BULLETIN

MARCH2024

FEATURES

Department of the Treasury

Bureau of the Fiscal Service

Profile of the Economy

Financial Operations

International Statistics

Special Reports

Produced and Published by
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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 

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www.fiscal.treasury.gov 
Table of Contents 

FINANCIAL OPERATIONS 

 

PROFILE OF THE ECONOMY 

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

FEDERAL FISCAL OPERATIONS 

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

Analysis—Budget Results and Financing of the U.S. Government and Fourth-Quarter Receipts by Source ..................... 12 

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 ........................................................................................................ 42 

PDO-2—Offerings of Marketable Securities Other than Regular Weekly Treasury Bills .................................................. 43 

OWNERSHIP OF FEDERAL SECURITIES 

Introduction—Ownership of Federal Securities .................................................................................................................. 45 

OFS-1—Distribution of Federal Securities by Class of Investors and Type of Issues ........................................................ 46 

OFS-2—Estimated Ownership of U.S. Treasury Securities ................................................................................................ 47

U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION

Introduction—U.S. Currency and Coin Outstanding and in Circulation ............................................................................. 48 

USCC-1—Amounts Outstanding and in Circulation; Currency, Coins ............................................................................... 48 

USCC-2—Amounts Outstanding and in Circulation; by Denomination, Per Capita Comparative Totals .......................... 49

INTERNATIONAL STATISTICS 

FOREIGN CURRENCY POSITIONS 

Introduction—Foreign Currency Positions .......................................................................................................................... 51 
Table of Contents 

SECTION I—Canadian Dollar Positions 

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

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

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

SECTION II—Japanese Yen Positions 

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

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

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

SECTION III—Swiss Franc Positions 

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

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

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

SECTION IV—Sterling Positions 

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

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

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

SECTION V—U.S. Dollar Positions 

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

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

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

SECTION VI—Euro Positions 

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

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

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

EXCHANGE STABILIZATION FUND 

Introduction—Exchange Stabilization Fund ........................................................................................................................ 64 

ESF-1—Balance Sheet ........................................................................................................................................................ 65 

ESF-2—Statement of Net Cost ............................................................................................................................................ 65

SPECIAL REPORTS 

TRUST FUNDS 

Introduction—Airport and Airway Trust Fund .................................................................................................................... 68 

TF-1—Airport and Airway Trust Fund ............................................................................................................................... 69 

Introduction—Uranium Enrichment Decontamination and Decommissioning Fund .......................................................... 70 

TF-2—Uranium Enrichment Decontamination and Decommissioning Fund...................................................................... 71 

Introduction—Black Lung Disability Trust Fund ................................................................................................................ 72 

TF-3—Black Lung Disability Trust Fund ........................................................................................................................... 73 

Introduction—Harbor Maintenance Trust Fund .................................................................................................................. 74 

TF-4—Harbor Maintenance Trust Fund .............................................................................................................................. 75 

Introduction—Hazardous Substance Superfund .................................................................................................................. 76 

TF-5—Hazardous Substance Superfund .............................................................................................................................. 77 

Introduction—Highway Trust Fund .................................................................................................................................... 79 

TF-6—Highway Trust Fund ................................................................................................................................................ 80 

TF-6A—Highway Trust Fund; Highway Account, Mass Transit Account ......................................................................... 82 

Introduction—Inland Waterways Trust Fund ...................................................................................................................... 83 
Table of Contents 

TF-7—Inland Waterways Trust Fund .................................................................................................................................. 83 

Introduction—Leaking Underground Storage Tank Trust Fund .......................................................................................... 84 

TF-8—Leaking Underground Storage Tank Trust Fund ..................................................................................................... 85 

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

TF-9—Nuclear Waste Fund ................................................................................................................................................. 86 

TF-A—Chart: Major Trust Funds, Interest on Investments ................................................................................................. 87 

TF-B—Chart: Major Trust Funds, Receipts and Expenses.................................................................................................. 87 

Introduction—Reforestation Trust Fund .............................................................................................................................. 88 

TF-10—Reforestation Trust Fund ....................................................................................................................................... 88 

Introduction— Sport Fish Restoration and Boating Safety Trust Fund ............................................................................... 89 

TF-11—Sport Fish Restoration and Boating Safety Trust Fund .......................................................................................... 90 

Introduction—Oil Spill Liability Trust Fund ....................................................................................................................... 91 

TF-12—Oil Spill Liability Trust Fund ................................................................................................................................ 92 

Introduction—Vaccine Injury Compensation Trust Fund ................................................................................................... 93 

TF-13—Vaccine Injury Compensation Trust Fund ............................................................................................................. 93 

Introduction—Wool Research, Development, and Promotion Trust Fund .......................................................................... 94 

TF-14—Wool Research, Development, and Promotion Trust Fund ................................................................................... 95 

Introduction— Agriculture Disaster Relief Trust Fund ....................................................................................................... 96 

TF-15—Agricultural Disaster Relief Trust Fund ................................................................................................................. 96 

Introduction—Patient Centered Outcomes Research Trust Fund ........................................................................................ 98 

TF-16—Patient Centered Outcomes Research Trust Fund .................................................................................................. 99 

Introduction— United States Victims of State Sponsored Terrorism Fund ....................................................................... 100 

TF-17—United States Victims of State Sponsored Terrorism Fund ................................................................................. 101 

GLOSSARY ...................................................................................................................................................................... 102

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

n.a. = Not available. 
Nonquarterly Tables and Reports 

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

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

Issues 

March June Sept. Dec. 

Federal Fiscal Operations 

FFO-5.—Internal Revenue Receipts by State ........................................................... √

FFO-6.—Customs and Border Protection Collection of Duties, Taxes and Fees 

by Districts and Ports ............................................................................... √

Special Reports 

Trust Fund Reports:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Profile of theEconomy

FederalFiscalOperations

Account of theU.S.Treasury

FederalDebt

Fiscal Service Operations

OwnershipofFederalSecurities

U.S. Currency andCoinOutstanding

andinCirculation
Profile of the Economy 

(Office of Macroeconomic Analysis) 

February 16, 2024 

Introduction 

The U.S. economy ended calendar year 2023 on a strong note as real GDP growth surprised on 

the upside in the fourth quarter. In labor markets, the pace of job growth was well above the rate 

needed to accommodate population growth, and importantly, an ample supply of labor has 

allowed the unemployment rate to hold at low levels without adding to inflation pressures. 

Indeed, headline inflation eased further in the fourth quarter, aided by falling prices for energy 

goods and services as well as core goods. As of January 2024, the headline inflation rate (as 

measured by the consumer price index, or CPI) has dropped a full 6 percentage points from its 

peak in June 2022. Although core inflation remains elevated through early 2023, there have been 

favorable signs of slowing in the key categories of rent of shelter and core services. While 

aggregate data have been relatively consistent with a soft landing for the U.S. economy, further 

progress is still needed to bring core inflation to a level consistent with the Federal Reserve’s 

target. 

Economic headwinds have been concentrated in specific sectors. Housing markets have been 

mixed: high interest rates have reduced the supply of existing homes for sale, even as new home 

sales, current supply, and prospective supply have improved. Meanwhile, surveys of 

manufacturing business activity have been generally weak—though the January ISM survey 

signaled increasing customer demand—and businesses and consumers remain pessimistic about 

the state of the economy. Overall, however, the U.S. economy proved resilient and strong in 

2023, and data from early 2024 suggest the economy remains well-positioned for growth in the 

new year. 

Economic Growth 

Real GDP growth was unexpectedly strong in the fourth quarter of 2023, rising by 3.3 percent at 

an annual rate, after exceptionally strong growth in the third quarter of 4.9 percent (see Table 1 – 

Real Gross Domestic Product). Over the four quarters of 2023, real GDP growth accelerated to 

3.1 percent—the second fastest annual pace during this Administration and the third fastest 

annual pace since before the Global Financial Crisis. 

Decomposing GDP into smaller components can be helpful in tracking the economy’s 

performance. The four components we consider are: (1) private domestic final purchases 

(PDFP), the most persistent and stable component of output, consisting of personal consumption, 

business fixed investment, and residential investment; (2) government consumption and 

investment; (3) net international purchases (U.S. exports less U.S. imports); and (4) intermediate 

demand (or the change in private inventories). Examined separately, each component delivers 

specific information about activity in various sectors that can be useful in predicting the future 

path of growth. 

1
The first component, PDFP, is particularly important to analyze: it measures the private sector’s 

capacity to drive self-sustaining growth and, therefore, may signal the direction of future 

economic performance. In the fourth quarter, real PDFP growth was a strong 2.6 percent at an 

annual rate, which accounted for 2.2 percentage points of total GDP growth. Although slowing 

modestly, personal consumption expenditure (PCE) growth remained close to the third quarter 

pace and suggested that households’ consumption bundles are slowly rotating from the elevated 

levels of goods purchases that dominated the pandemic era to services consumption. On net, 

household spending on services accounted for roughly 55 percent of PCE’s contribution to GDP 

growth. 

Business fixed investment accelerated in the fourth quarter, reflecting growth in all three major 

components. Investment in equipment turned positive in the fourth quarter, while spending on 

intellectual property products grew for the fourteenth consecutive quarter. However, investment 

in structures slowed sharply in the fourth quarter, largely driven by less investment in 

commercial and health care buildings. 

Residential investment, the final component of PDFP, posted growth in the fourth quarter, 

marking this sector’s first back-to-back quarters of expansion in three years. However, growth 

slowed as continued weakness in other structures investment (largely reflecting brokers’ 

commissions from sluggish home sales) partially offset new single-family home construction. 

The other three components of GDP (government spending, net exports, and inventory changes) 

all made positive contributions to fourth quarter growth. Total government spending contributed 

solidly to growth in the fourth quarter, but paces of growth were softer at all levels of 

government. International trade was a net positive contributor to real GDP growth as the 

increase in exports outweighed import growth, resulting in a narrower trade deficit in the fourth 

quarter. And the change in private inventories, which can exhibit wide swings from quarter to 

quarter, added only slightly to growth in fourth quarter after a large contribution in the third 

quarter. Notably, the lower contribution from the change in private inventory investment 

explains most of the deceleration in real GDP growth from the third to the fourth quarters. 

2
Growth of Real GDP 

(Quarterly percent change at annual rate) 

Labor Markets and Wages 

Despite mounting signs of easing in some indicators, labor markets remain relatively tight and 

job creation is consistent with a stable unemployment rate. The pace of job creation averaged 

289,000 per month in the first half of 2023, then slowed to an average 220,000 per month in the 

latter half of the year. Over the turn of the year, however, job creation surged, averaging 

343,000 per month in December and January. The unemployment rate dropped to a 54-year low 

of 3.4 percent in January 2023 (and again in April) but by the end of the year, had risen to 3,7 

percent, where it stood in January 2024, reflecting solid labor supply. The broadest 

unemployment rate—which includes those working part-time for economic reasons and those 

marginally-attached to the labor force—stood at 6.7 percent at the start of 2023, close to the 

record low of 6.5 percent in December 2022 (series dates from 1994), but has trended higher 

since, reaching 7.2 percent as of January 2024. 

The rebalancing of labor supply and demand in the economy continues, but at a slow pace. 

Throughout 2023 and in January 2024, the labor force participation rate (LFPR) for all workers 

has held within a range of 62.4 percent and 62.8 percent. In more recent months the rate has 

drifted down and stood at 62.5 percent in January 2024, or 0.8 percentage points below the level 

in February 2020. However, among prime-age workers, the LFPR has surpassed the prepandemic high of 83.1 percent since March 2023, peaking 0.4 percentage points higher in three 

of those months, and stood at 83.3 percent as of January 2024. In addition to increased labor 

supply, demand for labor is slowly normalizing. The number of job openings and the vacancies 

rate have each trended down since March 2022; as of December 2023 (latest available data), 

there were 1.4 job openings per unemployed worker, the lowest ratio since September 2021. 

This lower ratio (fewer jobs per unemployed worker) signals improving balance in labor 

markets. 

3
Measures of wage growth in the private sector showed a gradual slowing last year but have 

stabilized, on balance, in more recent months. In each of the final three months of 2023, 12-

month growth of average hourly earnings was 4.3 percent, then stepped up to 4.5 percent in 

January 2024. These rates are considerably below the 5.9 percent peak in March 2022, but 

higher than the 3.3 percent yearly-rate average in 2019. Despite relatively stable wage growth 

recently, progress in reducing inflation has helped improve purchasing power: real average 

hourly earnings were up 1.4 percent over the year through January 2024 – the fastest pace since 

last July and contrasting with the 1.7 percent decline in real wages over the year-earlier period. 

An alternative measure of wage growth, the Employment Cost Index (ECI), also suggests that 

wage pressures moderated in the fourth quarter. (The ECI controls for employment shares 

among industries and occupations, making it a better reference for wage growth.) Over the four 

quarters through December 2023, the ECI for private sector wages and salaries grew 4.3 percent, 

slowing from the 4.5 percent pace over the year through September 2023, and well down from 

the 5.1 percent pace over the four quarters through December 2022. 

Payroll Employment

(Monthly average for year shown and monthly amounts, in thousands)

Unemployment Rate

(Percent)

4
Nonfarm Productivity of Labor 

In 2023, productivity picked up with solid economic growth. Over the latter three quarters of 

2023, nonfarm productivity growth was 3.9 percent at an annual rate, above the 3.5 percent over 

the four quarters of 2019. Indeed, nonfarm productivity grew by 3.2 percent annualized in the 

fourth quarter, more than double the rate a year earlier. The most recent increase reflected a 3.7 

percent jump in real output which offset a 0.4 percent increase in worker hours. Over the four 

quarters of 2023, productivity was up 2.7 percent. 

Alongside strong productivity gains, workers have seen higher compensation. Nominal hourly 

compensation costs in the nonfarm business sector rose 3.7 percent at an annual rate in the fourth 

quarter and were up 5.0 percent over the four quarters of 2023, more than doubling from the 2.3 

percent, year-earlier pace. Combined with slowing inflation, such strong compensation growth 

has led to real gains. Real compensation per hour was up 0.9 percent at an annual rate in the 

fourth quarter and 1.8 percent over 2023. 

Productivity gains have also led to relatively slow cost growth for businesses. Unit labor costs, 

defined as the average cost of labor per unit of output, increased just 0.5 percent at an annual rate 

in the fourth quarter. Although this partly retraced a 1.1 percent decline in the previous quarter, 

growth of these costs on a four-quarter basis was 2.3 percent in 2023, roughly one-half of the 

pace in 2022 and the slowest pace of labor cost growth since before the pandemic. 

Industrial Production, Manufacturing, and Services 

Industrial production—that is, the output of manufacturing businesses, mining, and utilities—has 

been relatively lackluster since the spring of 2022. Throughout 2023, total output was volatile, 

and over the year through January 2024, output at factories, mines, and utilities was essentially 

flat. 

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

trended lower since spring of 2022. In the fourth quarter of 2023, manufacturing production 

declined 1.9 percent at an annual rate. In January, output growth decreased another 0.5 percent 

and was down 0.9 percent over the year. The downtrend in manufacturing output has been 

broadly based, save for three specific industries: high-tech manufacturing, automotive factory 

output, and manufacturing of aerospace equipment. Excluding these sectors, most manufacturing 

industries’ output has trended down. 

Unlike the manufacturing sector, mining output (14 percent of industrial production) has trended 

higher, largely driven by oil and natural gas well drilling—though the latest year-over year 

reading through January was still down 1.2 percent due to inclement weather. Since crude oil 

prices have held above most breakeven points for new wells, U.S. oil and gas producers have 

gradually increased output. The final component of industrial output is utilities production, 

which tends to fluctuate month to month due to weather; unseasonable weather in months often 

causes sharp swings in output from one month to the next. For example, utilities output declined 

1.7 percent in December 2023, then surged 6.0 percent in January 2024. 

5
According to survey measures of manufacturing and service-sector businesses, business growth 

remains negative in the manufacturing sector and has slowed significantly in the services sector. 

According to the Institute for Supply Management (ISM), its manufacturing index has remained 

below the growth threshold of 50 for the past fifteen months. In January 2024, however, the 

index posted its largest monthly gain in about three years, rising to 49.1. For the services sector, 

the ISM’s index has held above 50 for thirteen consecutive months. In January 2024, the index 

rose 2.9 points to 53.4. 

Housing Markets 

Housing markets have been relatively weak, constrained by low total housing inventories and 

sales, related to elevated mortgage rates and high home prices. Existing home sales—which 

account for a supermajority of all home sales—have declined on a twelve-month basis every 

month since August 2021, while monthly rates have fluctuated. In December, existing home 

sales fell 1.0 percent and, over the year through December, were down 6.2 percent. Even so, the 

year-over-year decline was much less steep than the 34.0 percent plunge over the year through 

December 2022. By contrast, new single-family home sales have trended higher since July 2022 

and were up 8.0 percent in December. After several months of double-digit 12-month gains, new 

single-family home sales grew 4.4 percent over the year through December 2023. 

Inventories of existing homes available for sale have risen from all-time lows in 2022 (1.6 

months in January 2022) but remain constrained as many existing homeowners are still reluctant 

to sell homes with lower mortgage rates in exchange for new mortgages at much higher rates. 

Even so, the months’ supply of existing homes for sale has remained at or above the three-month 

mark for the past eight months and stood at 3.2 percent in December 2023 – double the record 

low but still much lower than the average 3.9 months of supply in 2019. Inventories of new 

homes on the market remain elevated but after trending lower in mid-2023, have resumed a 

rising trend, and stood at 8.2 months’ supply in December 2023. 

Since early 2023, monthly growth rates of house prices have been picking up, and yearly rates 

have turned higher since mid-2023. The Case-Shiller 20-city house price index—which 

measures sales prices of existing homes—has risen since March 2023, though in recent months, 

the pace of growth has begun to slow. Over the year ending November 2023 (latest data 

available) the 20-city index was up 5.4 percent, a bit slower than the 6.9 percent, year-earlier 

advance. Meanwhile, the FHFA purchase-only house price index has shown positive growth to 

varying degrees. Over the year through November 2023, the FHFA measure was up 6.6 percent, 

slower than the 8.2 percent, year-earlier rate but roughly double the paces seen in mid-2023. 

Signals from new construction starts and permits (a signal for future starts) were mixed 

throughout 2023 and remained so at the beginning of this year. Since the latter half of 2023, 

single-family housing starts have fluctuated on a monthly basis and fell 4.7 percent in January 

2024. But 12-month rates have been trending higher since July 2023 and were up 22.0 percent 

over the year through January 2024. Single-family permits have been growing since February 

2023 and rose 1.6 percent in January 2024. Yearly rates for these permits turned positive in July 

2023 and were up 35.7 percent over the twelve months through January 2024. 

6
In contrast to the single-family sector, multi-family starts have declined noticeably during the 

past several months and dropped 35.6 percent in January 2024. Multi-family starts were down 

36.8 percent over the year through January 2024. Meanwhile, multi-family permits have 

declined in seven of the past twelve months, including a 7.9 percent decline in January 2024 to 

the lowest level since April 2020. Multi-family permits are down 24.9 percent over the year 

through January 2024, suggesting that the weakening trend in this segment of the market 

continues. 

Despite mixed trends between single-family and multi-family construction, activity in the 

housing sector remains relatively elevated, as builders continue to work through construction 

backlogs. The number of total homes under construction—both single-family and multifamily—stood at 1.676 million as of January 2024, modestly below the record high of 1.710 

million reached in October 2022 (data series begins in 1970). Notably, home builders have 

grown more optimistic in recent months, due to a moderation in mortgage rates and the persistent 

shortage of existing homes inventory. The National Association of Home Builders’ housing 

market index rose for the third consecutive month in February, reaching 48, the highest level 

since August 2023. 

Prices 

Inflation has slowed substantially since 2022. In the fourth quarter, headline inflation (as 

measured by the CPI) averaged 0.2 percent per month, driven by an average 1.3 percent decline 

in energy prices from October to December. Although energy prices fell further in January 

2024, monthly headline inflation ticked up to 0.3 percent as food price inflation accelerated and 

core inflation picked up. 

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

much of 2022 but began to slow during the final three months of the year. By the latter half of 

2023, core inflation held within a range of 0.2 percent to 0.3 percent. In January 2024, however, 

monthly core CPI accelerated to 0.4 percent. Core goods prices have fallen in seven of the past 

eight months, helping to constrain core readings. Inflation for core services has the driving force 

behind core CPI inflation. Rent of housing inflation—that is rent of primary residence and 

owners’ equivalent rents—has set a high floor for core services inflation, despite some recent 

slowing. Monthly readings for rent of housing inflation have fluctuated between 0.4 percent and 

0.5 percent since May 2023, accounting for roughly 0.2 percentage points of monthly headline 

inflation. Even so, rent of housing price growth has moderated from the 0.7 percent to 0.8 

percent monthly rates seen in the latter half of 2022. 

On a twelve-month basis, inflation has also slowed considerably from peak readings. Though 

still elevated relative to pre-pandemic paces, it is moving closer to the Federal Reserve’s target 

rate. Over the year ending January 2024, CPI inflation was 3.1 percent—roughly one-third of 

the peak, 9.1 percent pace recorded over the year through June 2022. Core inflation has also 

slowed on a yearly basis, but to a lesser extent than headline: over the year ending in January 

2024, core inflation was 3.9 percent, or 2.7 percentage points below the peak rate of 6.6 percent 

reached over the year through September 2022 and the slowest yearly pace since May 2021. As 

7
with monthly inflation, price growth of core services—driven by strong shelter inflation—has 

been the primary contributor to relatively rapid core inflation. 

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

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

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

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

methodological and weighting differences. As of December 2023, PCE inflation was 2.6 percent 

on a year-over-year basis, 0.8 percentage points slower than CPI inflation for the comparable 

timeframe. Core PCE inflation was 2.9 percent over the year ending December 2023, a full 

percentage point below the 3.9 percent core CPI rate measured over the same time frame. 

Consumer Prices

(Percent change from a year earlier)

Consumer and Business Sentiment 

Despite solid economic growth, strong job creation, and slowing inflation, consumers’ and 

businesses’ sentiment remained relatively low through much of 2023. However, starting in 

December, the mood among consumers began to brighten. After falling to a record low of 50.0 

in June 2022, the Reuters/Michigan consumer sentiment index fluctuated above that level 

through November 2023. Yet the index began to rise consistently starting in December 2023, 

increasing to 79.6 in the preliminary reading for February 2024—the highest level since July 

2021. Meanwhile, consumer confidence in The Conference Board’s alternative household 

survey has improved since October. By January 2024, the consumer confidence index was 114.8, 

8
the highest reading since December 2021. Even so, households’ assessments of the economy 

remain low by historical norms. 

The mood among small businesses remains pessimistic as well. The National Federation of 

Independent Business’s (NFIB) small business optimism index has trended lower since mid2021. In January 2024, the small business optimism index stood at 89.9, or 2 points below the 

early pandemic low. This marked the twenty-fifth consecutive month that the index was below 

the pre-pandemic long-term average of 98.0. 

Federal Budget Deficit and Debt 

The federal government’s deficit and debt rose sharply following the multiple fiscal responses to 

mitigate the pandemic’s impact on the economy. In FY 2020, the federal deficit peaked at 14.7 

percent of GDP. However, federal finances have improved significantly since FY 2020 with the 

deficit in FY 2023 equal to 6.3 percent of nominal GDP. 

Even so, the level of the deficit was higher over the fiscal year by $320 billion, reaching $1.70 

trillion as lower receipts outweighed decreased spending. Receipts shrank by $457 billion from 

FY 2022 to FY 2023, partly an artifact of abnormally high capital gains taxes in 2022. 

Meanwhile, outlays decreased by $137 billion in FY 2023, partly reflecting lower outlays for 

student loan relief programs by the Department of Education. By contrast, outlays increased for 

national defense, Social Security, Medicare, and net interest. Over the twelve months through 

January 2024, the federal government’s deficit had risen to $1.77 trillion. 

At the end of FY 2023, gross federal debt stood at $33.2 trillion (122.9 percent of GDP), up from 

$30.9 trillion (122.2 percent of GDP) at the end of fiscal year 2022. Since September 2023, 

gross federal debt has risen to $34.2 trillion as of January 2024. Debt held by the public was 

$26.3 trillion (97.6 percent of GDP) at the end of FY 2023, up from $24.3 trillion by the end of 

fiscal year 2022 (96.0 percent of GDP). Since the end of FY 2023, debt held by the public has 

risen to $27.1 trillion. In June 2023, the Treasury’s borrowing limit was suspended until 2025. 

Monetary Policy 

The FOMC began raising its policy rate at its meeting in March 2022 to address inflation. In the 

first half of 2023, the FOMC increased the Federal funds target rate of interest by 100 basis 

points—versus a 425-basis point increase in 2022—but did not raise the target range at any of its 

meetings since July 2023. During the post-FOMC meeting press conference on January 31, 

Chair Powell noted that “[w]e believe that our policy rate is likely at its peak for this tightening 

cycle, and that if the economy evolves broadly as expected it will likely be appropriate to begin 

dialing back policy restraint at some point this year.” 

9
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 

10
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 2024 

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 $525.0 billion for the first 

quarter of Fiscal Year 2024. This is an increase of $20.4 

billion over the comparable prior year quarter. Withheld 

receipts decreased by $16.6 billion and non-withheld 

receipts increased by $32.2 billion during this period. 

Refunds decreased by $4.9 billion over the comparable 

Fiscal Year 2023 quarter. There was a decrease of $1.2 

billion in accounting adjustments between individual income 

tax receipts and the Social Security and Medicare trust funds 

over the comparable quarter in Fiscal Year 2023. 

Corporate income taxes—Net corporate income tax 

receipts were $149.9 billion for the first quarter of Fiscal 

Year 2024. This is an increase of $44.5 billion compared to 

the prior year first quarter. The $44.5 billion change is 

comprised of an increase of $42.6 billion in estimated and 

final payments, and a decrease of $1.9 billion in corporate 

refunds. 

Employment taxes and contributions—Employment 

taxes and contributions receipts for the first quarter of Fiscal 

Year 2024 were $368.8 billion, an increase of $21.6 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 $14.8 billion, $2.5 billion, and $4.6 billion 

respectively. There was a $12.9 billion accounting 

adjustment for prior years employment tax liabilities made 

in the first quarter of Fiscal Year 2024. There was a $11.8 

billion adjustment in the first quarter of Fiscal Year 2023. 

Unemployment insurance—Unemployment insurance 

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

2024 were $6.5 billion, a decrease of $0.7 billion over the 

comparable quarter of Fiscal Year 2023. Net State taxes 

deposited in the U.S. Treasury decreased by $0.6 billion to 

$5.8 billion. Net Federal Unemployment Tax Act taxes 

decreased by $0.2 billion to $0.7 billion. 

Contributions for other insurance and retirement—

Contributions for other retirement were $1.8 billion for the 

first quarter of Fiscal Year 2024. This was an increase of 

$0.3 billion from the comparable quarter of Fiscal Year 

2023. 

11
Excise taxes—Net excise tax receipts for the first 

quarter of Fiscal Year 2024 were $21.9 billion, an increase 

of $1.0 billion over the comparable prior year quarter. Total 

excise tax refunds for the quarter were $1.3 billion, an 

increase of $0.5 billion over the comparable prior year 

quarter. 

Estate and gift taxes—Net estate and gift tax receipts 

were $8.4 billion for the first quarter of Fiscal Year 2024. 

These receipts represent an increase of $1.4 billion over the 

same quarter in Fiscal Year 2023. 

Customs duties—Customs duties net of refunds were 

$18.9 billion for the first quarter of Fiscal Year 2024. This 

is a decrease of $2.9 billion over the comparable prior year 

quarter. 

Miscellaneous receipts—Net miscellaneous receipts 

for the first quarter of Fiscal Year 2024 were $6.1 billion, a 

decrease of $3.5 billion over the comparable prior year 

quarter.

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

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

 First quarter 2023 

October – December 

 Fiscal year 2024 

 year to date 

Total on- and off-budget results: 

Total receipts ............................................................... 1,107,575 1,107,575

On-budget receipts .................................................. 835,948 835,948

Off-budget receipts .................................................. 271,626 271,626

Total outlays................................................................. 1,617,515 1,617,515

On-budget outlays.................................................... 1,317,186 1,317,186

Off-budget outlays.................................................... 300,329 300,329

Total surplus or deficit (-)............................................. -509,941 -509,941

On-budget surplus or deficit (-)................................ -481,239 -481,239

Off-budget surplus or deficit (-)................................ -28,702 -28,702

Means of financing: 

Borrowing from the public ............................................ 587,386 587,386

Reduction of operating cash ........................................ -111,701 -111,701

Other means ................................................................ 34,257 34,257

Total on- and off-budget financing ........................... 509,941 509,941

First-Quarter Net Budget Receipts by Source, Fiscal Year 2024 

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

Source October November December

Individual income taxes...................................................... 219.9 126.9 178.2

Corporate income taxes..................................................... 48.2 7.8 93.9

Employment and general retirement.................................. 110.2 118.7 140.0

Unemployment insurance .................................................. 3.4 2.8 0.4

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

Excise taxes ....................................................................... 7.3 7.7 7.0

Estate and gift taxes .......................................................... 4.5 2.3 1.7

Customs duties .................................................................. 6.9 6.3 5.7

Miscellaneous receipts....................................................... 2.5 1.8 1.9

Total budget receipts ..................................................... 403.4 274.8 429.3

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

12
13
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)

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

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

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

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

2023 ............................... 4,439,283 3,245,528 1,193,755 6,134,433 4,913,690 1,220,742 -1,695,147 -1,668,161 -26,987 2,150,233 

2024 – Est1..................... 5,027,559 3,820,223 1,207,336 6,904,768 5,593,840 1,310,928 -1,877,209 -1,773,617 -103,592 1,987,305 

2025 – Est1..................... 5,413,903 4,158,921 1,254,982 7,111,012 5,711,778 1,399,234 -1,697,109 -1,552,857 -144,252 2,055,991 

2022 – Dec..................... 454,942 358,135 96,807 539,943 467,639 72,304 -85,001 -109,504 24,503 4,743 

2023 – Jan ..................... 447,288 339,029 108,259 486,072 388,957 97,115 -38,784 -49,928 11,144 35,500 

Feb ..................... 262,114 168,220 93,894 524,548 411,260 113,288 -262,434 -243,040 -19,394 -976

Mar ..................... 313,240 210,007 103,233 691,317 579,980 111,337 -378,076 -369,973 -8,104 -3,677

Apr...................... 638,520 518,378 120,142 462,340 361,603 100,736 176,181 156,775 19,406 -60

May..................... 307,487 212,879 94,608 547,835 430,380 117,455 -240,348 -217,501 -22,847 1,719

June.................... 418,317 273,669 144,648 646,085 558,489 87,596 -227,768 -284,820 57,052 859,459 

July ..................... 276,161 188,272 87,889 496,943 396,383 100,560 -220,782 -208,111 -12,671 272,653 

Aug ..................... 283,130 193,294 89,836 193,875 80,415 113,460 89,256 112,880 -23,624 298,263 

Sept.................... 467,473 370,545 96,928 638,455 523,172 115,283 -170,982 -152,627 -18,355 252,213 

Oct...................... 403,434 321,848 81,586 469,997 366,984 103,013 -66,564 -45,137 -21,427 474,269 

Nov..................... 274,830 186,993 87,837 588,842 475,132 113,710 -314,012 -288,139 -25,873 172,532 

Dec..................... 429,311 327,107 102,203 558,676 475,070 83,606 -129,365 -147,963 18,598 128,533 

Fiscal year 2024 to date... 1,107,575 835,948 271,626 1,617,515 1,317,186 300,329 -509,941 -481,239 -28,702 775,334 

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)

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

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

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

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

2023 ...................................... 215 167,776 1,982,672 20,894 8,883 1,538 637 -254,617 -956 1,695,147

2024 – Est1............................ 1,140 324,415 1,664,030 - * * * 213,179 * 1,877,209 

2025 – Est1............................ 1,317 240,514 1,816,794 - * * * -119,685 * 1,697,109 

2022 – Dec............................ 330 41,257 -36,184 -86,106 1,930 1,755 577 39,341 - 85,001

2023 – Jan ............................ 244 -31,466 67,210 121,223 2,801 -187 -3 95,408 - 38,784 

Feb ............................ -264 -22,626 21,386 -152,904 -2,092 -326 -381 85,345 - 262,434 

Mar............................ -36 -84,744 81,031 -237,312 1,995 -311 569 61,984 2 378,076 

Apr............................. -137 87,589 -87,786 138,688 214 216 -417 50,306 - -176,181 

May ........................... 130 -17,236 19,085 -267,869 -2,026 98 -502 -48,078 -958 240,348

June .......................... 130 36,265 823,324 353,883 776 773 42 -240,082 - 227,768

July............................ -23 28,467 244,163 99,434 1,570 -432 -1,048 76,143 - 220,782 

Aug............................ -190 -30,198 328,271 40,014 127 -53 -533 -377,972 - -89,256 

Sept........................... -86 -31,805 283,932 115,046 -1,844 60 -148 164 - 170,982

Oct............................. 28 248,250 226,047 175,523 385 -55 -248 16,122 - 66,564

Nov............................ 355 -88,173 261,060 -73,561 2,793 146 -1,173 -18,843 - 314,012

Dec............................ 228 28,483 100,278 9,739 1,262 28 -551 39,565 - 129,365

Fiscal year 2024 to date... 611 188,560 587,385 111,701 4,440 119 -1,972 36,844 - 509,941

1 These estimates are based on the President's FY 2024 Mid-Session Review, released by the Office of Management and Budget on July 28, 

2023. 

