- Bureau of the Fiscal Service
- Financial Report of the United States Government
- Management's Discussion & Analysis

# Management's Discussion & Analysis

## The Government's Financial Position and Condition

This *Financial Report* presents the government’s financial position at the end of the fiscal year, explains how and why the financial position changed during the year, and discusses the government’s financial condition and how it may change in the future. 

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Financial Statement Note 24
Financial Statement Note 1.W

Table 1 on the previous page and the following summarize the federal government's financial position: 

- This  Financial Report  includes discussion and analysis of the effects that the federal government's response to the  COVID-19 pandemic  continued to have on the government's financial position during FY 2023.
- During FY 2023, the  budget deficit   increased by $319.7 billion (23.2 percent) to $1.7 trillion. However, net operating cost decreased by $753.8 billion (18.1 percent) to $3.4 trillion. 
- Net operating cost  decreased due largely to significant decreases in non-cash costs (including decreases in losses stemming from changes in assumptions affecting cost and liability estimates for the government's employee and veteran benefits programs (which do not affect the current year deficit), and reestimates of long-term student loan costs).
- The government's gross costs of $7.7 trillion, less $539.5 billion in revenues earned for goods and services provided to the public (e.g., Medicare premiums, national park entry fees, and postal service fees), plus $760.6 billion in net losses from changes in assumptions (e.g., interest rates, inflation, disability claims rates) yields the government's  net cost  of $7.9 trillion, a decrease of $1.2 trillion or 13.3 percent compared to FY 2022.
- Total tax and other revenues  decreased $460.3 billion to $4.5 trillion. Deducting these revenues from net cost results in a "bottom line" net operating cost of $3.4 trillion for FY 2023, a decrease of $753.8 billion or 18.1 percent compared to FY 2022.
- Comparing total FY 2023 government assets of $5.4 trillion (including $1.7 trillion of loans receivable, net and $1.2 trillion of PP&E) to total liabilities of $42.9 trillion (including $26.3 trillion in federal debt and interest payable, 3  and $14.3 trillion of federal employee and veteran benefits payable) yields a negative  net position  of $37.5 trillion.
- The budget deficit is primarily financed through borrowing from the public. As of September 30, 2023, debt held by the public, excluding accrued interest, was $26.3 trillion. This amount, plus intra-governmental debt ($6.9 trillion) equals gross federal debt, which, with some adjustments, is subject to the statutory debt limit. As of September 30, 2023, the government's total debt subject to the debt limit was $33.1 trillion. Congress and the President increased the debt limit by $480.0 billion in October 2021 and by $2.5 trillion in December 2021. On June 3, 2023,  P.L.              118-5  was enacted, suspending the debt limit through January 1, 2025.

This *Financial**Report* also contains information about projected impacts on the government’s future financial condition. Under federal accounting rules, social insurance amounts as reported in both the SLTFP and in the SOSI are not considered liabilities of the government. From Table 1:

- The  SLTFP  shows that the PV 4  of total non-interest spending, including Social Security, Medicare, Medicaid, defense, and education, etc., over the next 75 years, under current policy, is projected to exceed the PV of total receipts by $73.2 trillion (total federal non-interest net expenditures from  Table 1 ).
- The  SOSI  shows that the PV of the government's expenditures for Social Security and Medicare Parts A, B and D, and other social insurance programs over 75 years is projected to exceed social insurance  revenues 5  by about $78.4 trillion, a $2.5 trillion increase over 2022 social insurance projections.
- The Social Insurance and Total Federal Non-Interest Net Expenditures measures in  Table 1  differ primarily because total non-interest net expenditures from the SLTFP include the effects of general revenues and non-social insurance spending, neither of which is included in the SOSI. 

The government’s current financial position and long-term financial  condition can be evaluated both in dollar terms and in relation to the economy.  GDP is a measure of the size of the nation’s economy in terms of the total  value of all final goods and services that are produced in a year. Considering  financial results relative to GDP is a useful indicator of the economy’s  capacity to sustain the government’s many programs. For example:

- The budget deficit increased from $1.4 trillion in  FY 2022 to $1.7 trillion in FY 2023. The deficit-to-GDP ratio also increased  from 5.4 percent in FY 2022 to 6.3 percent in 2023. 
- The budget deficit is primarily financed through  borrowing from the public. As of September 30, 2023, the $26.3 trillion in debt  held by the public, excluding accrued interest, equates to  97 percent of GDP .
- The 2023 SOSI projection of $78.4 trillion net PV  excess of expenditures over receipts over 75 years represents about 4.4 percent  of the PV of GDP over 75 years. The excess of total projected non-interest  spending over receipts of $73.2 trillion from the SLTFP represents 3.8 percent  of GDP over 75 years. As discussed in this  Financial  Report , changes in these projections can, in turn, have a significant  impact on projected debt as a percent of GDP. 
- To prevent the debt-to-GDP ratio from rising over  the next 75 years, a combination of non-interest spending reductions and  receipts increases that amounts to 4.5 percent of GDP on average is needed (4.9  percent of GDP on average in the 2022 projections). The fiscal gap in the 2023  projections represents 23.8 percent of 75-year PV receipts and 19.8 percent of  75-year PV non-interest spending. 

### FY 2023 Financial Statement Audit Results

For FY 2023, GAO issued a disclaimer of audit opinion on the accrual-based, government-wide financial statements, as it has for the past 26 years, due to certain material weaknesses in internal control over financial reporting and other limitations on the scope of its work. In addition, GAO issued a disclaimer of opinion on the sustainability financial statements due to significant uncertainties primarily related to the achievement of projected reductions in Medicare cost growth and certain other limitations. GAO's audit report on page 218 of this *Financial Report*, discusses GAO's findings.

In FY 2023, 19 of the 24 entities required to issue audited financial statements under the CFO Act received unmodified audit opinions, as did 13 of 16 additional significant consolidation entities (see Table 10 and Appendix A).6

### The Government-wide Reporting Entity

This *Financial  Report* includes the financial status and activities of the executive,  legislative, and judicial branches of the federal government. SFFS No. 47, *Reporting Entity*, provides criteria for identifying organizations that are consolidation entities, disclosure entities, and related parties. Such criteria are summarized in Note 1.A, Significant Accounting Policies, Reporting Entity, and in Appendix A, which lists the entities included in this *Financial Report* by these categories. The assets, liabilities, results of operations, and related activity for            consolidation entities are consolidated in the financial statements. 

