Mandatory Funding Levels for the FY 2022 President’s Budget – Treasury Chapter 

(Dollars in Millions, Includes Legislative Proposals) 

Consolidated Rows, Final Table

Appropriations (Dollars in Millions) FY 2020 FY 2021 FY 2022 FY 2022 FY 2022

Actual Estimated Estimated $ Change % Change

Payment to the Resolution Funding Corporation 2,425 1,367 920 (447) -32.7%

Interest on Uninvested Funds 23 48 9 (39) -81.3%

Restitution of Forgone Interest 116 0 0 0 0.0%

Federal Interest Liabilities to States 0 1 1 0 0.0%

Interest Paid to Credit Financing Accounts 23,315 14,284 14,063 (221) -1.5%

Refunding Internal Revenue Collections, Interest 2,957 2,735 2,298 (437) -16.0%

Interest on Public Debt 522,652 484,698 480,403 (4,295) -0.9%

Other Interest (58,593) (62,377) (53,542) 8,835 -14.2%

INTEREST PAYMENTS $492,895 $440,756 $444,152 $3,396 0.8%

NON-COVID MANDATORY ACCOUNTS

Build America Bond Payments, Recovery Act 2,075 2,642 2,614 (28) -1.1%

Capital Magnet Fund, Community Development Financial Institutions1 174 371 211 (160) -43.1%

Check Forgery Insurance Fund 6 1 1 0 0.0%

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

Claims, Judgments, and Relief Acts 8,365 11,102 3,431 (7,671) -69.1%

Community Development Financial Institutions Fund Program Account 8 16 1 (15) -93.8%

Comptroller of the Currency 1,056 1,094 1,094 0 0.0%

Continued Dumping and Subsidy Offset 57 13 10 (3) -23.1%

Exchange Stabilization Fund 139 11,728 23 (11,705) -99.8%

Federal Financing Bank 3,036 2,431 2,408 (23) -0.9%

Federal Reserve Bank Reimbursement Fund 544 646 659 13 2.0%

Federal Tax Lien Revolving Fund 0 2 2 0 0.0%

Financial Agent Services 842 863 880 17 2.0%

Financial Research Fund 74 58 79 21 36.2%

Fiscal Service Debt Collection 230 226 210 (16) -7.1%

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

Guam World War II Claims Fund 40 0 0 0 0.0%

Gulf Coast Restoration Trust Fund 335 319 320 1 0.3%

Internal Revenue Collections for Puerto Rico 471 476 481 5 1.1%

IRS Informant Payments 63 108 108 0 0.0%

IRS Miscellaneous Retained Fees 282 437 406 (31) -7.1%

IRS Private Collection Agent Program 149 165 104 (61) -37.0%

Office of Financial Stability 51 41 38 (3) -7.3%

Payment of Government Losses in Shipment 1 2 2 0 0.0%

Payment to Issuer of New Clean Renewable Energy Bonds 31 41 41 0 0.0%

Payment to Issuer of Qualified Energy Conservation Bonds 27 35 35 0 0.0%

Payment to Issuer of Qualified School Construction Bonds 462 567 563 (4) -0.7%

Payment to Issuer of Qualified Zone Academy Bonds 34 40 40 0 0.0%

Payment to United States Virgin Islands and Puerto Rico for Disaster Tax Relief 61 0 0 0 0.0%

Payment Where American Opportunity Credit Exceeds Liability for Tax3 2,787 3,050 3,000 (50) -1.6%

Payment Where Certain Tax Credits Exceed Liability for Corporate Tax 16,104 7,194 694 (6,500) -90.4%

Payment Where Child Tax Credit Exceeds Liability for Tax3 27,779 79,542 106,834 27,292 34.3%

Payment Where Earned Income Credit Exceeds Liability for Tax3 57,577 60,855 73,956 13,101 21.5%

Payment Where Health Coverage Tax Credit Exceeds Liability for Tax 13 31 10 (21) -67.7%