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

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

14
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) 

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

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

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

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

2023 ..................... 1,694,520 855,277 373,321 2,176,482 457,366 37,785 419,584 2,596,066 1,557,830 6,312 1,551,518 

2024 – Est1........... 2,355,223 - - 2,355,223 663,613 - 663,613 3,018,836 1,707,066 - 1,707,066 

2025 – Est1........... 2,656,352 - - 2,656,352 715,741 - 715,741 3,372,093 1,743,019 - 1,743,019 

2022 – Dec........... 202,355 26,862 13,679 215,539 89,897 2,080 87,818 303,357 130,871 - 130,871

2023 – Jan ........... 151,856 127,542 17,108 262,290 20,694 -134 20,828 283,118 140,824 - 140,824

Feb ........... 146,304 17,687 52,005 111,986 6,990 4,702 2,288 114,274 118,974 - 118,974 

Mar ........... 193,055 30,253 72,789 150,520 14,512 3,025 11,487 162,007 130,737 - 130,737

Apr............ 128,031 326,244 73,338 380,938 84,793 4,212 80,581 461,519 156,032 - 156,032

May........... 136,840 36,865 39,521 134,184 17,407 3,618 13,790 147,974 121,495 - 121,495

June.......... 85,795 86,299 23,057 149,037 74,613 3,085 71,528 220,565 179,019 - 179,019

July ........... 134,864 19,418 22,626 131,656 19,302 5,050 14,252 145,908 113,730 - 113,730

Aug ........... 130,170 14,751 14,660 130,261 6,721 2,410 4,311 134,572 116,370 - 116,370 

Sept.......... 123,465 105,251 7,696 221,021 95,494 366 95,128 316,149 135,206 6,312 128,894

Oct............ 151,281 85,105 16,478 219,908 51,339 3,131 48,208 268,116 109,623 - 109,623

Nov........... 129,625 21,009 23,741 126,893 11,904 4,103 7,801 134,694 118,225 - 118,225

Dec........... 166,634 17,013 5,439 178,208 96,233 2,308 93,925 272,133 139,483 - 139,483

Fiscal year 

2024 to date...... 447,540 123,127 45,658 525,009 159,476 9,542 149,934 674,943 367,331 - 367,331

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)

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

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

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

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

2023 ............................ 6,643 15 6,630 1,558,148 49,553 150 49,403 6,883 21 6,904 

2024 – Est1.................. 6,152 - 6,152 1,713,218 52,744 - 52,744 7,562 30 7,592 

2025 – Est1.................. 6,222 - 6,222 1,749,241 54,977 - 54,977 8,150 30 8,180 

2022 – Dec.................. 798 -16 814 131,685 540 10 530 531 3 534 

2023 – Jan .................. 860 - 860 141,684 5,975 7 5,968 514 2 516 

Feb.................. 700 -4 704 119,678 2,599 8 2,591 538 2 540 

Mar.................. 559 4 555 131,292 593 14 579 679 2 681 

Apr................... 565 28 537 156,569 6,170 21 6,148 526 2 527 

May ................. 590 3 587 122,082 17,516 11 17,506 621 1 622 

June ................ -3 1 -3 179,016 998 30 968 577 2 579 

July.................. 564 - 564 114,295 4,120 19 4,101 551 1 553 

Aug.................. 528 - 528 116,898 4,030 14 4,016 559 2 561 

Sept................. 523 -2 525 129,419 255 7 248 717 2 719 

Oct................... 532 - 532 110,154 3,411 - 3,411 644 1 645 

Nov.................. 455 - 455 118,679 2,766 5 2,762 605 1 606 

Dec.................. 503 4 498 139,982 368 -3 371 579 2 580 

Fiscal year 2024 to date 1,490 4 1,485 368,815 6,545 2 6,544 1,828 4 1,831 

See footnotes at end of table 

15
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)

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

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

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

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

2023.................. 75,802 35,434 1,765 33,670 86,639 6,302 80,336 581 38,376 38,957 3,245,528 1,193,755 

2024 – Est1 108,069 29,594 - 29,594 60,641 - 60,641 - 36,865 36,865 3,820,223 1,207,336 

2025 – Est1 108,788 32,694 - 32,694 47,777 - 47,777 - 40,153 40,153 4,158,921 1,254,982 

2022– Dec.......... 7,106 1,893 282 1,611 7,312 760 6,552 154 3,414 3,568 358,135 96,807 

2023 – Jan......... 5,154 2,255 157 2,099 7,599 761 6,838 15 1,898 1,913 339,029 108,259 

 Feb......... 6,258 9,855 209 9,646 6,794 445 6,349 40 2,738 2,778 168,220 93,894 

 Mar......... 7,741 2,534 240 2,294 6,677 525 6,152 19 2,475 2,494 210,007 103,233 

 Apr......... 3,337 2,072 113 1,960 6,694 344 6,350 29 2,081 2,111 518,378 120,142

 May......... 8,195 3,187 45 3,142 6,720 347 6,373 - 1,593 1,593 212,879 94,608 

 June......... 7,771 1,687 31 1,656 7,124 648 6,475 - 1,287 1,287 273,669 144,648 

 July......... 742 1,344 213 1,131 7,356 447 6,910 25 2,497 2,521 188,272 87,889 Aug......... 8,446 3,084 207 2,877 6,809 484 6,325 - 9,435 9,435 193,294 89,836 

 Sept......... 7,197 1,927 97 1,830 7,106 428 6,678 - 5,232 5,232 370,545 96,928 

 Oct.......... 7,263 4,494 34 4,460 7,309 407 6,903 134 2,347 2,481 321,848 81,586 

 Nov.......... 7,691 2,459 138 2,321 6,700 404 6,296 279 1,503 1,781 186,993 87,837 

 Dec.......... 6,972 1,765 111 1,654 6,395 650 5,744 130 1,743 1,874 327,107 102,203 

Fiscal year 2024 to date...... 21,926 8,718 283 8,435 20,404 1,461 18,943 543 5,593 6,136 835,948 271,626 

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

1 These estimates are based on the President's FY 2024 Mid-Session Review, released by the Office of Management 

and Budget on July 28, 2023. 

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)

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

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

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

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

2023.................. 1,614,455 22,741 256 22,485 308 - 308 42,603 448 42,154 31,876 21,021 10,854 

2024 – Est1 ......... 1,773,554 18,441 - 18,441 301 - 301 42,202 - 42,202 47,125 - 47,125 

2025 – Est1 ......... 1,812,398 18,933 - 18,933 287 - 287 41,639 - 41,639 47,929 - 47,929 

2022 – Dec.......... 132,749 4,355 - 4,355 10 - 10 1,107 30 1,077 1,926 263 1,663

2023 – Jan......... 148,168 1,060 - 1,060 23 - 23 3,578 30 3,547 2,636 2,112 524

 Feb......... 122,809 2,623 11 2,612 30 - 30 3,627 31 3,596 246 226 20 

 Mar......... 132,552 1,375 - 1,375 27 - 27 3,367 31 3,336 3,309 306 3,003 Apr......... 163,244 1,541 - 1,541 31 - 31 3,772 38 3,734 2,669 4,637 -1,969

 May......... 140,210 3,393 34 3,359 27 - 27 2,675 45 2,630 2,225 46 2,179

 June......... 180,563 1,659 - 1,659 28 - 28 3,720 45 3,675 2,638 229 2,409

 July......... 118,949 1,677 - 1,677 28 - 28 3,761 44 3,717 3,449 8,128 -4,679 Aug......... 121,475 937 92 845 25 - 25 4,395 44 4,351 3,440 215 3,225

 Sept......... 130,386 2,540 119 2,421 47 - 47 7,158 65 7,093 1,963 4,327 -2,364

 Oct.......... 114,210 382 - 382 7 - 7 1,077 15 1,063 6,257 445 5,811

 Nov.......... 122,047 2,015 - 2,015 29 - 29 4,161 30 4,132 1,855 340 1,514

 Dec.......... 140,933 1,726 - 1,726 25 - 25 3,564 30 3,534 2,155 468 1,687

Fiscal year 

2024 to date ........... 377,190 4,123 - 4,123 61 - 61 8,802 75 8,729 10,267 1,253 9,012

16
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)

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

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

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

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

2023 ................................. 6,514 8,996 228,887 12,045 775,872 -41,109 34,422 1,708,521 89,031 55,196 15,865 44,323 87,532 

2024 – Est1....................... 7,396 10,220 232,584 20,356 848,565 183,694 58,538 1,710,722 99,793 80,307 25,765 51,359 76,630 

2025 – Est1....................... 7,739 10,628 230,595 34,577 891,314 139,411 66,260 1,837,992 81,736 80,800 26,408 49,135 51,474 

2022 – Dec....................... 432 732 21,301 1,034 72,836 17,884 2,983 136,305 8,392 5,354 1,156 3,137 5,801 

2023 – Jan ....................... 826 724 22,605 870 46,255 16,162 2,314 138,103 6,955 3,919 1,179 3,290 41,724 

Feb ....................... 398 732 18,445 895 56,280 14,675 3,500 136,461 6,315 4,981 1,235 3,295 3,923 

Mar ....................... 503 934 18,218 979 79,381 38,077 3,797 200,966 8,295 5,356 1,165 3,440 5,281 

Apr........................ 455 647 15,601 884 53,486 9,578 3,369 87,666 6,596 5,719 639 5,763 4,207 

May....................... 614 785 16,481 1,193 61,809 12,049 3,042 151,881 8,006 208 1,363 4,445 5,633 

June...................... 502 776 18,041 1,140 74,856 26,503 3,071 210,385 8,530 5,104 1,822 3,255 3,865 

July ....................... 522 689 15,618 985 52,665 82,921 2,664 85,219 6,094 4,361 1,542 2,664 5,937 

Aug ....................... 505 737 15,758 1,062 66,367 -319,588 2,561 140,116 6,901 5,791 1,406 3,734 6,596 

Sept...................... 578 880 14,985 1,030 80,434 23,265 4,470 189,997 8,022 4,839 1,853 3,989 1,959 

Oct........................ 702 790 22,219 759 83,381 18,947 4,152 89,786 8,327 5,742 1,829 3,839 -1,555 

Nov....................... 533 745 18,111 1,115 66,327 11,696 4,013 151,726 6,481 5,524 1,176 3,641 4,558 

Dec....................... 508 737 20,867 1,483 77,074 11,328 4,083 135,475 7,533 6,167 1,225 3,100 5,249 

Fiscal year 

2024 to date ........................ 1,743 2,272 61,197 3,357 226,782 41,971 12,248 376,987 22,341 17,433 4,230 10,580 8,252 

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)

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

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

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

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

2023 ................................. 32,997 109,787 879,305 227,643 301,025 7,806 68,928 12,587 543 -700 36,052 

2024 – Est1....................... 36,833 125,315 1,002,503 438,826 324,204 8,316 72,668 38,625 658 252 33,070 

2025 – Est1....................... 38,339 130,098 1,037,163 343,886 355,291 8,059 97,608 25,220 576 4,171 31,568 

2022 – Dec....................... 4,010 8,995 107,412 24,661 34,927 1,072 11,317 849 40 64 283 

2023 – Jan ....................... 1,904 6,398 51,078 9,074 11,872 275 1,520 691 39 -399 -263

Feb ....................... 1,671 7,153 45,565 57,854 24,151 729 6,739 794 40 -61 6,131

Mar ....................... 1,940 7,414 77,578 31,386 39,920 892 10,813 962 58 365 4,196

Apr........................ 2,119 7,142 76,029 21,298 12,105 516 -1,890 843 41 -409 2,844

May....................... 3,202 11,681 69,650 20,217 25,728 832 5,616 961 49 223 5,356

June...................... 2,791 9,563 122,497 25,449 36,901 818 11,583 1,222 44 124 2,474

July ....................... 2,319 9,459 73,297 15,687 12,830 892 573 967 45 -347 2,162

Aug ....................... 2,333 11,078 82,136 11,084 25,801 995 5,022 2,653 54 303 1,545

Sept...................... 5,789 12,937 71,470 -22,677 42,876 -829 12,186 1,169 54 -407 2,026

Oct........................ 2,945 9,195 88,926 10,502 14,035 1,014 -1,564 1,000 48 59 2,846

Nov....................... 2,365 9,455 79,923 10,575 26,449 1,353 6,029 926 46 -39 4,677

Dec....................... 2,428 8,475 119,161 12,940 40,159 1,031 13,366 1,316 46 650 1,929

Fiscal year 

2024 to date ........................ 7,738 27,125 288,010 34,017 80,643 3,398 17,831 3,242 140 670 9,452 

See footnotes at end of table 

17
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”] 

Allowanc

-es

 (31) 

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 

(32) 

Interest 

received 

by trust 

funds 

(33) 

Rents and 

royalties 

on the 

Outer 

Continental Shelf 

lands 

(34) 

Other 

(35) 

Total outlays 

Onbudget (36) 

 Offbudget 

 (37) 

2019................. 20,180 7,253 103,138 456 1,101,833 19,609 - -90,811 -149,605 -6,225 -1,156 3,539,965 906,617 

2020................. 21,524 7,278 105,626 577,411 1,153,912 17,654 - -99,993 -135,215 -3,645 - 5,596,291 955,579 

2021................. 22,249 7,353 108,553 322,721 1,192,451 13,556 - -110,687 -149,578 -4,231 -8,942 5,814,310 1,003,847 

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

2023................. 25,318 8,951 122,509 26,072 1,416,328 134,260 - -124,993 -169,144 -6,934 -8 4,913,690 1,220,742 

2024 – Est1 ...... 25,898 10,652 129,377 1,906 1,518,317 583 13,974 -154,215 -120,775 -8,146 -2 5,593,840 1,310,928 

2025 – Est1 ...... 27,311 11,962 133,648 1,341 1,625,681 4,357 19,433 -147,364 -137,525 -7,869 -11 5,711,778 1,399,234 

2022 - Dec ...... 3,008 625 9,536 107 114,088 1,535 - -8,253 -51,422 -261 -1 467,639 72,304 

2023 - Jan........ 1,642 595 10,876 208 113,810 2,881 - -8,298 -1,970 -786 -1 388,957 97,115 

Feb....... 1,607 680 9,689 158 119,301 3,782 - -8,387 -3,337 -844 -1 411,260 113,288 

Mar....... 2,368 692 9,867 221 124,976 30,659 - -9,514 -9,545 -328 -1 579,980 111,337 

 Apr....... 1,800 629 10,883 23,902 115,301 13,655 - -8,495 -10,144 -437 - 361,603 100,736 

May...... 2,083 661 10,477 178 120,841 19,644 - -9,138 -6,830 -1,104 -1 430,380 117,455 

June..... 2,084 843 10,310 118 131,036 -4,875 - -8,777 -55,359 -611 -1 558,489 87,596 

 July ...... 1,754 829 10,435 214 115,871 2,920 - -8,745 -5,616 -485 -1 396,383 100,560 

Aug ...... 2,304 1,055 10,670 314 121,226 3,273 - -8,808 -10,536 -570 -1 80,415 113,460 

Sept ..... 2,844 998 9,553 205 126,177 51,877 - -9,595 -4,277 -222 -1 523,172 115,283 

Oct. ...... 1,976 721 10,913 191 117,574 21,550 - -40,093 -9,917 -839 - 366,984 103,013 

Nov. ..... 2,251 655 10,819 134 121,565 51,592 - -8,147 -6,755 -674 -1 475,132 113,710 

Dec. ..... 2,633 669 10,209 143 127,197 -348 - -7,921 -50,010 -222 -1 475,070 83,606 

Fiscal year 

2024 to date...... 6,860 2,045 31,941 468 366,336 72,794 - -56,161 -66,682 -1,735 -2 1,317,186 300,329 

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

1 These estimates are based on the President's FY 2024 Mid-Session Review, released by the Office of 

Management and Budget on July 28, 2023. 

18
TABLE FFO-4—Summary of U.S. Government Receipts by Source and Outlays by Agency, 

December 2023 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............................................... 522,535 2,474 - 525,009 504,525 63 - 504,589

Corporation income taxes........................................... 149,934 - - 149,934 105,391 - - 105,391

Social insurance and retirement receipts: 

Employment and general retirement (off-budget)... - - 271,626 271,626 - - 254,318 254,318

Employment and general retirement (on-budget)... 17 - 97,173 97,189 132 - 92,766 92,897

Unemployment insurance ....................................... * - 6,543 6,543 9 - 7,268 7,278

Other retirement...................................................... - - 1,831 1,831 - - 1,606 1,606

Excise taxes ................................................................ 7,969 334 13,623 21,926 7,561 377 13,023 20,961

Estate and gift taxes ................................................... 8,436 - - 8,436 7,035 - - 7,035

Customs duties ........................................................... 12,434 5,986 523 18,943 14,315 7,018 554 21,887

Miscellaneous receipts................................................ 1,495 4,527 115 6,136 2,542 6,868 183 9,592

Total receipts....................................................... 702,820 13,321 391,434 1,107,574 641,510 14,325 369,718 1,025,553

(On-budget)..................................................... 702,820 13,321 119,807 835,948 641,510 14,325 115,400 771,235

(Off-budget)..................................................... - - 271,626 271,626 - - 254,318 254,318

Budget outlays: 

Legislative branch ....................................................... 1,706 38 -1 1,743 1,597 14 * 1,611

Judicial branch ............................................................ 1,934 375 -37 2,272 1,966 148 -23 2,092

Department of Agriculture ........................................... 49,830 11,364 4 61,197 59,175 13,984 -26 73,134

Department of Commerce........................................... 2,934 422 * 3,356 2,752 254 1 3,007

Department of Defense-military .................................. 226,015 666 90 226,772 202,395 1,866 79 204,339

Department of Education ............................................ 41,694 276 * 41,970 55,255 -7 * 55,249

Department of Energy................................................. 12,146 102 * 12,248 5,785 -150 * 5,635

Department of Health and Human Services ............... 314,090 5,520 57,375 376,986 328,290 4,169 35,269 367,728

Department of Homeland Security.............................. 23,115 -806 32 22,341 21,716 1,500 101 23,317

Department of Housing and Urban Development....... 17,294 39 100 17,433 14,830 28 59 14,917

Department of the Interior........................................... 4,137 -37 129 4,230 3,616 -150 194 3,660

Department of Justice ................................................. 9,998 571 11 10,580 9,212 1,221 16 10,449

Department of Labor................................................... 2,107 -3,265 9,409 8,251 2,477 -982 6,910 8,405

Department of State.................................................... 7,156 289 292 7,737 8,277 413 240 8,930

Department of Transportation..................................... 5,699 184 21,242 27,125 8,202 125 18,634 26,962

Department of the Treasury: 

 Interest on Treasury Debt Securities (Gross)......... 288,011 - - 288,011 210,005 - - 210,005

Other ....................................................................... 33,794 -135 358 34,017 55,189 2,968 114 58,271

Department of Veterans Affairs .................................. 81,344 -756 55 80,644 69,672 -919 88 68,841

Corps of Engineers ..................................................... 3,206 211 -19 3,398 2,483 260 -57 2,686

Other defense civil programs...................................... 161,168 -11,070 -132,266 17,832 130,474 -11,166 -102,543 16,766

Environmental Protection Agency............................... 3,324 -9 -74 3,241 2,254 20 51 2,325

Executive Office of the President................................ 132 1 5 139 113 1 5 120

General Services Administration ................................ 48 621 - 669 51 -142 - -91

International Assistance Program............................... 8,326 157 968 9,451 14,032 -75 -4,377 9,580

National Aeronautics and Space Administration ........ 6,841 20 * 6,861 6,796 36 - 6,832

National Science Foundation...................................... 2,009 39 -4 2,044 1,941 35 -6 1,969

Office of Personnel Management ............................... 3,737 1,804 26,399 31,941 3,584 1,626 24,539 29,749

Small Business Administration ................................... 475 -8 - 468 628 -74 - 554

Social Security Administration .................................... 28,829 * 337,506 366,335 28,074 * 299,715 327,789

Independent agencies................................................. 7,001 62,668 3,125 72,794 5,916 1,620 2,909 10,445

Undistributed offsetting receipts: 

Interest ........................................................................ - - -66,682 -66,682 - - -61,529 -61,529

Other ....................................................................... -1,598 -10,974 -45,326 -57,898 -1,852 -9,727 -35,204 -46,784

Total outlays............................................................ 1,346,502 58,309 212,693 1,617,504 1,254,906 6,898 185,159 1,446,963

(On-budget)......................................................... 1,346,409 57,961 -87,195 1,317,176 1,254,840 5,833 -77,622 1,183,052

 (Off-budget)......................................................... 93 348 299,887 300,328 65 1,066 262,781 263,911

 Surplus or deficit (-)................................................. -643,682 -44,989 178,741 -509,930 -613,396 7,427 184,559 -421,410

(On-budget)......................................................... -643,589 -44,640 207,002 -481,228 -613,330 8,492 193,021 -411,817

 (Off-budget)......................................................... -93 -348 -28,261 -28,702 -65 -1,066 -8,462 -9,593

-No Transactions

* Less than $500,000 

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

19
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. 

20
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) 

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

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

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

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

2023............................... 33,186,902 33,167,334 19,568 6,817,835 6,817,835 - 26,369,067 26,349,499 19,568 

2022 - Dec. .................... 31,439,489 31,419,689 19,800 6,880,448 6,880,448 - 24,559,041 24,539,241 19,800 

2023 - Jan...................... 31,475,026 31,454,982 20,044 6,849,031 6,849,031 - 24,625,995 24,605,951 20,044 

Feb..................... 31,479,071 31,459,291 19,780 6,828,385 6,828,385 - 24,650,686 24,630,906 19,780 

Mar..................... 31,478,182 31,458,438 19,744 6,743,612 6,743,612 - 24,734,570 24,714,826 19,744 

 Apr ..................... 31,477,422 31,457,815 19,607 6,831,707 6,831,707 - 24,645,715 24,626,108 19,607 

May .................... 31,484,194 31,464,457 19,737 6,813,789 6,813,789 - 24,670,405 24,650,668 19,737 

June ................... 32,352,141 32,332,274 19,867 6,850,199 6,850,199 - 25,501,942 25,482,075 19,867 

 July .................... 32,628,429 32,608,585 19,844 6,879,879 6,879,879 - 25,748,550 25,728,706 19,844 

Aug..................... 32,933,803 32,914,149 19,654 6,850,248 6,850,248 - 26,083,555 26,063,901 19,654 

Sept.................... 33,186,902 33,167,334 19,568 6,817,835 6,817,835 - 26,369,067 26,349,499 19,568 

Oct. .................... 33,719,176 33,699,580 19,596 7,101,369 7,101,369 - 26,617,807 26,598,211 19,596 

Nov..................... 33,898,630 33,878,679 19,951 7,012,660 7,012,660 - 26,885,970 26,866,019 19,951 

Dec..................... 34,021,672 34,001,494 20,178 7,041,267 7,041,267 - 26,980,405 26,960,227 20,178 

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) 

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

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

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

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

2023 ............................... 33,186,902 198,903 32,987,998 6,817,835 69,341 6,748,494 26,369,067 129,562 26,239,504 

2022 - Dec. .................... 31,439,489 166,351 31,273,138 6,880,448 66,199 6,814,248 24,559,041 100,152 24,458,889 

2023 - Jan ...................... 31,475,026 166,144 31,308,881 6,849,031 66,248 6,782,783 24,625,995 99,896 24,526,099 

Feb ..................... 31,479,071 171,429 31,307,641 6,828,385 68,229 6,760,157 24,650,686 103,200 24,547,484 

Mar..................... 31,478,182 174,253 31,303,928 6,743,612 68,199 6,675,412 24,734,570 106,054 24,628,516 

 Apr ..................... 31,477,422 173,690 31,303,730 6,831,707 68,705 6,763,002 24,645,715 104,985 24,540,729 

May .................... 31,484,194 178,614 31,305,579 6,813,789 68,022 6,745,766 24,670,405 110,592 24,559,813 

June ................... 32,352,141 186,971 32,165,169 6,850,199 68,168 6,782,031 25,501,942 118,803 25,383,138 

 July..................... 32,628,429 190,630 32,437,799 6,879,879 69,381 6,810,498 25,748,550 121,249 25,627,301 

Aug..................... 32,933,803 197,931 32,735,872 6,850,248 69,948 6,780,300 26,083,555 127,983 25,955,572 

Sept.................... 33,186,902 198,903 32,987,998 6,817,835 69,341 6,748,494 26,369,067 129,562 26,239,504 

Oct...................... 33,719,176 256,879 33,462,296 7,101,369 104,625 6,996,745 26,617,807 152,254 26,465,551 

Nov..................... 33,898,630 263,446 33,635,183 7,012,660 104,088 6,908,572 26,885,970 159,358 26,726,612 

Dec..................... 34,021,672 257,728 33,763,944 7,041,267 104,213 6,937,054 26,980,405 153,515 26,826,889 

21
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) 

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

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

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

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

2023 .......................... 175,702 - - 298,893 94,169 22,418 4,079 

2022 - Dec. ............... 173,500 - 264 297,915 99,898 23,778 3,603

2023 - Jan ................. 176,465 - 264 174,178 99,115 23,819 3,610

Feb ................ 177,114 - 264 42,684 99,734 23,856 3,655

Mar................ 177,841 - - 28,018 98,170 23,898 3,649 

 Apr ................ 178,862 - - 30,462 102,242 23,937 3,793 

May ............... 178,582 - - 22,374 96,363 22,257 3,738 

June .............. 178,253 - - 299,631 90,481 22,296 3,853 

 July................ 177,725 - - 297,906 88,043 22,337 3,893 

Aug................ 176,641 - - 297,699 84,665 22,378 3,953 

Sept............... 175,702 - - 298,893 94,169 22,418 4,079 

Oct................. 174,128 - - 298,123 93,001 22,461 4,110 

Nov................ 172,988 - - 299,617 94,663 19,871 4,144 

Dec................ 171,964 - - 300,581 91,536 17,293 4,260 

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) 

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

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

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

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

2023 .......................... 26,330,142 25,734,881 5,259,329 13,724,904 4,240,162 1,934,947 575,539 595,261 

2022 - Dec................. 24,517,593 23,918,635 3,696,169 13,745,309 3,952,658 1,907,303 617,196 598,958 

2023 - Jan ................. 24,583,994 24,106,542 3,937,202 13,747,218 3,994,730 1,869,974 557,418 477,452 

Feb ................ 24,609,241 24,261,934 4,056,422 13,724,050 4,026,597 1,875,477 579,388 347,307 

Mar................ 24,693,515 24,361,940 4,067,536 13,731,520 4,056,721 1,904,777 601,385 331,576 

 Apr................. 24,605,068 24,265,772 3,941,469 13,768,211 4,075,797 1,878,907 601,387 339,296 

May ............... 24,630,686 24,307,372 3,992,378 13,712,974 4,133,645 1,904,034 564,341 323,315 

June .............. 25,461,998 24,867,484 4,465,683 13,718,907 4,163,697 1,932,853 586,345 594,514 

 July................ 25,708,799 25,118,895 4,769,450 13,727,102 4,193,665 1,901,126 527,552 589,904 

Aug................ 26,044,051 25,458,715 5,072,860 13,697,859 4,220,198 1,916,258 551,540 585,336 

Sept............... 26,330,142 25,734,881 5,259,329 13,724,904 4,240,162 1,934,947 575,539 595,261 

Oct................. 26,576,222 25,984,399 5,455,835 13,757,647 4,286,041 1,965,435 519,442 591,823 

Nov................ 26,843,822 26,252,540 5,670,155 13,724,679 4,326,515 1,985,764 545,426 591,282 

Dec................ 26,938,518 26,352,885 5,674,825 13,753,526 4,347,388 2,005,719 571,425 585,633 

22
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) 

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

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

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

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

2023 ..................... 2,673,749 931 159,537 115,673 832 18,415 1,097 81,846 2,375,428

2022 - Dec. .......... 2,711,919 897 212,017 124,357 1,023 19,800 501 74,641 2,362,272