Fannie Mae and Freddie Mac meet the criteria for disclosure entities and, consequently, are not consolidated into the government’s financial statements. However, the values of the investments in such entities, changes in value, and related activity with these entities are included in the consolidated financial statements. The FR System and the SPVs are disclosure entities and are not consolidated into the government’s financial statements. See Note 1.A and Note 27—Disclosure Entities and Related Parties for additional information. In addition, per SFFAS No.            31, *Accounting for Fiduciary Activities*, fiduciary funds are not consolidated in the government financial statements.7

Most significant consolidation entities prepare financial statements that include financial and performance related information, as well as Annual Performance Reports. More information may be obtained from entities’ websites indicated in Appendix A  and at https://www.performance.gov/.

The following pages contain a more detailed discussion of the  government’s financial results for FY 2023, the *Budget*, the economy, the  debt, and a long-term perspective about fiscal sustainability, including the  government’s ability to meet its social insurance benefits obligations. The  information in this *Financial Report*,  when combined with the *Budget*,  collectively presents information on the government’s financial position and  condition.

### Accounting Differences Between the Budget and the Financial Report

Each year, the administration issues two reports that detail the government’s financial results: the *Budget* and this *Financial Report*. The exhibit on the following page provides the key characteristics and differences between the two documents.

*Financial Report*
GAAP for federal entities
8

### Budget Deficit vs. Net Operating Cost

Three key components of the *Budget* process are: 1) appropriations; 2) obligations; and 3) outlays. An appropriation is a provision of law authorizing the expenditure of funds for a  given purpose. Rescissions and cancellations are reductions in law of budgetary  resources. They are considered permanent reductions unless legislation clearly  indicates that the reduction is temporary. Once funds are appropriated by  Congress, Treasury issues warrants that officially establish the amounts  available to be obligated and spent (i.e., expended or outlayed) by each  agency. An agency’s obligation of funds is a binding agreement to outlay funds  for a particular purpose immediately or in the future. The budget deficit is  measured as the excess of outlays, or payments made by the government, over  receipts, or cash received by the government. 

Net operating cost, calculated on an accrual basis, is the excess of costs (what the government has incurred but has not necessarily paid) over revenues (what the government has collected and expects to collect but has not necessarily received). As shown in Chart 1, net operating cost typically exceeds the budget deficit due largely to the inclusion of cost accruals associated with increases in estimated liabilities for the government’s postemployment benefit programs for its military and civilian employees and veterans as well as environmental liabilities. 

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The government’s primarily cash-based9budget deficit increased by $319.7 billion (23.2 percent) from approximately $1.4 trillion in FY 2022 to about $1.7 trillion in FY 2023 due to a $456.8 billion decrease in receipts which more than offset a $137.1 billion decrease in outlays in FY 2023. The decrease in receipts can be attributed to lower individual income tax receipts as capital gains realizations fell and lower deposits of earnings by the Federal Reserve due to higher interest rates. These decreases were partially offset by higher social insurance and retirement receipts due to a strong labor market boosting wages and salaries. The decrease in outlays in part reflects the broad-based student loan debt relief, which increased outlays in FY 2022, and the effect of the reversal of broad-based debt relief in FY 2023 as a result of the Supreme Court 's decision in Biden v. Nebraska. It also reflects decreases due to the expiration of the expanded child tax credit as well as reductions in COVID-19 related spending, including spending by Treasury from the Coronavirus Relief Fund and by the Food and Nutrition Service for SNP and child nutrition programs. Outlays for some other categories of spending increased, including Social Security, Medicare, Medicaid, and net interest.10

Treasury’s September 2023 MTS provides fiscal year-end receipts, spending, and deficit information for this *Financial Report*. The MTS presents primarily cash-based spending, or outlays, for the fiscal year in a number of ways, including by month, by entity, and by budget function classification. The *Budget* is divided into approximately 20 categories, or budget functions, as a means of organizing federal spending by primary purpose (e.g., National Defense, Transportation, and Health). Multiple entities may contribute to one or more budget functions, and a single budget function may be associated with only one entity. For example, DOD, DHS, DOE, and multiple other entities administer programs that are critical to the broader functional classification of National Defense. DOD, OPM, and many other entities also administer Income Security programs (e.g., retirement benefits, housing, financial assistance). By comparison, the Medicare program is a budget function category unto itself and is administered exclusively at the federal level by HHS. Federal spending information by budget function and other categorizations may be found in the September 2023 MTS.11

The government's largely accrual-based net operating cost decreased by $753.8 billion (18.1 percent) to $3.4 trillion during FY 2023. As discussed in this *Financial Report*, as the deficit is affected by changes in both receipts and outlays, so too are the government's net operating costs affected by changes in both revenues and costs.

The Reconciliation of Net Operating Cost and  Budget Deficit statement  articulates the relationship between the government’s accrual-based net  operating cost and the primarily cash-based budget deficit. The difference  between the government’s budget deficit and net operating cost is typically  impacted by many variables. For example, from Table 2, 88 percent  of the $1.7 trillion net difference for FY 2023 is attributable to a $1.5  trillion net            increase in liabilities for federal employee and veteran benefits  payable (see Note 13—Federal Employee and Veteran Benefits Payable). Other  differences include: 1) a $108.1 billion increase in advances from others and  deferred revenue (see Note 17—Advances from Others and Deferred Revenue); 2) a  $55.0 billion decrease in net taxes receivable (see Note 3–Accounts Receivable, Net); and 3) a  $45.4 billion decrease in advances and prepayments made by the federal  government (see Note  9—Advances and Prepayments). 

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### The Government’s Net Position: “Where We Are” 

The government’s financial position and  condition have traditionally been expressed through the *Budget*, focusing on surpluses, deficits, and debt. However, this  primarily cash-based discussion of the government’s net outlays (deficit) or  net receipts (surplus) tells only part of the story. The government’s  accrual-based net position, (the difference between its assets and liabilities,  adjusted for unmatched transactions and balances), and its “bottom line” net  operating cost (the difference between its revenues and costs) are also key  financial indicators. The following includes brief discussions of some of the diminishing            effects of the pandemic on the government’s financial results for FY 2023. Please refer to Note 29—COVID-19 Activity and other  disclosures in this *Financial Report*,  as well as in the individual entities’ financial statements for more  information.

