(7) to report to specified 

Congressional Committees any estimate which he, in 

consultation with the Secretary of Transportation, makes 

pursuant to 26 U.S.C. 9503(d)(1) or any determination 

which he makes pursuant to 26 U.S.C. 9503(d)(2). The 

Congressional Committees are the Committee on Ways and 

Means of the House of Representatives, the Committee on 

Finance of the Senate, the Committees on the Budget 

of both Houses, the Committee on Transportation and 

Infrastructure of the House of Representatives, and the 

Committee on Environment and Public Works of the 

Senate. 
84

TABLE TF-6.—Highway Trust Fund 

Results of Operations, Fiscal Year 2021 

[Source: DOT] 

Description IRC section (26 United States Code) Amount 

Balance Oct. 1, 2020 ........................................................................................................................................................................................... 17,747,320,662 

Receipts: 

Excise taxes (transferred from general fund): 

Gasoline ....................................................................................................... 4081 .......................................................................... 25,974,653,766 

Diesel and special motor fuels ..................................................................... 4041 .......................................................................... 12,362,869,740 

Highway tires ................................................................................................ 4071 .......................................................................... 590,750,716 

Retail tax on trucks....................................................................................... 4051 .......................................................................... 4,089,026,521 

Heavy vehicle use ........................................................................................ 4481 .......................................................................... 1,086,826,948 

Total excise taxes .................................................................................................................................................................................... 44,104,127,691 

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 ............................................................................................................................................................... 440,498,000 

To Airport and Airway Trust Fund ................................................................................................................................................................ 304,551,605 

Total transfers .......................................................................................................................................................................................... 746,049,605 

Other income: 

Fines and penalties ...................................................................................................................................................................................... 104,720,510 

Interest ......................................................................................................................................................................................................... 10,666,126 

Transfer from the General Fund ................................................................................................................................................................. 13,600,000,000 

Total other income ................................................................................................................................................................................... 13,715,386,636 

Net receipts .......................................................................................................................................................................................... 57,073,464,722 

Expenses: 

Federal Highway Administration: 

Federal aid to highways ............................................................................................................................................................................... 43,618,854,650 

Right-of-way revolving fund ......................................................................................................................................................................... 0

Appalachian Development Highway System ............................................................................................................................................... 0

Other ............................................................................................................................................................................................................ 6,569,947 

Total ......................................................................................................................................................................................................... 43,625,424,596 

Federal Motor Carrier Safety Administration ............................................................................................................................................... 566,770,133 

Federal Transit Administration ..................................................................................................................................................................... 7,961,355,588 

National Highway Traffic Safety Administration: 

Operations and research ......................................................................................................................................................................... 148,369,117 

Highway traffic safety grants .................................................................................................................................................................... 693,647,414 

National driver register ............................................................................................................................................................................. -

Total ..................................................................................................................................................................................................... 842,016,531 

Federal Railroad Administration ...................................................................................................................................................................... - 

 Office of the Secretary of Transportation................................................................................................................................................. 682,724,852

Other agencies ............................................................................................................................................................................................. - 

Total expenses ......................................................................................................................................................................................... 53,678,291,701 

Balance Sept. 30, 2020........................................................................................................................................................................................ 21,142,493,683 

Note.—Detail may not add to totals due to rounding. 
85

Highway Trust Fund 

Expected Condition and Results of Operations, Fiscal Years 2023-2027 

[In billions of dollars. Source: DOT] 

Combined Statement Highway and Mass Transit Accounts 

2023 2024 2025 2026 2027

Balance Oct. 1 ............................................................... 118 90 59 25 -11

Receipts:

Excise taxes, net of refunds....................................... 41 41 41 41 42

Interest, net ................................................................ - - - - -

Total receipts ......................................................... 41 41 41 41 42

Adjustments 1 ......................................................... - - - - -

Outlays ........................................................................... 70 72 76 77 78

Balance Sept. 30............................................................ 90 59 25 -11 -47

Mass Transit Account 

2023 2024 2025 2026 2027

Balance Oct. 1 .................................................................... 31 24 17 8 -3

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 ................................................................................ 14 13 16 16 16

Balance Sept. 30................................................................. 24 17 8 -3 -13

Highway Account 

2023 2024 2025 2026 2027

Balance Oct. 1 ......................................................................... 87 66 42 17 -9

Receipts:

Excise taxes, net of refunds................................................. 36 36 37 37 37

Interest, net .......................................................................... - - - - -

Total receipts ................................................................... 36 36 37 37 37

Flex fund transfers ............................................................... -1 -1 -1 -1 -1

Adjustments 1 ....................................................................... - - - - -

Outlays ..................................................................................... 56 59 60 61 62

Balance Sept. 30...................................................................... 66 42 17 -8.7 -35

Unfunded authorizations (EOY) ............................................... 8 21 34 47 60

Forty-eight-month revenue estimate........................................ 141 142 142 143 143

Reflects extension of authorized revenue collection and funding levels prescribed in 

P.L. 117-58.