2023 - Jan ............ 2,719,113 900 207,698 125,161 991 20,401 865 70,483 2,237,138

Feb ........... 2,700,015 903 207,510 125,538 966 19,173 948 72,270 2,063,012

Mar........... 2,688,801 907 177,044 124,490 938 18,487 804 69,390 2,097,506

 Apr ........... 2,702,013 910 209,188 125,095 918 19,259 772 71,313 2,119,183

May .......... 2,681,903 914 207,388 123,815 916 18,687 653 87,036 2,109,501

June ......... 2,728,886 918 163,918 121,978 901 18,754 802 86,064 2,382,727

 July........... 2,715,754 922 195,647 120,883 892 19,433 680 81,506 2,387,079

Aug........... 2,691,600 927 193,454 118,210 859 19,531 619 84,513 2,394,929

Sept.......... 2,673,749 931 159,537 115,673 832 18,415 1,097 81,846 2,375,428

Oct............ 2,654,210 935 191,380 114,765 804 17,043 1,002 81,402 2,660,386

Nov........... 2,627,723 939 182,457 114,468 790 17,618 748 82,749 2,663,125

Dec........... 2,641,388 944 187,471 112,879 788 17,428 486 80,430 2,708,275

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) 

2019 .................. 6,133,658 15,018 104,015 48,199 22,622 96,520 950,211 198,625 50,601 

2020 .................. 6,174,279 7,900 108,949 49,129 11,170 97,209 974,802 133,735 67,937 

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

2022 .................. 6,929,803 10,818 125,471 50,990 18,401 114,679 1,027,513 177,397 119,950 

2023 .................. 7,117,284 16,601 84,298 52,526 14,698 142,906 1,052,199 194,362 132,186 

2022 - Dec. ....... 7,179,347 13,665 125,863 51,068 17,365 118,032 1,028,036 196,089 121,802 

2023 - Jan ......... 7,024,099 13,220 129,079 51,112 16,760 121,529 980,910 205,219 123,520 

Feb ........ 6,829,420 14,432 129,912 51,634 16,580 122,537 981,749 198,240 124,001 

Mar........ 6,772,639 15,018 102,315 51,711 16,643 124,871 981,810 177,505 124,399 

 Apr ........ 6,863,185 13,969 85,096 51,683 16,697 129,438 981,750 212,852 123,049 

May ....... 6,835,336 16,073 77,786 51,686 16,500 130,684 979,818 208,665 123,311 

June ...... 7,150,742 16,482 80,909 51,702 16,109 140,649 1,014,345 195,368 130,230 

 July........ 7,178,591 16,845 80,935 51,745 16,182 141,085 1,010,937 205,718 132,348 

Aug........ 7,148,949 16,568 80,981 52,406 14,634 141,533 1,005,336 200,139 132,710 

Sept....... 7,117,284 16,601 84,298 52,526 14,698 142,906 1,052,199 194,362 132,186 

Oct......... 7,402,413 16,244 69,403 52,585 14,280 142,451 1,048,376 203,630 133,517 

Nov........ 7,315,088 16,502 20,976 52,636 14,034 142,892 1,044,441 199,153 133,837 

Dec........ 7,344,733 16,861 23,916 52,730 13,873 146,892 1,053,339 208,556 78,477 

23
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) 

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

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

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

2022 ........................... 19,353 19 31 19,303 * * 

2023 ........................... 19,568 19 16 19,533 * * 

2022 - Dec. ................ 19,800 19 32 19,749 * * 

2023 - Jan .................. 20,044 19 32 19,993 * * 

Feb ................. 19,780 19 24 19,737 * * 

Mar................. 19,744 19 24 19,701 * * 

 Apr ................. 19,607 19 24 19,564 * * 

May ................ 19,737 19 24 19,694 * * 

June ............... 19,867 19 24 19,824 * * 

 July................. 19,844 19 25 19,801 * * 

Aug................. 19,654 19 16 19,619 * * 

Sept................ 19,568 19 16 19,533 * * 

Oct.................. 19,596 19 16 19,561 * * 

Nov................. 19,951 19 17 19,916 * * 

Dec................. 20,178 19 17 20,143 * * 

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

24
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) 

2019 ............................... 14,225,142 4,147,209 5,821,560 2,625,077 104,901 1,526,394 65 

2020 ............................... 15,922,190 6,374,061 5,567,746 2,332,037 242,437 1,405,908 56 

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

2022 ............................... 18,054,269 5,493,907 6,774,603 3,274,691 796,145 1,714,922 68 

2023 ............................... 20,682,916 7,427,667 7,215,836 3,128,067 1,051,528 1,859,818 65

2022 - Dec...................... 18,342,430 5,683,558 6,806,760 3,256,030 845,623 1,750,459 68 

2023 - Jan ...................... 18,725,241 5,942,174 6,883,405 3,261,758 869,577 1,768,327 68 

Feb ..................... 18,941,573 6,103,781 6,947,532 3,207,948 919,065 1,763,247 68 

Mar ..................... 19,097,612 6,139,726 7,007,183 3,236,888 931,490 1,782,324 68 

 Apr...................... 18,842,390 6,008,397 6,907,473 3,193,593 931,788 1,801,138 69

May..................... 19,157,208 6,089,970 7,096,546 3,189,054 989,264 1,792,374 69 

June.................... 19,774,514 6,589,467 7,171,344 3,201,071 1,001,496 1,811,137 67 

 July..................... 20,084,550 6,888,616 7,160,208 3,192,699 1,013,493 1,829,535 66 

Aug..................... 20,482,505 7,214,572 7,239,040 3,138,022 1,051,417 1,839,454 66 

Sept.................... 20,682,916 7,427,667 7,215,836 3,128,067 1,051,528 1,859,818 65 

Oct...................... 21,125,416 7,672,077 7,312,617 3,182,483 1,077,739 1,880,500 65 

Nov..................... 21,452,696 7,894,209 7,407,087 3,152,636 1,115,980 1,882,784 64 

Dec..................... 21,476,199 7,916,559 7,406,444 3,133,502 1,115,963 1,903,730 64 

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

25
TABLE FD-6—Debt Subject to Statutory Limit

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

End of fiscal 

year or month 

Statutory debt 

limit 

(1) 

Debt subject to limit Securities outstanding Securities 

 not subject 

 to limit 

 (7) 

Total 

(2) 

Public debt 

(3) 

Other debt 

(4) 

Public debt

(5) 

Other debt 

(6) 

2019 3 ..................................... - 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 

2022 ....................................... 31,381,463 30,869,259 30,869,259 - 30,928,912 - 59,653 

2023 ....................................... - 33,070,476 33,070,476 - 33,167,334 - 96,858 

2022 - Dec.............................. 31,381,463 31,347,311 31,347,311 - 31,419,689 - 72,379 

2023 - Jan .............................. 31,381,463 31,381,438 31,381,438 - 31,454,982 - 73,545 

Feb ............................. 31,381,463 31,381,438 31,381,438 - 31,459,291 - 77,853 

Mar............................. 31,381,463 31,381,438 31,381,438 - 31,458,438 - 77,000 

 Apr.............................. 31,381,463 31,381,438 31,381,438 - 31,457,815 - 76,377 

May ............................ 31,381,463 31,381,438 31,381,438 - 31,464,457 - 83,019 

June ........................... - 4 32,244,306 32,244,306 - 32,332,274 - 87,968 

 July........................ - 32,519,638 32,519,638 - 32,608,585 - 88,947 

 Aug............................ - 32,819,064 32,819,064 - 32,914,149 - 95,086 

Sept............................ - 33,070,476 33,070,476 - 33,167,334 - 96,858 

 Oct............................. - 33,583,500 33,583,500 - 33,699,580 - 116,080 

Nov............................. - 33,761,055 33,761,055 - 33,878,679 - 117,625 

Dec............................. - 33,890,366 33,890,366 - 34,001,494 - 111,128 

(1)Pursuant to 31 U.S.C. 3101(b), Public law 117-73, the Statutory Debt Limit was 

permanently increased effective December 16, 2021, to $31,381,462,788,891.71.

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

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

Limit in 31 U.S.C. 3101(b) was permanently increased effective August 1, 2021 to 

$28,401,462,788,891.71.

(3)Pursuant to 31 U.S.C. 3101(b). By The Continuing Appropriations Act, 2018 and 

Bipartisan Budget Act, 2018, Public Law 115-119, the Statutory Debt Limit was 

suspended through March 1, 2019. 

(4) Pursuant to 31 U.S.C. 3101(b). By the Fiscal Responsibility Act of 2023, Public Law 

118-5, the Statutory Debt Limit was suspended through January 1, 2025. 

26
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) 

2019 ...................................... 1,570,919 39,017 21,473 29,605 660 432

2020 ...................................... 1,813,390 43,575 21,396 30,483 637 363

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

2022 ...................................... 1,623,412 32,772 21,918 31,785 601 266

2023 ...................................... 1,959,775 37,718 23,167 32,390 804 226

2022 - Dec. ........................... 1,660,183 31,935 22,421 32,613 616 266

2023 - Jan ............................. 1,675,464 32,580 22,497 32,754 621 266

Feb ............................ 1,686,048 32,764 22,703 32,869 811 266

Mar............................ 1,659,466 30,824 21,655 30,953 692 266

 Apr ............................ 1,668,144 31,072 21,696 31,214 698 266

May ........................... 1,695,992 31,135 21,840 31,370 710 266

June .......................... 1,695,171 33,558 22,079 31,556 715 266

 July............................ 1,968,979 33,494 22,079 31,556 715 266

Aug............................ 1,956,605 34,496 22,684 32,147 792 226

Sept........................... 1,959,775 37,718 23,167 32,390 804 226

Oct............................. 2,011,211 45,577 23,367 32,673 805 226

Nov............................ 1,990,887 30,952 23,606 32,934 810 226

Dec............................ 2,009,949 32,923 23,823 33,143 820 226

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) 

2019 ...................................... 1,287,510 5,280 30,386 24 63,751

2020 ...................................... 1,249,871 5,649 44,722 30 71,373

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

2022 ...................................... 905,071 5,679 93,564 13 73,447

2023 ...................................... 1,188,590 5,784 106,967 124 130,324

2022 - Dec. ........................... 939,257 5,659 93,564 13 75,898

2023 - Jan............................. 952,257 5,613 93,564 13 75,724

Feb............................ 952,298 5,743 93,564 14 76,340

Mar............................ 929,017 5,714 93,564 14 76,768

 Apr ............................ 934,744 5,639 93,564 14 78,129

May ........................... 944,793 5,863 109,565 22 77,885

June .......................... 944,797 5,795 109,565 49 77,375

 July ........................... 1,216,364 5,772 109,565 49 78,336

Aug............................ 1,199,663 6,011 109,565 49 78,610

Sept........................... 1,188,590 5,784 106,967 124 130,324

Oct............................. 1,227,551 5,764 106,967 138 130,292

Nov............................ 1,227,541 5,744 106,967 125 131,181

Dec............................ 1,241,205 5,744 106,967 125 131,348

27
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) 

2019 ...................................... 16,946 3,934 11,810 60,091

2020 ...................................... 15,388 4,384 176,174 149,345

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

2022 ...................................... 13,501 4,417 362,802 77,576

2023 ...................................... 12,804 4,627 334,320 81,930

2022 - Dec. ........................... 13,501 5,677 360,310 78,453

2023 - Jan ............................. 13,501 6,120 360,310 79,644

Feb ............................ 13,501 6,465 368,522 80,188

Mar............................ 13,501 6,909 368,522 81,067

 Apr ............................ 13,501 7,344 368,522 81,741

May ........................... 13,501 7,726 369,133 82,183

June .......................... 13,501 3,335 369,133 83,447

 July............................ 13,501 3,796 369,133 84,353

Aug............................ 13,501 4,166 369,133 85,562

Sept ........................... 12,804 4,627 334,320 81,930

 Oct. ........................... 12,804 5,085 335,299 84,663

 Nov. ........................... 12,804 5,456 330,112 82,429

 Dec. ........................... 12,959 5,918 331,672 83,076

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

28
 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 19-Year 11-Month 4-3/8 Percent Bonds 

On September 14, 2023, Treasury announced it would auction $13,000 million of 19-year 11-month 4-3/8 percent 

bonds. The issue was to refund $112,444 million of securities maturing September 30 and to raise new cash of 

approximately $34,556 million. 

The 19-year 11-month 4-3/8 percent bonds of August 2043 were dated August 15 and issued October 2. They are 

due August 15, 2043, with interest payable on February 15 and August 15 until maturity. 

Treasury received tenders for the bonds before 12:00 noon Eastern Time (ET) for noncompetitive tenders and before 

1:00 p.m. ET for competitive tenders on September 19. Tenders totaled $35,571 million; Treasury accepted $13,000 

million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 4.592 

percent with an equivalent price of $97.182044. Treasury accepted in full all competitive tenders at yields lower 

than 4.592 percent. Tenders at the high yield were allotted 16.45 percent. The median yield was 4.538 percent, and 

the low yield was 4.470 percent. Noncompetitive tenders totaled $57 million. Competitive tenders accepted from 

private investors totaled $12,943 million. Accrued interest of $5.70652 per $1,000 must be paid for the period from 

August 15 to October 2. The minimum par amount required for Separate Trading of Registered Interest and 

Principal Securities (STRIPS) of bonds of August 2043 is $100. 

29
Auction of 2-Year Notes 

On September 21, 2023, Treasury announced it would auction $48,000 million of 2-year notes. The issue was to 

refund $112,444 million of securities maturing September 30 and to raise new cash of approximately $34,556 

million. 

The 2-year notes of Series BH-2025 were dated September 30 and issued October 2. They are due September 30, 

2025, with interest payable on March 31 and September 30 until maturity. Treasury set an interest rate of 5 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 September 26. Tenders totaled $130,923 million; Treasury accepted $48,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of 5.085 percent with an 

equivalent price of $99.840020. Treasury accepted in full all competitive tenders at yields lower than 5.085 percent. 

Tenders at the high yield were allotted 60.59 percent. The median yield was 5.030 percent, and the low yield was 

4.950 percent. Noncompetitive tenders totaled $830 million. Competitive tenders accepted from private investors 

totaled $47,171 million. Accrued interest of $0.27322 per $1,000 must be paid for the period from September 30 to 

October 2. The minimum par amount required for STRIPS of notes of Series BH-2025 is $100. 

Auction of 5-Year Notes 

On September 21, 2023, Treasury announced it would auction $49,000 million of 5-year notes. The issue was to 

refund $112,444 million of securities maturing September 30 and to raise new cash of approximately $34,556 

million. 

The 5-year notes of Series AD-2028 were dated September 30 and issued October 2. They are due September 30, 

2028, with interest payable on March 31 and September 30 until maturity. Treasury set an interest rate of 4-5/8 

percent after determining which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET 

for competitive tenders on September 27. Tenders totaled $123,585 million; Treasury accepted $49,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of 4.659 percent with an 

equivalent price of $99.849471. Treasury accepted in full all competitive tenders at yields lower than 4.659 percent. 

Tenders at the high yield were allotted 72.31 percent. The median yield was 4.599 percent, and the low yield was 

4.530 percent. Noncompetitive tenders totaled $176 million. Competitive tenders accepted from private investors 

totaled $48,824 million. Accrued interest of $0.25273 per $1,000 must be paid for the period from September 30 to 

October 2. The minimum par amount required for STRIPS of notes of Series AD-2028 is $100. 

Auction of 7-Year Notes 

On September 21, 2023, Treasury announced it would auction $37,000 million of 7-year notes. The issue was to 

refund $112,444 million of securities maturing September 30 and to raise new cash of approximately $34,556 

million. 

The 7-year notes of Series Q-2030 were dated September 30 and issued October 2. They are due September 30, 

2030, with interest payable on March 31 and September 30 until maturity. Treasury set an interest rate of 4-5/8 

percent after determining which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET 

for competitive tenders on September 28. Tenders totaled $91,219 million; Treasury accepted $37,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of 4.673 percent with an 

equivalent price of $99.715829. Treasury accepted in full all competitive tenders at yields lower than 4.673 percent. 

Tenders at the high yield were allotted 92.57 percent. The median yield was 4.600 percent, and the low yield was 

4.540 percent. Noncompetitive tenders totaled $91 million. Competitive tenders accepted from private investors 

30
totaled $36,909 million. Accrued interest of $0.25273 per $1,000 must be paid for the period from September 30 to 

October 2. The minimum par amount required for STRIPS of notes of Series Q-2030 is $100. 

Auction of 42-Day Cash Management Bills 

On September 28, 2023, Treasury announced it would auction $65,000 million of 42-day bills. They were issued 

October 5 and matured November 16. The issue was to refund $206,962 million of all maturing bills and to raise 

new cash of approximately $37,038 million. Treasury auctioned the bills on October 3. Tenders totaled $159,660 

million; Treasury accepted $65,000 million, including $197 million of noncompetitive tenders from the public. The 

high bank discount rate was 5.330 percent. 

Auction of 52-Week Bills 

On September 28, 2023, Treasury announced it would auction $44,000 million of 364-day Treasury bills. They were 

issued October 5 and will mature October 3, 2024. The issue was to refund $206,962 million of all maturing bills 

and to raise new cash of approximately $37,038 million. Treasury auctioned the bills on October 3. Tenders totaled 

$141,431 million; Treasury accepted $44,000 million, including $1,826 million of noncompetitive tenders from the 

public. The high bank discount rate was 5.185 percent. 

In addition to the $44,000 million of tenders accepted in the auction process, Treasury accepted $3,249 million from 

Federal Reserve Banks (FRBs) for their own accounts. 

Auction of 43-Day Cash Management Bills 

On October 5, 2023, Treasury announced it would auction $70,000 million of 43-day bills. They were issued 

October 12 and matured November 24. The issue was to refund $217,978 million of all maturing bills and to pay 

down approximately $8,978 million. Treasury auctioned the bills on October 10. Tenders totaled $191,460 million; 

Treasury accepted $70,000 million, including $175 million of noncompetitive tenders from the public. The high 

bank discount rate was 5.360 percent. 

Auction of 3-Year Notes 

On October 5, 2023, Treasury announced it would auction $46,000 million of 3-year notes. The issue was to refund 

$39,564 million of securities maturing October 15 and to raise new cash of approximately $61,436 million. 

The 3-year notes of Series AT-2026 were dated October 15 and issued October 16. They are due October 15, 2026, 

with interest payable on April 15 and October 15 until maturity. Treasury set an interest rate of 4-5/8 percent after 

determining which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET 

for competitive tenders on October 10. Tenders totaled $117,851 million; Treasury accepted $46,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of 4.740 percent with an 

equivalent price of $99.681877. Treasury accepted in full all competitive tenders at yields lower than 4.740 percent. 

Tenders at the high yield were allotted 94.40 percent. The median yield was 4.670 percent, and the low yield was 

4.630 percent. Noncompetitive tenders totaled $213 million. Competitive tenders accepted from private investors 

totaled $45,787 million. Accrued interest of $0.12637 per $1,000 must be paid for the period from October 15 to 

October 16. The minimum par amount required for STRIPS of notes of Series AT-2026 is $100. 

Auction of 9-Year 10-Month 3-7/8 Percent Notes 

On October 5, 2023, Treasury announced it would auction $35,000 million of 9-year 10-month 3-7/8 percent notes. 

The issue was to refund $39,564 million of securities maturing October 15 and to raise new cash of approximately 

$61,436 million. 

The 9-year 10-month 3-7/8 percent notes of Series E-2033 were dated August 15 and issued October 16. They are 

due August 15, 2033, 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 11. Tenders totaled $87,508 million; Treasury accepted $35,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of 4.610 percent with an 

equivalent price of $94.231522. Treasury accepted in full all competitive tenders at yields lower than 4.610 percent. 

Tenders at the high yield were allotted 92.26 percent. The median yield was 4.530 percent, and the low yield was 

4.470 percent. Noncompetitive tenders totaled $84 million. Competitive tenders accepted from private investors 

totaled $34,916 million. Accrued interest of $6.52853 per $1,000 must be paid for the period from August 15 to 

October 16. The minimum par amount required for STRIPS of notes of Series E-2033 is $100. 

Auction of 29-Year 10-Month 4-1/8 Percent Bonds 

On October 5, 2023, Treasury announced it would auction $20,000 million of 29-year 10-month 4-1/8 percent 

bonds. The issue was to refund $39,564 million of securities maturing October 15 and to raise new cash of 

approximately $61,436 million. 

The 29-year 10-month 4-1/8 percent bonds of August 2053 were dated August 15 and issued October 16. They are 

due August 15, 2053, 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 12. Tenders totaled $46,975 million; Treasury accepted $20,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of 4.837 percent with an 

equivalent price of $88.806438. Treasury accepted in full all competitive tenders at yields lower than 4.837 percent. 

Tenders at the high yield were allotted 22.14 percent. The median yield was 4.740 percent, and the low yield was 

4.650 percent. Noncompetitive tenders totaled $32 million. Competitive tenders accepted from private investors 

totaled $19,968 million. Accrued interest of $6.94973 per $1,000 must be paid for the period from August 15 to 

October 16. The minimum par amount required for STRIPS of bonds of August 2053 is $100. 

Auction of 42-Day Cash Management Bills 

On October 12, 2023, Treasury announced it would auction $75,000 million of 42-day bills. They were issued 

October 19 and matured November 30. The issue was to refund $217,980 million of all maturing bills and to raise 

new cash of approximately $20 million. Treasury auctioned the bills on October 17. Tenders totaled $233,735 

million; Treasury accepted $75,002 million, including $239 million of noncompetitive tenders from the public. The 

high bank discount rate was 5.325 percent. 

Auction of 42-Day Cash Management Bills 

On October 19, 2023, Treasury announced it would auction $75,000 million of 42-day bills. They were issued 

October 26 and matured December 7. The issue was to refund $217,949 million of all maturing bills and to raise 

new cash of approximately $51 million. Treasury auctioned the bills on October 24. Tenders totaled $225,381 

million; Treasury accepted $75,001 million, including $177 million of noncompetitive tenders from the public. The 

high bank discount rate was 5.300 percent. 

Auction of 19-Year 10-Month 4-3/8 Percent Bonds 

On October 12, 2023, Treasury announced it would auction $13,000 million of 19-year 10-month 4-3/8 percent 

bonds. The issue was to refund $178,344 million of securities maturing October 31 and to raise new cash of 

approximately $23,656 million. 

The 19-year 10-month 4-3/8 percent bonds of August 2043 were dated August 15 and issued October 31. They are 

due August 15, 2043, with interest payable on February 15 and August 15 until maturity. 

32
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 18. Tenders totaled $33,618 million; Treasury accepted $13,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of 5.245 percent with an 

equivalent price of $89.352074. Treasury accepted in full all competitive tenders at yields lower than 5.245 percent. 

Tenders at the high yield were allotted 79.65 percent. The median yield was 5.186 percent, and the low yield was 

5.100 percent. Noncompetitive tenders totaled $87 million. Competitive tenders accepted from private investors 

totaled $12,913 million. Accrued interest of $9.15421 per $1,000 must be paid for the period from August 15 to 

October 31. The minimum par amount required for STRIPS of bonds of August 2043 is $100. 

Auction of 5-Year Treasury Inflation Protected Security (TIPS) 

On October 12, 2023, Treasury announced it would auction $22,000 million of 5-year TIPS. The issue was to refund 

$178,344 million of securities maturing October 31 and to raise new cash of approximately $23,656 million. 

The 5-year TIPS of Series AE-2028 were dated October 15 and issued October 31. They are due October 15, 2028, 

with interest payable on April 15 and October 15 until maturity. Treasury set an interest rate of 2-3/8 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 19. Tenders totaled $52,006 million; Treasury accepted $22,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of 2.440 percent with an 

equivalent adjusted price of $99.921449. Treasury accepted in full all competitive tenders at yields lower than 2.440 

percent. Tenders at the high yield were allotted 92.13 percent. The median yield was 2.355 percent, and the low 

yield was 2.320 percent. Noncompetitive tenders totaled $148 million. Competitive tenders accepted from private 

investors totaled $21,852 million. Adjusted accrued interest of $1.04059 per $1,000 must be paid for the period from 

October 15 to October 31. Both the unadjusted price of $99.697130 and the unadjusted accrued interest of $1.03825 

were adjusted by an index ratio of 1.00225, for the period from October 15 to October 31. The minimum par amount 

required for STRIPS of TIPS of Series AE-2028 is $100. 

Auction of 2-Year Notes 

On October 19, 2023, Treasury announced it would auction $51,000 million of 2-year notes. The issue was to refund 

$178,344 million of securities maturing October 31 and to raise new cash of approximately $23,656 million. 

The 2-year notes of Series BJ-2025 were dated and issued October 31. They are due October 31, 2025, with interest 

payable on April 30 and October 31 until maturity. Treasury set an interest rate of 5 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 24. Tenders totaled $134,414 million; Treasury accepted $51,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of 5.055 percent with an 

equivalent price of $99.896614. Treasury accepted in full all competitive tenders at yields lower than 5.055 percent. 

Tenders at the high yield were allotted 63.46 percent. The median yield was 5.010 percent, and the low yield was 

4.950 percent. Noncompetitive tenders totaled $665 million. Competitive tenders accepted from private investors 

totaled $50,335 million. The minimum par amount required for STRIPS of notes of Series BJ-2025 is $100. 

Auction of 2-Year Floating Rate Notes (FRNs) 

On October 19, 2023, Treasury announced it would auction $26,000 million of 2-year FRNs. The issue was to 

refund $178,344 million of securities maturing October 31 and to raise new cash of approximately $23,656 million. 

33
The 2-year FRNs of Series BK-2025 were dated and issued October 31. They are due October 31, 2025, with 

interest payable on January 31, April 30, July 31, and October 31 until maturity. Treasury set a spread of 0.170 

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 25. Tenders totaled $83,982 million; Treasury accepted $26,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high discount margin of 0.170 

percent with an equivalent price of $100.000000. Treasury accepted in full all competitive tenders at discount 

margins lower than 0.170 percent. Tenders at the high discount margin were allotted 23.22 percent. The median 

discount margin was 0.160 percent, and the low discount margin was 0.100 percent. Noncompetitive tenders totaled 

$26 million. Competitive tenders accepted from private investors totaled $25,975 million. 

Auction of 5-Year Notes 

On October 19, 2023, Treasury announced it would auction $52,000 million of 5-year notes. The issue was to refund 

$178,344 million of securities maturing October 31 and to raise new cash of approximately $23,656 million. 

The 5-year notes of Series AF-2028 were dated and issued October 31. They are due October 31, 2028, with interest 

payable on April 30 and October 31 until maturity. Treasury set an interest rate of 4-7/8 percent after determining 

which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET 

for competitive tenders on October 25. Tenders totaled $122,956 million; Treasury accepted $52,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of 4.899 percent with an 

equivalent price of $99.894701. Treasury accepted in full all competitive tenders at yields lower than 4.899 percent. 

Tenders at the high yield were allotted 48.22 percent. The median yield was 4.819 percent, and the low yield was 

4.730 percent. Noncompetitive tenders totaled $210 million. Competitive tenders accepted from private investors 

totaled $51,790 million. The minimum par amount required for STRIPS of notes of Series AF-2028 is $100. 

Auction of 7-Year Notes 

On October 19, 2023, Treasury announced it would auction $38,000 million of 7-year notes. The issue was to refund 

$178,344 million of securities maturing October 31 and to raise new cash of approximately $23,656 million. 

The 7-year notes of Series R-2030 were dated and issued October 31. They are due October 31, 2030, with interest 

payable on April 30 and October 31 until maturity. Treasury set an interest rate of 4-7/8 percent after determining 

which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET 

for competitive tenders on October 26. Tenders totaled $102,750 million; Treasury accepted $38,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of 4.908 percent with an 

equivalent price of $99.806484. Treasury accepted in full all competitive tenders at yields lower than 4.908 percent. 

Tenders at the high yield were allotted 92.44 percent. The median yield was 4.849 percent, and the low yield was 

4.780 percent. Noncompetitive tenders totaled $253 million. Competitive tenders accepted from private investors 

totaled $37,747 million. The minimum par amount required for STRIPS of notes of Series R-2030 is $100. 

NOVEMBER 

Auction of 42-Day Cash Management Bills 

On October 26, 2023, Treasury announced it would auction $75,000 million of 42-day bills. They were issued 

November 2 and matured December 14. The issue was to refund $206,973 million of all maturing bills and to raise 

new cash of approximately $55,027 million. Treasury auctioned the bills on October 31. Tenders totaled $211,055 

million; Treasury accepted $75,002 million, including $196 million of noncompetitive tenders from the public. The 

high bank discount rate was 5.295 percent. 

34
Auction of 52-Week Bills 

On October 26, 2023, Treasury announced it would auction $44,000 million of 364-day Treasury bills. They were 

issued November 2 and will mature October 31, 2024. The issue was to refund $206,973 million of all maturing bills 

and to raise new cash of approximately $55,027 million. Treasury auctioned the bills on October 31. Tenders totaled 

$127,354 million; Treasury accepted $44,000 million, including $1,539 million of noncompetitive tenders from the 

public. The high bank discount rate was 5.135 percent. 

In addition to the $44,000 million of tenders accepted in the auction process, Treasury accepted $4,802 million from 

FRBs for their own accounts. 

Auction of 42-Day Cash Management Bills 

On November 2, 2023, Treasury announced it would auction $75,000 million of 42-day bills. They were issued 

November 9 and matured December 21. The issue was to refund $225,000 million of all maturing bills and to pay 

down approximately $7,000 million. Treasury auctioned the bills on November 7. Tenders totaled $213,291 million; 

Treasury accepted $75,001 million, including $221 million of noncompetitive tenders from the public. The high 

bank discount rate was 5.290 percent. 

November Quarterly Financing 

On Nov 1, 2023, Treasury announced it would auction $48,000 million of 3-year notes, $40,000 million of 10-year 

notes, and $24,000 million of 30-year bonds to refund $102,174 million of securities maturing November 15, 2023 

and to raise new cash of approximately $9,826 million. 

The 3-year notes of Series AU-2026 were dated and issued November 15. They are due November 15, 2026, with 

interest payable on May 15 and November 15 until maturity. Treasury set an interest rate of 4-5/8 percent after 

determining which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET 

for competitive tenders on November 7. Tenders totaled $128,058 million; Treasury accepted $48,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of 4.701 percent with an 

equivalent price of $99.789641. Treasury accepted in full all competitive tenders at yields lower than 4.701 percent. 

Tenders at the high yield were allotted 4.28 percent. The median yield was 4.649 percent, and the low yield was 

4.550 percent. Noncompetitive tenders totaled $294 million. Competitive tenders accepted from private investors 

totaled $47,506 million. 

In addition to the $48,000 million of tenders accepted in the auction process, Treasury accepted $913 million from 

FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series AU-2026 is $100. 