### Costs and Revenues 

The government’s Statement of Operations and Changes in Net Position, much like a corporation’s income statement, shows the government’s “bottom line” and its impact on net position (i.e., assets net of liabilities, adjusted for unmatched transactions and balances). To derive the government’s “bottom line” net operating cost, the Statement of Net Cost first shows how much it costs to operate the federal government, recognizing expenses when incurred, regardless of when payment is made (accrual basis). It shows the derivation of the government’s net cost or the net of: 1) gross costs, or the costs of goods produced and services rendered by the government; 2) the earned revenues generated by those goods and services during the fiscal year;            and 3) gains or losses from changes in actuarial assumptions used to estimate certain liabilities. This amount, in turn, is offset against the government’s taxes and other revenue reported in the Statement of Operations and Changes in Net Position to calculate the “bottom line” or net operating cost. 

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Financial Statement Note 1.W

Table 3 shows that the government’s “bottom line” net operating cost decreased  $753.8 billion (18.1 percent) during 2023 from $4.2 trillion to $3.4 trillion.  This decrease is due mostly to a $1.2 trillion (13.3 percent) decrease in net  costs, which more than offset a $460.3 billion (9.3 percent) decrease in tax  and other revenues over the past fiscal year as discussed in the following.

### Gross Cost and Net Cost 

The FY 2023 Statement  of Net Cost starts with  the government’s total gross costs of $7.7 trillion, subtracts $539.5 billion  in revenues earned for goods and services provided (e.g., Medicare premiums,  national park entry fees, and postal service fees), and adjusts the balance for  gains or losses from changes in actuarial assumptions used to estimate certain  liabilities ($760.6 billion loss), including federal employee and veteran  benefits to derive its net cost of $7.9 trillion, a $1.2 trillion (13.3  percent) decrease compared to FY 2022.

Typically, the annual change in the government's net cost is the result of a variety of offsetting increases and decreases across entities. Offsetting changes in federal entity net cost during FY 2023 included: 

- Entities administering federal employee and veteran  benefits programs employ a complex series of assumptions, including but not  limited to interest rates, beneficiary eligibility,  life expectancy, and medical cost levels, to make actuarial projections of  their long-term benefits liabilities. Changes in these assumptions can result  in either losses (net cost increases) or gains (net cost decreases). Across the  government, these net losses from changes in assumptions amounted to $760.6 billion  in FY 2023, a net loss (and a corresponding net cost) decrease of $1.4 trillion  compared to FY 2022. The  primary entities that administer programs impacted by these                assumptions – typically federal employee pension and benefit programs – are the  VA ,  DOD , and  OPM . All three of these entities recorded losses from changes in  assumptions in the amounts of $111.9 billion, $89.3 billion, and $558.8  billion, respectively. These actuarial estimates and the resulting gains or  losses from changes in assumptions can sometimes                cause significant swings in  total entity costs from year to year. For example, for FY 2023, net cost decreases  at OPM ($88.5 billion), DOD ($455.6 billion), and VA ($479.6 billion) were  significantly impacted by the decreases in losses from assumption changes at  these entities. 
-  A $479.6 billion decrease  in  VA  net cost was impacted largely by a $967.7 billion decrease  in losses from changes in assumptions as referenced above, partially offset by  an increase in costs as a result of legislation expanding and extending the  eligibility for veteran's benefits. 
- The $455.6 billion decrease in  DOD  net cost is primarily due to a $437.7  billion decrease in losses from changes in assumptions referenced above. While  losses from changes in assumptions represented the largest decrease, the  majority (more than 80 percent) of DOD costs are attributable to a wide range  of functions, including military operations, readiness, and support;  procurement; military personnel; and R&D. 
- The $222.7  billion decrease in  Treasury  net costs  is largely due to a decrease in costs associated with  Treasury’s pandemic relief programs. As discussed in Note 29—COVID-19 Activity,  Treasury’s net costs related to COVID-19 relief efforts decreased $105.5  billion, from $164.4 billion to $58.9 billion, during FY 2023, mainly  attributed to a reduction in the estimated amount of eligible costs incurred by  state and local, territorial, and tribal program recipients of Coronavirus  State and                Local Fiscal Recovery Funds. In addition, Treasury gross costs  reported in this  Financial Report  reflect a decrease in COVID-19 related  refunds and other payments, such as EIP and advances for child tax credits,  from $89.2 billion to $53.4 billion. 

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-  A $521.0 billion decrease  at  Education , due largely  to the combined effect of: 1) the announced broad-based student loan debt  relief in continued response to the pandemic to help borrowers at highest risk  of delinquencies or default once payments resumed; and 2) the reversal of the  announced broad-based student loan debt relief as a result of the Supreme  Court’s ruling in Biden v. Nebraska. The combined effect on Education’s net  cost was: 1) an FY 2022 cost increase of $330.9 billion, due largely to a $337.3  billon upward cost modification to its direct loan program stemming from the announced  broad-based relief; and 2) a $319.9 billion downward cost modification in FY  2023 related to the student loan debt relief. Education’s FY 2023 costs were  also impacted by: 1) a $71.4 billion upward loan reestimate of the costs of its  existing loan portfolio; and 2) $115.7 billion in upward modifications related  to COVID-19 administrative actions, changes to repayment plans, and other  programmatic changes. 
-  A $54.1 billion net cost increase at  HHS  was  primarily due to $116.1 billion across the Medicare and Medicaid benefit  programs largely associated with increasing benefits. Notably, Medicare HI  costs increased due to increases in HI benefit expenses of $26.6 billion and  contingent liability of $10.4 billion. Medicaid benefit expense increased $19.1  billion from higher grant awards to the states due to the continuation of the  COVID-19 relief, offset by $1.1 billion decrease in contingent liability  expenses for the state plan amendments. HHS also experienced a $62.0 billion  decrease across all other HHS segments primarily due to decreased COVID-19  costs. 
-  A $138.8 billion increase at  SSA , due to a 2.5  percent increase in the number of OASI beneficiaries, and the 8.7 percent COLA  provided to beneficiaries in 2023. The OASI, DI, and SSI net cost increased by  12.0 percent, 6.0 percent, and 0.1 percent respectively. Total benefit  expenses increased by $137.8 billion or 10.8 percent.
-  A $181.5  billion increase in  interest on  debt held by the public  primarily attributable to an increase in the outstanding debt held by the public and an  increase in the average interest rates, which were partially offset by a  decrease in inflation adjustments. 