Revenue estimate reflects FY 2022 Midsession Review projections.

Note.—Numbers may not add due to rounding. 
86

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 2023) .............................................................................................................. 74 

less: 

Cash balance (fiscal year 2023) ......................................................................................................................................................................................... 66 

Unfunded authorizations (fiscal year 2023) ........................................................................................................................................................................ 8 

48-month revenue estimate (fiscal years 2024, 2025, 2026, and 2027)............................................................................................................................ 141

. 

Mass Transit Account 

[In billions of dollars. Source: DOT] 

Commitments (unobligated balances plus unpaid obligations, fiscal year 2023) .............................................................................................................. 44 

less: 

Cash balance (fiscal year 20232) ....................................................................................................................................................................................... 24 

Unfunded authorizations (fiscal year 2023) ........................................................................................................................................................................ 20 

48-month revenue estimate (fiscal years 2024, 2025, 2026, and 2027)............................................................................................................................ 25 

Reflects extension of authorized revenue collection and funding levels prescribed in 

P.L. 117-58.

Revenue estimate reflects FY 2022 Midsession Review projections.

Note.—Numbers may not add due to rounding. 
87

INTRODUCTION: Inland Waterways Trust Fund 

The Inland Waterways Trust Fund was established by the 

Treasury, pursuant to section 203 of the Inland Waterways 

Revenue Act of 1978 (Public Law 95-502) and continued 

pursuant to section 1405 of the Water Resources Development 

Act of 1986 (Public Law 99-662, codified at 26 United States 

Code 9506). Under 26 United States Code 9506(b), amounts 

from taxes on fuel used in commercial transportation on 

inland waterways, as determined by the Secretary of the 

Treasury, are appropriated to the trust fund. 

The Technical and Miscellaneous Revenue Act of 1988 

(Public Law 100-647, approved November 10, 1988) 

increased the tax each year, 1990 through 1995. The passage 

of the Achieving a Better Life Experience Act (Public Law 

113-295) in December 2014 increased the tax from 20 cents to 

29 cents per gallon effective April 1, 2015. These amounts are 

transferred quarterly from the general fund based on estimates 

made by the Secretary, subject to adjustments in later transfers 

to the amounts of actual tax receipts. 

The Water Resources Development Act of 2020 (Public 

Law 116-260, December 27, 2020) specified that the cost 

sharing percent from the trust fund be 35 percent for the 

Fiscal Years 2021 to 2031. 

The 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 2021 

[Source: Department of the Army Corps of Engineers] 

Balance Oct. 1, 2020 ........................................................................................................................................................................................... 131,300,061

Receipts: 

Fuel taxes/revenues......................................................................................................................................................................................... 127,650,631

Interest on investments ................................................................................................................................................................................... 81,962

Gain on sale of investments ............................................................................................................................................................................ -

Total receipts................................................................................................................................................................................................ 127,732,593

Return of Funds................................................................................................................................................................................................ 545,957

Transfers: 

Corps of Engineers .......................................................................................................................................................................................... 38,009,688

Balance Sept. 30, 2021........................................................................................................................................................................................ 221,568,924

Inland Waterways Trust Fund 

Expected Condition and Results of Operations, Fiscal Years 2022-2026 * 

[In millions of dollars. Source: Department of the Army Corps of Engineers] 

2022 2023 2024 2025 2026

Balance Oct. 1 ....................................................................................................... 222 197 168 169 168

Receipts: 

Fuel taxes.......................................................................................................... 120 123 126 129 132

Interest on investments .................................................................................... 0 0 0 1 1

Total receipts................................................................................................. 120 123 126 130 133

Transfers: 

Corps of Engineers ........................................................................................... 145 152 126 130 133

Balance Sept. 30 .................................................................................................. 197 168 169 168 168

* Outyear projections are based on economic conditions and agencies’ best projections of

revenues and expenditures. 
88

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. 
89

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

Results of Operations, Fiscal Year 2021 1

[Source: EPA] 

Balance Oct. 1, 2020 ..................................................................................................................................................................................... $827,000,000 

Receipts: 

Taxes .......................................................................................................................................................................................................... $228,000,000 

Interest ........................................................................................................................................................................................................ $0

Gross tax receipts .................................................................................................................................................................................. $228,000,000 

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, 2021 .................................................................................................................................................................................. $963,000,000 

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 2022-2026 1, 2, 3

[In millions of dollars. Source: EPA] 