The 10-year notes of Series F-2033 were dated and issued November 15. They are due November 15, 2033, with 

interest payable on May 15 and November 15 until maturity. Treasury set an interest rate of 4-1/2 percent after 

determining which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET 

for competitive tenders on November 8. Tenders totaled $98,109 million; Treasury accepted $40,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of 4.519 percent with an 

equivalent price of $99.848482. Treasury accepted in full all competitive tenders at yields lower than 4.519 percent. 

Tenders at the high yield were allotted 35.97 percent. The median yield was 4.440 percent, and the low yield was 

4.400 percent. Noncompetitive tenders totaled $269 million. Competitive tenders accepted from private investors 

totaled $39,731 million. 

In addition to the $40,000 million of tenders accepted in the auction process, Treasury accepted $761 million from 

FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series F-2033 is $100. 

35
The 30-year bonds of November 2053 were dated and issued November 15. They are due November 15, 2053, with 

interest payable on May 15 and November 15 until maturity. Treasury set an interest rate of 4-3/4 percent after 

determining which tenders were accepted on a yield auction basis. 

Treasury received tenders for the bonds before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET 

for competitive tenders on November 9. Tenders totaled $53,668 million; Treasury accepted $24,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of 4.769 percent with an 

equivalent price of $99.698482. Treasury accepted in full all competitive tenders at yields lower than 4.769 percent. 

Tenders at the high yield were allotted 17.97 percent. The median yield was 4.650 percent, and the low yield was 

4.590 percent. Noncompetitive tenders totaled $90 million. Competitive tenders accepted from private investors 

totaled $23,910 million. 

In addition to the $24,000 million of tenders accepted in the auction process, Treasury accepted $457 million from 

FRBs for their own accounts. The minimum par amount required for STRIPS of bonds of November 2053 is $100. 

Auction of 42-Day Cash Management Bills 

On November 9, 2023, Treasury announced it would auction $75,000 million of 42-day bills. They were issued 

November 16 and matured December 28. The issue was to refund $185,000 million of all maturing bills and to raise 

new cash of approximately $33,000 million. Treasury auctioned the bills on November 14. Tenders totaled $197,878 

million; Treasury accepted $75,000 million, including $210 million of noncompetitive tenders from the public. The 

high bank discount rate was 5.290 percent. 

Auction of 41-Day Cash Management Bills 

On November 16, 2023, Treasury announced it would auction $75,000 million of 41-day bills. They were issued 

November 24 and will mature January 4, 2024. The issue was to refund $192,986 million of all maturing bills and to 

raise new cash of approximately $25,014 million. Treasury auctioned the bills on November 21. Tenders totaled 

$222,313 million; Treasury accepted $75,000 million, including $212 million of noncompetitive tenders from the 

public. The high bank discount rate was 5.285 percent. 

Auction of 1-Year 11-Month 0.17 Percent FRNs 

On November 16, 2023, Treasury announced it would auction $26,000 million of 1-year 11-month 0.17 percent 

FRNs. The issue was to raise new cash of approximately $26,000 million. 

The 1-year 11-month 0.17 percent FRNs of Series BK-2025 were dated October 31 and issued November 24. They 

are due October 31, 2025, 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 21. Tenders totaled $73,736 million; Treasury accepted $26,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high discount margin of 0.200 

percent with an equivalent price of $99.940709. Treasury accepted in full all competitive tenders at discount 

margins lower than 0.200 percent. Tenders at the high discount margin were allotted 0.52 percent. The median 

discount margin was 0.180 percent, and the low discount margin was 0.100 percent. Noncompetitive tenders totaled 

$22 million. Competitive tenders accepted from private investors totaled $25,978 million. Accrued interest of 

$0.369193575 per $100 must be paid for the period from October 31 to November 24. 

Auction of 42-Day Cash Management Bills 

On November 22, 2023, Treasury announced it would auction $70,000 million of 42-day bills. They were issued 

November 30 and will mature January 11, 2024. The issue was to refund $233,963 million of all maturing bills and 

to raise new cash of approximately $23,037 million. Treasury auctioned the bills on November 28. Tenders totaled 

$204,097 million; Treasury accepted $70,001 million, including $201 million of noncompetitive tenders from the 

public. The high bank discount rate was 5.285 percent. 

36
Auction of 52-Week Bills 

On November 22, 2023, Treasury announced it would auction $44,000 million of 364-day Treasury bills. They were 

issued November 30 and will mature November 29, 2024. The issue was to refund $233,963 million of all maturing 

bills and to raise new cash of approximately $23,037 million. Treasury auctioned the bills on November 28. Tenders 

totaled $156,703 million; Treasury accepted $44,000 million, including $1,655 million of noncompetitive tenders 

from the public. The high bank discount rate was 4.935 percent. 

In addition to the $44,000 million of tenders accepted in the auction process, Treasury accepted $3,309 million from 

FRBs for their own accounts. 

Auction of 20-Year Bonds 

On November 16, 2023, Treasury announced it would auction $16,000 million of 20-year bonds. The issue was to 

refund $105,708 million of securities maturing November 30 and to raise new cash of approximately $73,292 

million. 

The 20-year bonds of November 2043 were dated November 15 and issued November 30. They are due November 

15, 2043, with interest payable on May 15 and November 15 until maturity. Treasury set an interest rate of 4-3/4 

percent after determining which tenders were accepted on a yield auction basis. 

Treasury received tenders for the bonds before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET 

for competitive tenders on November 20. Tenders totaled $41,214 million; Treasury accepted $16,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of 4.780 percent with an 

equivalent price of $99.612655. Treasury accepted in full all competitive tenders at yields lower than 4.780 percent. 

Tenders at the high yield were allotted 18.63 percent. The median yield was 4.730 percent, and the low yield was 

4.680 percent. Noncompetitive tenders totaled $169 million. Competitive tenders accepted from private investors 

totaled $15,831 million. Accrued interest of $1.95742 per $1,000 must be paid for the period from November 15 to 

November 30. 

In addition to the $16,000 million of tenders accepted in the auction process, Treasury accepted $184 million from 

FRBs for their own accounts. The minimum par amount required for STRIPS of bonds of November 2043 is $100. 

Auction of 9-Year 8-Month 1-3/8 Percent TIPS 

On November 16, 2023, Treasury announced it would auction $15,000 million of 9-year 8-month 1-3/8 percent 

TIPS. The issue was to refund $105,708 million of securities maturing November 30 and to raise new cash of 

approximately $73,292 million. 

The 9-year 8-month 1-3/8 percent TIPS of Series D-2033 were dated July 15 and issued November 30. They are due 

July 15, 2033, 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 21. Tenders totaled $34,737 million; Treasury accepted $15,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of 2.180 percent with an 

equivalent adjusted price of $94.285157. Treasury accepted in full all competitive tenders at yields lower than 2.180 

percent. Tenders at the high yield were allotted 39.79 percent. The median yield was 2.078 percent, and the low 

yield was 1.990 percent. Noncompetitive tenders totaled $52 million. Competitive tenders accepted from private 

investors totaled $14,948 million. Adjusted accrued interest of $5.22509 per $1,000 must be paid for the period from 

July 15 to November 30. Both the unadjusted price of $93.043033 and the unadjusted accrued interest of $5.15625 

were adjusted by an index ratio of 1.01335, for the period from July 15 to November 30. 

In addition to the $15,000 million of tenders accepted in the auction process, Treasury accepted $173 million from 

FRBs for their own accounts. The minimum par amount required for STRIPS of TIPS of Series D-2033 is $100. 

37
Auction of 2-Year Notes 

On November 22, 2023, Treasury announced it would auction $54,000 million of 2-year notes. The issue was to 

refund $105,708 million of securities maturing November 30 and to raise new cash of approximately $73,292 

million. 

The 2-year notes of Series BL-2025 were dated and issued November 30. They are due November 30, 2025, with 

interest payable on May 31 and November 30 until maturity. Treasury set an interest rate of 4-7/8 percent after 

determining which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 11:00 a.m. ET for noncompetitive tenders and before 11:30 a.m. ET 

for competitive tenders on November 27. Tenders totaled $136,948 million; Treasury accepted $54,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of 4.887 percent with an 

equivalent price of $99.977397. Treasury accepted in full all competitive tenders at yields lower than 4.887 percent. 

Tenders at the high yield were allotted 70.15 percent. The median yield was 4.830 percent, and the low yield was 

4.788 percent. Noncompetitive tenders totaled $706 million. Competitive tenders accepted from private investors 

totaled $53,294 million. 

In addition to the $54,000 million of tenders accepted in the auction process, Treasury accepted $622 million from 

FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series BL-2025 is $100. 

Auction of 5-Year Notes 

On November 22, 2023, Treasury announced it would auction $55,000 million of 5-year notes. The issue was to 

refund $105,708 million of securities maturing November 30 and to raise new cash of approximately $73,292 

million. 

The 5-year notes of Series AG-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 4-3/8 percent after 

determining which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET 

for competitive tenders on November 27. Tenders totaled $135,453 million; Treasury accepted $55,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of 4.420 percent with an 

equivalent price of $99.800095. Treasury accepted in full all competitive tenders at yields lower than 4.420 percent. 

Tenders at the high yield were allotted 96.29 percent. The median yield was 4.365 percent, and the low yield was 

4.310 percent. Noncompetitive tenders totaled $199 million. Competitive tenders accepted from private investors 

totaled $54,801 million. 

In addition to the $55,000 million of tenders accepted in the auction process, Treasury accepted $634 million from 

FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series AG-2028 is $100. 

Auction of 7-Year Notes 

On November 22, 2023, Treasury announced it would auction $39,000 million of 7-year notes. The issue was to 

refund $105,708 million of securities maturing November 30 and to raise new cash of approximately $73,292 

million. 

The 7-year notes of Series S-2030 were dated and issued November 30. They are due November 30, 2030, with 

interest payable on May 31 and November 30 until maturity. Treasury set an interest rate of 4-3/8 percent after 

determining which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET 

for competitive tenders on November 28. Tenders totaled $95,256 million; Treasury accepted $39,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of 4.399 percent with an 

equivalent price of $99.856744. Treasury accepted in full all competitive tenders at yields lower than 4.399 percent. 

38
Tenders at the high yield were allotted 68.99 percent. The median yield was 4.319 percent, and the low yield was 

4.260 percent. Noncompetitive tenders totaled $352 million. Competitive tenders accepted from private investors 

totaled $38,648 million. 

In addition to the $39,000 million of tenders accepted in the auction process, Treasury accepted $449 million from 

FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series S-2030 is $100. 

DECEMBER 

Auction of 42-Day Cash Management Bills 

On November 30, 2023, Treasury announced it would auction $70,000 million of 42-day bills. They were issued 

December 7 and will mature January 18, 2024. The issue was to refund $201,995 million of all maturing bills and to 

raise new cash of approximately $11,005 million. Treasury auctioned the bills on December 5. Tenders totaled 

$212,950 million; Treasury accepted $70,001 million, including $267 million of noncompetitive tenders from the 

public. The high bank discount rate was 5.285 percent. 

Auction of 42-Day Cash Management Bills 

On December 7, 2023, Treasury announced it would auction $70,000 million of 42-day bills. They were issued 

December 14 and will mature January 25, 2024. The issue was to refund $201,996 million of all maturing bills and 

to raise new cash of approximately $11,004 million. Treasury auctioned the bills on December 12. Tenders totaled 

$199,394 million; Treasury accepted $70,001 million, including $247 million of noncompetitive tenders from the 

public. The high bank discount rate was 5.285 percent. 

Auction of 3-Year Notes 

On December 7, 2023, Treasury announced it would auction $50,000 million of 3-year notes. The issue was to 

refund $44,215 million of securities maturing December 15 and to raise new cash of approximately $63,785 million. 

The 3-year notes of Series AV-2026 were dated and issued December 15. They are due December 15, 2026, with 

interest payable on June 15 and December 15 until maturity. Treasury set an interest rate of 4-3/8 percent after 

determining which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 11:00 a.m. ET for noncompetitive tenders and before 11:30 a.m. ET 

for competitive tenders on December 11. Tenders totaled $120,797 million; Treasury accepted $50,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of 4.490 percent with an 

equivalent price of $99.680564. Treasury accepted in full all competitive tenders at yields lower than 4.490 percent. 

Tenders at the high yield were allotted 73.47 percent. The median yield was 4.430 percent, and the low yield was 

4.360 percent. Noncompetitive tenders totaled $245 million. Competitive tenders accepted from private investors 

totaled $49,555 million. The minimum par amount required for STRIPS of notes of Series AV-2026 is $100. 

Auction of 9-Year 11-Month 4-1/2 Percent Notes 

On December 7, 2023, Treasury announced it would auction $37,000 million of 9-year 11-month 4-1/2 percent 

notes. The issue was to refund $44,215 million of securities maturing December 15 and to raise new cash of 

approximately $63,785 million. 

The 9-year 11-month 4-1/2 percent notes of Series F-2033 were dated November 15 and issued December 15. They 

are due November 15, 2033, 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 11. Tenders totaled $93,600 million; Treasury accepted $37,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of 4.296 percent with an 

equivalent price of $101.626935. Treasury accepted in full all competitive tenders at yields lower than 4.296 

percent. Tenders at the high yield were allotted 22.95 percent. The median yield was 4.224 percent, and the low 

39
yield was 4.150 percent. Noncompetitive tenders totaled $112 million. Competitive tenders accepted from private 

investors totaled $36,888 million. Accrued interest of $3.70879 per $1,000 must be paid for the period from 

November 15 to December 15. The minimum par amount required for STRIPS of notes of Series F-2033 is $100. 

Auction of 29-Year 11-Month 4-3/4 Percent Bonds 

On December 7, 2023, Treasury announced it would auction $21,000 million of 29-year 11-month 4-3/4 percent 

bonds. The issue was to refund $44,215 million of securities maturing December 15 and to raise new cash of 

approximately $63,785 million. 

The 29-year 11-month 4-3/4 percent bonds of November 2053 were dated November 15 and issued December 15. 

They are due November 15, 2053, 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 12. Tenders totaled $51,011 million; Treasury accepted $21,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of 4.344 percent with an 

equivalent price of $106.755520. Treasury accepted in full all competitive tenders at yields lower than 4.344 

percent. Tenders at the high yield were allotted 93.57 percent. The median yield was 4.280 percent, and the low 

yield was 4.230 percent. Noncompetitive tenders totaled $67 million. Competitive tenders accepted from private 

investors totaled $20,933 million. Accrued interest of $3.91484 per $1,000 must be paid for the period from 

November 15 to December 15. The minimum par amount required for STRIPS of bonds of November 2053 is $100. 

Auction of 42-Day Cash Management Bills 

On December 14, 2023, Treasury announced it would auction $70,000 million of 42-day bills. They were issued 

December 21 and will mature February 1, 2024. The issue was to refund $201,992 million of all maturing bills and 

to raise new cash of approximately $11,008 million. Treasury auctioned the bills on December 19. Tenders totaled 

$211,377 million; Treasury accepted $70,001 million, including $249 million of noncompetitive tenders from the 

public. The high bank discount rate was 5.270 percent. 

Auction of 52-Week Bills 

On December 21, 2023, Treasury announced it would auction $44,000 million of 364-day Treasury bills. They were 

issued December 28 and will mature December 26, 2024. The issue was to refund $236,007 million of all maturing 

bills and to raise new cash of approximately $20,993 million. Treasury auctioned the bills on December 26. Tenders 

totaled $144,006 million; Treasury accepted $44,000 million, including $1,428 million of noncompetitive tenders 

from the public. The high bank discount rate was 4.595 percent. 

In addition to the $44,000 million of tenders accepted in the auction process, Treasury accepted $1,519 million from 

FRBs for their own accounts. 

Auction of 42-Day Cash Management Bills 

On December 21, 2023, Treasury announced it would auction $70,000 million of 42-day bills. They were issued 

December 28 and will mature February 8, 2024. The issue was to refund $236,007 million of all maturing bills and 

to raise new cash of approximately $20,993 million. Treasury auctioned the bills on December 27. Tenders totaled 

$199,431 million; Treasury accepted $70,002 million, including $184 million of noncompetitive tenders from the 

public. The high bank discount rate was 5.280 percent. 

Auction of 4-Year 10-Month 2-3/8 Percent TIPS 

On December 14, 2023, Treasury announced it would auction $20,000 million of 4-year 10-month 2-3/8 percent 

TIPS. The issue was to raise new cash of approximately $46,000 million. 

The 4-year 10-month 2-3/8 percent TIPS of Series AE-2028 were dated October 15 and issued December 29. They 

are due October 15, 2028, with interest payable on April 15 and October 15 until maturity. 

40
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 21. Tenders totaled $51,040 million; Treasury accepted $20,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of 1.710 percent with an 

equivalent adjusted price of $103.513682. Treasury accepted in full all competitive tenders at yields lower than 

1.710 percent. Tenders at the high yield were allotted 90.05 percent. The median yield was 1.640 percent, and the 

low yield was 1.590 percent. Noncompetitive tenders totaled $48 million. Competitive tenders accepted from private 

investors totaled $19,952 million. Adjusted accrued interest of $4.88885 per $1,000 must be paid for the period from 

October 15 to December 29. Both the unadjusted price of $103.046880 and the unadjusted accrued interest of 

$4.86680 were adjusted by an index ratio of 1.00453, for the period from October 15 to December 29. The minimum 

par amount required for STRIPS of TIPS of Series AE-2028 is $100. 

Auction of 1-Year 10-Month 0.17 Percent FRNs 

On December 21, 2023, Treasury announced it would auction $26,000 million of 1-year 10-month 0.17 percent 

FRNs. The issue was to raise new cash of approximately $46,000 million. 

The 1-year 10-month 0.17 percent FRNs of Series BK-2025 were dated October 31 and issued December 29. They 

are due October 31, 2025, with interest payable on January 31, April 30, July 31, and October 31 until maturity. 

Treasury received tenders for the FRNs before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET 

for competitive tenders on December 27. Tenders totaled $76,302 million; Treasury accepted $26,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high discount margin of 0.250 

percent with an equivalent price of $99.854493. Treasury accepted in full all competitive tenders at discount 

margins lower than 0.250 percent. Tenders at the high discount margin were allotted 89.39 percent. The median 

discount margin was 0.229 percent, and the low discount margin was 0.150 percent. Noncompetitive tenders totaled 

$26 million. Competitive tenders accepted from private investors totaled $25,974 million. Accrued interest of 

$0.904351416 per $100 must be paid for the period from October 31 to December 29. 

41
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) 

2023-Oct. 03.................................................. 2023-Oct. 31 28 251,896.0 85,734.4 80,085.6 4,886.2 99.588556 5.290 5.400

Nov. 28 56 195,176.8 75,646.9 73,574.7 1,425.8 99.170889 5.330 5.464

2024-Jan. 30 119 165,915.0 52,449.1 49,354.1 646.8 98.233181 5.345 5.532

Oct. 05........................................................... Jan. 04 91 202,101.7 76,242.2 67,971.3 2,462.8 98.648903 5.345 5.509

Apr. 04 182 189,140.8 68,725.9 61,588.8 2,311.7 97.300333 5.340 5.580

Oct. 10........................................................... 2023-Nov. 07 28 266,227.9 90,687.6 85,035.9 4,965.0 99.587000 5.310 5.421

Dec. 05 56 197,810.4 80,610.5 76,306.2 1,693.9 99.167000 5.355 5.490

2024-Feb. 06 119 160,500.4 54,412.5 53,292.4 708.1 98.231528 5.350 5.537

Oct 12........................................................... Jan. 11 91 208,195.2 77,514.5 69,975.9 2,924.2 98.650167 5.340 5.503

Apr. 11 182 187,967.3 70,081.6 63,273.5 2,726.5 97.310444 5.320 5.558

Oct. 17........................................................... 2023-Nov. 14 28 265,634.4 95,665.5 88,428.8 4,635.9 99.585833 5.325 5.436

Dec. 12 56 245,798.5 85,596.6 82,987.6 1,563.3 99.168556 5.345 5.480

2024-Feb. 13 119 188,983.3 56,392.6 55,340.0 660.7 98.229875 5.355 5.542

Oct. 19........................................................... Jan. 18 91 241,880.9 79,839.5 72,534.4 2,365.7 98.650167 5.340 5.503

Apr. 18 182 202,012.7 72,388.5 65,801.9 2,198.8 97.302861 5.335 5.574

Oct. 24........................................................... 2023-Nov. 21 28 283,327.7 95,658.9 88,224.6 4,775.4 99.587389 5.305 5.416

Dec. 19 56 224,433.6 85,590.0 82,507.0 1,564.4 99.171667 5.325 5.459

2024-Feb. 20 119 183,518.7 56,388.5 55,225.3 674.8 98.229875 5.355 5.542

Oct. 26........................................................... Jan. 25 91 218,722.6 79,648.0 70,531.7 2,468.4 98.657750 5.310 5.472

Apr. 25 182 187,640.8 72,214.3 65,649.3 2,250.9 97.307917 5.325 5.564

Oct. 31........................................................... 2023-Nov. 28 28 280,104.5 95,624.4 89,758.1 5,142.5 99.588167 5.295 5.406

Dec. 26 56 214,975.0 85,558.7 83,499.5 1,501.1 99.170889 5.330 5.464

2024-Feb. 27 119 165,951.4 56,367.9 53,518.0 666.3 98.236486 5.335 5.521

Nov. 02.......................................................... Feb. 01 91 216,751.5 83,185.8 72,808.6 2,191.4 98.653958 5.325 5.488

May 02 182 204,283.7 75,422.3 66,003.1 1,997.5 97.310444 5.320 5.558

Nov. 07.......................................................... 2023-Dec. 05 28 276,880.4 95,686.5 89,913.7 4,988.5 99.588556 5.290 5.400

2024-Jan. 02 56 230,518.2 85,613.5 83,552.2 1,449.1 99.175556 5.300 5.433

Mar. 05 119 162,455.3 56,404.6 55,351.1 650.2 98.234833 5.340 5.527

Nov. 09.......................................................... Feb. 08 91 224,675.0 81,226.7 72,461.3 2,538.7 98.664069 5.285 5.446

May 09 182 203,896.8 73,646.0 65,532.2 2,468.3 97.340778 5.260 5.494

Nov. 14.......................................................... 2023-Dec. 12 28 244,904.7 95,668.3 89,784.7 5,115.8 99.588556 5.290 5.400

2024-Jan. 09 56 230,458.3 85,598.9 82,062.6 1,413.8 99.177889 5.285 5.418

Mar. 12 119 171,713.1 56,393.9 54,580.8 886.5 98.253014 5.285 5.469

Nov. 16.......................................................... Feb. 15 91 214,298.2 82,232.0 72,771.2 2,230.1 98.664069 5.285 5.446

May 16 182 193,857.0 74,556.0 65,728.0 2,197.2 97.335722 5.270 5.504

Nov. 21.......................................................... 2023-Dec. 19 28 261,568.4 95,663.3 90,122.5 4,830.3 99.588556 5.290 5.400

2024-Jan. 16 56 224,107.1 85,591.2 83,656.9 1,343.3 99.178667 5.280 5.412

Mar. 19 119 178,162.9 56,389.8 55,281.5 718.9 98.262931 5.255 5.437

Nov. 24.......................................................... Feb. 22 90 223,712.0 80,867.5 72,835.5 2,166.3 98.682500 5.270 5.429

May 23 181 178,467.0 73,318.3 65,912.1 2,088.0 97.370472 5.230 5.461

Nov. 28.......................................................... 2023-Dec. 26 28 219,754.7 85,714.0 80,217.7 4,682.6 99.587778 5.300 5.411

2024-Jan. 23 56 218,867.4 80,673.7 78,882.0 1,120.0 99.178667 5.280 5.412

Mar. 26 119 172,950.6 56,471.4 55,341.8 659.4 98.261278 5.260 5.442

Nov. 30.......................................................... Feb. 29 91 221,120.7 80,641.2 73,223.3 1,777.6 98.665333 5.280 5.441

May 30 182 209,522.9 73,114.1 66,421.2 1,579.0 97.350889 5.240 5.472

Dec. 05.......................................................... Jan. 02 28 220,004.3 80,382.7 74,859.9 5,141.9 99.588556 5.290 5.400

Jan. 30 56 220,476.5 80,381.7 78,610.7 1,390.1 99.178667 5.280 5.412

Apr. 02 119 163,982.1 56,267.0 55,347.4 653.1 98.267889 5.240 5.421

Dec. 07.......................................................... Mar. 07 91 224,832.2 76,380.8 72,777.3 2,223.3 98.672917 5.250 5.409

June 06 182 182,321.9 69,251.7 65,767.6 2,232.7 97.376167 5.190 5.419

42
Continued from PDO-1 

Dec. 12........................................................... Jan. 09 28 246,567.7 80,377.9 74,987.0 4,913.5 99.588944 5.285 5.395

Feb. 06 56 226,199.2 80,377.9 78,608.7 1,391.9 99.179444 5.275 5.407

Apr. 09 119 166,642.1 56,264.5 55,377.6 622.7 98.267889 5.240 5.421

Dec. 14........................................................... Mar. 14 91 225,892.6 76,532.6 72,664.4 2,236.1 98.670389 5.260 5.420

June 13 182 207,128.6 69,390.2 65,802.8 2,095.1 97.376167 5.190 5.419

Dec. 19........................................................... Jan. 16 28 229,538.5 80,369.6 75,206.4 4,793.6 99.590111 5.270 5.380

Feb. 13 56 227,105.0 80,369.9 78,517.9 1,482.5 99.179444 5.275 5.407

Apr. 16 119 159,250.2 56,259.0 55,275.1 725.2 98.264583 5.250 5.432

Dec. 21........................................................... Mar. 21 91 217,513.1 75,559.6 72,714.0 2,236.4 98.670389 5.260 5.420

June 20 182 211,281.0 68,507.1 65,503.6 2,446.5 97.406500 5.130 5.354

Dec. 26........................................................... Jan. 23 28 214,388.1 80,377.8 75,112.8 4,887.3 99.590500 5.265 5.375

Feb. 20 56 219,764.6 80,379.5 78,483.5 1,518.3 99.180222 5.270 5.402

Apr. 23 119 167,628.8 56,264.5 55,180.4 719.7 98.274500 5.220 5.400

Dec. 28........................................................... Mar. 28 91 233,030.2 77,589.7 72,661.1 2,339.1 98.670389 5.260 5.420

June 27 182 222,161.1 70,348.0 65,749.3 2,217.0 97.431778 5.080 5.301

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. 

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) 

09/19/23 10/02/23 4.375% bond—08/15/43 19y 11m 35,571 13,000 4.592 - 97.182044 

09/26/23 10/02/23 5.000% note—09/30/25-BH 2y 130,923 48,000 5.085 - 99.840020 

09/27/23 10/02/23 4.625% note—09/30/28-AD 5y 123,585 49,000 4.659 - 99.849471 

09/28/23 10/02/23 4.625% note—09/30/30-Q 7y 91,219 37,000 4.673 - 99.715829 

10/03/23 10/05/23 5.330% CMB—11/16/23 42d 159,660 65,000 

10/03/23 10/05/23 5.185% bill—10/03/24 364d 144,679 47,249

10/10/23 10/12/23 5.360% CMB—11/24/23 43d 191,460 70,000 

10/10/23 10/16/23 4.625% note—10/15/26-AT 3y 117,851 46,000 4.740 - 99.681877 

10/11/23 10/16/23 3.875% note—08/15/33-E 9y 10m 87,508 35,000 4.610 - 94.231522 

10/12/23 10/16/23 4.125% bond—08/15/53 29y 10m 46,975 20,000 4.837 - 88.806438 

10/17/23 10/19/23 5.325% CMB—11/30/23 42d 233,735 75,002

10/24/23 10/26/23 5.300% CMB—12/07/23 42d 225,381 75,001

10/18/23 10/31/23 4.375% bond—08/15/43 19y 10m 33,618 13,000 5.245 - 89.352074 

10/19/23 10/31/23 2.375% TIPS—10/15/28-AE 5y 52,006 22,000 2.440 - 99.921449 

10/24/23 10/31/23 5.000% note—10/31/25-BJ 2y 134,414 51,000 5.055 - 99.896614 

10/25/23 10/31/23 0.170% FRN—10/31/25-BK 2y 83,982 26,000 0.170 - 100.000000 

10/25/23 10/31/23 4.875% note—10/31/28-AF 5y 122,956 52,000 4.899 - 99.894701 

10/26/23 10/31/23 4.875% note—10/31/30-R 7y 102,750 38,000 4.908 - 99.806484 

10/31/23 11/02/23 5.295% CMB—12/14/23 42d 211,055 75,002

10/31/23 11/02/23 5.135% bill—10/31/24 364d 132,156 48,802

11/07/23 11/09/23 5.290% CMB—12/21/23 42d 213,291 75,001

11/07/23 11/15/23 4.625% note—11/15/26-AU 3y 128,971 48,913 4.701 - 99.789641 

11/08/23 11/15/23 4.500% note—11/15/33-F 10y 98,870 40,761 4.519 - 99.848482 

11/09/23 11/15/23 4.750% bond—11/15/53 30y 54,125 24,457 4.769 - 99.698482 

43
Continued from PDO-2 

11/14/23 11/16/23 5.290% CMB—12/28/23 42d 197,878 75,000 

11/21/23 11/24/23 5.285% CMB—01/04/24 41d 222,313 75,000 

11/21/23 11/24/23 0.170% FRN—10/31/25-BK 1y 11m 73,736 26,000 0.200 - 99.940709 

11/28/23 11/30/23 5.285% CMB—01/11/24 42d 204,097 70,001 

11/28/23 11/30/23 4.935% bill—11/29/24 365d 160,012 47,309

11/20/23 11/30/23 4.750% bond—11/15/43 20y 41,398 16,184 4.780 - 99.612655 

11/21/23 11/30/23 1.375% TIPS—07/15/33-D 9y 8m 34,910 15,173 2.180 - 94.285157 

11/27/23 11/30/23 4.875% note—11/30/25-BL 2y 137,570 54,622 4.887 - 99.977397 

11/27/23 11/30/23 4.375% note—11/30/28-AG 5y 136,087 55,634 4.420 - 99.800095 

11/28/23 11/30/23 4.375% note—11/30/30-S 7y 95,705 39,449 4.399 - 99.856744 

12/05/23 12/07/23 5.285% CMB—01/18/24 42d 212,950 70,001 

12/12/23 12/14/23 5.285% CMB—01/25/24 42d 199,394 70,001 

12/11/23 12/15/23 4.375% note—12/15/26-AV 3y 120,797 50,000 4.490 - 99.680564 

12/11/23 12/15/23 4.500% note—11/15/33-F 9y 11m 93,600 37,000 4.296 - 101.626935 

12/12/23 12/15/23 4.750% bond—11/15/53 29y 11m 51,011 21,000 4.344 - 106.755520 

12/19/23 12/21/23 5.270% CMB—02/01/24 42d 211,377 70,001 

12/26/23 12/28/23 4.595% bill—12/26/24 364d 145,525 45,519

12/27/23 12/28/23 5.280% CMB—02/08/24 42d 199,431 70,002 

12/21/23 12/29/23 2.375% TIPS—10/15/28-AE 4y 10m 51,040 20,000 1.710 - 103.513682 

12/27/23 12/29/23 0.170% FRN—10/31/25-BK 1y 10m 76,302 26,000 0.250 - 99.854493 

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. 

