*HomeU.S. Government Accountability Office*
Menu

      close


          
          
                          	
				
				
	
	
					Reports & Testimonies
									
																				
				
				
	
	
								Reports & Testimonies
													
																												
																						
							
																Recommendations Database
							
																												
																						
							
																Month in Review
							
																												
																						
							
																Order Copies
							
																												
																						
							
																Restricted Reports
							
																												
																						
							
																View Topics
							
																												
																						
							
																View Agencies
							
																												
																						
							
																Bid Protests & Appropriations Law
									
																				
				
				
	
	
								Bid Protests & Appropriations Law
													
																												
																						
							
																Bid Protests
							
																												
																						
							
																Appropriations Law
							
																												
																						
							
																Federal Vacancies Reform Act
							
																												
																						
							
																Other Legal
							
																												
																						
							
																About
									
																				
				
				
	
	
								About
													
																												
																						
							
																What GAO Does
							
																												
																						
							
																U.S. Comptroller General
							
																												
																						
							
																Careers
							
																												
																						
							
																Contact UsFor Congress
                                
                          
        
                Press Center
                                
                          
        
                Careers
                                
                          
        
                BlogSearch Breadcrumb
        Home
                            America's Fiscal Future
                            America's Fiscal Future - Current Financial Condition
    Featured Topic
    
          Image

                          America's Fiscal Future - Current Financial Condition
                          A bird’s eye view of the federal financial condition, GAO’s audits of the government’s books, and a little help for unpacking the federal financial report. Jump To:
    Jump ToElder Abuse
          Services for Older Adults
          State and Local-Level Drivers and Trends
          State and Local Fiscal Projections
          Federal Borrowing
          Managing the Debt
          Summary of Funding Provisions
          Auditing the Government's Books
          Unpacking the Financial Report
          Highlights
          Recommendations
          Background
          About This Work
          About This Work
          Trends
          About the Center
          Why It's High Risk
          What Remains To Be Done
          Key Reports
          Newest COVID-Related Reports
          AI Use Cases
          Flood Insurance
          Past Pandemic-Related Reports
          CARES Act Oversight Reports
          All COVID-19 Reports
          Report Suspected Fraud
          Subjects
          How to Get Notified
          Past Reports
          Public Health Threats
          Explore the FY 2022 and 2023 Funds
          Lessons Learned
          Agency Reports
          Recent Reports
          Recommendations
          Supplemental Material
          Full Report
          Additional Data
          View Decision
          Downloads
          Previously Identified Actions
          Related Pages
          Associated Agencies
          Tough Choices and Opportunities Ahead
          Americas Fiscal Future Key Areas
          Retirement Security Key Areas
          Current List
          About The High Risk List
          Area Ratings
          Previous High Risk Products
          Search Federal Vacancies
          Past Federal Vacancies
          Violation Letters
          About the Yellow Book
          Advisory Council
          Related Resources
          Comment Letters
          Related Publications
          Contacts and Resources
          Major Issues Facing the Nation
          Meeting Strategic Challenges
          Additional Resources
          Resources
          GAO Contacts
          Mission Teams
          Operations and Staff Offices
          Organization Chart
          Why a Career at GAO?
          Am I Qualified?
          Company Culture
          Reasonable Accommodations
          Video Gallery
          Paid Internships
          Student Volunteers
          Professional Development Program
          Advancement
          Executive Candidate Program
          Summer Associates
          Externships
          Benefits
          Contacts
                    The Nation’s Financial ConditionEach year, the Department of the Treasury (in coordination with the Office of Management and Budget) publishes the consolidated financial statements of the U.S. government, which GAO audits. Here’s a quick overview of the federal financial condition over the past 3 years:

Financial Outcomes for Fiscal Years 2021 - 2023

FY 2023
			FY 2022
			FY 2021Net Cost
			$7.9 Trillion
			$9.1 Trillion
			$7.4 TrillionRevenue
			$4.5 Trillion
			$4.9 Trillion
			$4.3 TrillionAssets
			(End of Fiscal Year)
			$5.4 Trillion
			$5.0 Trillion
			$4.9 TrillionDebt Held by the Public
			(End of Fiscal Year)
			$26.2 Trillion
			$24.2 Trillion
			$22.3 TrillionAll Other Liabilities
			(End of Fiscal Year)
			$16.7 Trillion
			$14.8 Trillion
			$11.5 TrillionBudget Deficit
			$1.7 Trillion
			$1.4 Trillion
			$2.8 TrillionSource: Financial Report of the United States Government for Fiscal Years 2023, 2022, 2021.

A more complete picture of the government’s financial condition, including information on the government's fiscal sustainability, requires a closer look at the financial report. Read on for our insights on understanding the financial report.Auditing the Federal Government’s BooksWhile federal financial management has improved since the government began preparing these statements, we have been unable to render an audit opinion on them primarily because of:

Serious financial management problems at the Department of Defense;
	The federal government's inability to adequately account for intragovernmental activity and balances between federal agencies; and
	Weaknesses in the federal government’s process for preparing the consolidated financial statements.Additionally, there was inadequate support for the cost of loan programs at the Small Business Administration (fiscal years 2020 through 2023) and Department of Education (fiscal years 2022 and 2023).

Want to go deeper into the results? Read our work on Federal Financial Accountability.

Need to know more about financial statement auditing (or what an “audit opinion” is)? Read this post on our WatchBlog.Unpacking the Financial Report of the U.S. GovernmentGAO periodically publishes a guide to understanding the financial report of the U.S. government, for those who want to dig deeper into the financial report.

View the Guide

The Short Version

Short on time? The U.S. government publishes a yearly Executive Summary (PDF, 7 pages) that provides a brief high-level summary of key parts of the Financial Report. In the Financial Report, you will find the Executive Summary and the financial statements themselves, as well as:

**Management’s Discussion and Analysis**: Insights on topics including the reporting entity, the results of operations, and future outlook.
	**Notes to the Financial Statements**: Disclosures and detailed information relating to the financial statements.
	**Required Supplementary Information**: Additional information on topics such as fiscal sustainability and social insurance, as required by federal financial accounting standards.
	**Other Information**: Information on topics such as the tax burden and the tax gap.
	**GAO’s Independent Auditor’s Report**: Includes GAO’s reports on the reliability of the information in the financial statements and internal control over financial reporting.
GAO Contacts
    
      Dawn B. Simpson
      
              Dawn B. Simpson
            
            Director
      
            simpsondb@gao.gov
      
            (202) 512-3406
                                                      MultimediaVideo
    
      Our Guide to Understanding the Financial Report of the U.S. Government
      
        
        Our Guide to Understanding the Financial Report of the U.S. Government
          Thursday, February 15, 2018
Budget 1
          Blog Post
              Trying to Understand the President’s Budget Proposal? Our Budget Glossary Can Help
            Monday, March 28, 2022
      
            Released today, the President’s budget request to Congress spans thousands of pages across multiple...
          GAO Watchblog
          Blog Post
              All About Agency Financial Statement Auditing
            Friday, December 5, 2014
      
            Every year, GAO audits selected agencies’ financial statements and the consolidated financial...
 Receive GAO Updates
  Stay informed as we add new reports & testimonies.

    GAO Logo
      U.S. Government Accountability Office


                                   Column 1
                            Press Center
                              Contact Us
                              Inspector General
                              Restricted Reports
                              Column 2
                            Copyright & Terms of Use
                              Privacy Policy
                              Accessibility
                              Sitemap
                              Column 3
                            FOIA Requests
                              Scam Alerts
                              No FEAR Act Data
                              Health Care Advisory Committees