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Chart 2 shows the  composition of the government’s net cost for FY 2023, and Chart 3 shows the  five-year trend in the largest agency cost components. In FY 2023, approximately  87 percent of the federal government’s total net cost came from only six agencies  (HHS, VA, SSA, DOD, Treasury, USDA), and interest on the debt. The other 150-plus  entities included in the government’s FY 2023 Statement of Net Cost accounted  for a combined 13 percent of the government’s total net cost for FY 2023. HHS  and SSA net costs for FY 2023 ($1.7 trillion and $1.4 trillion, respectively)  are largely attributable              to major social insurance programs administered by  these entities. VA net costs of $1.5 trillion support health, education and  other benefits programs for our nation’s veterans. DOD net costs of $1.0 trillion  relate primarily to operations, readiness, and support; personnel; research;  procurement; and retirement and health benefits. Treasury net costs of $303.7  billion support a broad array of programs that promote conditions for  sustaining economic growth and stability, protecting the integrity of our  nation’s financial system, and effectively managing the U.S. government’s  finances and resources. USDA net costs of $226.3 billion support a wide range  of programs that provide effective, innovative, science-based public policy  leadership in agriculture, food and nutrition, natural resource protection and  management, rural development, and related issues with a commitment to deliver  equitable and climate-smart opportunities that inspire and help America thrive. 

### Tax and Other Revenues

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As noted earlier, tax and other revenues from the Statement of Operations and Changes in Net Position are deducted from total net cost to derive the government’s “bottom line” net operating cost. Chart 4 shows that total tax and other revenue decreased  by $460.3 billion or 9.3 percent to $4.5 trillion for FY 2023. This decrease is  attributable mainly to an overall decline in income tax collections, primarily  from individuals and corporations, coupled with decreased deposits of earnings  from the Federal Reserve due to increased interest              rates. Earned revenues from Table 3 are not considered “taxes and other revenue” and, thus, are not shown  in Chart 4. Individual income tax and tax withholdings and corporate income taxes  accounted for about 83.1 percent and 8.2 percent of total revenue, respectively  in FY 2023; other revenues from Chart 4 include Federal Reserve earnings, excise taxes, unemployment taxes, and  customs duties. 

As previously shown in Table 3, the decrease in tax and other revenue was more than offset by the decrease  in net cost, yielding a $753.8 billion decrease to the government’s bottom line  net operating cost to $3.4 trillion for FY 2023.

### Tax Expenditures

Tax and other revenues reported  reflect the effects of tax expenditures, which are special exclusions,  exemptions, deductions, tax credits, preferential tax rates, and tax deferrals  that allow individuals and businesses to reduce taxes they may otherwise owe.  Tax expenditures may be viewed as alternatives to other policy instruments,  such as spending or regulatory programs. For example, the government supports  college attendance through both spending programs and tax expenditures. The  government uses Pell Grants to help low- and moderate-income students afford  college and allows certain funds used to meet college expenses to grow tax free  in special college savings accounts. Tax expenditures may include deductions  and exclusions which reduce the amount of income subject to tax (e.g.,  deductions for personal residence mortgage interest). Tax credits, which reduce  tax liability dollar for the amount of credit (e.g., child tax credit), are also considered tax expenditures. Tax expenditures may also allow taxpayers to defer tax liability.

 Receipts in the calculation of surplus or deficit, and tax revenues in  the calculation of net position, reflect the effect of tax expenditures. As  discussed in more detail in the Other Information section of this *Financial Report*, tax expenditures will  generally lower federal government receipts although tax expenditure estimates  do not necessarily equal the increase in federal revenues (or the change in the *Budget* balance) that would result from repealing these special  provisions. 

 Tax expenditures are reported  annually in the Analytical Perspectives of the *Budget*. In addition, current and past tax expenditure estimates and  descriptions can be found at the following location from Treasury’s Office of  Tax Policy: https://home.treasury.gov/policy-issues/tax-policy/tax-expenditures. 

### Assets and Liabilities

The government’s net position at the end of the  fiscal year is derived by netting the government’s assets against its  liabilities, as presented in the Balance Sheet (summarized in Table 4).12 The Balance Sheet does not include the financial  value of the government’s sovereign powers to tax, regulate commerce, or set  monetary policy or value of nonoperational resources of the government, such as  national and natural resources, for which the government is a steward. In  addition, as is the case with the Statement of Operations and Changes in Net Position, the Balance Sheet includes a separate presentation  of the portion of net position related to funds from dedicated collections.  Moreover, the government’s exposures are broader than the liabilities presented  on the Balance Sheet. The government’s future social insurance exposures (e.g.,  Medicare and Social Security) as well as other fiscal projections, commitments  and contingencies, are reported in separate statements and disclosures. This  information is discussed later in this MD&A section, the financial statements, and RSI sections of this *Financial Report*.

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### Assets

From Table 4, as of September 30, 2023, more than three-fourths of the government’s  $5.4 trillion in reported assets is comprised of: 1) cash and other monetary  assets ($922.2 billion); 2) inventory and related property, net ($423.0 billion);  3) loans  receivable, net ($1.7 trillion); and 4) net PP&E ($1.2 trillion).13Chart 5 compares the balances of these and other Balance Sheet amounts as of  September 30, 2023, and 2022. 

Cash and other monetary assets ($922.2 billion) is comprised largely of  the operating cash of the U.S. government. Operating cash held by Treasury,  which represents balances from tax collections, federal debt receipts, and  other various receipts net of cash outflows for federal debt repayments and  other payments, increased $21.9 billion (3.5 percent) to $638.9 billion (see Note 2—Cash and Other Monetary Assets). 