44
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.) 

45
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) 

2019 ................................................ 22,740,857 22,719,402 5,893,424 - 5,893,424 2,436,438 

2020 ................................................ 26,965,542 26,945,391 5,907,764 - 5,907,764 4,872,973 

2021 ................................................ 28,448,421 28,428,919 6,123,040 - 6,123,040 5,911,599 

2022 ................................................ 30,948,265 30,928,912 6,608,706 - 6,608,706 6,097,085 

2023 ................................................ 33,186,902 33,167,334 6,817,835 - 6,817,835 5,352,361 

2022 - Dec....................................... 31,439,489 31,419,689 6,880,448 - 6,880,448 5,944,675 

2023 - Jan ....................................... 31,475,026 31,454,982 6,849,031 - 6,849,031 5,840,105 

Feb ...................................... 31,479,071 31,459,291 6,828,385 - 6,828,385 5,776,827 

Mar ...................................... 31,478,182 31,458,438 6,743,612 - 6,743,612 5,713,249 

 Apr....................................... 31,477,422 31,457,815 6,831,707 - 6,831,707 5,694,791 

May...................................... 31,484,194 31,464,457 6,813,789 - 6,813,789 5,587,272 

June..................................... 32,352,141 32,332,274 6,850,199 - 6,850,199 5,522,478 

 July...................................... 32,628,429 32,608,585 6,879,879 - 6,879,879 5,458,696 

Aug ...................................... 32,933,803 32,914,149 6,850,248 - 6,850,248 5,394,355 

Sept..................................... 33,186,902 33,167,334 6,817,835 - 6,817,835 5,352,361 

Oct....................................... 33,719,176 33,699,580 7,101,369 - 7,101,369 5,266,127 

Nov...................................... 33,898,630 33,878,679 7,012,660 - 7,012,660 4,780,828 

Dec...................................... 34,021,672 34,001,494 7,041,267 - 7,041,267 5,238,936 

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) 

2019 ................................................ 14,378,700 13,810,667 478,637 21,455 21,455 -

2020 ................................................ 16,164,654 15,501,967 662,687 20,151 20,151 -

2021 ................................................ 16,394,280 15,967,103 427,176 19,502 19,502 -

2022 ................................................ 18,223,121 17,597,039 626,082 19,353 19,353 -

2023 ................................................ 20,997,138 20,401,322 595,816 19,568 19,568 -

2022 – Dec...................................... 18,594,566 17,994,625 599,942 19,800 19,800 -

2023 - Jan ....................................... 18,765,846 18,287,504 478,342 20,044 20,044 -

Feb ...................................... 18,854,079 18,505,738 348,342 19,780 19,780 -

Mar ...................................... 19,001,577 18,668,992 332,584 19,744 19,744 -

 Apr....................................... 18,931,317 18,591,005 340,312 19,607 19,607 -

May...................................... 19,063,396 18,740,909 322,487 19,737 19,737 -

June..................................... 19,959,597 19,364,172 595,426 19,867 19,867 -

 July...................................... 20,270,010 19,679,300 590,710 19,844 19,844 -

Aug ...................................... 20,669,546 20,083,208 586,338 19,654 19,654 -

Sept..................................... 20,997,138 20,401,322 595,816 19,568 19,568 -

Oct....................................... 21,332,084 20,737,340 594,744 19,596 19,596 -

Nov...................................... 22,085,191 21,491,098 594,093 19,951 19,951 -

Dec...................................... 21,721,291 21,132,772 588,519 20,178 20,178 -

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. 

46
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) 

2023 - Dec. 34,001.5 11,848.1 22,153.4 N/A 171.9 N/A N/A N/A N/A N/A N/A N/A 

Sept. 33,167.4 11,790.1 21,377.4 1,559.7 175.7 882.4 379.7 434.6 3,075.4 1,617.3 N/A N/A 

 June 32,332.3 11,976.9 20,355.4 1,556.0 178.2 899.5 383.1 411.9 2,595.7 1,645.8 N/A N/A 

 Mar. 31,458.4 12,044.6 19,413.8 1,615.6 177.8 601.9 361.7 405.9 2,413.9 1,648.9 N/A N/A 

 2022- Dec. 31,419.9 12,401.4 19,018.5 1,713.6 173.5 818.0 323.4 391.3 2,416.2 1,563.3 7,290.1 4,329.2 

Sept. 30,928.9 12,264.7 18,664.2 1,736.8 166.2 810.6 311.4 366.8 2,604.3 1,529.4 7,251.5 3,887.2 

 June 30,568.6 12,399.7 18,168.9 1,807.7 160.4 809.2 354.9 366.1 2,890.3 1,555.5 7,416.9 2,807.9 

 Mar. 30,401.0 12,281.3 18,119.7 1,754.1 149.7 811.8 380.3 374.5 3,290.7 1,420.0 7,604.2 2,334.4 

2021 - Dec. 29,617.2 12,125.9 17,491.3 1,734.0 146.2 809.6 407.9 419.3 3,411.7 1,440.7 7,740.4 1,381.6 

 Sept. 28,428.9 11,579.1 16,849.8 1,540.3 143.6 622.7 385.9 423.8 3,238.0 1,394.2 7,570.9 1,530.4 

 June 28,529.4 11,382.9 17,146.5 1,433.1 144.6 787.5 387.8 421.2 3,778.5 1,313.7 7,518.9 1,361.2 

 Mar. 28,132.6 11,095.5 17,037.1 1,347.9 145.7 761.2 346.3 391.9 3,951.4 1,099.6 7,038.3 1,954.7 

2020 - Dec. 27,747.8 10,809.2 16,938.6 1,265.2 147.1 770.6 355.4 398.2 3,784.6 1,111.9 7,070.7 2,034.8 

 Sept. 26,945.4 10,371.9 16,573.5 1,241.1 148.6 772.6 319.4 414.3 3,724.9 1,059.7 7,069.2 1,823.7 

 June 26,477.4 10,157.7 16,319.6 1,157.9 149.8 766.9 290.1 403.2 3,695.4 1,034.8 7,052.1 1,769.4 

 Mar. 23,686.9 9,279.7 14,407.2 947.6 150.0 758.9 331.5 396.8 2,501.7 862.1 6,949.5 1,509.1 

2019 - Dec. 23,201.4 8,359.9 14,841.5 935.1 151.3 705.3 335.5 368.7 2,412.8 793.1 6,844.2 2,295.5 

 Sept. 22,719.4 8,023.6 14,695.8 909.4 152.3 691.1 343.0 366.8 2,319.7 766.8 6,923.5 2,223.1 

 June 22,023.5 7,945.2 14,078.4 808.2 153.4 470.4 384.6 363.6 2,037.0 751.4 6,625.9 2,483.9 

 Mar. 22,028.0 7,999.1 14,028.9 769.5 154.5 443.6 357.6 361.1 2,189.2 752.7 6,474.0 2,526.7 

2018 - Dec. 21,974.1 8,095.0 13,879.1 769.7 155.7 637.3 367.9 360.5 2,094.9 713.2 6,270.1 2,509.9 

 Sept. 21,516.1 8,068.1 13,447.9 682.0 156.8 615.3 301.7 361.3 1,957.2 730.7 6,225.9 2,417.0 

 June 21,195.3 8,106.9 13,088.5 663.1 157.8 605.0 307.3 360.2 1,902.9 726.8 6,225.0 2,140.4 

 Mar. 21,089.9 8,086.6 13,003.3 637.8 159.0 589.7 300.1 366.9 2,048.2 715.8 6,223.4 1,962.5 

2017 - Dec. 20,492.7 8,132.1 12,360.6 636.7 160.4 432.1 289.4 377.9 1,850.8 735.0 6,211.3 1,667.1 

 Sept. 20,244.9 8,036.9 12,208.0 610.5 161.7 570.8 266.5 364.3 1,739.6 704.0 6,301.9 1,488.7 

 June 19,844.6 7,943.4 11,901.1 620.5 162.8 425.9 262.8 352.8 1,645.8 710.1 6,151.9 1,568.5 

 Mar. 19,846.4 7,941.1 11,905.3 657.4 164.2 444.2 239.5 342.6 1,715.2 724.6 6,075.3 1,542.3 

2016 - Dec. 19,976.9 8,005.6 11,971.3 663.1 165.8 538.0 218.8 334.2 1,705.4 717.3 6,006.3 1,622.4 

 Sept. 19,573.4 7,863.5 11,709.9 626.8 167.5 545.6 203.8 345.2 1,600.4 710.9 6,155.9 1,353.8 

 June 19,381.6 7,911.2 11,470.4 580.6 169.0 537.9 185.0 333.7 1,434.2 712.6 6,279.1 1,238.3 

 Mar. 19,264.9 7,801.4 11,463.6 562.9 170.3 524.4 170.4 319.1 1,404.1 694.9 6,284.4 1,333.0 

2015 - Dec. 18,922.2 7,711.2 11,211.0 547.4 171.6 504.7 174.5 310.1 1,318.3 680.9 6,146.2 1,357.1 

 Sept. 18,150.6 7,488.7 10,661.9 519.1 172.8 305.3 171.0 310.0 1,195.1 646.0 6,105.9 1,236.8 

 June 18,152.0 7,536.5 10,615.5 518.5 173.9 373.8 185.7 307.7 1,139.8 652.8 6,163.1 1,100.1 

 Mar. 18,152.1 7,521.3 10,630.8 518.1 174.9 447.8 176.7 308.5 1,170.4 663.3 6,172.6 998.4 

2014 - Dec. 18,141.4 7,578.9 10,562.6 516.8 175.9 507.1 199.2 310.5 1,121.8 654.5 6,157.7 919.0 

 Sept. 17,824.1 7,490.8 10,333.2 471.1 176.7 490.7 198.7 301.4 1,075.8 628.7 6,069.2 920.8 

 June 17,632.6 7,461.0 10,171.6 409.5 177.6 482.6 198.3 291.0 986.2 638.8 6,018.7 968.8 

 Mar. 17,601.2 7,301.5 10,299.7 368.4 178.3 474.3 184.3 280.1 1,060.4 632.0 5,948.3 1,173.7 

2013 - Dec. 17,352.0 7,205.3 10,146.6 321.1 179.2 464.9 181.3 274.5 983.3 633.6 5,792.6 1,316.2 

 Sept. 16,738.2 6,834.2 9,904.0 293.2 180.0 347.8 187.5 276.6 986.1 624.3 5,652.8 1,355.7 

 June 16,738.2 6,773.3 9,964.9 300.2 180.9 444.5 187.7 281.3 1,000.1 612.6 5,595.0 1,362.6 

 Mar. 16,771.6 6,656.8 10,114.8 338.9 181.7 463.4 193.4 284.3 1,066.7 615.6 5,725.0 1,245.7 1 Source: “Monthly Statement of the Public Debt of the United States” (MSPD). Face value. 

2 Sources: Federal Reserve Board of Governors, Factors Affecting Reserve Balances - 

H.4.1, and the U. S. Treasury MSPD for intragovernmental holdings. Federal Reserve 

holdings exclude Treasury securities held under repurchase agreements. As of February 

2005, the debt held by Government Accounts was renamed to Intragovernmental holdings. 

3 Source: Federal Reserve Board of Governors, Flow of Funds Table L.210. 

4 Includes U.S. chartered depository institutions, foreign banking offices in U.S., banks in 

U.S. affiliated areas, credit unions and bank holding companies. 

5 Source: “Monthly Statement of the Public Debt of the United States from January 1996. 

Federal Reserve Board of Governors, Flow of Funds Table L. 209 from January 1977 

through December 1995. From December 2014 to September 2018, includes savings bonds 

issued to myRA accounts. Current accrual value. 

6 Includes U.S. Treasury securities held by the Federal Employees Retirement System Thrift 

Savings Plan "G Fund". 

7 Includes money market mutual funds, mutual funds, and closed-end investment companies.

8 Source: Treasury International Capital Survey https://ticdata.treasury.gov/resourcecenter/data-chart-center/tic/Documents/mfhhis01.txt). Includes nonmarketable foreign series, 

Treasury securities, and Treasury deposit funds. Excludes Treasury securities held under 

repurchase agreements in custody accounts at the Federal Reserve Bank of New York. For 

additional information, see: https://home.treasury.gov/data/treasury-international-capital-ticsystem 

9 Includes individuals, Government-sponsored enterprises, brokers and dealers, bank 

personal trusts and estates, corporate and non-corporate businesses, and other investors. 

*The “Insurance companies” data presented in Treasury Bulletin issues from December 

2018 through June 2021 have been revised. Beginning with the December 2018 TB issue 

and June 2018 data, ownership data for property-casualty insurance companies was not 

included in the total, nor were updates to historical data captured due to a change in the FRB 

Flow of Funds Z.1 release series reporting this data. This new series is now being captured 

and “Insurance companies” data have been revised back to June 2013. 

47
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, 2023 

[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 .............................. $2,759,008,371,781 $2,707,108,122,903 $2,706,633,541,701 $238,903,466 $235,677,736

Less amounts held by: 

The Treasury ....................................... 161,150,115 78,768,115 78,472,219 106,084 189,812

FRBs ................................................... 411,006,261,891 409,583,232,164 409,583,230,121 100 1,943

Amounts in circulation ............................. $2,347,840,959,775 $2,297,446,122,624 $2,296,971,839,361 $238,797,282 $235,485,981

Coins 2

Total 

(1) 

Dollars 2, 3 

(2) 

Fractional 

coins 

(3) 

Amounts outstanding .............................. $51,900,248,878 6,548,044,108 45,352,204,770 

Less amounts held by: 

The Treasury ....................................... 82,382,000 48,770,000 33,612,000 

FRBs ................................................... 1,423,029,727 836,103,557 586,926,170 

Amounts in circulation ............................. $50,394,837,151 $5,663,170,551 $44,731,666,600 

See footnotes following table USCC-2. 

48
TABLE USCC-2—Amounts Outstanding and in Circulation, Dec. 31, 2023 

[Source: Bureau of the Fiscal Service] 

Currency in circulation by denomination 

Total 

(1) 

Federal Reserve notes 1 

(2) 

U.S. notes 

(3) 

Currency no 

longer issued 

(4) 

$1 ................................................................................ $14,512,292,138 $14,372,735,760 $143,468 $139,412,910 

$2 ................................................................................ 3,168,369,836 3,036,955,836 131,401,444 12,556 

$5 ................................................................................ 17,802,010,710 17,672,455,935 107,328,380 22,226,395 

$10 .............................................................................. 23,721,648,850 23,701,950,770 2,120 19,695,960 

$20 .............................................................................. 224,079,471,440 224,059,375,160 -5,820 20,102,100 

$50 .............................................................................. 124,459,630,050 124,448,155,200 -23,700 11,498,550 

$100 ............................................................................ 1,889,390,672,500 1,889,368,740,700 -54,200 21,986,000 

$500 ............................................................................ 141,712,500 141,522,000 2,500 188,000 

$1,000 ......................................................................... 165,119,000 164,908,000 3,000 208,000 

$5,000 ......................................................................... 1,765,000 1,710,000 - 55,000 

$10,000 ....................................................................... 3,430,000 3,330,000 - 100,000 

Partial notes 5 .............................................................. 600 - 90 510 

Total currency ......................................................... $2,297,446,122,624 $2,296,971,839,361 $238,797,282 $235,485,981 

Comparative totals of currency and coins in circulation—selected dates 

 Amounts (in millions) 

 (1) 

 Per capita 4 

(2) 

Dec. 31, 2023 ....................................................................................... 2,347,841 6,988

Nov. 30, 2023 ....................................................................................... 2,331,992 6,943

Oct. 31, 2023 ....................................................................................... 2,324,765 6,923

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. 

49
ForeignCurrencyPositions

ExchangeStabilizationFund
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, June, 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. 

51
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) 

07/05/23............................................................. 2,158,230 2,266,435 -217 1.3271

07/12/23............................................................. 2,204,917 2,317,262 -164 1.3179

07/19/23............................................................. 2,195,478 2,313,977 -146 1.3158

07/26/23............................................................. 2,231,311 2,350,625 -163 1.3218

08/02/23............................................................. 2,254,330 2,369,650 -199 1.3334

08/09/23............................................................. 2,302,405 2,418,176 -197 1.3442

08/16/23............................................................. 2,297,076 2,403,349 -260 1.3516

08/23/23............................................................. 2,248,055 2,348,402 -267 1.3542

08/30/23............................................................. 2,397,907 2,505,108 -271 1.3515

09/06/23............................................................. 2,343,924 2,448,080 -296 1.3655

09/13/23............................................................. 2,475,569 2,582,734 -280 1.3533

09/20/23............................................................. 2,123,618 2,225,593 -220 1.3424

09/27/23............................................................. 2,193,512 2,285,026 -259 1.3512

10/04/23............................................................. 2,189,767 2,269,025 -258 1.3739

10/11/23............................................................. 2,227,554 2,309,565 -252 1.3617

10/18/23............................................................. 2,212,225 2,294,824 -198 1.3696

10/25/23............................................................. 2,243,412 2,337,885 -152 1.3772

11/01/23............................................................. 2,320,620 2,406,525 -145 1.3879

11/08/23............................................................. 2,318,715 2,414,822 -144 1.3798

11/15/23............................................................. 2,327,459 2,417,269 -197 1.3665

11/22/23............................................................. 2,380,648 2,477,163 -200 1.3733

11/29/23............................................................. 2,485,179 2,588,360 -218 1.3596

12/06/23............................................................. 2,474,957 2,570,483 -169 1.3580

12/13/23............................................................. 2,567,810 2,672,551 -129 1.3570

12/20/23............................................................. 2,144,340 2,236,388 -101 1.3322

12/27/23............................................................. 2,085,132 2,171,811 -67 1.3201

52
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) 

2021 - Dec.................... 1,827,403 1,817,039 170,694 142,950 64,273 63,388 115,552 124,009 -224 1.2653 

2022 - Dec.................... 2,044,174 2,084,594 299,322 250,111 66,431 65,312 98,984 87,735 -58 1.3532

2023 - Jan. ................... 2,188,977 2,261,322 266,906 170,575 75,509 68,555 104,127 96,541 -87 1.3333

Feb ................... 2,223,617 2,311,320 200,653 193,406 88,554 80,211 112,858 105,959 -187 1.3616 

Mar ................... 2,340,378 2,412,176 221,066 161,374 84,889 85,556 107,466 114,128 -165 1.3525 

 Apr.................... 2,374,103 2,468,285 217,205 178,104 73,930 66,389 103,392 95,233 -170 1.3552 

May................... 2,580,556 2,678,841 218,067 178,678 73,427 71,442 102,700 93,450 -182 1.3588 

June.................. 2,292,897 2,398,273 267,995 168,596 71,766 67,363 93,593 85,208 -183 1.3232 

 July................... 2,327,746 2,450,110 276,308 183,118 72,387 70,785 94,850 87,348 -119 1.3160 

Aug ................... 2,462,795 2,560,409 219,803 225,058 77,176 70,239 100,866 93,868 -242 1.3539 

Sept.................. 2,237,353 2,323,147 207,812 193,179 81,520 74,071 103,107 94,569 -235 1.3535 

Oct.................... 2,354,191 2,449,420 246,633 250,770 72,562 101,268 127,257 85,600 -131 1.3878 

Nov................... 2,555,434 2,655,565 238,585 200,621 61,953 90,894 131,974 89,078 -160 1.3587 

Dec................... 2,125,578 2,209,191 266,921 192,669 54,600 79,035 113,980 81,264 -58 1.3202

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) 

2020 - Dec.................... 37,680 80,356 129,178 92,121 n.a. n.a. 1,062 570 n.a. 1.2753

2021 - Mar .................... 37,924 75,948 116,451 n.a. 3,162 3,062 3,854 3,348 n.a. 1.2571 

June................... 40,247 76,762 115,033 77,492 1,732 3,441 5,774 1,483 -148 1.2404

Sept................... 38,382 76,288 120,064 83,665 464 215 1,742 1,261 -40 1.2673

Dec .................... 41,988 82,818 120,476 79,180 379 148 810 431 26 1.2653

2022 - Mar .................... 53,414 91,283 125,248 83,562 1,046 311 1,000 542 42 1.2482

June................... 51,018 92,298 118,012 80,053 554 790 1,265 619 26 1.2871

Sept................... 41,270 81,478 117,059 80,272 380 540 2,867 2,238 -101 1.3752

Dec .................... 48,320 90,564 118,998 83,340 541 587 2,105 1,597 -205 1.3532

2023 - Mar.................... 34,128 85,156 116,437 78,419 427 426 1,724 1,094 -1 1.3525 

June................... 48,147 95,718 111,554 73,779 494 1,041 1,693 702 18 1.3232

Sept................... 40,051 91,034 121,903 80,264 588 1,819 1,442 580 3 1.3535

53
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) 

07/05/23......................................................... 641,530 653,369 -157 144.56

07/12/23......................................................... 659,618 672,263 -166 138.21

07/19/23......................................................... 655,953 669,075 -182 139.76

07/26/23......................................................... 655,868 667,160 -183 140.41

08/02/23......................................................... 659,952 669,689 -198 143.21

08/09/23......................................................... 676,588 683,367 -210 143.58

08/16/23......................................................... 673,408 678,618 -205 145.81

08/23/23......................................................... 666,980 677,558 -203 144.62

08/30/23......................................................... 704,265 714,613 -215 145.94

09/06/23......................................................... 685,501 695,131 -228 147.65

09/13/23......................................................... 705,316 714,429 -222 147.45

09/20/23......................................................... 660,636 669,098 -220 147.74

09/27/23......................................................... 672,671 680,393 -220 149.48

10/04/23......................................................... 670,935 676,536 -202 148.83

10/11/23......................................................... 676,436 681,499 -193 149.17

10/18/23......................................................... 686,044 678,479 -189 149.86

10/25/23......................................................... 695,808 698,045 -196 149.94

11/01/23......................................................... 749,528 747,046 -164 150.96

11/08/23......................................................... 723,505 720,175 -181 150.77

11/15/23......................................................... 742,023 739,800 -181 151.07

11/22/23......................................................... 739,793 736,185 -188 149.67

11/29/23........................................................ 777,699 775,289 -194 147.39

12/06/23........................................................ 746,944 743,971 -205 147.16

12/13/23......................................................... 781,527 774,105 -195 145.17

12/20/23......................................................... 700,791 696,113 -202 143.77

12/27/23......................................................... 669,641 664,410 -199 142.05

54
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) 

2021 - Dec................... 555,955 563,499 86,747 71,664 22,950 23,843 32,370 33,780 -54 115.09

2022 - Dec................... 612,720 614,147 150,445 139,279 31,555 32,280 42,332 44,237 -44 131.81

2023 - Jan. .................. 633,927 632,933 100,824 88,725 36,809 37,719 49,567 51,464 -58 130.17

Feb .................. 642,974 645,679 107,780 94,654 36,847 38,202 50,545 51,698 -81 136.09

Mar .................. 660,035 671,429 95,817 78,529 38,235 40,800 51,362 53,193 -97 132.75

 Apr................... 678,619 683,123 117,274 101,960 37,493 38,851 49,595 51,453 -88 135.99

May.................. 689,413 697,939 124,884 105,128 35,909 37,002 48,634 50,578 -82 139.78

June................. 674,500 686,573 128,538 109,191 33,756 34,382 45,206 47,277 -82 144.47

 July.................. 675,107 686,874 118,256 99,445 37,119 38,227 51,445 52,378 -130 142.18

Aug .................. 703,962 713,380 129,884 108,555 35,529 36,130 49,825 51,867 -150 145.68

Sept................. 677,275 684,429 136,423 112,321 34,054 35,754 47,503 49,331 -131 149.43

Oct................... 744,730 757,279 140,287 119,241 31,479 46,325 59,302 48,657 -91 151.46

Nov.................. 787,672 785,880 139,789 118,896 32,448 48,538 59,741 46,612 -121 147.87

Dec.................. 665,608 662,639 135,729 119,923 31,815 46,915 58,238 46,069 -123 140.92

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) 

2020 - Dec..................... n.a. n.a. 9,738 6,246 413 n.a. n.a. 93 5 103.19 

2021 - Mar..................... 9,089 9,554 10,518 6,406 239 551 704 359 2 110.61 

June ................... 8,588 9,437 10,528 6,457 222 409 540 264 1 111.05 

Sept.................... 8,410 8,709 10,081 6,448 296 555 710 342 -7 111.50 

Dec..................... 7,060 7,421 10,171 6,734 281 599 830 334 -11 115.09 

2022 - Mar..................... 8,597 8,395 10,104 6,889 503 864 898 447 8 121.44 

June ................... 9,589 9,172 11,312 7,832 488 1,545 1,726 407 30 135.69 

Sept.................... 10,306 10,801 11,610 7,318 643 1,401 1,680 598 22 144.71 

Dec..................... 10,621 10,192 13,123 8,999 739 899 917 586 25 131.81 

2023 - Mar..................... 11,968 11,739 13,054 8,962 968 868 905 708 22 132.75 

 June ................... 12,719 13,036 13,875 9,475 1,384 937 1,103 778 32 144.47 

 Sept.................... 11,790 14,724 16,402 9,901 1,586 1,304 1,253 848 57 149.43 

55
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) 

07/05/23......................................................... 1,020,954 1,041,395 -60 0.8980

07/12/23......................................................... 1,072,605 1,094,251 -7 0.8676

07/19/23......................................................... 1,094,408 1,122,802 19 0.8598

07/26/23......................................................... 1,105,036 1,134,039 24 0.8625

08/02/23......................................................... 1,169,759 1,198,179 -27 0.8779

08/09/23......................................................... 1,099,663 1,126,130 -25 0.8770

08/16/23......................................................... 1,077,180 1,107,758 -22 0.8786

08/23/23......................................................... 1,038,955 1,064,704 -18 0.8785

08/30/23......................................................... 1,124,102 1,158,262 -18 0.8772

09/06/23......................................................... 1,102,856 1,128,988 -79 0.8924

09/13/23......................................................... 1,147,148 1,181,125 -65 0.8925

09/20/23......................................................... 1,068,102 1,101,327 -66 0.8953

09/27/23......................................................... 1,111,494 1,140,930 -85 0.9198

10/04/23......................................................... 1,097,553 1,123,109 -79 0.9160

10/11/23......................................................... 1,109,328 1,134,845 -89 0.9025

10/18/23......................................................... 1,102,814 1,144,058 -65 0.8985

10/25/23......................................................... 1,100,957 1,132,028 -81 0.8951

11/01/23......................................................... 1,186,455 1,222,401 -82 0.9103

11/08/23......................................................... 1,120,745 1,154,648 -83 0.8980

11/15/23......................................................... 1,177,271 1,213,769 -56 0.8872

11/22/23......................................................... 1,119,608 1,150,179 -31 0.8853

11/29/23........................................................ 1,196,364 1,217,375 -19 0.8752

12/06/23........................................................ 1,198,259 1,216,690 -25 0.8741

12/13/23......................................................... 1,224,335 1,252,760 -22 0.8761

12/20/23......................................................... 992,520 1,009,317 -31 0.8615

12/27/23......................................................... 982,141 1,002,735 -9 0.8417

56
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) 

2021 - Dec..................... 900,008 933,319 72,419 57,271 33,648 29,879 45,688 44,335 3 0.9119 

2022 - Dec..................... 1,042,905 1,086,303 146,410 131,016 35,889 33,335 51,408 50,623 -124 0.9241 

2023 - Jan. .................... 1,126,952 1,146,830 80,358 68,719 41,888 36,462 66,383 66,411 -118 0.9186 

Feb .................... 1,156,754 1,142,603 77,675 68,327 41,968 37,364 67,174 64,583 -66 0.9376 

Mar .................... 1,114,331 1,119,531 74,236 72,153 44,972 48,185 70,727 73,721 -121 0.9129 

 Apr..................... 1,125,493 1,156,232 79,449 73,698 41,908 39,847 64,798 59,198 -139 0.8911 

May.................... 1,153,604 1,188,634 74,523 64,890 47,085 43,375 70,470 65,482 -99 0.9129 

June................... 1,091,050 1,129,073 70,177 62,227 40,164 36,673 55,845 52,050 -65 0.8947 

 July.................... 1,154,340 1,186,694 75,006 69,219 45,528 43,085 63,458 60,576 -6 0.8688 

Aug .................... 1,194,109 1,244,951 68,191 57,979 41,573 38,765 60,900 57,583 -62 0.8837 

Sept................... 1,208,407 1,247,143 78,649 64,928 49,019 43,035 71,152 69,933 -62 0.9141 

Oct..................... 1,253,014 1,291,493 77,382 64,009 39,922 66,400 86,566 56,396 -77 0.9100 

Nov.................... 1,260,848 1,307,350 81,808 67,144 32,734 55,258 76,297 50,798 -28 0.8725 

Dec.................... 1,021,504 1,054,853 79,779 66,817 28,943 50,275 68,600 50,034 14 0.8405 

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) 

2020 - Dec..................... n.a. n.a. 101,140 14,702 22 n.a. n.a. 51 n.a. 0.8841

2021 - Mar..................... 12,060 41,773 95,515 17,129 n.a. n.a. 601 n.a. -8 0.9418 

 June ................... 11,891 40,383 79,145 14,385 36 180 575 372 1 0.9253

Sept.................... 10,682 38,238 80,060 14,117 558 1,515 1,954 704 -6 0.9339 

Dec..................... 15,268 43,630 79,420 12,965 23 129 507 162 n.a. 0.9119

2022 - Mar..................... 16,332 45,467 81,161 12,144 22 130 559 264 2 0.9211

 June .................... 29,612 58,287 78,490 13,868 1,236 592 501 390 119 0.9550

Sept.................... 34,331 64,276 82,319 14,897 1,945 2,127 555 866 36 0.9845

Dec..................... 35,275 67,444 76,535 10,027 210 125 269 480 n.a. 0.9241

2023 - Mar..................... 36,992 70,060 80,479 15,205 274 379 677 485 1 0.9129

 June ................... 28,959 64,390 77,270 17,427 129 72 229 154 1 0.8947 

 Sept.................... 22,687 56,925 82,186 16,532 347 331 577 401 8 0.9141

57
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) 

07/05/23......................................................... 3,228,292 3,354,300 -166 1.2710

07/12/23......................................................... 3,384,334 3,461,130 -142 1.2994