2022 2023 2024 2025 2026

Balance Oct. 1 ................................................................................................................. $963 $1,066 $1,168 $1,268 $1,365 

Receipts: 

Taxes .......................................................................................................................... $194 $193 $191 $188 $186

Interest ....................................................................................................................... $1 $1 $1 $1 $1 

Total receipts ........................................................................................................... $195 $194 $192 $189 $187 

Appropriations ................................................................................................................. $92 $92 $92 $92 $92 

Balance Sept. 30 ............................................................................................................. $1,066 $1,168 $1,268 $1,365 $1,460 

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 2022 - FY 2026 Appropriation amounts are straight-lined from PB FY2022, as we are 

still in continuing resolution. 

3 Taxes and Interest are estimated. 
90

INTRODUCTION: Nuclear Waste Fund 

The Nuclear Waste Fund was established on the books of 

the Treasury in fiscal year 1983, according to section 302 of 

the Nuclear Waste Policy Act of 1982 [Public Law 97-425, 

codified at 42 United States Code 10222I]. Receipts 

represent fees collected from public utilities based on 

electricity generated by nuclear power reactors and spent 

nuclear fuel, investment income, and Interest on investment. 

Expenditures from the fund are for purposes of radioactive 

waste disposal activities. 

The NWPA requires the civilian owners and generators 

of nuclear waste to pay their share of the full cost of the 

NWF and, to that end, establishes a fee for electricity 

generated and sold by civilian nuclear power reactors which 

the Department must collect and annually assess to 

determine its adequacy. A one-time fee was recorded by the 

NWF as of April 7, 1983, related to the disposal of SNF 

generated prior to that date. Fees recognized by the NWF 

are based upon kilowatt (kWh) of electricity generated and 

sold by civilian nuclear reactors on and after April 7, 1983. 

The Department set the per kWh portion of the fee to zero in 

2014. 

Amounts available in the fund exceeding current needs 

may be invested by the Secretary of the Treasury in 

obligations of the United States (1) having maturities in 

tandem with the needs of the waste fund and (2) bearing 

interest at rates determined appropriate. The interest rates 

take into consideration the current average market yield on 

outstanding marketable obligations of the United States with 

remaining periods to maturity comparable to the maturities 

of such investments, except the interest rate on such 

investments shall not exceed the average interest rate 

applicable to existing borrowings. 

An annual report to Congress by the Secretary of the 

Treasury, after consultation with the Secretary of the 

Department of Energy (DOE), is required by 42 United 

States Code 10222(e)(1). This report must present the 

financial condition and the results of operations of the waste 

fund during the preceding fiscal year. 

The FY2021 Appropriation Bill appropriated $27.5M for 

nuclear waste disposal activities to carry out the purposes of 

the NWPA of 1982. Of the total appropriated, $7.5M was 

derived from the Nuclear Waste Fund to use for Nuclear 

Waste Fund Oversight Activities. 

TABLE TF-9.—Nuclear Waste Fund 

Results of Operations, Fiscal Year 2021 

[Source: DOE] 

Balance Sep. 30, 2020 ......................................................................................................................................................................................... $ 2,423,090 

Receipts: 

Fees collected .................................................................................................................................................................................................. 0 

Interest and income on investments ................................................................................................................................................................ 1,687,123,355 

Total receipts ................................................................................................................................................................................................ 1,687,123,355 

Nonexpenditure transfers: 

SF-1151 transfers in (+) ................................................................................................................................................................................... 0 

SF-1151 transfers out (-) .................................................................................................................................................................................. -3,600,000 

Net nonexpenditure transfers....................................................................................................................................................................... -3,600,000 

Outlays: 

DOE radioactive waste disposal activities ....................................................................................................................................................... 7,280,772 

Cost of investments.......................................................................................................................................................................................... 1,676,642,340 

Total outlays ................................................................................................................................................................................................. 1,676,923,112 

Balance Sept. 30, 2021........................................................................................................................................................................................ $2,023,333 
91

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.] 
92

INTRODUCTION: Reforestation Trust Fund 

The Reforestation Trust Fund (16 US Code 1606a) was 

established in fiscal year 1981 according to provisions of 

Title III—Reforestation, of the Recreational Boating Safety 

and Facilities Improvement Act of 1980 [Public Law 96-

451. Public Law 99-190, Title II provided permanent

authorization of the Trust Fund. Public Law 117-58, Title III

eliminated the cap (previously set at $30 million annually).