Inventory and related property is comprised of  inventory; OM&S; stockpile materials; commodities; and seized, forfeited,  and foreclosed property. Inventory is tangible personal property that is either  held for sale, in the process of production for sale, or to be consumed in the  production of goods for sale or in the provision of services for a fee (e.g.,  raw materials, finished goods, spare and repair parts, clothing and textiles,  and fuels).  OM&S consists of tangible personal property to be consumed in normal  operations (e.g., spare and repair parts, ammunition, and tactical missiles).  Stockpile materials are strategic and critical materials held due to statutory  requirements for use in national defense, conservation, or local/national  emergencies. Contributing agencies include DOD, DOE, Treasury, DHS, and HHS (see Note 5—Inventory and Related Property, Net).

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The federal government’s direct loans and loan guarantee programs are  used to promote the nation’s welfare by making financing available to segments  of the population not served adequately by non-federal institutions, or  otherwise providing for certain activities or investments. For those unable to  afford credit at the market rate, federal credit programs provide subsidies in  the form of direct loans offered at an interest rate lower than the market  rate. For those to whom non-federal financial institutions are reluctant to  grant credit because of the high risk involved, federal credit programs  guarantee the payment of these non-federal loans and absorb the cost of  defaults.  For example, Education supports individuals engaged in education programs  through a variety of student loan, grant and other assistance programs. USDA  administers loan programs to support the nation’s farming and agriculture  community. HUD loan programs support affordable homeownership, as well as the  construction and rehabilitation of housing projects for the elderly and persons  with disabilities. SBA loan programs enable the establishment and vitality of  small businesses and assist in the economic recovery of communities after  disasters. Loans receivable consists primarily of direct loans disbursed by the  government, receivables related to guaranteed loans that have defaulted, and  certain receivables for guaranteed loans that the government has purchased from  lenders. The federal government’s direct loan portfolio increased by $261.0 billion  (18.2 percent) to $1.7 trillion during FY 2023, with Education and SBA together  accounting for more than three-fourths of the total. 

Loan guarantee  programs are another form of federal lending. For those to whom non-federal  financial institutions are reluctant to grant credit because of the high risk  involved, federal credit programs guarantee the payment of these non-federal  loans and absorb the cost of defaults. Significant changes to the federal  government’s loans receivable, net, and loan guarantee liabilities, as  discussed in Note 4, include: 

- Education  has loan programs that are authorized by Title IV of the  Higher  Education ct of 1965 . The William D. Ford Federal Direct Loan Program  (referred to as the Direct Loan Program), was established in FY 1994 and offers  four types of educational loans: Stafford, Unsubsidized Stafford, Parent Loan  for Undergraduate Students, and consolidation loans. Education’s  net loans receivable for its Direct Loan Program increased from $816.6 billion  to $1.0 trillion (60.8 percent of total loans receivable, net). This  increase was largely due to the reversal of the broad-based student loan debt  relief as a result of the Supreme Court’s ruling in Biden v. Nebraska.  Education had announced the broad-based relief during FY 2022 to address the  financial harms of the pandemic by smoothing the transition back to repayment  and helping borrowers at highest risk of delinquencies or default once payments  resumed. In addition, all federal wage garnishments and collections actions for  borrowers with federally held loans in default were halted. 
- Treasury purchased a $50 billion note issued by a  trust created by FDIC in its receivership capacity and backed by a guarantee  from the FDIC in its corporate capacity. 
- SBA  makes loans  to microloan intermediaries and provides a direct loan program that assists  homeowners, renters and businesses recover from disasters. SBA’s Disaster  Assistance Loan Program makes direct loans to disaster survivors under four  categories: 1) physical disaster loans to repair or replace damaged homes and  personal property; 2) physical disaster loans to businesses of any size; 3) EIDLs  to eligible small business and nonprofit organizations without credit available  elsewhere; and 4) economic injury loans to eligible small businesses affected  by essential employees called up to active duty in the military reserves. In FY  2023 SBA’s credit program receivables decreased by $49.6 billion from FY 2022 due  largely to write-offs of direct disaster loans. 
- Fluctuations in loan programs for HUD, DOT, and DFC. 

Federal government general PP&E includes  many of the physical resources that are vital to the federal government’s  ongoing operations, including buildings, structures, facilities, equipment,  internal use software, and general-purpose land. DOD comprises approximately 67.4  percent of the government’s reported general PP&E of $1.2 trillion  as of September 30, 2023. See Note 6—General Property, Plant, and Equipment, Net. 

“Other” assets of $1.1 trillion in Table 4 and Chart 5 includes: 1) $319.9 billion in accounts receivable, net; 2)  $252.7 billion in “Advances and Prepayments”; and 3) $240.4 billion in investments  in GSEs. Treasury  comprises approximately 57.7 percent of the government’s reported accounts  receivable, net, mostly in the form of reported taxes receivable, which consist  of unpaid assessments due from taxpayers, unpaid taxes related to IRC section  965, and deferred payments for employer’s share of FICA taxes pursuant to the  CARES Act. Taxes receivable, net, decreased by $55.0 billion during FY            2023, primarily due to the reduction in IRC 965(h) and to payments to Treasury of  the deferred employer portion of FICA Social Security taxes. (See Note 3—Accounts Receivable, Net). Advances and Prepayments represent funds  disbursed in contemplation of the future performance of services, receipt of  goods, the incurrence of expenditures, or the receipt of other assets. The  $45.4 billion decrease in this amount was largely attributable to a reduction  in the estimated amount of eligible costs incurred by state, local,  territorial,            and tribal governments pursuant COVID-19 legislation  (See Note 9—Advances and Prepayments). Investments in GSEs refers to actions taken by  Treasury in the wake of the 2008 financial crisis to maintain the solvency of  the GSEs (Fannie Mae and Freddie Mac) so they can continue to fulfill their  vital roles in the mortgage market while the administration and Congress  determine what structural changes should be made to the housing finance system. (See Note 8—Investment in Investment in Government-Sponsored Enterprises). 

### Liabilities

Download the chart's data source here in CSV format

As indicated in Table 4 and Chart 6, of the government’s $42.9 trillion in total liabilities, the largest liability is federal debt and interest payable, the balance of which increased by $2.0 trillion  (8.3 percent) to $26.3 trillion as of September 30, 2023.

The other major component of the government’s liabilities is federal employee and veteran benefits payable (i.e., the government’s pension and other benefit plans for its  military and civilian employees), which increased $1.5 trillion (11.8 percent)  during FY 2023, to about $14.3 trillion. This total amount is comprised of $3.3  trillion in benefits payable for the current and retired civilian workforce,  and $11.1 trillion for the military and veterans. OPM administers the largest  civilian pension plan, covering nearly 2.8 million active employees, including  the Postal Service, and more than 2.7 million annuitants, including survivors.  The DOD military pension plan covers about 2.1 million current military  personnel (including active service, reserve, and National Guard) and  approximately 2.4 million retirees and survivors.

