Mandatory Funding Levels for the FY 2023 President’s Budget – Treasury Chapter 

(Dollars in Millions, Includes Legislative Proposals) 

Consolidated Rows, Final Table

Appropriations (Dollars in Millions) FY 2021 FY 2022 FY 2023 FY 2023 FY 2023

Actual Estimated Estimated $ Change % Change

Payment to the Resolution Funding Corporation 1,367 920 920 0 0.0%

Interest on Uninvested Funds 2 9 9 0 0.0%

Restitution of Forgone Interest 0 1,135 0 (1,135) -100.0%

Federal Interest Liabilities to States 0 1 1 0 0.0%

Interest Paid to Credit Financing Accounts 12,762 10,813 13,320 2,507 23.2%

Refunding Internal Revenue Collections, Interest 3,033 3,022 2,169 (853) -28.2%

Interest on Public Debt 562,388 562,235 580,638 18,403 3.3%

Other Interest (50,891) (55,355) (49,441) 5,914 -10.7%

INTEREST PAYMENTS $528,661 $522,780 $547,616 $24,836 4.8%

NON-COVID MANDATORY ACCOUNTS

Build America Bond Payments, Recovery Act 3,012 2,614 2,587 (27) -1.0%

Capital Magnet Fund, Community Development Financial Institutions 371 368 221 (147) -39.9%

Check Forgery Insurance Fund 21 1 1 0 0.0%

Cheyenne River Sioux Tribe Terrestrial Wildlife Habitat Restoration Trust Fund 1 1 1 0 0.0%

Child and Dependent Care Tax Credit 0 7,630 50 (7,580) -99.3%

Claims, Judgments, and Relief Acts 8,480 2,458 2,747 289 11.8%

Community Development Financial Institutions Fund Program Account 17 19 1 (18) -94.7%

Community Development Financial Institutions Fund Program, Emergency Support 3,000 0 0 0 0.0%

Community Financial Development Institutions Affordable Housing Supply Fund 1 0 0 5,000 5,000 0.0%

Comptroller of the Currency 1,166 1,191 1,191 0 0.0%

Continued Dumping and Subsidy Offset 4 10 9 (1) -10.0%

Exchange Stabilization Fund 11,655 50 353 303 606.0%

Federal Financing Bank 2,204 2,560 2,595 35 1.4%

Federal Reserve Bank Reimbursement Fund 620 665 685 20 3.0%

Federal Tax Lien Revolving Fund 1 3 3 0 0.0%

Financial Agent Services 909 1,015 1,011 (4) -0.4%

Financial Research Fund 69 92 94 2 2.2%

Fiscal Service Debt Collection 149 187 221 34 18.2%

GSE Mortgage-backed Securities Purchase Program Account 1 1 1 0 0.0%

Gulf Coast Restoration Trust Fund 317 308 309 1 0.3%

Internal Revenue Collections for Puerto Rico 520 524 451 (73) -13.9%

IRS Informant Payments 26 80 80 0 0.0%

IRS Miscellaneous Retained Fees 393 353 350 (3) -0.8%

IRS Private Collection Agent Program 217 150 169 19 12.7%

Office of Financial Stability 41 38 34 (4) -10.5%

Payment of Government Losses in Shipment 0 2 2 0 0.0%

Payment to Issuer of New Clean Renewable Energy Bonds 57 41 40 (1) -2.4%

Payment to Issuer of Qualified Energy Conservation Bonds 43 35 35 0 0.0%

Payment to Issuer of Qualified School Construction Bonds 797 563 559 (4) -0.7%

Payment to Issuer of Qualified Zone Academy Bonds 54 40 40 0 0.0%

Payment to United States Virgin Islands and Puerto Rico for Disaster Tax Relief 0 51 0 (51) -100.0%

Payment Where Adoption Credit Exceeds Liability for Tax 0 0 0 0 0.0%

Payment Where American Opportunity Credit Exceeds Liability for Tax 3,967 3,250 3,108 (142) -4.4%

Payment Where Certain Tax Credits Exceed Liability for Corporate Tax 9,160 1,294 10 (1,284) -99.2%

Payment Where Child Tax Credit Exceeds Liability for Tax 78,959 98,501 29,112 (69,389) -70.4%

Payment Where Earned Income Credit Exceeds Liability for Tax 60,757 68,453 57,135 (11,318) -16.5%

Payment Where Health Coverage Tax Credit Exceeds Liability for Tax 23 20 0 (20) -100.0%

Presidential Election Campaign Fund 24 25 25 0 0.0%

Refundable Premium Tax Credit 68,721 62,672 46,235 (16,437) -26.2%

Reimbursements to Federal Reserve Banks 157 183 188 5 2.7%

Small Business Lending Fund Program Account 2 2 2 0 0.0%

Terrorism Insurance Program 3 30 79 49 163.3%

Travel Promotion Fund 60 16 58 42 262.5%

Treasury Forfeiture Fund 696 580 577 (3) -0.5%

Troubled Asset Relief Program Equity Purchase Program 5 12 0 (12) -100.0%

Subtotal, NON-COVID MANDATORY ACCOUNTS $256,679 $256,088 $155,369 ($100,719) -39.3%

COVID MANDATORY ACCOUNTS

Air Carrier Worker Support 2 31,000 (3,200) 0 3,200 -100.0%

Coronavirus Relief Fund 362,050 0 0 0 0.0%

Economic Impact Payments 3 569,508 6,604 24 (6,580) -99.6%

Economic Stabilization Program Account 4 (477,890) (1,363) 0 1,363 -100.0%

Emergency Capital Investment Fund 9,000 0 0 0 0.0%
Total Department of the Treasury (Treasury) Mandatory Budget

The Treasury Mandatory Budget includes $690 billion dollars in interest payments, mandatory 

accounts, and offsetting receipts and collections (offsets). These accounts and the estimated 

budget authority are summarized above. For more detailed descriptions of each account, please 

see the Department of the Treasury chapter in the FY 2023 Appendix, Budget of the U.S. 