07/19/23......................................................... 3,320,075 3,391,615 -140 1.2898

07/26/23......................................................... 3,362,781 3,427,088 -144 1.2930

08/02/23......................................................... 3,433,963 3,505,594 -238 1.2711

08/09/23......................................................... 3,435,617 3,493,254 -207 1.2715

08/16/23......................................................... 3,409,746 3,476,393 -208 1.2749

08/23/23......................................................... 3,305,651 3,373,992 -220 1.2715

08/30/23......................................................... 3,519,078 3,603,506 -251 1.2726

09/06/23......................................................... 3,468,673 3,535,001 -288 1.2498

09/13/23......................................................... 3,606,740 3,680,115 -248 1.2488

09/20/23......................................................... 3,374,513 3,472,678 -236 1.2389

09/27/23......................................................... 3,538,982 3,626,523 -295 1.2133

10/04/23......................................................... 3,521,687 3,600,303 -252 1.2157

10/11/23......................................................... 3,577,090 3,652,234 -179 1.2305

10/18/23......................................................... 3,546,853 3,678,600 -215 1.2151

10/25/23......................................................... 3,543,503 3,618,568 -216 1.2140

11/01/23......................................................... 3,722,043 3,823,273 -233 1.2127

11/08/23......................................................... 3,632,348 3,714,659 -218 1.2302

11/15/23......................................................... 3,687,890 3,780,490 -228 1.2432

11/22/23......................................................... 3,577,448 3,669,131 -189 1.2467

11/29/23........................................................ 3,806,234 3,921,195 -142 1.2690

12/06/23........................................................ 3,694,836 3,787,449 -148 1.2590

12/13/23......................................................... 3,933,819 4,035,696 -148 1.2527

12/20/23......................................................... 3,516,570 3,585,656 -174 1.2660

12/27/23......................................................... 3,419,180 3,497,572 -159 1.2798

58
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) 

2021 - Dec............. 3,257,135 3,430,618 579,389 488,530 64,036 62,403 81,057 64,114 -88 1.3544

2022 - Dec............. 3,130,374 3,282,984 743,337 718,880 74,607 69,785 99,886 78,731 -141 1.2077 

2023 - Jan.............. 3,285,243 3,387,060 666,980 597,027 71,890 68,325 111,116 88,123 -28 1.2324

 Feb.............. 3,373,534 3,524,496 615,982 540,022 73,467 67,625 126,589 105,621 -228 1.2093 

 Mar.............. 3,375,604 3,492,093 700,913 599,252 74,103 104,477 112,159 129,384 -83 1.2369 

 Apr.............. 3,284,257 3,417,557 749,845 642,403 65,864 63,215 89,168 70,490 -10 1.2582 

 May............. 3,503,528 3,633,249 609,287 505,154 70,828 69,876 96,443 77,990 -6 1.2396 

 June............. 3,471,988 3,579,580 719,186 592,645 74,878 75,717 91,251 86,761 24 1.2710 

 July.............. 3,541,987 3,622,936 713,755 594,268 78,092 80,714 96,184 93,562 -110 1.2857 

 Aug.............. 3,610,434 3,703,624 624,467 529,466 80,081 81,820 97,378 91,542 -203 1.2666 

 Sept............. 3,716,636 3,814,154 716,706 624,917 76,160 81,145 96,450 89,856 -184 1.2214 

 Oct............... 3,846,501 3,919,887 703,744 634,130 80,742 69,320 82,086 94,003 -150 1.2134 

 Nov.............. 3,941,571 4,049,658 733,369 603,283 78,006 71,679 69,898 75,687 -48 1.2641 

 Dec.............. 3,536,816 3,641,574 747,981 625,268 66,150 64,047 58,459 61,846 -58 1.2744 

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) 

2020 - Dec..................... 45,430 n.a. 222,675 80,552 1,711 1,354 2,318 2,241 222 1.3662

2021 - Mar..................... 43,845 63,450 232,954 88,856 1,918 1,890 1,065 669 187 1.3795 

June ................... 50,602 66,849 225,356 87,405 1,519 1,652 1,224 306 303 1.3806 

Sept.................... 50,173 63,895 227,437 83,716 559 522 1,002 393 220 1.3470 

Dec..................... 53,508 67,144 240,169 93,594 876 787 2,165 1,863 162 1.3544 

2022 - Mar..................... 53,989 66,329 233,918 87,800 679 780 3,151 2,222 105 1.3152 

June ................... 47,567 60,729 229,952 86,971 845 1,381 3,685 2,430 197 1.2162 

Sept.................... 65,397 77,502 233,391 89,211 2,710 3,369 7,469 6,066 53 1.1135 

Dec..................... 65,556 77,577 241,635 97,252 886 1,053 6,367 5,629 -75 1.2077 

2023 - Mar..................... 50,175 63,342 231,199 80,907 2,436 1,527 12,435 12,147 -23 1.2369 

 June ................... 54,652 67,653 234,134 82,802 1,560 1,533 2,342 1,624 -43 1.2710 

 Sept.................... 51,441 65,235 231,569 81,395 1,246 1,164 2,697 1,837 -84 1.2214 

59
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) 

07/05/23......................................................... 28,720,766 27,977,178 -2,222 n.a.

07/12/23......................................................... 29,622,343 28,895,034 -3,036 n.a.

07/19/23......................................................... 29,927,192 29,197,679 -3,183 n.a.

07/26/23......................................................... 30,370,400 29,623,894 -3,157 n.a.

08/02/23......................................................... 30,308,404 29,652,088 -2,677 n.a.

08/09/23......................................................... 30,551,230 29,834,089 -2,771 n.a.

08/16/23......................................................... 30,398,867 29,754,502 -2,252 n.a.

08/23/23......................................................... 30,391,499 29,608,147 -2,612 n.a.

08/30/23......................................................... 32,176,592 31,268,060 -2,766 n.a.

09/06/23......................................................... 31,334,028 30,578,201 -1,933 n.a.

09/13/23......................................................... 32,525,532 31,808,979 -2,100 n.a.

09/20/23......................................................... 29,572,881 28,800,569 -1,976 n.a.

09/27/23......................................................... 30,446,864 29,673,066 -1,643 n.a.

10/04/23......................................................... 29,753,366 29,053,019 -833 n.a.

10/11/23......................................................... 30,180,957 29,555,293 -1,506 n.a.

10/18/23......................................................... 29,883,711 29,238,740 -918 n.a.

10/25/23......................................................... 30,572,441 29,859,556 -1,128 n.a.

11/01/23......................................................... 31,741,951 31,088,215 -1,017 n.a.

11/08/23......................................................... 31,300,427 30,635,159 -1,703 n.a.

11/15/23......................................................... 32,108,591 31,391,357 -2,263 n.a.

11/22/23......................................................... 31,703,832 30,991,226 -2,488 n.a.

11/29/23........................................................ 33,741,166 33,028,503 -2,726 n.a.

12/06/23........................................................ 32,759,081 32,049,386 -2,177 n.a.

12/13/23......................................................... 34,133,538 33,412,430 -2,355 n.a.

12/20/23......................................................... 29,878,267 29,248,585 -2,985 n.a.

12/27/23......................................................... 29,030,992 28,342,797 -3,354 n.a.

60
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) 

2021 - Dec.............. 27,411,478 26,601,323 - - 1,259,241 1,276,837 1,081,782 1,087,602 -1,218 n.a.

2022 - Dec.............. 26,784,877 26,088,452 - - 1,530,968 1,520,182 1,216,239 1,208,015 -1,924 n.a.

2023 - Jan. ............. 29,130,183 28,361,770 - - 1,575,024 1,528,306 1,312,163 1,323,629 -2,579 n.a.

 Feb .............. 29,956,877 29,129,801 - - 1,668,557 1,617,419 1,327,987 1,445,652 -1,138 n.a.

 Mar.............. 29,873,925 29,162,129 - - 1,623,319 1,702,428 1,325,883 1,479,139 -2,381 n.a.

 Apr............... 30,566,417 29,112,700 - - 1,540,630 1,481,987 1,260,827 1,286,941 -2,372 n.a.

 May ............. 31,529,718 30,694,112 - - 1,658,697 1,622,917 1,276,422 1,286,319 -1,583 n.a.

 June ............ 30,724,859 30,004,145 - - 1,679,152 1,648,784 1,277,014 1,380,216 -2,352 n.a.

 July.............. 31,245,844 30,420,897 - - 1,767,448 1,727,938 1,325,712 1,351,345 -3,070 n.a.

 Aug.............. 32,511,391 31,802,880 - - 1,832,925 1,822,757 1,330,155 1,331,414 -2,694 n.a.

 Sept............. 31,011,932 30,318,280 - - 1,765,150 1,758,166 1,273,972 1,287,939 -1,564 n.a.

 Oct............... 32,467,699 31,670,510 - - 1,822,227 1,837,271 1,328,097 1,351,203 -1,374 n.a.

 Nov.............. 34,515,989 33,718,732 - - 1,759,111 1,731,387 1,349,613 1,408,125 -2,637 n.a.

 Dec.............. 29,657,330 29,064,196 - - 1,584,091 1,524,942 1,219,027 1,285,411 -3,389 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) 

2020 - Dec.................... n.a. n.a. - - n.a. 27,471 24,760 n.a. 1,381 n.a.

2021 - Mar.................... 544,055 384,504 - - 26,574 32,663 28,720 22,735 1,559 n.a.

June .................. 577,405 440,815 - - 20,809 18,607 22,650 21,814 n.a. n.a.

Sept................... 576,305 435,325 - - 19,758 20,291 21,963 16,726 2,503 n.a.

Dec.................... 569,766 412,817 - - 22,876 21,662 16,898 14,957 2,844 n.a.

2022 - Mar.................... 613,838 445,368 - - 28,701 26,382 23,460 23,140 2,697 n.a.

June .................. 607,130 456,683 - - 32,596 23,484 19,169 24,909 1,840 n.a.

Sept................... 721,276 497,326 - - 47,856 36,665 27,509 37,382 2,071 n.a.

Dec.................... 649,381 487,468 - - 26,799 25,667 18,936 21,969 563 n.a.

2023 - Mar.................... 683,824 520,411 - - 37,787 34,925 30,505 27,324 953 n.a.

 June .................. 667,196 484,227 - - 29,952 27,938 28,453 26,751 1,460 n.a.

 Sept................... 652,548 452,061 - - 31,570 27,278 23,257 23,444 1,168 n.a.

61
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) 

07/05/23......................................................... 9,016,528 9,167,615 -387 0.9201

07/12/23......................................................... 9,200,953 9,350,360 -485 0.8990

07/19/23......................................................... 9,320,452 9,479,480 -520 0.8933

07/26/23......................................................... 9,372,564 9,500,986 -434 0.9027

08/02/23......................................................... 9,435,858 9,554,791 -367 0.9142

08/09/23......................................................... 9,308,606 9,431,178 -399 0.9112

08/16/23......................................................... 9,233,586 9,450,069 -328 0.9171

08/23/23......................................................... 9,114,917 9,263,523 -258 0.9206

08/30/23......................................................... 9,555,271 9,730,448 -472 0.9152

09/06/23......................................................... 9,387,853 9,571,541 -145 0.9334

09/13/23......................................................... 9,689,929 9,828,343 -144 0.9314

09/20/23......................................................... 9,191,922 9,353,424 -167 0.9333

09/27/23......................................................... 9,518,095 9,667,597 223 0.9515

10/04/23......................................................... 9,116,254 9,263,555 332 0.9508

10/11/23......................................................... 9,376,767 9,513,688 69 0.9416

10/18/23......................................................... 9,258,990 9,409,286 261 0.9495

10/25/23......................................................... 9,391,666 9,556,834 128 0.9449

11/01/23......................................................... 9,681,702 9,868,604 143 0.9489

11/08/23......................................................... 9,458,465 9,634,635 6 0.9333

11/15/23......................................................... 9,640,490 9,832,257 -263 0.9214

11/22/23......................................................... 9,451,592 9,649,412 -209 0.9199

11/29/23........................................................ 10,055,723 10,235,439 -228 0.9117

12/06/23........................................................ 9,706,380 9,902,538 -37 0.9268

12/13/23......................................................... 10,082,403 10,266,874 -183 0.9265

12/20/23......................................................... 9,052,038 9,232,142 -601 0.9127

12/27/23......................................................... 8,728,105 8,883,723 -825 0.8998

62
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) 

2021 - Dec................... 8,038,278 8,176,622 1,345,974 1,260,293 415,988 445,127 352,592 329,041 -40 0.8789 

2022 - Dec................... 8,682,204 8,813,882 2,506,186 2,364,725 584,733 608,180 454,131 405,660 417 0.9348 

2023 - Jan ................... 9,119,079 9,340,728 1,907,422 1,778,270 646,668 661,978 492,588 440,845 196 0.9210 

 Feb .................. 9,293,715 9,507,853 1,966,461 1,791,062 671,022 682,021 559,247 512,667 336 0.9432 

Mar .................. 9,388,716 9,504,077 1,784,748 1,656,316 670,760 729,443 514,374 501,435 230 0.9198 

 Apr................... 9,411,873 9,546,890 2,122,181 1,977,394 642,763 663,870 482,542 436,915 36 0.9058 

May.................. 9,894,400 10,063,115 2,179,106 2,036,151 633,619 662,733 514,089 464,242 33 0.9386 

June................. 9,834,633 10,004,024 1,827,094 1,660,205 615,502 642,980 507,640 464,426 -237 0.9158 

 July.................. 10,026,126 10,194,254 1,852,836 1,704,071 627,170 659,705 559,840 522,678 -333 0.9074 

Aug .................. 10,010,234 10,188,219 1,944,799 1,783,828 612,072 645,696 550,172 504,818 -287 0.9226 

Sept................. 9,747,081 9,868,421 2,260,599 2,011,893 600,367 638,642 531,250 490,184 116 0.9448 

Oct................... 10,124,095 10,341,853 2,080,962 2,084,279 720,337 555,074 430,111 602,486 172 0.9463 

Nov .................. 10,381,967 10,588,594 2,119,861 1,902,879 683,067 538,819 411,196 568,555 53 0.9168 

Dec .................. 9,220,952 9,371,902 2,120,477 1,922,402 617,344 491,038 374,143 504,796 -505 0.9040 

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) 

2020 - Dec..................... n.a. n.a. 457,474 253,720 5,629 n.a. n.a. 3,215 5 0.8177

2021 - Mar..................... 116,311 152,858 458,038 249,171 4,771 5,112 11,218 7,102 -719 0.8516 

June ................... 126,660 156,997 426,336 261,396 6,094 6,700 10,693 5,108 630 0.8440 

Sept.................... 138,855 163,917 460,740 252,086 10,076 5,663 7,786 6,332 286 0.8638 

Dec..................... 138,274 177,886 482,381 267,220 7,422 4,261 9,926 7,880 6 0.8789 

2022 - Mar..................... 152,198 199,758 477,658 257,299 11,690 7,629 9,890 7,551 228 0.9015 

June ................... 157,904 214,408 500,648 278,382 11,373 4,967 7,943 8,306 781 0.9552 

Sept.................... 173,968 234,988 512,686 292,337 8,762 7,747 13,543 12,123 -841 1.0222 

Dec..................... 169,022 231,327 516,338 285,429 4,273 5,076 6,140 3,254 301 0.9348 

2023 - Mar..................... 193,335 246,044 515,985 269,081 12,526 9,618 8,752 7,034 -13 0.9198 

 June ................... 164,847 231,509 495,258 243,895 9,234 5,579 8,734 10,274 -518 0.9158 

 Sept.................... 144,913 209,939 502,975 248,574 7,330 5,221 8,097 7,261 101 0.9448 

63
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 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, the Infrastructure Investment and Jobs Act, 2021 and 

the Fiscal Responsibility Act, 2023, subsequently rescinded 

$479 billion $1.4 billion, and $200 million, respectively, of 

the $500 billion appropriation provided to Treasury. 

 Resources of the fund include (a) Fund Balance, which 

is available to support adjustments to loan and investment 

subsidy costs, repay borrowing from Treasury for loans and 

investments and expenditures for administrative expenses in 

support of the CARES Act, (b) U.S. Government securities 

(dollar balances), (c) special drawing rights -SDRs, (d) 

foreign currency holdings and (e) Investments is Special 

Purposes Vehicles. Principal sources of revenue -+ or cost -- 

for the fund are gains-+ or losses -- on SDRs and foreign 

investments, and interest earned on U.S Government, 

foreign securities, and SDRs. 

• Table ESF-1 presents the assets, liabilities, and net

position of the fund. The figures are in U.S. dollars. 

Amounts and transactions pertaining to foreign currencies 

and SDRs, an international reserve asset created by the 

International Monetary Fund (IMF), have been converted to 

U.S. dollars based on current exchange rates computed 

according to the accrual method of accounting. Investments 

and loans receivable are reported at fair value. Unexpended 

Appropriations Funds from Dedicated Collections represents 

the original capital appropriated to the fund by Congress of 

$2 billion, minus a subsequent transfer of $1.8 billion to pay 

for the initial U.S. quota subscription to the International 

Monetary Fund. Unexpended Appropriations Funds from 

Other than Dedicated Collections represents the amount 

appropriated under the CARES Act Sec 4027 minus 

transfers, expenditures for administrative and subsidy costs, 

and rescissions resulting from the passage of the 

Consolidated Appropriations Act, 2021, the Infrastructure 

Investment and Jobs Act, 2021 and the Fiscal Responsibility 

Act, 2023. Conversion gains and losses are reflected in the 

cumulative net income -+ or loss -- account. 

• Table ESF-2 shows net cost from operations for the

current quarter and year-to-date. Figures are in U.S. dollars 

computed according to the accrual method. “Gains-+ or loss 

-- on foreign exchange” includes both realized and 

unrealized gains or losses. “Adjustment for change in 

valuation of SDR holdings and allocations” reflects net gain 

or loss on revaluation of SDR holdings and allocations for 

the quarter. “Gains and Losses on Investments in Special 

Purpose Vehicles and Loans Receivable” reflects the 

revaluation of the assets approved in the federal budget. 

CARES Act related administrative costs incurred in 

connection with the loans, and other investments are 

accrued. 

64
TABLE ESF-1—Balances as of Sept. 30, 2023, and Dec. 31, 2023 

[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] 

Assets, liabilities, and net position Sept. 30, 2023 

Sept. 30, 2023, 

through 

Dec. 31, 2023 Dec. 31, 2023 

Assets 

U.S. dollars: 

Intra-Governmental: 

Fund Balance................................................................... 61,442 3,107,352 3,168,794 

U.S. Government securities............................................. 14,700,109 (822,807) 13,877,302 

Interest Receivable – Loans and Other Funds............... - 276 276 

 Total Intra-Governmental................................................. 14,761,551 2,284,821 17,046,372

Other Than Intra-Governmental 

 Special drawing rights (SDR) Holdings 1 ......................... 163,156,630 4,497,265 167,653,895 

 Economic Recovery Program Loans Receivable............ 900,979 (41,935) 859,044 

 Economic Recovery Program Investments..................... 15,114,083 (6,074,346) 9,039,737 

Foreign exchange and securities: 

 European euro ................................................................. 11,131,585 646,931 11,778,516 

 Japanese yen................................................................... 6,254,091 417,647 6,671,738 

 Total Other Than Intra-Governmental ......................... 196,557,368 (554,438) 196,002,930

Total assets ........................................................................ 211,318,919 1,730,383 213,049,302

Liabilities and capital 

Intra-Governmental 

Debt, including accrued interest payable........................... 14,936,048 (3,008,906) 11,927,142 

Due to the General Fund ................................................... 45,674 871 46,545 

Other Liabilities .................................................................. 1,080,878 (9) 1,080,869 

 Total Intra-Governmental ........................................... 16,062,600 (3,008,044) 13,054,556

Other Than Intra-Governmental: 

 SDR certificates ................................................................. 5,200,000 - 5,200,000 

 SDR allocations ................................................................. 152,069,850 3,108,472 155,178,322 

 Other .................................................................................. 692 76 768 

 Total Other Than Intra-Governmental ........................ 157,270,542 3,108,548 160,379,090

 Total Liabilities ................................................................. 173,333,142 100,504 173,433,646

Net Position: 

 Funds from Dedicated Collections (Consolidated)................. 200,000 - 200,000 

 Funds from Other than Dedicated Collections (Consolidated) 26,465 (580) 25,885 

 Total Unexpended Appropriations........................... 226,465 (580) 225,885

 Cumulative Results of Operations 

 Funds from Dedicated Collections (Consolidated)................. 37,775,776 1,628,224 39,404,000 

 Funds from Other than Dedicated Collections (Consolidated) (16,464) 2,235 (14,229) 

 Total Cumulative Results of Operations ................. 37,759,312 1,630,459 39,389,771

 Total Net Position ...................................................... 37,985,777 1,629,879 39,615,656

 Total Liabilities and Net Position .......................... 211,318,919 1,730,383 213,049,302

See footnote on the following page. 

65
TABLE ESF-2—Statement of Net Cost 

[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] 

Current quarter 

 Oct. 1, 2023, 

through 

 Dec. 31, 2023 

Fiscal year to date 

Oct. 1, 2023 

through 

Dec. 31, 2023 

Exchange Stabilization (+) or net charges (-) on: 

Gross Cost 

 Interest Expense on Special Drawing Rights and Remuneration....................... 1,595,968 1,595,968

 International Monetary Fund Annual Assessment and Other............................. 8 8

 Losses on Currency Valuation and Other 

 Special Drawing Rights Holdings....................................................................... 103,415 103,415

 Special Drawing Rights Allocations.................................................................... 3,170,920 3,170,920

 Foreign Currency and Foreign Currency Denominated Assets.......................... 84,292 84,292

 Other Investment................................................................................................ 153,293 153,293

 Total Losses on Currency Valuation and Other....................................... 3,511,920 3,511,920

 Total Gross Cost.......................................................................................... 5,107,896 5,107,896

Less Earned Revenue 

Interest Income 

 Nonmarketable U.S. Treasury Securities........................................................... (196,796) (196,796)

 Foreign Currency and Foreign Currency Denominated Assets.......................... (17,284) (17,284)

 Special Drawing Rights Holdings....................................................................... (1,719,668) (1,719,668)

 Other Investments.............................................................................................. (63,934) (63,934)

 Total Interest Income.................................................................................. (1,997,682) (1,997,682)

 Gains on Currency Valuation and Other............................................................. 

 Special Drawing Rights Holdings....................................................................... (3,423,381) (3,423,381)

 Special Drawing Rights Allocations.................................................................... (97,311) (97,311)

 Foreign Currency and Foreign Currency Denominated Assets.......................... (511,240) (511,240)

 Other Investment................................................................................................ (709,715) (709,715)

 Total Gains on Currency Valuation and Other.......................................... (4,741,647) (4,741,647)

 Total Earned Revenue................................................................................. (6,739,329) (6,739,329)

 Total Net Cost (Income) of Operations – Exchange Stabilization........... (1,631,433) (1,631,433)

Economic Recovery Program (+) net charges (-) on: 

Gross Cost 

 Interest Expense on Debt.................................................................................. 38,028 38,028

 Administrative expenses.................................................. ................................. 774 774

 Cost of Investments and Credit Program Receivables................................. - -

 Total Gross Cost.......................................................................................... 38,802 38,802

Less: Earned Revenue 

 Interest Income on Uninvested Funds................................................................ (276) (276)

 Interest Income on Credit Program Receivables................................................ (26,025) (26,025)

 Facility Fee Income............................................................................................ - -

 Gains on Investments and Credit Program Receivables.................................... (11,727) (11,727)

 Total Earned Revenue................................................................................. (38,028) (38,028)

 Total Net Cost (Income) of Operations – Economic Recovery Program 774 774

 Total Net Cost of Operations...................................................................... (1,630,659) (1,630,659)

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.” 

66
Trust Funds
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). 

68
TABLE TF-1.—Airport and Airway Trust Fund 

Results of Operations, Fiscal Year 2023 

[Source: DOT] 

Description IRC section (26 United States Code) Amount 

Balance Oct. 1, 2022 ............................................................................................................................................................................................................. $12,282,862,738

FY 2022 Reconciliation Adjustment *.......................................................................................................................................................................... 53,000,000

Reconciliation Adjustment .......................................................................................................................................................................................... 340,000,000

Receipts: 

Excise taxes (transferred from general fund): 

Liquid fuel in a fractional ownership flight................................................ 4043 ...................................................................................... 18,298,830

Liquid fuel other than gasoline................................................................. 4041 ...................................................................................... 816,172,454

Gasoline................................................................................................... 4081 ...................................................................................... 14,849,298

Transportation by air seats, berths, etc. .................................................. 4261 (a) (b) ........................................................................... 15,740,164,952

Use of international travel facilities .......................................................... 4261 (c) ................................................................................. 5,195,109,876

Transportation of property, cargo ............................................................ 4271 ...................................................................................... 748,610,053

Gross excise taxes .................................................................................................................................................................................................... 22,533,205,463

Less refunds of taxes (reimbursed to general fund): 

Liquid fuel other than gasoline..................................................................... 4041............................................................................................. 36,546,772

Gasoline ............................................................................................................................................................................................................................. 219,174,173

Total refunds of taxes .................................................................................................................................................................................................... 255,720,945

Net taxes ........................................................................................................................................................................................................................ 22,277,484,518

General Fund Payments 339

Refunds on Federal Payments (DOT) ............................................................................................................................................................................... 46,246,523

Interest on investments ...................................................................................................................................................................................................... 256,397,308

 CMIA interest income ........................................................................................................................................................................................................ 4,894

 Aircraft Sales ...................................................................................................................................................................................................................... 8,146,000

Total receipts ................................................................................................................................................................................................................. 22,588,279,582

Expenses: 

Operations ......................................................................................................................................................................................................................... 9,993,821,000

Grants in aid for Airports .................................................................................................................................................................................................... 3,145,000,000

Facilities and equipment .................................................................................................................................................................................................... 3,199,000,000

Research, engineering, and development ......................................................................................................................................................................... 240,000,000

Air carriers .......................................................................................................................................................................................................................... 343,135,329

CMIA Interest Expense ...................................................................................................................................................................................................... 339

 General Adjustment ........................................................................................................................................................................................................... 230,000,000

Total expenses ............................................................................................................................................................................................................... 17,150,956,668

Offsetting collections .............................................................................................................................................................................................................. 89,576,386

Balance Sept. 30, 2022 ......................................................................................................................................................................................................... $18,202,762,038

*Adjustment made to correct the FY 2022 outlays for Payment to Air Carriers. The FY 2022 TF-1 incorrectly reported PAC outlays as $350 million.

Airport and Airway Trust Fund 

Expected Condition and Results of Operations, Fiscal Years 2024-2028 

[In millions of dollars. Source: DOT] 

2024 2025 2026 2027 2028

Balance Oct. 1 ............................................................................ 18,203 20,477 23,098 26,153 29,756

Receipts:

Excise taxes, net of refunds ................................................... 18,441 18,933 19,473 20,061 20,818

Interest on investments .......................................................... 315 448 527 619 727

Offsetting collections .............................................................. 152 152 156 159 163

Total receipts ...................................................................... 18,908 19,533 20,156 20,839 21,708

Expenses:

Gross Outlays ........................................................................ 16,634 16,912 17,101 17,236 17,604

Balance Sept. 30........................................................................ 20,477 23,098 26,153 29,756 33,859

* Excise taxes and Expenses reflect FY 2024 Mid-Session Review

69
INTRODUCTION: Uranium Enrichment 

Decontamination and Decommissioning Fund 

The Uranium Enrichment Decontamination and 

Decommissioning Fund was established on the books of the 

Treasury in fiscal year (FY) 1993, in accordance with 

provisions of the Energy Policy Act of 1992 (42 United 

States Code 2297g). Receipts represent (1) fees collected 

from domestic public utilities based on their pro rata share of 

purchases of separative work units from the Department of 

Energy (DOE) and (2) appropriations toward the 

Government contribution based on the balance of separative 

work unit purchases. 

Expenditures from the fund include (1) decontaminating 

and decommissioning three gaseous diffusion plants (Oak 

Ridge, Tennessee; Paducah, Kentucky; and Portsmouth, 

Ohio), (2) remedial actions and related environmental 

restoration cost at the gaseous diffusion plants, and (3) 

reimbursement to uranium/thorium producers for the cost of 

decontamination, decommissioning, reclamation, and 

remedial action of uranium/thorium sites that are incident to 

sales to the U. S. Government. 

Amounts available in the fund exceeding current needs 

may be invested by the Secretary of the Treasury in 

obligations of the United States (1) having maturities 

consistent with the needs of the fund and (2) bearing interest 

at rates determined appropriate, taking into consideration the 

current average market yield on outstanding marketable 

obligations of the United States with remaining periods to 

maturity comparable to these investments. 

Annually, the Secretary of the Treasury, after 

consultation with the Secretary of Energy, is required to 

provide a report to Congress (see 42 USC 2297g(b)(1)). 

This report must present the financial condition and the 

results of operations of the fund during the preceding fiscal 

year. 

The Energy Policy Act of 1992 (42 USC 2297g-1, as 

amended) authorized annual deposits to the fund of $518.2 

million (before adjustments for inflation) over a 15-year 

period. Funding was provided by fees assessed on domestic 

public utilities that purchased enriched uranium and 

Government contributions. As specified in the Act, annual 

assessments from domestic public utilities (before 

adjustment for inflation) were not to exceed $150 million. 

The Government was responsible for the remainder ($369.6 

million), adjusted for inflation. 

While the final utility assessments occurred in (FY) 

2007, during the same period (i.e., between FYs 1993 and 

2007), the Government contributed only $5,362.4 million of 

the $6,281.0 million specified in the Act. This resulted in a 

$918.6 million shortfall of the authorized Government 

contributions. The Government continued to make annual 

contributions to eliminate this shortfall. Through the FY 

2009 contribution, the overall shortfall (after adjusting for 

inflation) was $40.6 million. Also, during FY 2009, the 

Government designated $390 million of American Recovery 

and Reinvestment Act (ARRA) funding for the Fund’s 

mission. While ARRA funding was not an actual deposit 

into the fund’s invested balances, it provided a dollar-fordollar reduction in the required outlays from the invested 

balances. The Department of Energy recognized the ARRA 

funding as an offset to the Government’s contribution 

shortfall, thereby, satisfying the Government’s contribution 

responsibility. 

While the last appropriation was made in FY 2017 when 

Congress appropriated $563 million, beginning in FY 2018, 

Congress authorized transferring funds from other accounts. 

In FY 2018, funds of about $860.6 million were transferred. 