### Federal Debt

The budget surplus or deficit is the difference  between total federal spending and receipts (e.g., taxes) in a given year. The government borrows from the public (increases federal  debt levels) to finance deficits. During a budget surplus (i.e., when  receipts exceed spending), the government typically uses those excess funds to  reduce the debt held by the public. The  Statement of Changes in Cash Balance from Budget and Other Activities reports how the annual budget surplus or deficit  relates to the federal government’s borrowing and changes in cash and other  monetary                assets. It also explains how a budget surplus or deficit normally  affects changes in debt balances. 

The government’s federal debt and interest payable (Balance Sheet  liability), which is comprised of publicly-held debt and accrued interest  payable, increased $2.0 trillion (8.3 percent) to  $26.3 trillion as of September 30, 2023. It is comprised of Treasury  securities, such as bills, notes, and bonds, net of unamortized discounts and  premiums issued or sold to the public; and accrued interest payable. The  “public” consists of individuals, corporations, state and local governments,  FRB, foreign governments, and other entities outside the federal government. As  indicated above, budget surpluses have typically resulted in borrowing  reductions, and                budget deficits have conversely yielded borrowing increases.  However, the government’s debt operations are generally much more complex. Each  year, trillions of dollars of debt matures and new debt is issued to take its  place. In FY 2023, new borrowings were $20.2 trillion, and repayments of  maturing debt held by the public were $18.2 trillion, both increases over FY  2022. The $2.0 trillion increase in publicly held debt and accrued interest  payable is largely attributable to the need to finance the government’s  operations.

In addition to debt held by the public, the government has about $6.9 trillion in intra-governmental debt outstanding, which arises when one part of the government borrows from another. It represents debt issued by Treasury and held by government accounts, including the Social Security ($2.8 trillion) and Medicare ($353.9 billion) Trust Funds. Intra-governmental debt is primarily held in government trust funds in the form of special nonmarketable securities by various parts of the government. Laws establishing government trust funds generally require excess trust fund receipts (including interest earnings) over disbursements to be invested in these special securities. Because these amounts are both liabilities of Treasury and assets of the government trust funds, they are eliminated as part of the consolidation process for the government-wide financial statements (see Financial Statement Note 12). When those securities are redeemed, e.g., to pay Social Security benefits, the government must obtain the resources necessary to reimburse the trust funds. The sum of debt held by the public and intra-governmental debt equals gross federal debt, which (with some adjustments), is subject to a statutory ceiling (i.e., the debt limit). Note that when intra-governmental debt decreases, debt held by the public will increase by an equal amount (if the general account of the U.S. government is in deficit), so that there is no net effect on gross federal debt. At the end of FY 2023, debt subject to the statutory limit was $33.1 trillion.14

***Sidebar:*** Prior to 1917, Congress approved each debt issuance. In 1917, to facilitate planning in World War I, Congress and the  President established a dollar ceiling for federal borrowing. With the *Public Debt ct of 1941* (P.L. 77-7),  Congress and the President set an overall limit of $65 billion on Treasury debt  obligations that could be outstanding at any one time. Since then, Congress and  the President have enacted a number of measures affecting the debt limit,  including several in recent years. Congress and the President  most recently suspended the debt limit from June 3, 2023 through January 1,  2025. It is important to note that increasing or suspending the debt limit  does not increase spending or authorize new spending; rather, it permits the  U.S. to continue to honor pre-existing commitments to its citizens, businesses,  and investors domestically and around the world. 

Download the chart's data source here in CSV format

The federal debt held by the public measured as a percent of GDP (debt-to-GDP ratio) (Chart 7) compares the country 's debt to the size of its economy, making this measure sensitive to changes in both. Over time, the debt-to-GDP ratio has varied widely:

- For most of the nation’s history, through the first half of the 20th century, the debt-to-GDP ratio has tended to increase during wartime and decline during peacetime.
- Chart 7  shows that wartime spending and borrowing pushed the debt-to-GDP ratio to an all-time high of 106 percent in 1946, soon after the end of World War II, but it decreased rapidly in the post-war years.
- The ratio grew rapidly from the mid-1970s until the  early 1990s. Strong economic growth and fundamental fiscal decisions, including  measures to reduce the federal deficit and implementation of binding PAYGO   rules (which require that new tax or spending laws not add to the deficit),  generated a significant decline in the debt-to-GDP ratio, from a peak of 48  percent in FYs 1993-1995, to 31 percent in 2001.
- The debt-to-GDP ratio rose significantly in  2008-2009 during the financial crisis and again in 2020-2021 during the  pandemic reflecting the government’s responses to both events and the resulting  significant spending and deficit increases, as well as the economic challenges  experienced during both periods. 
- During the first decade of the 21st  century, PAYGO  rules were allowed to lapse, significant tax cuts were  implemented, entitlements were expanded, and spending related to defense and  homeland security increased. By September 2008, the debt-to-GDP ratio was 39  percent of GDP. 
- PAYGO  rules were reinstated in 2010, but the  extraordinary demands of the 2008 economic and financial crisis and the  consequent actions taken by the federal government, combined with slower  economic growth in the wake of the crisis, pushed the debt-to-GDP ratio up to  74 percent by the end of FY 2014.
- The extraordinary demands of the pandemic, the government's response, and pressures on the economy contributed to a rise in the debt-to-GDP ratio to approximately 100 percent during FY 2020 and FY 2021.
- The debt was approximately 97.0 percent of GDP at the end of FY 2023. This ratio increased  during FY 2023 because debt grew faster than GDP, 15, 16  From  Chart 7 , since 1940, the average debt-to-GDP ratio is 50 percent.

See Note 29—COVID-19 Activity, as well as the referenced agencies' FY 2023 financial statements for additional information about the financial effects of the federal government's response to the pandemic. See Note 30—Subsequent Events for information about events that occurred after the end of the fiscal year that may affect the government's financial results.