The act provides that the Secretary of the Treasury shall 

transfer to the trust fund an amount equal to the sum of the 

tariffs received in the Treasury after January 1, 1989, under 

headings 4401 through 4412 and subheadings 4418.50.00, 

4418.90.20, 4420.10.00, 4420.90.80, 4421.90.10 through 

4421.90.20, and 4421.90.70 of chapter 44, subheadings 

6808.00.00 and 6809.11.00 of chapter 68 and subheading 

9614.10.00 of chapter 96 of the Harmonized Tariff Schedule 

of the United States. Tariffs include (1) rough and primary 

wood products and wood waste; (2) lumber, flooring and 

moldings; and (3) wood veneers, plywood, other woodveneer assemblies and building boards and other wood 

product tariff headings specified in Public L 100-418. 

Amounts available in the reforestation trust fund exceeding 

current withdrawals are invested in 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 other

forest stand improvement activities to enhance forest health

and reduce hazardous fuel loads of forest stands in the

National Forest System and (2) administrative costs of the

Government for these activities.

Annual reports are required by 16 United States Code 

1606aI (1) to be submitted by the Secretary of the Treasury, 

after consultation with the Secretary of Agriculture, on the 

financial condition and the results of the operations of the 

trust fund during the past fiscal year and on its expected 

condition and operations during the next fiscal year. 

TABLE TF-10.—Reforestation Trust Fund 

Results of Operations, Fiscal Year 2021 

[Source: Department of Agriculture] 

Balance Oct. 1, 2020 1 ......................................................................................................................................................................................... $25,706,448 

Receipts: 

Excise taxes (tariffs) ......................................................................................................................................................................................... 30,000,000 

Redemption of investment ............................................................................................................................................................................... - 

Total receipts ................................................................................................................................................................................................ 30,000,000 

Expenses: 

Expenditure ...................................................................................................................................................................................................... 22,376,794 

Total expenses ............................................................................................................................................................................................. 22,376,794 

Adjustment ........................................................................................................................................................................................................... - 

Balance Sept. 30, 2020 ........................................................................................................................................................................................ $33,329,654 

1 Minor difference to beginning balance due to rounding. 

Reforestation Trust Fund 

Expected Condition and Results of Operations, Fiscal Year 2022 

[In thousands of dollars. Source: Department of Agriculture] 

Balance Oct. 1 ..................................................................................................................................................................................................... 33,330

Receipts: 

Excise taxes (tariffs) ........................................................................................................................................................................................ 150,000 

Redemption of investment .............................................................................................................................................................................. -

Total receipts ............................................................................................................................................................................................... 150,000 

Outlays ................................................................................................................................................................................................................ 29,548

Balance Sept. 30................................................................................................................................................................................................. 153,782 
93

INTRODUCTION: Sport Fish Restoration and Boating Trust Fund 

Aquatic Resources Trust Fund (ARTF) was established 

on the books of the Treasury pursuant to the Deficit 

Reduction Act of 1984 [Public Law 98-369, division A, title 

X, section 1016(a), approved July 18, 1984]. The ARTF was 

restructured and renamed the Sport Fish Restoration and 

Boating Trust Fund by the Safe, Accountable, Flexible, 

Efficient Transportation Equity Act: A Legacy for Users or 

“SAFETEA-LU” [Public Law 109-59, title XI, subtitle B, 

part 2, section 11115, approved August 10, 2005,] as 

amended by the Sportfishing and Recreational Boating 

Safety Amendments Act of 2005 [Public Law 109-74, 

approved September 29, 2005]. 

Section 3 of the Dingell-Johnson Sport Fish Restoration 

Act, 16 United States Code 777, provides authorization of 

appropriations to the states to carry out the provisions of the 

act, and Section 4 provides the division of the remaining 

annual appropriation not authorized in Section 3. 

SAFETEA-LU comprehensively amended Section 3 and 

reauthorized the Sport Fish Restoration Program (for fiscal 

years 2006-2009) to permanently appropriate boating safety 

funds; to modify distribution of funds whereby all accounts 

receive a fixed percentage of the total fund annually; and to 

modify the excise tax on certain sport fishing equipment. 

From October 1, 2010, through June 30, 2012, the authority 

for SAFETEA-LU was extended via several public laws. In 

June 2012, Public Law 112-141, Moving Ahead for Progress 

in the 21st Century Act (MAP-21), established new authority 

for Section 4 through September 30, 2014. From October 1, 

2015, through November 20, 2015, the authority for MAP21 was extended via several public laws. On December 4, 

2015, Public Law 114-94, Fixing America's Surface 

Transportation (FAST) Act, Sec. 10001, amended Section 3 

and Section 4 to provide the division of appropriations for 

each of the Fiscal Years 2016 thru 2021. On November 15, 

2021, Public Law 117-58, the Infrastructure Investment and 

Jobs Act, Sec. 28001, amended 16 USC 777b and 16 USC 

777c to provide the division of appropriations through Fiscal 

Year 2026. 