In FY 2021, Congress authorized the transfer of 

$291 million from the United States Enrichment Corporation 

Fund. In FY 2022, Congress authorized the transfer of $841 

million from the United States Enrichment Corporation 

Fund. In addition, Congress authorized the transfer of 

$573.3 million from the Defense Environmental Cleanup 

appropriation. In FY 2023, Congress authorized the transfer 

of the remaining available balance from the United States 

Enrichment Corporation Fund (approximately $616M). In 

addition, Congress authorized the transfer of $586 million 

from the Defense Environmental Cleanup appropriation. In 

FY 2023, $879 million was appropriated from Uranium 

Enrichment Decontamination and Decommissioning Fund to 

carry out uranium enrichment facility decontamination and 

decommissioning, remedial actions, and other activities of 

title II of the Atomic Energy Act of 1854, and title X, 

subtitle A, of the Energy Policy Act of 1992. 

70
TABLE TF-2.—Uranium Enrichment Decontamination and Decommissioning Fund 

Results of Operations, Fiscal Year 2023 

[In thousands of dollars. Source: DOE] 

Balance Oct. 1, 2022 ................................................................................................................................................................................. 99,955 

Receipts: 

Interest on investments .......................................................................................................................................................................... 42,298 

Total receipts ...................................................................................................................................................................................... 42,298 

Transfers in (to include transfer in from appropriations): 

 Expenditure transfers in (+) ................................................................................................................................................................. 586,035 

 Non-Expenditure transfers in (+) ......................................................................................................................................................... 616,780 

Net transfers in ................................................................................................................................................................................... 1,202,815 

Outlays: 

DOE, decontamination & decommissioning activities ........................................................................................................................... 916,734 

Cost of investments................................................................................................................................................................................ 328,336 

Total outlays ....................................................................................................................................................................................... 1,245,070 

Balance Sept. 30, 2023.............................................................................................................................................................................. 99,998 

Uranium Enrichment Decontamination and Decommissioning Fund 

Expected Condition and Results of Operations, Fiscal Years 2024-2028 

[In thousands of dollars. Source: DOE] 

2024 2025 2026 2027 2028

Balance Oct. 1 (Cash Balance) ............................................... $99,998 $99,875 $99,609 $99,306 $98,988

Receipts (includes appropriation transfers): 

Fees collected ...................................................................... 427 437 447 457 468

Interest collected .................................................................. 28 13 7 5 5

Total receipts ................................................................... $455 $450 $454 $462 $473

Outlays: 

DOE, D&D fund .................................................................... 858 871 912 935 1,050

Investments (Redeemed) .................................................... (280) (155) (155) (155) (155)

Total Outlays net of Investments Redeemed .................. $578 $716 $757 $780 $895

Balance Sept. 30 (Cash Balance) ........................................... $99,875 $99,609 $99,306 $98,988 $98,566

71
INTRODUCTION: Black Lung Disability Trust Fund 

The Black Lung Disability Trust Fund was established on 

the books of the Treasury in fiscal year 1978 according to the 

Black Lung Benefits Revenue Act of 1977 (Public Law 95-

227). The Black Lung Benefits Revenue Act of 1981 (Public 

Law 97-119) reestablished the fund in the Internal Revenue 

Code (IRC), 26 United States Code 9501. 

The Consolidated Omnibus Budget Reconciliation Act of 

1985 (Public Law 99-272), enacted April 7, 1986, provided 

for an increase in the coal tax rates effective April 1, 1986, 

through December 31, 1995, and a 5-year forgiveness of 

interest retroactive to October 1, 1985. The 5-year moratorium 

on interest payments ended on September 30, 1990. Payment 

of interest on advances resumed in fiscal year 1991. The 

Omnibus Budget Reconciliation Act of 1987 (Public Law 

100-203, title X, section 10503), signed December 22, 1987,

extended the temporary increase in the coal tax through

December 31, 2013.

The Emergency Economic Stabilization Act of 2008 

(Public Law 110-343, title I, subtitle B, section 113), enacted 

October 3, 2008, restructured the Trust Fund Debt by 1) 

refinancing the outstanding principal of the repayable 

advances and unpaid interest on such advances and 2) 

providing a one-time appropriation to the Trust Fund in an 

amount sufficient to pay to the general fund of the Treasury 

the difference between the market value of the outstanding 

repayable advances, plus accrued interest and the proceeds 

from the obligations issued by the Trust Fund to the 

Secretary of the Treasury. The Act also extends the 

temporary increase in the coal tax through December 31, 

2018, and allows the prepayment of the Trust Fund debt 

prior to the maturity date. In 2019 the excise tax was 

reduced by more than 50% until Congress restored the 

temporary higher rates for 2020 and again for 2021. For 

2022, the rates were reduced for coal sales through 

September 30, 2022. The Inflation Reduction Act of 2022 

has permanently raised the coal excise tax rates to the higher 

rates. 

The Code designates the following receipts to be 

appropriated and transferred from the general fund of the 

Treasury to the trust fund: excise taxes on coal sold; taxable 

expenditures of self-dealing by, and excess contributions to, 

private black lung benefit trusts; reimbursements by 

responsible mine operators; and related fines, penalties and 

interest charges. 

Estimates made by the Secretary of the Treasury 

determine monthly transfers of amounts for excise taxes to the 

trust fund subject to adjustments in later transfers to actual tax 

receipts. 

After retirement of the current indebtedness, amounts 

available in the fund exceeding current expenditure 

requirements will be invested by the Secretary of the Treasury 

in interest-bearing public debt securities. Any interest earned 

will be credited to the fund. Also credited, if necessary, will 

be repayable advances from the general fund to meet outlay 

requirements exceeding available revenues. 

To carry out the program, amounts are made available to 

the Department of Labor (DOL). Also charged to the fund are 

administrative expenses incurred by the Department of Health 

and Human Services (HHS) and the Treasury, repayments of 

advances from the general fund and interest on advances. 

72
TABLE TF-3.—Black Lung Disability Trust Fund 

Results of Operations, Fiscal Year 2023 

[Source: DOL] 

Balance Oct. 1, 2022 ........................................................................................................................................................................................... 282,080,089.13 

Receipts: 

Excise taxes (transferred from general fund): 

$1.10 tax on underground coal .................................................................................................................................................................... 134,738,642.00 

$0.55 tax on surface coal............................................................................................................................................................................. 117,366,762.00 

4.4 percent tax on underground coal........................................................................................................................................................... 3,859,850.00 

4.4 percent tax on surface coal.................................................................................................................................................................... 38,768,836.00 

Fines, penalties, and interest....................................................................................................................................................................... 2,140,531.19 

Collection—responsible mine operators...................................................................................................................................................... 98,019,435.63 

Recovery of prior year funds........................................................................................................................................................................ 0.00 

Repayable advances from the general fund................................................................................................................................................ 2,728,351,000.00 

Total receipts............................................................................................................................................................................................ 3,123,245,056.82 

Net receipts .............................................................................................................................................................................................. 3,123,245,056.82 

Outlays: 

Treasury administrative expenses ................................................................................................................................................................... 469,705.00 

Salaries and expenses—DOL—Departmental Management.......................................................................................................................... 36,217,801.00 

Salaries and expenses—DOL—Office of Inspector General .......................................................................................................................... 332,879.00 

Salaries and expenses—DOL—Employment Standards Administration........................................................................................................ 39,788,942.00 

Total outlays................................................................................................................................................................................................. 76,809,327.00 

Expenses: 

Program expenses—DOL................................................................................................................................................................................ 136,624,744.76 

Repayable advances and interest ................................................................................................................................................................... 2,665,972,556.46 

Repayment of bond principal ........................................................................................................................................................................... 123,663,099.44 

Interest on principal debt.................................................................................................................................................................................. 116,447,900.56 

Total expenses............................................................................................................................................................................................. 3,042,708,301.22 

Balance Sept. 30, 2023 ........................................................................................................................................................................................ 285,807,517.73 

umulative debt, end of year Zero Coupon Bonds only 2,064,420,423.67 

Cumulative debt, end of year ............................................................................................................................................................................... 4,943,703,423.67 

Black Lung Disability Trust Fund 

Expected Condition and Results of Operations, Fiscal Years 2024-2028 

[In thousands of dollars. Source: DOL] 

2024 2025 2026 2027 2028

Balance Oct. 1 ........................................................................................ 285,808 285,808 285,808 285,808 285,808

Receipts:

Excise taxes....................................................................................... 308,000 294,000 261,000 225,000 189,000

Advances from the general fund........................................................ 3,044,330 3,359,866 3,717,317 4,129,184 4,598,348

Fines, penalties, and interest............................................................. 2,000 2,000 2,000 2,000 2,000

Total receipts ................................................................................. 3,354,330 3,655,866 3,980,317 4,356,184 4,789,348

Outlays:

Benefit payments ............................................................................... 134,593 117,273 117,789 117,555 117,032

Administrative expenses.................................................................... 86,098 94,021 96,453 98,951 101,516

Repayable advances ......................................................................... 2,728,351 3,044,330 3,359,866 3,717,317 4,129,184

Interest on repayable advances ........................................................ 150,932 132,428 125,659 129,734 137,502

Repayment of principal debt.............................................................. 124,924 125,688 126,014 125,912 125,597

Interest on principal debt ................................................................... 129,432 142,126 154,536 166,716 178,517

Total outlays................................................................................... 3,354,330 3,655,866 3,980,317 4,356,184 4,789,348

Balance Sept. 30.................................................................................... 285,808 285,808 285,808 285,808 285,808

Cumulative debt, end of year zero coupon bond only........................... 1,939,497 1,813,808 1,687,794 1,561,882 1,436,285

Cumulative debt, end of year zero coupon & advance ......................... 5,116,255 5,299,333 5,534,845 5,828,568 6,183,160

Note.—Detail may not add to totals due to independent rounding. Starting balance from Oct. 

2023 SOF report. Source: President’s Budget 2025 BLDTF 10-year cash flow. 

73
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. 

74
TABLE TF-4.—Harbor Maintenance Trust Fund 

Results of Operations, Fiscal Year 2023 

[Source: Department of the Army Corps of Engineers] 

Balance Oct. 1, 2022 ............................................................................................................................................................................................................... 9,478,257,778 

Receipts: 

Excise taxes: 

Imports ............................................................................................................................................................................................................................... 1,584,289,916 

Exports............................................................................................................................................................................................................................... - 

Domestic ............................................................................................................................................................................................................................ 128,713,523 

Passengers ........................................................................................................................................................................................................................ 17,041,529 

Foreign trade...................................................................................................................................................................................................................... 118,554,130 

Interest on investments ...................................................................................................................................................................................................... 424,674,784 

Total receipts ............................................................................................................................................................................................................... 2,273,273,883 

Return of Funds.................................................................................................................................................................................. 

Transfers: 

12,057,093 

Corps of Engineers ............................................................................................................................................................................................................. 1,308,929,650 

Saint Lawrence Seaway Development Corporation/DOT .................................................................................................................................................. 38,500,000 

Administrative cost for Department of Homeland Security (Customs)............................................................................................................................... 3,274,000

Operating expenses, miscellaneous returns....................................................................................................................................................................... -

Total Transfers ................................................................................................................................................................................................................... 1,350,703,650 

Balance Sept. 30, 2023 ............................................................................................................................................................................................................. 10,412,885,104 

Harbor Maintenance Trust Fund 

Expected Condition and Results of Operations, Fiscal Years 2024-2028 * 

[In millions of dollars. Source: Department of the Army Corps of Engineers] 

2024 2025 2026 2027 2028

Balance Oct. 1 ..................................................................................................... 10,412.9 10,060.1 9,359.3 8,458.6 7,307.3

Receipts: 

Harbor maintenance fee .................................................................................. 1,904.1 1,953.6 2,004.4 2,056.5 2,109.9

Interest on investments .................................................................................... 447.8 432.6 355.7 321.4 277.7

Total receipts ............................................................................................... 2,351.9 2,386.2 2,360.1 2,377.9 2,387.6

Total available .............................................................................................. 12,764.8 12,446.3 11,719.4 10,836.5 9,694.9

Outlays:

Harbor Maintenance Trust Fund, legislative proposal 

not subject to paygo ..................................................................................... ---- -

Corps of Engineers operation, maintenance, 

and administrative expenses ....................................................................... 2,622.9 3,004.2 3,176.8 3,444.2 3,612.4

Corps of Engineers construction ..................................................................... 40.0 41.1 42.1 43.2 44.3

Saint Lawrence Seaway Development Corporation/DOT ............................... 38.5 38.5 38.5 38.5 40.0

Administrative expenses for Department of Homeland Security 

(Customs) ................................................................................................................ 3.3 3.3 3.3 3.3 3.3

Total outlays ................................................................................................. 2,704.7 3,087.1 3,260.7 3,529.2 3,700.0

Balance Sept. 30.................................................................................................. 10,060.1 9,359.3 8,458.6 7,307.3 5,994.9

* Outyear projections are for planning purposes and are based on economic conditions and 

agencies’ best projections of revenues and expenses. 

75
INTRODUCTION: Hazardous Substance Superfund 

The Hazardous Substance Response Trust Fund was 

established on the books of the Treasury in fiscal year 1981, 

in accordance with section 221 of the Hazardous Substance 

Response Revenue Act of 1980 [42 United States Code 

9631(a), repealed]. The trust fund was renamed the 

Hazardous Substance Superfund (Superfund) and relocated 

in accordance with section 517 of the Superfund 

Amendments and Reauthorization Act of 1986 [Public Law 

99-499, dated October 17, 1986 (26 United States Code

9507)].

The authority to collect excise taxes on petroleum and 

chemicals, and an environmental tax for all corporations 

with modified alternative taxable income in excess of $2 

million expired in 1995. On November 15, 2021, the 

Infrastructure Investment and Jobs Act [(IIJA), P.L. 117-58] 

reinstated and modified the excise taxes on certain listed 

chemicals and imported substances that use as materials in 

their manufacture or production one or more of those listed 

chemicals (“Superfund chemical taxes”). The Superfund 

chemical taxes went into effect beginning July 1, 2022 and 

expire on December 31, 2031. On August 16, 2022, the 

Inflation Reduction Act (IRA) (P.L. 117-169) reinstated and 

modified the taxes on oil and petroleum products. The oil 

and petroleum taxes went into effect on January 1, 2023. On 

December 29, 2022, the Consolidated Appropriations Act 

2023 (P.L. 117-328) included legislative language that 

allows all tax receipts collected in the Superfund Trust Fund 

from the prior fiscal year to be available to implement 

Comprehensive Environmental Response, Compensation 

and Liability Act (CERCLA) without further congressional 

appropriation. 

To further implement the Superfund program, amounts 

are appropriated from the start of year balance of the 

Superfund (supplemented as necessary by general revenues) 

to the Environmental Protection Agency (EPA) for 

programmatic and administrative expenses. 

In 2015, the EPA implemented a Hazardous Substance 

Superfund Trust Fund Receipt Account for Special Accounts 

that were previously accounted for as off-setting collections. 

Settlement funds received by the Agency now flow through 

the receipt account to be placed in EPA interest bearing 

special accounts to perform response actions at the site in 

accordance with the supporting settlement agreement. Due 

to large settlements EPA received in fiscal year 2015, the 

EPA developed this new process for managing its Special 

Accounts. The Special Account subaccount to the Superfund 

Trust Fund was established as a mechanism for Special 

Account funds to be placed directly into the trust fund and 

begin earning interest upon receipt. Monthly, the U.S. 

Department of the Treasury’s Bureau of the Fiscal Services 

will prepare separate financial statements for the Special 

Accounts subaccount within the Superfund Trust Fund 

financial statements. 

An annual report to Congress by the Secretary of 

Treasury is required by 26 United States Code 9602(a). 

These reports present the financial condition of the 

Superfund and the results of operation for the past fiscal 

year, and its expected condition during the next 5 fiscal 

years.

76
TABLE TF-5.—Hazardous Substance Superfund 1,2,3,4,5 

Results of Operations, Fiscal Year 2023 

[Source: EPA] 

Balance Oct. 1, 2022 ...................................................................................................................................................................................... $509,000,000 

Receipts: 

Crude and petroleum 3 ................................................................................................................................................................................ $732,000,000 

Certain chemicals 4 ..................................................................................................................................................................................... $473,000,000 

Corporate environmental 5 .......................................................................................................................................................................... - 

General fund appropriation ......................................................................................................................................................................... $1,218,000,000 

Cost recoveries ........................................................................................................................................................................................... $60,000,000 

Fines and penalties ..................................................................................................................................................................................... $1,000,000 

Interest on investments ............................................................................................................................................................................... $295,000,000 

Special Accounts ......................................................................................................................................................................................... $178,000,000 

Agency for Toxic Substance and Disease Registry offsetting collections .................................................................................................. - 

Total receipts ........................................................................................................................................................................................... $2,957,000,000 

Expenses: 

EPA expense .............................................................................................................................................................................................. $1,282,000,000 

Other expenses ........................................................................................................................................................................................... $446,000,000 

Rounding adjustment .................................................................................................................................................................................. -$7,000,000 

 Total expenses.................................................................................................................................................... 

Balance Sept. 30, 2023 ...................................................................................................................................................................................

$1,721,000,000 

$1,745,000,000 

1 Reporting in this Superfund Trust Fund table is consistent with previously reported 

presentations. However, the structure of this table may not accurately reflect the status of 

this Trust Fund. As a result, this table may be revised in future reports and other 

resources should be utilized for accurate Trust Fund reporting. 

2 In 2015, EPA implemented a Hazardous Substance Superfund Trust Fund Receipt 

Account for Special Accounts. Settlement funds received by the Agency may be placed in 

EPA interest bearing special accounts to perform response actions at the site in 

accordance with the supporting settlement agreement. These accounts are mandatory 

accounts and are included in the "Other expenses" line. 

3 On August 16, 2022, the Inflation Reduction Act (IRA) (P.L. 117-169) reinstated and 

modified the taxes on oil and petroleum products. The oil and petroleum taxes went into 

effect on January 1, 2023. 

4 On November 15, 2021, the Infrastructure Investment and Jobs Act [(IIJA), P.L. 117-58] 

reinstated and modified the excise taxes on certain listed chemicals and imported 

substances that use as materials in their manufacture or production one or more of those 

listed chemicals (“Superfund chemical taxes”). The Superfund chemical taxes went into 

effect beginning July 1, 2022 and expire on December 31, 2031. 

5 On December 31, 1995, the authority to collect an environmental tax for all corporations 

with modified alternative taxable income in excess of $2 million expired. 

77
Hazardous Substance Superfund 

Expected Condition and Results of Operations, Fiscal Years 2024-2028 1,2,3,4,5,6

[In millions of dollars. Source: EPA] 

2024 2025 2026 2027 2028

Balance Oct. 1 ................................................................................................. $1,745 $2,650 $2,746 $2,773 $2,808

Receipts:

Interest 3 ....................................................................................................... $229 $234 $239 $244 $249

Recoveries 3 ................................................................................................. $60 $60 $60 $60 $60

Fines and penalties 3 ................................................................................... $1 $1 $1 $1 $1

Taxes 5 ........................................................................................................ $2,174 $2,330 $2,412 $2,497 $2,580

Special Accounts ......................................................................................... $350 $350 $350 $350 $350

General revenues ........................................................................................ $1,028 $406 $406 $406 $406

Total receipts ........................................................................................... $3,842 $3,381 $3,468 $3,558 $3,646

Appropriations 2................................................................................................ $1,283 $661 $661 $661 $661

Other expenses 4 ............................................................................................ $449 $450 $450 $450 $450

Tax Receipt Expenditures 6 ............................................................................ $1,205 $2,174 $2,330 $2,412 $2,497

Balance Sept. 30.............................................................................................. $2,650 $2,746 $2,773 $2,808 $2,846

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 2024 Appropriation amount is estimated at the Consolidated Appropriations Act, 2023 (P.L. 

117-328). FY 2025 - FY 2028 is estimated at the FY 2025 President's Budget level. 

3 Interest, Recoveries, Fines and penalties, Special Accounts, General Revenues, Taxes, and 

Other Expenses are estimated.

4 Other Expenses include Special Accounts. 

5 On November 15, 2021, the Infrastructure Investment and Jobs Act (IIJA, P.L. 117-58) 

reinstated and modified the taxes on hazardous chemicals and imported substances that 

use hazardous chemicals as a feedstock. The taxes shall take effect beginning July 1, 2022 

and ending on December 31, 2031. On August 16, 2022, the Inflation Reduction Act (IRA) 

(P.L. 117-169) reinstated and modified the taxes on oil and petroleum products. The oil and 

petroleum taxes went into effect on January 1, 2023. 

6 On December 29, 2022, the Consolidated Appropriations Act 2023 (P.L. 117-328) 

included legislative language that allows all tax receipts collected in the Superfund Trust 

Fund from the prior fiscal year to be available to implement Comprehensive Environmental 

Response, Compensation and Liability Act (CERCLA) without further congressional 

appropriation.

78
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. 

79
TABLE TF-6.—Highway Trust Fund 

Results of Operations, Fiscal Year 2023 

[Source: DOT] 

Description IRC section (26 United States Code) Amount 

Balance Oct. 1, 2022 ........................................................................................................................................................................................... 133,468,023,590 

Gross Receipts: 

Excise taxes (transferred from general fund): 

Gasoline ....................................................................................................... 4081 .......................................................................... 23,491,817,010 

Diesel and special motor fuels ..................................................................... 4041 .......................................................................... 10,952,826,255 

Highway tires ................................................................................................ 4071 .......................................................................... 674,384,511 

Retail tax on trucks....................................................................................... 4051 .......................................................................... 7,171,896,680 

Heavy vehicle use ........................................................................................ 4481 .......................................................................... 1,386,018,918 

Total excise taxes .................................................................................................................................................................................... 43,676,943,375 

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 ............................................................................................................................................................... 447,250,000 

To Airport and Airway Trust Fund ................................................................................................................................................................ 1,094,014,553 

Total transfers .......................................................................................................................................................................................... 1,542,264,553 

Other income: 

Fines and penalties ...................................................................................................................................................................................... 80,996,309 

Interest ......................................................................................................................................................................................................... 5,700,620,332 

Program Receipt Accounts .......................................................................................................................................................................... 313,105,162 

Transfer from the General Fund ................................................................................................................................................................. -

Total other income ................................................................................................................................................................................... 6,094,721,803 

Net receipts .......................................................................................................................................................................................... 48,229,400,626 

Expenses: 

Federal Highway Administration: 

Federal aid to highways ............................................................................................................................................................................... 48,088,282,669 

Right-of-way revolving fund ......................................................................................................................................................................... -

Appalachian Development Highway System ............................................................................................................................................... -

Miscellaneous HTF ...................................................................................................................................................................................... 6,981,014 

Total ......................................................................................................................................................................................................... 48,095,263,682 

Federal Motor Carrier Safety Administration ............................................................................................................................................... 822,675,733 

Federal Transit Administration ..................................................................................................................................................................... 9,965,362,147 

National Highway Traffic Safety Administration: 

Operations and research ......................................................................................................................................................................... 163,010,729 

Highway Traffic Safety grants .................................................................................................................................................................. 788,602,662 

National Driver register ............................................................................................................................................................................ -

Total ..................................................................................................................................................................................................... 951,613,390 

Federal Railroad Administration ...................................................................................................................................................................... 29,031 

 Office of the Secretary of Transportation................................................................................................................................................. 287,834,289

Other agencies ............................................................................................................................................................................................. - 

Total expenses ......................................................................................................................................................................................... 60,122,778,273 

Balance Sept. 30, 2023........................................................................................................................................................................................ 121,574,645,943 

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

80
Highway Trust Fund 

Expected Condition and Results of Operations, Fiscal Years 2024-2028 

[In billions of dollars. Source: DOT] 

Combined Statement Highway and Mass Transit Accounts 

2024 2025 2026 2027 2028

Balance Oct. 1 ............................................................... 121 105 82 53 19

Receipts:

Excise taxes, net of refunds....................................... 42 42 41 41 40

Interest, net ................................................................ 5 3 2 1 -

Total receipts ......................................................... 47 45 44 42 41

Adjustments .......................................................... - - - - -

Outlays ........................................................................... 63 69 73 76 79

Balance Sept. 30............................................................ 105 82 53 19 -19

Mass Transit Account 

2024 2025 2026 2027 2028

Balance Oct. 1 .................................................................... 32 29 24 18 11

Receipts:

Excise taxes, net of refunds............................................ 5 5 5 5 5

Interest, net ..................................................................... 1 1 1 1 -

Total receipts .............................................................. 6 6 6 5 5

Flex fund transfers .......................................................... 1 1 1 1 1

Adjustments ................................................................... - - - - -

Outlays ................................................................................ 11 12 13 13 14

Balance Sept. 30................................................................. 29 24 18 11 4

Highway Account 

2024 2025 2026 2027 2028

Balance Oct. 1 ......................................................................... 90 77 58 35 8

Receipts: 

Excise taxes, net of refunds................................................. 37 37 37 36 36

Interest, net .......................................................................... 4 2 1 1 -

Total receipts ................................................................... 41 39 38 37 36

Flex fund transfers ............................................................... -1 -1 -1 -1 -1

Adjustments ........................................................................ - - - - -

Outlays ..................................................................................... 52 57 60 63 65

Balance Sept. 30...................................................................... 77 58 35 8 -23

Unfunded authorizations (EOY) ............................................... 42 67 95 124 157

Forty-eight-month revenue estimate........................................ 144 140 137 134 132

Reflects authorized revenue collection and funding levels prescribed in 

P.L. 117-58.

Revenue and Outlay estimates reflects FY 2024 Midsession Review projections.

Note.—Numbers may not add due to rounding. 

81
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 estimates concerning 

the Highway Trust Fund at the close of the next fiscal year. 

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 2025) .............................................................................................................. 125 

less: 

Cash balance (fiscal year 2025) ......................................................................................................................................................................................... 58 

Unfunded authorizations (fiscal year 2025) ........................................................................................................................................................................ 67

48-month revenue estimate (fiscal years 2026, 2027, 2028, and 2029)............................................................................................................................ 140

. 

Mass Transit Account 

[In billions of dollars. Source: DOT] 

Commitments (unobligated balances plus unpaid obligations, fiscal year 2025) .............................................................................................................. 59 

less: 

Cash balance (fiscal year 2025) ......................................................................................................................................................................................... 24 

Unfunded authorizations (fiscal year 2025) ........................................................................................................................................................................ 35 

48-month revenue estimate (fiscal years 2026, 2027, 2028, and 2029)............................................................................................................................ 27 

Reflects authorized revenue collection and funding levels prescribed in 

P.L. 117-58.

48-month revenue estimate reflects FY 2024 Midsession Review projections.

Note.—Numbers may not add due to rounding. 

82
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 FY 2031. The Water Resources Development 

Act of 2022 (Public Law 117-263, December 23, 2022) made 

this cost sharing change permanent. 

The Secretary of the Treasury invests in interest-bearing 

obligations of the United States that portion of the trust fund, in 

his judgment, not required to meet current withdrawals. The 

interest on, and proceeds from, the sale or redemption of any 

obligation held in the trust fund is credited to the trust fund. The 

Inland Waterways Revenue Act of 1978 (Public Law 95-502) 

provides that amounts in the trust fund shall be available as 

provided, by appropriations acts, for construction and 

rehabilitation expenditures for navigation on the inland and 

intracoastal waterways of the United States described in 33 

United States Code 1804. Expenditures must be otherwise 

authorized by law. 

Annual reports to Congress are required by 26 United States 

Code 9602(a) to be submitted by the Secretary of the Treasury. 

These reports are required to cover the financial condition and the 

results of operations of the fund during the past fiscal year and its 

expected condition and operations during the next five fiscal 

years. 

TABLE TF-7.—Inland Waterways Trust Fund 

Results of Operations, Fiscal Year 2023 

[Source: Department of the Army Corps of Engineers] 

Balance Oct. 1, 2022 ........................................................................................................................................................................................... 200,465,315

Receipts: 

Fuel taxes/revenues......................................................................................................................................................................................... 94,603,614

Interest on investments ................................................................................................................................................................................... 11,254,912

Gain on sale of investments ............................................................................................................................................................................ -

Total receipts................................................................................................................................................................................................ 105,858,526

Return of Funds................................................................................................................................................................................................ -

Transfers: 

Corps of Engineers .......................................................................................................................................................................................... 41,424,704

Balance Sept. 30, 2023........................................................................................................................................................................................ 264,899,137

Inland Waterways Trust Fund 

Expected Condition and Results of Operations, Fiscal Years 2024-2028 * 

[In millions of dollars. Source: Department of the Army Corps of Engineers] 

2024 2025 2026 2027 2028

Balance Oct. 1 ...................................................................................................... 265 196 196 196 196

Receipts: 

Fuel taxes ......................................................................................................... 99 103 107 111 115

Interest on investments .................................................................................... 11 8 7 7 7

Total receipts ................................................................................................ 110 111 114 118 122

Transfers: 

Corps of Engineers ........................................................................................... 179 111 114 118 122

Balance Sept. 30 ................................................................................................. 196 196 196 196 196

* Outyear projections are based on economic conditions and agencies’ best projections of

revenues and expenditures. 