### The Economy in FY 2023

Table may scroll on smaller screens 

1 Source: Bureau of Economic Analysis2 Source: Bureau of Labor Statistics            *Some FY 2022 data may differ from the FY 2022 *Financial Report* due to updates and revisions.

A consideration of U.S. economic performance provides useful context  when evaluating the government’s financial statements. In FY 2023, the  economy’s growth accelerated and yet inflation continued to slow. Payroll job  creation remained relatively strong even as the rebalancing of labor demand and  supply gained momentum. Personal saving rates ended up higher over the year—though  they remained below pre-pandemic levels. In addition, supply chains (which were  stressed in FY 2022 due to lingering effects of the pandemic and Russia’s  invasion of Ukraine) recovered further, lessening inflationary pressures. This  significant progress on the inflation front has supported real  (inflation-adjusted) income and wage growth.

As summarized in Table 5, the real  GDP grew by 2.9 percent over the four quarters of FY 2023. PCE and net exports  were the largest contributors to economic growth. Over the four quarters of FY  2023, growth of PCE accelerated to 2.2 percent, after growing 1.9 percent in  the previous fiscal year; net exports added 0.2 percentage points to growth in  FY 2023, stepping up from an 0.1 percentage point contribution in FY 2022. In  addition, total government consumption and investment increased in FY 2023. In  the previous fiscal year, government spending had declined 0.6 percent as  pandemic-related financial support programs unwound, but public            expenditures  rose 4.8 percent in FY 2023—partly reflecting higher real spending by state and  local governments as well as higher federal defense expenditures. Meanwhile,  business fixed investment and inventories made positive, though smaller  contributions. Business fixed investment expanded by 4.1 percent, slowing from  a gain of 5.8 percent over the previous four quarters. Inventory investment  contributed 0.2 percentage points to growth in FY 2023, or one-half the 0.4  percentage point addition to growth in FY 2022, as firms built up inventories  more slowly. In addition, the drag from residential investment slowed somewhat  despite rising mortgage rates: residential investment growth dropped 11.4  percent in FY 2022, but the decline tapered to 7.2 percent in the most recent  fiscal year. Notably, the final quarter of FY 2023 saw an upturn in residential  investment, after nine consecutive quarters of decline. 

 Labor markets continued to generate a substantial number of jobs but  also showed signs of very gradual easing over the course of FY 2023. On  average, employers added 255,000 payroll jobs per month in FY 2023, a  relatively rapid pace but about one-half the monthly average of 492,000  generated in FY 2022. Twice during FY 2023 the unemployment rate dropped to a  54-year low of 3.4 percent but climbed to 3.8 percent by the end of the fiscal  year, pushed higher by improved labor force participation rates, including  participation among older workers and women. In addition to increased labor supply,  labor demand gradually eased. From September 2022 to September 2023, the number  of job openings fell from 10.9 million to 9.4 million—still elevated but only  1.8 million above the pre-pandemic peak. Moreover, the ratio of vacancies to  unemployed persons declined by 0.4 units to 1.5 job openings per unemployed  person, suggesting some loosening of conditions but still above the 1.2  vacancies per unemployed person averaged in 2018 and 2019. 

 Inflation slowed markedly during FY 2023, as supply-chain disruptions  receded, demand for goods and services became more balanced, and energy and  food prices eased. Nonetheless, shelter price inflation remained very high,  partly offsetting progress in reducing other components of core inflation  (which excludes good and energy). The CPI rose 3.7 percent over the 12 months  of FY 2023, less than half the 8.2 percent pace during the previous fiscal  year. Core inflation was 4.1 percent over the fiscal year ending September 2023,  decelerating from the 6.6 percent pace during FY 2022. 

 Although gains in nominal income and wages slowed to a more normal pace,  lower inflation helped to boost purchasing power in real terms. Real disposable  personal income increased 3.8 percent over the 12 months of FY 2023, more than  recovering from the 2.3 percent decline during the previous fiscal year. Although  the pace of nominal average hourly earnings growth for production and  non-supervisory workers slowed in FY 2023 to 4.4 percent, it was still  relatively strong. Combined with slower inflation, real average hourly earnings  rose 0.8 percent during FY 2023, after declining 2.4 percent in the previous  fiscal year.