Effective October 1, 2005, motorboat fuel taxes (less $1 

million transferred to the Land and Water Conservation 

Fund) and small engine gasoline taxes [pursuant to the 

Omnibus Budget Reconciliation Act of 1990, Public Law 

101-508, title XI, sections 11211(i)(2) and (3)] were

transferred from the Highway Trust Fund to the Sport Fish

Restoration and Boating Trust Fund. In addition, amounts

equivalent to the excise taxes received on sport fishing

equipment and import duties on fishing tackle, yachts, and

pleasure craft are appropriated into the fund.

Amounts in the trust fund are used, as provided by 

appropriation acts, for the purposes of carrying out the 

Dingell-Johnson Sport Fish Restoration Act, approved 

August 9, 1950; Section 7404(d) of the Transportation 

Equity Act for the 21st Century; and the Coastal Wetlands 

Planning, Protection and Restoration Act (each as in effect 

on the date of enactment of the Infrastructure Investment and 

Jobs Act). 

The general provisions of 26 United States Code 9602(b) 

are responsible for making amounts available in the fund 

exceeding outlay requirements to be invested in public debt 

securities with the interest credited to the fund. 

As required by 26 United States Code 9602(a), annual 

reports to Congress must be submitted by the Secretary of 

the Treasury. These reports will cover the financial condition 

and results of operations of the fund during the past fiscal 

year and those expected during the next five fiscal years. 
94

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

Sport Fish Restoration Results of Operations, Fiscal Year 2021 

[Source: Department of the Interior] 

Balance Oct. 1, 2020 .............................................................................................................................................................................................. $2,142,077,620

Revenue: 

Tax revenue: 

Gas, motorboat .............................................................................................................................................................................................. 316,494,000.00

Fish equipment ............................................................................................................................................................................................... 115,129,320

Tackle boxes .................................................................................................................................................................................................. 1,933,221

Rods and poles .............................................................................................................................................................................................. 35,079,017

Electric outboard motors ................................................................................................................................................................................ 5,990,001

Customs/import duties ................................................................................................................................................................................... 86,419,076

Gas, motorboat small engines ....................................................................................................................................................................... 124,004,000

Total, tax revenue ...................................................................................................................................................................................... 685,048,635

Investment revenue: 

Interest on investments (accrual basis) ......................................................................................................................................................... 16,723,868

Loss on sale of securities ............................................................................................................................................................................... -

Total, investment revenue .......................................................................................................................................................................... 16,723,868

Total revenue ............................................................................................................................................................................................. 701,772,503

Nonexpenditure appropriations: 

Interior ............................................................................................................................................................................................................ -405,300,000

Interior (U.S. Coast Guard) ............................................................................................................................................................................ -96,855,989

Interior (Corps of Engineers) .......................................................................................................................................................................... -58,256,170

Total appropriations ................................................................................................................................................................................... -560,412,159

Balance Sept. 30, 2021 .......................................................................................................................................................................................... 2,283,437,964

Sport Fish Restoration and Boating Trust Fund 

Sport Fish Expected Condition and Results of Operations, Fiscal Years 2022-2026 

[In thousands of dollars. Source: Department of the Interior] 

2022 2023 2024 2025 2065

Balance Oct. 1 ..................................................................................... 2,283,437,964 2,283,437,706 2,283,448,737 2,283,457,861 2,283,469,915

Receipts/revenue:

Taxes ............................................................................................ 689,000 698,000 705,000 715,000 726,000

Interest .......................................................................................... 26,217 28,248 30,372 32,426 34,440

Transfers ....................................................................................... - - - - -

Total receipts ............................................................................ 715,217 726,248 735,372 747,426 760,440

Expenses:

Expenses/transfers ....................................................................... 715,475 715,217 726,248 735,372 747,426

Total expenses .......................................................................... 715,475 715,217 726,248 735,372 747,426

Balance Sept. 30............................................................................... 2,283,437,706 2,283,448,737 2,283,457,861 2,283,469,915 2,283,482,929
95

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 reinstated on January 

1, 2020. The Consolidated Appropriations Act, 2021 (Public 

Law 116-260) which amended 26 USC 4611 (f) to extend 

the OSLTF tax until Dec 31, 2025. Amounts equivalent to 

the taxes received from the environmental tax on petroleum, 

but only to the extent of the Oil Spill Liability Trust Fund rate, 

are appropriated to the fund. 

Certain amounts were transferred from other funds and 

were appropriated to the Oil Spill Liability Trust Fund as 

provided by 26 United States Code 9509(b). Certain paid 

penalties and amounts recovered for damages are also 

appropriated to the fund. 