Presidential Election Campaign Fund 25 23 23 0 0.0%

Refundable Premium Tax Credit 60,672 59,255 45,740 (13,515) -22.8%

Reimbursements to Federal Reserve Banks 131 177 180 3 1.7%

Small Business Lending Fund Program Account 6 3 3 0 0.0%

Terrorism Insurance Program 2 28 79 51 182.1%

Travel Promotion Fund 94 60 28 (32) -53.3%

Treasury Forfeiture Fund 537 494 572 78 15.8%

Troubled Asset Relief Program Equity Purchase Program 7 5 0 (5) -100.0%

Subtotal, NON-COVID MANDATORY ACCOUNTS $184,349 $244,143 $244,882 $739 0.3%

COVID MANDATORY ACCOUNTS

Air Carrier Worker Support 32,000 31,000 0 (31,000) -100.0%

Child and Dependent Care Tax Credit 0 0 7,902 7,902 0.0%

Community Development Financial Institutions Fund Program, Emergency Support 0 3,000 0 (3,000) -100.0%

Coronavirus Relief Fund 150,000 362,050 0 (362,050) -100.0%

Economic Impact Payments 274,654 545,624 3,220 (542,404) -99.4%

Economic Stabilization Program Account2 499,975 (477,890) 0 477,890 -100.0%

Emergency Capital Investment Fund 0 9,000 0 (9,000) -100.0%
Total Department of the Treasury (Treasury) Mandatory Budget

The Treasury Mandatory Budget includes $832 billion dollars in interest payments, mandatory 

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

budget authority are summarized above. Account totals exclude the effects of FY 2022 

American Jobs Plan policy proposals. For more detailed descriptions of each account, please see 

the Department of the Treasury chapter in the FY 2022 Appendix, Budget of the U.S. 

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

Interest Payments - $444 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 - $305 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 2022 Appendix, Budget of the U.S. 

Government. 

Appropriations (Dollars in Millions) FY 2020 FY 2021 FY 2022 FY 2022 FY 2022

Actual Estimated Estimated $ Change % Change

Emergency Rental Assistance 0 46,547 0 (46,547) -100.0%

Homeowner Assistance Fund 0 9,958 0 (9,958) -100.0%

IRS Business Systems Modernization 3, 4 0 500 0 (500) -100.0%

IRS Operations Support 3, 4 0 996 0 (996) -100.0%

IRS Taxpayer Services 3, 4 0 366 0 (366) -100.0%

Office of Inspector General4 0 6 0 (6) -100.0%

Special Inspector General for Pandemic Recovery 25 0 0 0 0.0%

State Small Business Credit Initiative 0 10,000 0 (10,000) -100.0%

Transportation Services Economic Relief 0 2,000 0 (2,000) -100.0%

Treasury Inspector General for Tax Administration4 0 8 0 (8) -100.0%

U.S. Coronavirus Refundable Credits 714 104,817 49,018 (55,799) -53.2%

Subtotal, COVID MANDATORY ACCOUNTS $957,368 $647,982 $60,140 ($587,842) -90.7%

Offsets:

Treasury Mandatory Offsetting Receipts (8,799) (22,467) (8,263) 14,204 -63.2%

Treasury Offsetting Collections (4,238) (15,257) (3,528) 11,729 -76.9%

TOTAL, DEPARTMENT OF THE TREASURY $1,621,575 $1,295,157 $737,383 -$557,774 -43.1%

2

Section 1003 of the Consolidated Appropriations Act, 2021, rescinded unobligated balances from the CARES Act FY 2020 appropriation to the Economic Stabilization 

Program; the ultimate effect of Sec. 1003 rescinded $479B from the program.

1

This table excludes FY 2022 funding related to the American Jobs Plan: $2,400M for Capital Magnet Fund (including -$2,400 Treasury Mandatory Offsetting Receipt), 

Community Development Financial Institutions, $10,000M for Manufacturing Financing Program Account.

3

Exludes the following FY 2022 budget proposal; $260M for IRS Business Systems Modernization, $187M for IRS Taxpayer Services, $695M IRS Operations Support, 

-$3M for Payment Where American Opportunity Credit Exceeds Liability for Tax , $80,950M for Payment Where Child Tax Credit Exceeds Liability for Tax, -$10M for 

Payment Where Earned Income Credit Exceeds Liability for Tax

4

IRS Business Systems Modernization, IRS Taxpayer Services, IRS Operations Support, Office of Inspector General and Treasury Inspector General for Tax 

Administration mandatory appropriations provided by the American Rescue Plan (P.L. 117-2). 
Treasury is responsible for administering multiple relief and recovery programs authorized 

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

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 - $12 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, proceeds from air carrier equities received by Treasury pursuant to CARES Act, 

CAA, 2021 and ARP payroll support programs, and also the non-budgetary accounts that record 

all cash flows to and from the Government resulting from direct loans obligated by Treasury 

(including modifications of direct loans that resulted from obligations in any year). 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.