Government at: http://www.whitehouse.gov/omb/budget. 

Interest Payments - $548 billion 

These are permanent, indefinite funds for interest payments. This includes Interest on the Public 

Debt, which consists of all interest paid on Treasury securities sold to the public and to Federal 

Government trust funds, revolving funds and deposit funds. Treasury interest payment accounts 

also consist of Refunds on Internal Revenue Collections interest, Interest on Uninvested Funds, 

Interest paid to Credit Financing Accounts, Federal Interest Liabilities to the States, and 

Payments to the Resolution Funding Corporation.

Mandatory Accounts - $155 billion 

These are accounts for which the Congress has given the Department of the Treasury permanent 

authority to expend funds as appropriations. These include appropriations that fund a number of 

programs under Treasury jurisdiction such as the Terrorism Risk Insurance Program and the 

Treasury Forfeiture Fund. Other accounts that fall under mandatory programs include all 

Internal Revenue Service refundable tax credit accounts, certain user fees, and informant 

payments. The Department is also a custodian for a number of government accounts and funds 

listed in this section and further detailed in the FY 2023 Appendix, Budget of the U.S. 

Government. 

Treasury is responsible for administering multiple relief and recovery programs authorized 

through the Families First Coronavirus Response Act, Coronavirus Aid, Relief, and Economic 

Appropriations (Dollars in Millions) FY 2021 FY 2022 FY 2023 FY 2023 FY 2023

Actual Estimated Estimated $ Change % Change

Emergency Rental Assistance 46,547 0 0 0 0.0%

Fiscal Service Salaries and Expenses 5 23 0 0 0 0.0%

Homeowner Assistance Fund 9,958 0 0 0 0.0%

IRS Business Systems Modernization 5 500 0 0 0 0.0%

IRS Operations Support 5 940 0 0 0 0.0%

IRS Taxpayer Services 5 422 0 0 0 0.0%

Office of Inspector General 5 6 0 0 0 0.0%

State Small Business Credit Initiative 10,000 0 0 0 0.0%

Transportation Services Economic Relief 2,000 0 0 0 0.0%

Treasury Inspector General for Tax Administration 5 8 0 0 0 0.0%

U.S. Coronavirus Refundable Credits 3 10,143 9,000 20 (8,980) -99.8%

Subtotal, COVID MANDATORY ACCOUNTS $574,215 $11,041 $44 ($10,997) -99.6%

Offsets:

Treasury Mandatory Offsetting Receipts (22,140) (12,955) (8,622) 4,333 -33.4%

Treasury Offsetting Collections (15,048) (3,806) (4,143) (337) 8.9%

TOTAL, DEPARTMENT OF THE TREASURY $1,322,367 $773,148 $690,264 ($82,884) -10.7%

2

 The Infrastructure Investment and Jobs Act (PL 117-58) Section 90007 rescinded $3 billion from CARES Act Section 4120 budget authority and $200 million from the P.L 116-260 

Division N Sec. 411 budget authority.

5

 The American Rescue Plan Act (PL 117-2) provided Fiscal Service Salaries and Expenses, IRS Business Systems Modernization, IRS Operations Support, IRS Taxpayer Services, 

Office of Inspector General, Treasury Inspector General for Tax Administration mandatory funding in 2021.

4

 The Consolidated Appropriations Act, 2021 (P.L. 116-260) Sec. 1003 rescinded $478.8 billion in budget authority from this program in 2021 and the Infrastructure Investment and 

Jobs Act (PL 117-58) Sec. 90007 further rescinded $1.4 billion in 2022.

1

 The 2023 Budget proposes $5 billion in long-term mandatory funding to support lending by eligible CDFIs to finance new construction and substantial rehabilitation that creates net 

new units of affordable rental and for sale housing.

3 Current estimates include anticipated claims through FY 2023 for the third round of Economic Impact Payment Recovery Rebate Credits and the U.S. Coronavirus Refundable 

Credit Employee Retention Credits.
Security Act, Consolidated Appropriations Act, 2021, and the American Rescue Plan Act of 

2021. The Office of Recovery Programs, managed by the Chief Recovery Officer, is principally 

focused on efficiently establishing and administering Treasury’s programs to support an 

equitable and swift recovery from the economic challenges precipitated by the COVID-19 

pandemic. 

Offsets - $13 billion 

Offsets include payments to the Government that are not credited directly to expenditure 

accounts (offsetting receipts) and payments credited directly to accounts from which they will be 

spent (offsetting collections). The receipts offset gross budget authority and outlays at the agency 

or bureau level. The collections offset gross budget authority and outlays at the account level. 

Treasury’s mandatory offsetting receipts primarily include Government Sponsored Enterprises 

(GSE) fees, debt collection fees, and proceeds from air carrier equities received by Treasury 

pursuant to CARES Act, CAA, 2021 and ARP payroll support programs. Treasury’s mandatory 

offsetting collections include the payments made to accounts such as the Office of Comptroller 

of the Currency, Federal Financing Bank, and the Exchange Stabilization Fund.