83
INTRODUCTION: Leaking Underground Storage Tank Trust Fund 

The Leaking Underground Storage Tank (LUST) Trust 

Fund was established in fiscal year 1981 according to 

provisions of the Comprehensive Environmental Response, 

Compensation and Liability Act of 1980 (Public Law 96-510, 

codified at 26 United States Code 9508); as amended by the 

Superfund Amendments and Re-authorization Act of 1986 

(Public Law 99-499, dated October 17, 1986); title X, section 

10502(d) of the Budget Reconciliation Act of 1987 (Public 

Law 100-203, dated December 22, 1987); title VII, section 

7822(b) of the Omnibus Budget Reconciliation Act of 1989 

(Public Law 101-239, dated December 19, 1989);sections 

13163I(c) and 13242(d)(42) of the Omnibus Budget 

Reconciliation Act of 1993 (Public Law 103-66, dated August 

10, 1993); title X, section 1032(e) of the Taxpayer Relief Act 

of 1997 (Public Law 105-34, dated August 5, 1997); title VIII, 

section 853(d) of American Jobs Creation Act of 2004 (Public 

Law 108-357, dated October 22, 2004); section 1362 of the 

Energy Policy Act of 2005 (Public Law 109-58, dated August 

8, 2005); title XI, section 11147(a) of the Safe, Accountable, 

Flexible, Efficient Transportation Equity Act: A Legacy for 

Users (Public Law 109-59, dated August 10, 2005); division 

A, title II, section 210(a) of the Tax Relief and Health Care 

Act of 2006 (Public Law 109-422, dated December 20, 2006); 

section 1(a) of Expenditures Permitted from the Leaking 

Underground Storage Tank Trust Fund (Public Law 109-433, 

dated December 20, 2006); title I, section 141(c) Surface and 

Air Transportation Programs Extension Act of 2011 (Public 

Law 112-30, dated September 16, 2011); title I, section 141(c) 

of the Surface and Air Transportation Programs Extension Act 

of 2011 (Public Law 112-30, dated September 11, 2011); title 

IV, section 401(c) of the Surface Transportation Extension 

Act of 2012 (Public Law 112-102, dated March 30, 2012); 

title IV, section 401(c) of the Temporary Surface 

Transportation Extension Act of 2012 (Public Law 112-140; 

dated June 29, 2012); division D, title I, section 40101(c) and 

title II, section 40201(a) of the Moving Ahead for Progress in 

the 21st Century Act (Public Law 112-141, dated July 6, 

2012); title II, sections 2001(c) and 2002(b) of the Highway 

and Transportation Funding Act of 2014 (Public Law 113-

159, dated August 8, 2014); title II, section 2001(c) of the 

Highway and Transportation Funding Act of 2015 (Public 

Law 114-21, dated May 29, 2015); title II, section 2001(c) of 

the Surface Transportation and Veterans Health Care Choice 

Improvement Act of 2015 (Public Law 114-41, dated July 31, 

2015); title II, section 2001(c) of the Surface Transportation 

Act of 2015 (Public Law 114-73, dated October 29, 2015); 

title II, section 2001(c) of the Surface Transportation 

Extension Act of 2015, Part II (Public Law 114-87, dated 

November 20, 2015); division C, title XXXI, sections 

31101(c) and 31203 of the Fixing America’s Surface 

Transportation (FAST) Act of 2015 (Public Law 114-94, 

dated December 4, 2015); division U, title IV, section 401(a) 

of the Consolidated Appropriations Act, 2018 (Public Law 

115-141, dated March 23, 2018); title II, section 1203 of the 

Continuing Appropriations Act of 2021 and Other Extensions 

Act (Public Law 116-159, dated October 1, 2020); title II, 

section 201(c) of the Surface Transportation Extension Act of 

2021 (Public Law 117-44, dated October 2, 2021); Section 

4(c) of the Further Surface Transportation Extension Act of 

2021 (Public Law 117-52, dated October 31, 2021); and 

division H, title I, section 80101(c) of the Infrastructure 

Investment and Jobs Act (Public Law 117-58, dated 

November 15, 2021). 

The LUST Trust Fund is financed by taxes collected on 

gasoline, diesel fuels, special motor fuels, aviation fuels and 

fuels used in commercial transportation on inland waterways. 

Amounts available in the LUST Trust Fund, exceeding 

current expenditure requirements, are invested by the 

Secretary of the Treasury in interest-bearing Government 

securities (e.g., Treasury bills). All interest earned is credited 

directly to the LUST Trust Fund. 

To carry out the LUST program, amounts are appropriated 

for the LUST Trust Fund to the EPA for programmatic and 

administrative expenses. 

An annual report to Congress by the Secretary of the 

Treasury is required by 26 United States Code 9602(a). These 

reports present the financial condition of the LUST Trust 

Fund and results of operations for the past fiscal year and its 

expected condition and operations during the next five fiscal 

years.

84
TABLE TF-8.—Leaking Underground Storage Tank Trust Fund 

Results of Operations, Fiscal Year 20231

[Source: EPA] 

Balance Oct. 1, 2022 ..................................................................................................................................................................................... $1,137,000,000 

Receipts: 

Taxes .......................................................................................................................................................................................................... $205,000,000 

Interest ........................................................................................................................................................................................................ $46,000,000 

Gross tax receipts2 ................................................................................................................................................................................. $252,000,000 

Undisbursed balances: 

Environmental Protection Agency Leaking Underground Storage Tank balances ................................................................................... -

Total undisbursed balances ................................................................................................................................................................... -

Expenses: 

Environmental Protection Agency Leaking Underground Storage Tank expenses .................................................................................. $94,000,000 

Other expenses .......................................................................................................................................................................................... - 

Total expenses ....................................................................................................................................................................................... $94,000,000 

Balance Sept. 30, 2023 .................................................................................................................................................................................. $1,295,000,000 

1 Reporting in this Trust Fund table is consistent with previously reported presentations. 

However, the structure of this table may not accurately reflect the status of this Trust Fund. 

As a result, this table may be revised in future reports and other resources should be 

utilized for accurate Trust Fund reporting. 

2 Includes one million dollars from the General Fund, Leaking Underground Storage 

Tanks.

Leaking Underground Storage Tank Trust Fund 

Expected Condition and Results of Operations, Fiscal Years 2024-2028 1, 2, 3

[In millions of dollars. Source: EPA] 

2024 2025 2026 2027 2028 

Balance Oct. 1 ................................................................................................................. $1,295 $1,417 $1,523 $1,628 $1,731 

Receipts: 

Taxes 3 ....................................................................................................................... $191 $189 $188 $185 $181 

Interest 3 ..................................................................................................................... $25 $26 $26 $27 $28 

Total receipts ........................................................................................................... $216 $215 $214 $212 $209 

Appropriations 2 ............................................................................................................... $94 $109 $109 $109 $109 

Balance Sept. 30 ............................................................................................................. $1,417 $1,523 $1,628 $1,731 $1,831 

1 Reporting in this Trust Fund table is consistent with previously reported presentations. 

However, the structure of this table may not accurately reflect the status of the Trust Fund. 

As a result, this table may be revised in future reports and other resources should be 

utilized for accurate Trust Fund reporting. 

2 FY 2024 Appropriation represents the amount from the Consolidated Appropriations Act, 

2023 (P.L. 117-328). FY 2025 - FY 2028 Appropriation amounts are straight-lined from PB 

FY2024 PB.

3 Taxes and Interest are estimated. 

85
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 FY2023 Appropriation Bill appropriated $10.205M 

for nuclear waste disposal activities to carry out the purposes 

of the NWPA of 1982. This amount was derived from the 

Nuclear Waste Fund.

TABLE TF-9.—Nuclear Waste Fund 

Results of Operations, Fiscal Year 2023 

[Source: DOE] 

Balance Sep. 30, 2022 ......................................................................................................................................................................................... $ 1,722,763 

Receipts: 

Fees collected .................................................................................................................................................................................................. - 

Interest and income on investments ................................................................................................................................................................ 1,649,263,740 

Total receipts ................................................................................................................................................................................................ $ 1,649,263,740 

Non-expenditure transfers: 

SF-1151 transfers in (+) ................................................................................................................................................................................... - 

SF-1151 transfers out (-) .................................................................................................................................................................................. -3,945,000 

Net non-expenditure transfers ..................................................................................................................................................................... -3,945,000 

Outlays: 

DOE radioactive waste disposal activities ....................................................................................................................................................... 7,159,727 

Cost of investments.......................................................................................................................................................................................... 1,637,973,892 

Total outlays ................................................................................................................................................................................................. $ 1,645,133,619 

Balance Sept. 30, 2023........................................................................................................................................................................................ $ 1,907,884 

86
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.] 

87
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 an amount equal to the sum of the tariffs 

received in the Treasury after January 1, 1989, under 

headings 4401 through 4412 and subheadings 4418.50.00, 

4418.90.20, 4420.10.00, 4420.90.80, 4421.90.10 through 

4421.90.20, and 4421.90.70 of chapter 44, subheadings 

6808.00.00 and 6809.11.00 of chapter 68 and subheading 

9614.10.00 of chapter 96 of the Harmonized Tariff Schedule 

of the United States. Tariffs include (1) rough and primary 

wood products and wood waste; (2) lumber, flooring and 

moldings; and (3) wood veneers, plywood, other woodveneer assemblies and building boards and other wood 

product tariff headings specified in Public L 100-418. 

Amounts available in the reforestation trust fund 

exceeding current withdrawals are invested in interestbearing obligations of the United States or in obligations 

guaranteed as to both principal and interest by the United 

States. The interest on, and the proceeds from the sale or 

redemption of, any obligations are credited to the trust fund. 

The Secretary of the Department of Agriculture is 

authorized to obligate available sums in the trust fund 

(including any amounts not obligated in previous years) for 

(1) reforestation and timber stand improvement as specified

in subsection (e) of 16 US Code 1601 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

the activities specified above.

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 2023 

[In thousands of dollars. Source: Department of Agriculture] 

Balance Oct. 1, 2022 .......................................................................................................................................................................................... 197,849 

Receipts: 

Excise taxes (tariffs) ......................................................................................................................................................................................... 158,019 

Redemption of investment ............................................................................................................................................................................... - 

Total receipts ................................................................................................................................................................................................ 158,019 

Outlays ................................................................................................................................................................................................................. 70,717 

Balance Sept. 30, 2023 ........................................................................................................................................................................................ 285,151 

Reforestation Trust Fund 

Expected Condition and Results of Operations, Fiscal Year 2024 

[In thousands of dollars. Source: Department of Agriculture] 

Balance Oct. 1 ..................................................................................................................................................................................................... 285,151 

Receipts: 

Excise taxes (tariffs) ........................................................................................................................................................................................ 150,000 

Redemption of investment .............................................................................................................................................................................. -

Total receipts ............................................................................................................................................................................................... 150,000 

Outlays ................................................................................................................................................................................................................ 275,000

Balance Sept. 30................................................................................................................................................................................................. 160,151 

88
INTRODUCTION: Sport Fish Restoration and Boating Trust Fund 

The Aquatic Resources Trust Fund (ARTF) was 

established on the books of the Treasury pursuant to the 

Deficit Reduction Act of 1984 [Public Law 98-369, division 

A, title X, section 1016(a), approved July 18, 1984]. The 

ARTF was restructured and renamed the Sport Fish 

Restoration and Boating Trust Fund by the Safe, 

Accountable, Flexible, Efficient Transportation Equity Act: 

A Legacy for Users or “SAFETEA-LU” [Public Law 109-

59, title XI, subtitle B, part 2, section 11115, approved 

August 10, 2005,] as amended by the Sportfishing and 

Recreational Boating Safety Amendments Act of 2005 

[Public Law 109-74, approved September 29, 2005]. 

Section 3 of the Dingell-Johnson Sport Fish Restoration 

Act, 16 United States Code 777, provides authorization of 

appropriations to the states to carry out the provisions of the 

act, and Section 4 provides the division of the remaining 

annual appropriation not authorized in Section 3. 

SAFETEA-LU comprehensively amended Section 3 and 

reauthorized the Sport Fish Restoration Program (for fiscal 

years 2006-2009) to permanently appropriate boating safety 

funds; to modify distribution of funds whereby all accounts 

receive a fixed percentage of the total fund annually; and to 

modify the excise tax on certain sport fishing equipment. 

From October 1, 2010, through June 30, 2012, the authority 

for SAFETEA-LU was extended via several public laws. In 

June 2012, Public Law 112-141, Moving Ahead for Progress 

in the 21st Century Act (MAP-21), established new authority 

for Section 4 through September 30, 2014. From October 1, 

2015, through November 20, 2015, the authority for MAP21 was extended via several public laws. On December 4, 

2015, Public Law 114-94, Fixing America's Surface 

Transportation (FAST) Act, Sec. 10001, amended Section 3 

and Section 4 to provide the division of appropriations for 

each of the Fiscal Years 2016 thru 2021. On November 15, 

2021, Public Law 117-58, the Infrastructure Investment and 

Jobs Act, Sec. 28001, amended 16 USC 777b and 16 USC 

777c to provide the division of appropriations through Fiscal 

Year 2026. 

Effective October 1, 2005, motorboat fuel taxes (less $1 

million transferred to the Land and Water Conservation 

Fund) and small engine gasoline taxes [pursuant to the 

Omnibus Budget Reconciliation Act of 1990, Public Law 

101-508, title XI, sections 11211(i)(2) and (3)] were

transferred from the Highway Trust Fund to the Sport Fish

Restoration and Boating Trust Fund. In addition, amounts

equivalent to the excise taxes received on sport fishing

equipment and import duties on fishing tackle, yachts, and

pleasure craft are appropriated into the fund.

Amounts in the trust fund are used, as provided by 

appropriation acts, for the purposes of carrying out the 

Dingell-Johnson Sport Fish Restoration Act, approved 

August 9, 1950; Section 7404(d) of the Transportation 

Equity Act for the 21st Century; and the Coastal Wetlands 

Planning, Protection and Restoration Act (each as in effect 

on the date of enactment of the Infrastructure Investment and 

Jobs Act). 

The general provisions of 26 United States Code 9602(b) 

are responsible for making amounts available in the fund 

exceeding outlay requirements to be invested in public debt 

securities with the interest credited to the fund. 

As required by 26 United States Code 9602(a), annual 

reports to Congress must be submitted by the Secretary of 

the Treasury. These reports will cover the financial condition 

and results of operations of the fund during the past fiscal 

year and those expected during the next five fiscal years. 

89
TABLE TF-11.—Sport Fish Restoration and Boating Trust Fund 

Sport Fish Restoration Results of Operations, Fiscal Year 2023 

[Source: Department of the Interior] 

Balance Oct. 1, 2022 .............................................................................................................................................................................................. 2,370,247,324

Revenue: 

Tax revenue: 

Gas, motorboat .............................................................................................................................................................................................. 322,497,000

Fish equipment ............................................................................................................................................................................................... 82,258,981

Tackle boxes .................................................................................................................................................................................................. 1,019,275

Rods and poles .............................................................................................................................................................................................. 40,533,821

Electric outboard motors ................................................................................................................................................................................ 3,935,630

Customs/import duties ................................................................................................................................................................................... 80,231,889

Gas, motorboat small engines ....................................................................................................................................................................... 124,753,000

Total, tax revenue ...................................................................................................................................................................................... 655,229,596

Investment revenue: 

Interest on investments (accrual basis) ......................................................................................................................................................... 60,833,709

Loss on sale of securities ............................................................................................................................................................................... -

Total, investment revenue .......................................................................................................................................................................... 60,833,709

Total revenue ............................................................................................................................................................................................. 716,063,305

Non-Expenditure appropriations: 

Interior ............................................................................................................................................................................................................ -452,500,000

Interior (U.S. Coast Guard) ............................................................................................................................................................................ -150,511,259

Interior (Corps of Engineers) .......................................................................................................................................................................... -114,000,000

Total appropriations ................................................................................................................................................................................... -717,011,259

Balance Sept. 30, 2023 .......................................................................................................................................................................................... 2,369,299,370

Sport Fish Restoration and Boating Trust Fund 

Sport Fish Expected Condition and Results of Operations, Fiscal Years 2024-2028 

[In thousands of dollars. Source: Department of the Interior] 

2024 2025 2026 2027 2028

Balance Oct. 1 ..................................................................................... 2,369,299,370 2,369,407,464 2,369,421,119 2,369,438,704 2,369,457,364

Receipts/revenue: 

Taxes ............................................................................................ 753,000 764,000 778,000 793,000 809,000

Interest .......................................................................................... 34,052 36,707 40,292 43,952 47,842

Transfers ....................................................................................... - - - - -

Total receipts ............................................................................ 787,052 800,707 818,292 836,952 856,842

Expenses:

Expenses/transfers ....................................................................... 678,958 787,052 800,707 818,292 836,952

Total expenses .......................................................................... 678,958 787,052 800,707 818,292 836,952

Balance Sept. 30............................................................................... 2,369,407,464 2,369,421,119 2,369,438,704 2,369,457,364 2,369,477,254

90
INTRODUCTION: Oil Spill Liability Trust Fund 

The Oil Spill Liability Trust Fund was established on the 

books of the Treasury by section 8033 of the Omnibus Budget 

Reconciliation Act of 1986 (Public Law 99-509). It was made 

effective on January 1, 1990, by section 7811(m)(3) of the 

Omnibus Budget Reconciliation Act of 1989 (Public Law 

101-239) and amended by section 9001 of the Oil Pollution 

Act of 1990 (Public Law 101-380). The Energy Improvement 

and Extension Act of 2008 (Public Law 110-343) increased 

the barrel tax on petroleum from five cents per barrel to eight 

cents from 2009 through 2016, and to nine cents in 2017. The 

act also repeals the requirement that the tax be suspended 

when the unobligated balance exceeds $2.7 billion. The barrel 

tax expired on December 31, 2018, but Congress reinstated on 

January 1, 2020. The Consolidated Appropriations Act, 

2021 (Public Law 116-260) which amended 26 USC 4611 

(f) to extend the OSLTF tax until Dec 31, 2025 Amounts

equivalent to the taxes received from the environmental tax on

petroleum, but only to the extent of the Oil Spill Liability

Trust Fund rate, are appropriated to the fund.

Certain amounts were transferred from other funds and 

were appropriated to the Oil Spill Liability Trust Fund as 

provided by 26 United States Code 9509(b). Certain paid 

penalties and amounts recovered for damages are also 

appropriated to the fund. 

Amounts in the fund are available for oil spill cleanup 

costs and certain other related purposes as provided by 

appropriations acts or section 6002(b) of the Oil Pollution Act 

of 1990 (Public Law 101-380). 

91
TABLE TF-12.—Oil Spill Liability Trust Fund 

Results of Operations, Fiscal Year 2023 

[Source: Bureau of the Fiscal Service, Funds Management Branch] 

Balance Oct. 1, 2022 1 ................................................................................................................................................................................................... 8,629,270,741 

Revenue: 

Drawback claims........................................................................................................................................................................................................ -88,016,444 

Return of Funds—DOT.............................................................................................................................................................................................. 680,980 

Return of Funds—USCG........................................................................................................................................................................................... 6,954,542 

Cost recoveries .......................................................................................................................................................................................................... 80,428,542 

Fines and penalties.................................................................................................................................................................................................... 67,310,314 

Excise taxes on crude oil/petroleum products ........................................................................................................................................................... 434,832,357 

Net revenue before interest ................................................................................................................................................................................... 502,190,291 

Investment income: 

Interest on investments.............................................................................................................................................................................................. 272,628,557 

Realized gain .............................................................................................................................................................................................................

Total investment income ........................................................................................................................................................................................ 272,628,557 

Total revenue ......................................................................................................................................................................................................... 774,818,848 

Expenditures: 

Treasury administrative expense—Fiscal Service .................................................................................................................................................... -165,000 

Non-expenditure transfers: 

Transfer to Denali commission/OSRI ........................................................................................................................................................................ -4,272,034 

Transfer to Interior...................................................................................................................................................................................................... -15,099,000 

Transfer to EPA.......................................................................................................................................................................................................... -22,072,000 

Transfer to PHMSA.................................................................................................................................................................................................... -35,650,000 

Transfer to U.S. Coast Guard-70X8312 (claims)....................................................................................................................................................... -9,000,000 

Transfer to U.S. Coast Guard-70X8349 (Emer Fund)............................................................................................................................................... -66,638,297 

Transfer to U.S. Coast Guard-annual (earmarked)................................................................................................................................................... -65,500,000 

Total non-expenditure transfers............................................................................................................................................................................. -218,231,331 

Total expenditure/non-expenditure transfers......................................................................................................................................................... -218,396,331 

Balance Sept. 30, 2023.................................................................................................................................................................................................. 9,185,693,258 

1 The Balances as of October 1, 2022 and September 30, 2023 tie to the published financial 

statements by Treasury/FMB. 

Oil Spill Liability Trust Fund 

Expected Condition and Results of Operations, Fiscal Years 2024-2028 

[In millions of dollars. Source: Department of Homeland Security] 

2024 2025 2026 2027 2028

Balance Oct. 1 ............................................................................................... 9,186 9,927 10,694 11,488 12,307

Estimated receipts ......................................................................................... 914 940 967 992 1,021

Estimated expenses ...................................................................................... 173 173 173 173 173

Balance Sept. 30............................................................................................ 9,927 10,694 11,488 12,307 13,155

92
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 2023 

[Source: Department of the Treasury, Bureau of the Fiscal Service) 

Balance Oct. 1, 2022 ........................................................................................................................................................................................... $4,315,879,705 

Receipts: 

Excise tax ........................................................................................................................................................................................................ $219,804,202

Interest on investments.................................................................................................................................................................................... $126,279,189 

Refund of Current & Prior Year Authority $5,909,887 

Total receipts ............................................................................................................................................................................................... $351,993,278 

Outlays: 

U.S. Court of Federal Claims ......................................................................................................................................................................... $7,714,829

U.S. Department of Justice ............................................................................................................................................................................. $20,875,415 

Subtotal outlays........................................................................................................................................................................................... $28,590,244 

Non-expenditure transfers: 

Transfer to HRSA ............................................................................................................................................................................................ $196,000,000 

Total outlays/transfers ................................................................................................................................................................................. $224,590,244 

Balance Sept. 30, 2023 1 ..................................................................................................................................................................................... $4,443,282,739.00 

1 Balance for September 30, 2023: Balance does not tie to the 3310 ending balance in the 

September 30, 2023 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, 2023 reflects 

the net activity for FY 2023 and adjusting/closing entries made in October 2023. 

Vaccine Injury Compensation Trust Fund 

Expected Condition and Results of Operations, Fiscal Years 2024-2028 

[In thousands of dollars. Source: Department of Health and Human Services] 

2024 2025 2026 2027 2028

Balance Oct. 1 ...................................................................................................... $4,443,283 $4,569,278 $4,699,912 $4,835,322 $4,975,651

Receipts (from tax) ............................................................................................... $226,398 $233,190 $240,186 $247,392 $254,813

Interest on investments..................................................................................... $130,068 $133,970 $137,989 $142,128 $146,392

Total receipts ................................................................................................ $356,466 $367,160 $378,175 $389,520 $401,206

Outlays: 

U.S. Court of Federal Claims expenses ........................................................... $7,715 $7,715 $7,715 $7,715 $7,715

U.S. Department of Justice expenses .............................................................. $20,875 $20,875 $20,875 $20,875 $20,875

Subtotal outlays ................................................................................................ $28,590 $28,590 $28,590 $28,590 $28,590

Non-expenditure transfers: 

HRSA ................................................................................................................ $201,880 $207,936 $214,174 $220,600 $227,218

Total outlays/transfers .................................................................................. $230,470 $236,527 $242,765 $249,190 $255,808

Balance Sept. 30................................................................................................... $4,569,278 $4,699,912 $4,835,322 $4,975,651 $5,121,049

93
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. Division B, Title I, Section 102, (c), 8, (C) of the

Further Continuing Appropriations and Other Extensions

Act, 2024, (Public Law 118-22, signed November 17, 2023)

extended the sunset provision through calendar year 2024.

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. 

94
TABLE TF-14.—Wool Research, Development, and Promotion Trust Fund 

Results of Operations, Fiscal Year 2023 

[In thousands of dollars. Source: Department of Agriculture] 

Balance Oct. 1, 2022 ................................................................................................................................................................................................ 128 

Receipts: 

Harmonized tariff ................................................................................................................................................................................................... 2,250 

Sequestration return FY 2022 ............................................................................................................................................................................... - 

Sequestration ........................................................................................................................................................................................................ -128 

Total receipts ..................................................................................................................................................................................................... 2,122 

Expenses: 

Expenditure ........................................................................................................................................................................................................... 2,122 

Total expenses .................................................................................................................................................................................................. 2,122 

Balance Sept. 30, 2023............................................................................................................................................................................................ - 

Wool Research, Development, and Promotion Trust Fund 

Expected Condition and Results of Operations, Fiscal Year 2024 

[In thousands of dollars. Source: Department of Agriculture] 

Balance Oct. 1, 2023 ................................................................................................................................................................................................ - 

Receipts: 

Harmonized tariff ................................................................................................................................................................................................... 2,250 

Sequestration return FY 22 ................................................................................................................................................................................... 128 

Sequestration return FY 23 ................................................................................................................................................................................... 128 

Sequestration Hold FY24 ...................................................................................................................................................................................... -128 

Total receipts ..................................................................................................................................................................................................... 2,378 

Expenses: 

Expenditure ........................................................................................................................................................................................................... 2,378 

Total expenses .................................................................................................................................................................................................. 2,378 

Balance Sept. 30, 2024............................................................................................................................................................................................ - 

Note: FY22 sequestration return executed in FY24. 

95
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, 

Honeybees, and Farm-Raised Fish (ELAP) Program. 

Fiscal Year 2023 obligations, including adjustments to 

prior year obligations, totaled $2.2M. Total net outlays were 

$2.2M including outlays from prior year obligations, as 

shown in the table below. In 2023, the amount of customs 

receipts credited to the Agricultural Disaster Relief Trust 

Fund receipt account totaled $0. The outlays reported in 

fiscal year 2023 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 2023 

[In thousands of dollars. Source: Department of Agriculture] 

Cumulative debt, start of year 2023 ......................................................................................................................................................................... $25,332 

Borrowing authority ............................................................................................................................................................................................. - 

Repayment of debt ............................................................................................................................................................................................... - 

Cumulative debt, end of year ................................................................................................................................................................................... 25,332 

Budgetary resources: 

Borrowing Authority ............................................................................................................................................................................................. - 

Mandatory appropriation...................................................................................................................................................................................... 1,438 

Other offsetting collections .................................................................................................................................................................................. - 

Total budgetary resources .............................................................................................................................................................................. 26,771 

Obligated balance, Oct. 1, 2023 .............................................................................................................................................................................. 2,690 

Fiscal Year 2023 obligations .................................................................................................................................................................................... 6,408 

Outlays: 

Supplemental Revenue Assistance Payments Program..................................................................................................................................... - 

Livestock Forage Disaster Program .................................................................................................................................................................... 1,777 

Livestock Indemnity Program............................................................................................................................................................................... 58 

Tree Assistance Program .................................................................................................................................................................................... 16 

Emergency Assistance of Livestock, Honey Bees, and Farm-Raised Fish Program ......................................................................................... 360 

Total outlays ..................................................................................................................................................................................................... - 

Recoveries of Prior Year Obligations 144 

Obligated balance, Sept. 30, 2023 ........................................................................................................................................................................... $8,954

. 

96
Agriculture Disaster Relief Trust Fund Trust Fund 

Expected Condition and Results of Operations, Fiscal Years 2024-2028 

[In thousands of dollars. Source: Department of Agriculture ] 

2024 2025 2026 2027 2028

Cumulative debt, start of year ............................................................................. 25,332 25,332 25,332 25,332 25,332

Borrowing authority ......................................................................................... - - -- -

Repayment of debt 1 ....................................................................................... - - -- -

Cumulative debt, end of year .............................................................................. 25,332 25,332 25,332 25,332 25,332

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. 

97
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. 

98
TABLE TF-16.—Patient Centered Outcomes Research Trust Fund 

Results of Operations, Fiscal Year 2023 

[Source: Bureau of the Fiscal Service, Funds Management Branch] 

Balance Oct. 1, 2021 ................................................................................................................................................................................................ $ 37,707,234 

Receipts: 

General Fund Appropriation.................................................................................................................................................................................. 311,500,000 

Transfers from FHI and FSMI ...............................................................................................................................................................................

IRS Health Insurance Fees................................................................................................................................................................................... 379,416,519 

Interest on Investments......................................................................................................................................................................................... 1,480,743 

Total receipts..................................................................................................................................................................................................... 692,397,262 

Expenditure appropriations: 

Transfers to PCORI............................................................................................................................................................................................... -551,174,422 

Transfers to HHS .................................................................................................................................................................................................. -138,205,710 

Total outlays...................................................................................................................................................................................................... -689,380,132 

Balance Sept. 30, 2023 1 .......................................................................................................................................................................................... $ 40,730,540 

1 Balance September 30, 2023: Balance does not tie to the 3310 ending balance in the September 30, 2023 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, 2023 reflects the net activity for FY 2023 

and adjusting/closing entries made in October 2023. 

Patient Centered Outcomes Research Trust Fund 

Expected Condition and Results of Operations, Fiscal Years 2024-2027 

[In thousands of dollars. Source: Bureau of the Fiscal Service, Funds Management Branch] 

2024 2025 2026 2027

Balance Oct. 1............................................................................................................ 40,731 40,731 40,731 40,731

Receipts: 

General Fund Appropriation ............................................................................................................................................... 320,000 338,000 355,500 363,500

Transfers from FHI and FSMI ............................................................................................................................................. - - - -

IRS Health Insurance Fees ................................................................................................................................................. 404,000 424,000 445,000 467,000

Interest on Investments....................................................................................................................................................... - - - -

Total receipts ...................................................................................................... 724,000 762,000 800,500 830,500

Expenditure appropriations: 

Transfers to PCORI ............................................................................................... -579,200 -609,600 -640,400 -664,400

Transfers to HHS ................................................................................................... -144,800 -152,400 -160,100 -166,100

Total outlays ....................................................................................................... -724,000 -762,000 -800,500 -830,500

Balance Sept. 30 .................................................................................................... 40,731 40,731 40,731 40,731

99
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 statesponsored terrorism. In general, the Fund awards 

compensation to those victims of international statesponsored 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 an appropriation of $1.025 billion for the Fund in 

fiscal year 2017, as well as two additional appropriations for 

payments to sub-groups of claimants. 34 U.S.C. § 

20144(e)(5), (d)(4)(C)-(D). 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. 

100
TABLE TF-17.—United States Victims of State Sponsored Terrorism Fund 

Results of Operations, Fiscal Year 2023 

[Source: Department of Justice] 

Balance Oct. 1, 2022 ...................................................................................................................................................................................... 245,711,267.82

Receipts: 

 Appropriation .................................................................................................................................................................................................... 5,654,410,456.00 

 Recoveries from prior year .................................................................................................................................................................................. - 

 Fines/Penalties..................................................................................................................................................................................................... 31,079,633.27 

 Forfeitures ............................................................................................................................................................................................................ 12,971,124.72 

 Interest on investments ........................................................................................................................................................................................ 92,701,284.76 

 Total receipts..................................................................................................................................................................................................... 5,791,162,498.75 

Outlays: 

 Salaries & Expenses ............................................................................................................................................................................................ 3,714,618.04 

 Victim Payments .................................................................................................................................................................................................. 2,716,936,010.63 

 Total outlays ...................................................................................................................................................................................................... 2,720,650,628.67 

Balance Sept. 30, 2023 ............................................................................................................................................................................................. 3,316,223,137.90

United States Victims of State Sponsored Terrorism Fund 

Expected Condition and Results of Operations, Fiscal Years 2024-2028 

[In thousands of dollars. Source: Department of Justice] 

2024 2025 2026 2027 2028

Balance Oct. 1...................................................................................................... 3,316,223 349,059 347,964 346,629 345,040

Receipts: 

Appropriation.................................................................................................... - - - - -

Fines/Penalties................................................................................................. 4,038 - - - -

Forfeitures ........................................................................................................ 3 - - - -

Interest on investments.................................................................................... 33,162 3,491 3,480 3,466 3,450

Total receipts................................................................................................ 37,203 3,491 3,480 3,466 3,450

Outlays: 

DOJ, Salaries & Expenses............................................................................... 4,367 4,585 4,815 5,055 5,308

Victim Payments .............................................................................................. 3,000,000 - - - -

Total Outlays net of Investments Redeemed .................................................. 3,004,367 4,585 4,815 5,055 5,308

Balance Sept. 30.................................................................................................. 349,059 347,964 346,629 345,040 343,182

101
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 

102
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. 

103
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). 

104