Amounts in the fund are available for oil spill cleanup 

costs and certain other related purposes as provided by 

appropriations acts or section 6002(b) of the Oil Pollution Act 

of 1990 (Public Law 101-380). 
96

TABLE TF-12.—Oil Spill Liability Trust Fund 

Results of Operations, Fiscal Year 2021 

[Source: Bureau of the Fiscal Service, Funds Management Branch] 

Balance Oct. 1, 2020 1 ................................................................................................................................................................................................... 7,366,161,957 

Revenue: 

Drawback claims........................................................................................................................................................................................................ (86,439,921) 

Return of Funds—DOT.............................................................................................................................................................................................. 261,731 

Return of Funds—USCG........................................................................................................................................................................................... 6,308,161 

Cost recoveries .......................................................................................................................................................................................................... 65,828,847 

Fines and penalties.................................................................................................................................................................................................... 73,660,969 

Excise taxes on crude oil/petroleum products ........................................................................................................................................................... 638,890,466 

Net revenue before interest ................................................................................................................................................................................... 698,510,254 

Investment income: 

Interest on investments.............................................................................................................................................................................................. 67,680,303 

Realized gain .............................................................................................................................................................................................................

Total investment income ........................................................................................................................................................................................ 67,680,303 

Total revenue ......................................................................................................................................................................................................... 766,190,557 

Expenditures: 

Treasury administrative expense—Fiscal Service .................................................................................................................................................... (165,000) 

Nonexpenditure transfers: 

Transfer to Denali commission .................................................................................................................................................................................. (3,132,665) 

Transfer to Interior...................................................................................................................................................................................................... (14,899,000) 

Transfer to EPA.......................................................................................................................................................................................................... (20,098,000) 

Transfer to PHMSA.................................................................................................................................................................................................... (23,453,129) 

Transfer to U.S. Coast Guard-70X8312 (claims)....................................................................................................................................................... (8,690,183) 

Transfer to U.S. Coast Guard-70X8349 (Emer Fund)............................................................................................................................................... (58,622,830) 

Transfer to U.S. Coast Guard-annual (earmarked)................................................................................................................................................... (45,000,000) 

Total nonexpenditure transfers .............................................................................................................................................................................. (173,895,807) 

Total expenditure/nonexpenditure transfers .......................................................................................................................................................... (174,060,807) 

Balance Sept. 30, 2021.................................................................................................................................................................................................. 7,958,291,706 

1 The Balances as of October 1, 2020, and September 30, 2021 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 2022-2026 

[In millions of dollars. Source: Department of Homeland Security] 

2022 2023 2024 2025 2026

Balance Oct. 1 ............................................................................................... 7,958 8,664 9,394 10,088 10,793

Estimated receipts ......................................................................................... 888 912 876 887 903

Estimated expenses ...................................................................................... 182 182 182 182 182

Balance Sept. 30............................................................................................ 8,664 9,394 10,088 10,793 11,514
97

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],617 

Balance Oct. 1, 2020 ........................................................................................................................................................................................... $4,090,860,617 

Receipts: 

Excise tax ........................................................................................................................................................................................................ $312,902,784

Interest on investments.................................................................................................................................................................................... $50,534,188 

Refund of Prior Year Authority $9,743,485 

Total receipts ............................................................................................................................................................................................... $373,180,456 

Expenditure appropriations: 

U.S. Court of Federal Claims expenses.......................................................................................................................................................... $9,848,590

U.S. Department of Justice expenses............................................................................................................................................................. $17,200,121 

Subtotal outlays........................................................................................................................................................................................... $27,048,712 

Nonexpenditure transfers: 

Transfer to HRSA ............................................................................................................................................................................................ $259,614,977 

Total outlays/transfers ................................................................................................................................................................................. $286,663,689 

Balance Sept. 30, 2021 1 ..................................................................................................................................................................................... $4,177,377,384.31 

1 Balance for September 30, 2021: 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, 2021 reflects 

the net activity for FY 2021 and adjusting/closing entries made in October 2021. 