### Footnotes

3 On the government's Balance Sheet, federal debt and interest payable consists of Treasury securities, net of unamortized discounts and premiums, and accrued interest payable. The  public consists of individuals, corporations, state and local governments, FRB, foreign governments, and other entities outside the federal government. (Back to Content)4 PVs recognize that a dollar paid or collected in the future is worth less than a dollar today because a dollar today could be invested and earn interest. To calculate a PV, future amounts are thus reduced using an assumed interest rate, and those reduced amounts are summed. (Back to Content)5 Social Security is funded by the payroll taxes and revenue from taxation of benefits. Medicare Part A is funded by the payroll taxes, revenue from taxation of benefits, and premiums that support those programs. Medicare Parts B and D are primarily financed by transfers from the General Fund, which are presented, and by accounting convention, eliminated in the SOSI. For the FYs 2023 and 2022 SOSI, the amounts eliminated totaled $48.5 trillion and $47.5 trillion, respectively. In addition, the SOSI programs include DOL 's Black Lung Program, the projection period for which is 40 years. (Back to Content)6 The 19 entities include the HHS, which received disclaimers of opinions on its 2023, 2022, 2021, 2020, and 2019 SOSI and its 2023 and 2022 SCSIA. The 13 entities include the FDIC, the NCUA, and the FCSIC, which operate on a calendar year basis (December 31 year-end). Statistic reflects 2022 audit results for these organizations if 2023 results are not available. (Back to Content)7 See Note 23—Fiduciary Activities. (Back to Content)8 Under GAAP, most U.S. government revenues are recognized on a  'modified cash' basis, (see Financial Statement Note 1.B). The SOSI presents the PV of the estimated future revenues and expenditures for scheduled benefits over the next 75 years for the Social Security, Medicare, RRP; and 25 years for the Black Lung program. The SLTFP presents the 75-year PV of the projected future receipts and non-interest spending for the federal government. (Back to Content)9 Interest outlays on Treasury debt held by the public are recorded in the *Budget* when interest accrues, not when the interest payment is made. For federal credit programs, outlays are recorded when loans are disbursed, in an amount representing the PV cost to the government, commonly referred to as credit subsidy cost. Credit subsidy cost excludes administrative costs. (Back to Content)10 10/20/23 press release  - Joint Statement of Janet L. Yellen, Secretary of the Treasury, and Shalanda D. Young, Director of the Office of Management and Budget, on Budget Results for Fiscal Year 2023. Note that some amounts in this *Financial Report* reflect updates subsequent to publication of the press release. (Back to Content)11Final MTS for FY 2023 through September 30, 2023 and Other Periods. (Back to Content)12 As shown in Table 4, the government’s Balance Sheet includes an adjustment for unmatched transactions and balances, which represent unresolved differences in intra-governmental activity and balances between federal entities. These amounts are described in greater detail in the Other Information section of this *Financial Report*. (Back to Content)13 For financial reporting purposes, other than multi-use heritage assets, stewardship assets of the government are not recorded as part of PP&E. Stewardship assets are comprised of stewardship land and heritage assets. Stewardship land primarily consists of public domain land (e.g., national parks, wildlife refuges). Heritage assets include national monuments and historical sites that among other characteristics are of historical, natural, cultural, educational, or artistic significance. See Note 26—Stewardship PP&E. (Back to Content)14 Beginning in FY 2021 and continuing into FY 2022 and again in FY 2023, Treasury faced two delays in raising the statutory debt limit that required it to depart from its normal debt management procedures and to invoke legal authorities to avoid exceeding the statutory debt limit. During these periods, extraordinary measures taken by Treasury have resulted in federal debt securities not being issued to certain federal government accounts with the securities being restored including lost interest to the affected federal government accounts subsequent to the end of the delay period. During the first delay, Treasury took extraordinary actions from August 2, 2021, through December 15, 2021. On October 14, 2021, P.L. 117-50 was enacted which raised the statutory debt limit by $480.0 billion, from $28,401.5 billion to $28,881.5 billion. Even with this increase, extraordinary measures continued in order for Treasury to manage below the debt limit. On December 16, 2021, P.L. 117-73 was enacted, increasing the debt limit by $2.5 trillion to $31.4 trillion. Due to a second delay in raising the debt limit, Treasury began taking extraordinary actions from January 19, 2023, through June 2, 2023. On June 3, 2023, P.L. 118-5 was enacted, suspending the debt limit through January 1, 2025. See Note 12—Federal Debt and Interest Payable. (Back to Content)15 GDP, in this context, refers to nominal GDP. (Back to Content)16The increase in debt of $2.0 trillion was greater than the FY 2023 deficit of $1.7 trillion primarily because of the budgetary cost reduction relating to the broad-based student loan debt relief reversal resulting from the Supreme Court 's determination in Biden v. Nebraska. (Back to Content)

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            Table of Contents
            Current Report: Fiscal Year 2023
 - 
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            By Section
            A Message from the Secretary of the Treasury - 
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Table of Contents - 
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The Nation By The Numbers
Executive Summary
 - 
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Results in Brief
Where We Are Now
An Unsustainable Fiscal Path
Reporting on Climate Change
Find Out More

Management's Discussion & Analysis
 - 
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The Government's Financial Position and Condition
An Unsustainable Fiscal Path
Financial Management
Reporting on Climate Change
Additional Information

Statement of the Comptroller General of the United States - 
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Financial Statements
 - 
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Statements of Net Cost
Statements of Operations and Changes in Net Position
Reconciliations of Net Operating Cost and Budget Deficit
Statements of Changes in Cash Balance from Budget and Other Activities
Balance Sheets
Statements of Long-Term Fiscal Projections
Statements of Social Insurance
Statement of Changes in Social Insurance Amounts

Notes to the Financial Statements - 
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Note 1. Summary of Significant Accounting Policies - 
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Note 2. Cash and Other Monetary Assets - 
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Note 3. Accounts  Receivable, Net - 
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Note 4. Loans Receivable, Net and Loan Guarantee Liabilities - 
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Note 5. Inventory and Related Property, Net - 
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Note 6. General Property, Plant, and Equipment, Net - 
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Note 7. Investments - 
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Note 8. Investments in Government-Sponsored Enterprises - 
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Note 9. Advances and Prepayments - 
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Note 10.   Other Assets - 
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Note 11. Accounts Payable - 
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Note 12. Federal Debt and Interest Payable - 
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Note 13. Federal Employee and Veteran Benefits Payable - 
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Note 14. Environmental and Disposal Liabilities - 
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Note 15. Benefits Due and Payable - 
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Note 16. Insurance and Guarantee Program Liabilities - 
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Note 17. Advances from Others and Deferred Revenue - 
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Note 18.  Other Liabilities - 
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Note 19. Collections and Refunds of Federal Revenue - 
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Note 20. Commitments - 
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Note 21. Contingencies - 
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Note 22. Funds from Dedicated Collections - 
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Note 23. Fiduciary Activities - 
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Note 24. Long-Term Fiscal Projections - 
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Note 25. Social Insurance  - 
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Note 26. Stewardship Property, Plant, and Equipment - 
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Note 27.  Disclosure Entities and Related Parties - 
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Note 28. Public-Private Partnerships  - 
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Note 29. COVID-19 Activity - 
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Note 30.  Subsequent Events  - 
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Required Supplementary Information (Unaudited) - 
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The Sustainability of Fiscal Policy - 
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Social Insurance - 
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Deferred Maintenance and Repairs - 
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Other Claims for Refunds - 
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Tax Assessments - 
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Federal Oil and Gas Resources - 
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Federal Natural Resources Other than Oil and Gas - 
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Land and Permanent Land Rights - 
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Other Information (Unaudited) - 
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Tax Burden - 
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Tax Gap - 
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Tax Expenditures - 
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Unmatched Transactions and Balances - 
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Appendices            
Appendix A: Reporting Entity - 
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Appendix B: Glossary of Acronyms - 
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U.S. Government Accountability Office Independent Auditor's Report - 
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Related Resources

            Certain material weaknesses, limitations, and uncertainties prevented the Government Accountability Office from expressing an opinion on the U.S. Government's consolidated financial statements included in the *Financial Report* and, therefore, GAO disclaimed an opinion on such statements. Certain information included on or referenced in this website, such as individual agency financial reports that were audited by other auditors, is separate from and not specifically reported in the *Financial Report* and therefore not covered by GAO's disclaimer. 
            
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