Vaccine Injury Compensation Trust Fund 

Expected Condition and Results of Operations, Fiscal Years 2022-2026 

[In thousands of dollars. Source: Department of Health and Human Services] 

2022 2023 2024 2025 2026

Balance Oct. 1 ...................................................................................................... $4,177,377 $4,257,265 $4,340,361 $4,426,762 $4,516,566

Receipts (from tax) ............................................................................................... $322,290 $331,959 $341,917 $352,175 $362,740

Interest on investments..................................................................................... $52,050 $53,612 $55,220 $56,877 $58,583

Total receipts ................................................................................................ $374,340 $385,570 $397,137 $409,052 $421,323

Outlays: 

U.S. Court of Federal Claims expenses ........................................................... $9,849 $9,849 $9,849 $9,849 $9,849

U.S. Department of Justice expenses .............................................................. $17,200 $17,200 $17,200 $17,200 $17,200

Subtotal outlays ................................................................................................ $27,049 $27,049 $27,049 $27,049 $27,049

Nonexpenditure transfers: 

HRSA ................................................................................................................ $267,403 $275,426 $283,688 $292,199 $300,965

Total outlays/transfers .................................................................................. $294,452 $302,474 $310,737 $319,248 $328,014

Balance Sept. 30................................................................................................... $4,257,265 $4,340,361 $4,426,762 $4,516,566 $4,609,875
98

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. 
99

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

Results of Operations, Fiscal Year 2021 

[In thousands of dollars. Source: Department of Agriculture] 

Balance Oct. 1, 2020 ................................................................................................................................................................................................ 140 

Receipts: 

Harmonized tariff ................................................................................................................................................................................................... 2,250 

Sequestration return FY 2020 ............................................................................................................................................................................... 133 

Sequestration ........................................................................................................................................................................................................ -128 

Total receipts ..................................................................................................................................................................................................... 2,255 

Expenses: 

Expenditure ........................................................................................................................................................................................................... 140 

Total expenses .................................................................................................................................................................................................. 140 

Balance Sept. 30, 2021............................................................................................................................................................................................ 2,255 

Wool Research, Development, and Promotion Trust Fund 

Expected Condition and Results of Operations, Fiscal Year 2022 

[In thousands of dollars. Source: Department of Agriculture] 

Balance Oct. 1, 2021 ................................................................................................................................................................................................ 2,255 

Receipts: 

Harmonized tariff ................................................................................................................................................................................................... 2,250 

Sequestration return FY 21 ................................................................................................................................................................................... 128 

Sequestration ........................................................................................................................................................................................................ -128 

Total receipts ..................................................................................................................................................................................................... 2,250 

Expenses: 

Expenditure ........................................................................................................................................................................................................... 4,505 

Total expenses .................................................................................................................................................................................................. 4,505 

Balance Sept. 30, 2022............................................................................................................................................................................................ - 
100

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 2021 obligations, including adjustments to 

prior year obligations, totaled $45,040. Total net outlays 

were $663 million including outlays from prior year 

obligations, as shown in the table below. In 2021, the 

amount of customs receipts credited to the Agricultural 

Disaster Relief Trust Fund receipt account totaled $0. The 

outlays reported in fiscal year 2021 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 2021 

[In thousands of dollars. Source: Department of Agriculture] 

Cumulative debt, start of year 2021 ......................................................................................................................................................................... $2,609,863 

Borrowing authority ............................................................................................................................................................................................. - 

Repayment of debt ............................................................................................................................................................................................... -135 

Cumulative debt, end of year ................................................................................................................................................................................... 2,609,728 

Budgetary resources: 

Borrowing Authority ............................................................................................................................................................................................. - 

Mandatory appropriation...................................................................................................................................................................................... - 

Other offsetting collections .................................................................................................................................................................................. - 

Total budgetary resources .............................................................................................................................................................................. - 

Obligated balance, Oct. 1, 2020 .............................................................................................................................................................................. 2,690 

Fiscal Year 2021 obligations .................................................................................................................................................................................... 6,408 

Outlays: 

Supplemental Revenue Assistance Payments Program..................................................................................................................................... - 

Livestock Forage Disaster Program .................................................................................................................................................................... - 

Livestock Indemnity Program............................................................................................................................................................................... - 

Tree Assistance Program .................................................................................................................................................................................... - 

Emergency Assistance of Livestock, Honey Bees, and Farm-Raised Fish Program ......................................................................................... - 

Total outlays ..................................................................................................................................................................................................... - 

Recoveries of Prior Year Obligations - 

Obligated balance, Sept. 30, 2021 ........................................................................................................................................................................... $9,098

. 
101

Agriculture Disaster Relief Trust Fund Trust Fund 

Expected Condition and Results of Operations, Fiscal Years 2022-2026 

[In thousands of dollars. Source: Department of Agriculture ] 

2022 2023 2024 2025 2026

Cumulative debt, start of year ............................................................................. 2,609,728 2,609,728 2,609,728 2,609,728 2,609,728

Borrowing authority ......................................................................................... - - -- -

Repayment of debt 1 ....................................................................................... - - -- -

Cumulative debt, end of year .............................................................................. 2,609,728 2,609,728 2,609,728 2,609,728 2,609,728

Budgetary Resources: 

Borrowing authority ........................................................................................ - - -- -

Mandatory appropriations ............................................................................... - - -- -

Other offsetting collections .............................................................................

Total budgetary resources .......................................................................... - - -- -

Obligated balance, Oct. 1 ................................................................................... 3 3 33 3

New obligations ................................................................................................... - - -- -

Recoveries of prior year obligations - - - - -

Outlays: 

Supplemental revenue assistance payments program ................................. - - -- -

Total outlays ................................................................................................ - - -- -

Obligated balance, Sept. 30 .......................................................................... 3 3 33 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. 
102

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. 
103

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

Results of Operations, Fiscal Year 2021 

[Source: Bureau of the Fiscal Service] 

Balance Oct. 1, 2020 ................................................................................................................................................................................................ $31,132

Receipts: 

General Fund Appropriation.................................................................................................................................................................................. 285,000,000 

Transfers from FHI and FSMI ...............................................................................................................................................................................

IRS Health Insurance Fees................................................................................................................................................................................... 326,572,805 

Interest on Investments......................................................................................................................................................................................... 21,906

Total receipts..................................................................................................................................................................................................... 611,594,711 

Expenditure appropriations: 

Transfers to PCORI............................................................................................................................................................................................... -460,361,796 

Transfers to HHS .................................................................................................................................................................................................. -115,087,514 

Total outlays...................................................................................................................................................................................................... -575,449,310 

Balance Sept. 30, 2021 1 .......................................................................................................................................................................................... $36,176,533 

1 Balance September 30, 2021: Balance does not tie to the 3310 ending balance in the September 30, 2021 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, 2021 reflects the net activity for FY 2021 

and adjusting/closing entries made in October 2021. 

Patient Centered Outcomes Research Trust Fund 

Expected Condition and Results of Operations, Fiscal Years 2022-2025 

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

2022 2023 2024 2025

Balance Oct. 1............................................................................................................ 36,176 36,176 36,176 36,176

Receipts: 

General Fund Appropriation ............................................................................................................................................... 293,500 311,500 320,000 338,000

Transfers from FHI and FSMI ............................................................................................................................................. - - - -

IRS Health Insurance Fees ................................................................................................................................................. 367,000 387,000 407,000 428,000

Interest on Investments....................................................................................................................................................... 1 1 1 1

Total receipts ...................................................................................................... 660,501 698,501 727,001 766,001

Expenditure appropriations: 

Transfers to PCORI ............................................................................................... -528,401 -558,801 -581,601 -612,801

Transfers to HHS ................................................................................................... -132,100 -139,700 -145,400 -153,200

Total outlays ....................................................................................................... -660,501 -698,501 -727,001 -766,001

Balance Sept. 30 .................................................................................................... 36,176 36,176 36,176 36,176
104

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. 
105

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

Results of Operations, Fiscal Year 2021 

[Source: Department of Justice] 

Balance Oct. 1, 2020 ...................................................................................................................................................................................... $175,034,845.00 

Receipts: 

Appropriation ............................................................................................................................................................................................................. 0.00 

Recoveries from prior year ....................................................................................................................................................................................... 0.00 

Fines/Penalties .......................................................................................................................................................................................................... 37,684,656.47 

Forfeitures ................................................................................................................................................................................................................. 5,354,989.98 

Interest on investments ............................................................................................................................................................................................. 65,388.82 

Total receipts ............................................................................................................................................................................................................. 43,105,035.27 

Outlays: 

Salaries & Expenses ................................................................................................................................................................................................. 3,742,188.40 

Victim Payments ....................................................................................................................................................................................................... 453,694.42 

Total outlays .............................................................................................................................................................................................................. 4,195,882.82 

Balance Sept. 30, 2021 ............................................................................................................................................................................................. 213,943,997.45 

United States Victims of State Sponsored Terrorism Fund 

Expected Condition and Results of Operations, Fiscal Years 2022-2026 

[In thousands of dollars. Source: Department of Justice] 

2022 2023 2024 2025 2026

Balance Oct. 1...................................................................................................... 213,944 236,857 235,066 233,050 230,795

Receipts: 

Appropriation....................................................................................................

Fines/Penalties................................................................................................. 7,564 - - - -

Forfeitures ........................................................................................................ 20,032 - - - -

Interest on investments.................................................................................... 2,139 2,369 2,351 2,330 2,308

Total receipts................................................................................................ 29,736 2,369 2,351 2,330 2,308

Outlays: 

DOJ, Salaries & Expenses............................................................................... 3,961 4,159 4,367 4,585 4,815

Victim Payments .............................................................................................. 2,862 - - -

Total Outlays net of Investments Redeemed .................................................. 6,823 4,159 4,367 4,585 4,815

Balance Sept. 30.................................................................................................. 236,857 235,066 233,050 230,795 228,288
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 
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. 
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).