SOCIAL SECURITY

Office of the Chief Actuary

November 15, 2023 

The Honorable Mike Lee

United States Senate

Washington, D.C. 20510 

The Honorable Diana Harshbarger

United States House of Representatives

Washington, D.C. 20515 

Dear Senator Lee and Representative Harshbarger: 

I am writing in response to your request for our estimate of the financial effects on the Social 

Security Trust Funds of the “Immediate Access for the Terminally Ill Act,” which you 

introduced today. This Bill would eliminate the 5-month Social Security Disability Insurance 

(SSDI) waiting period for those with certain terminal illnesses, prohibit payment of disability 

benefits on receipt of unemployment benefits, and increase the overpayment collection threshold 

for OASDI. We have enjoyed working with Sam Paepke, Chip Wyatt, and Peter Stein of your 

staffs in developing this analysis. Our analysis and estimates provided for this proposal reflect 

the efforts of many in the Office of the Chief Actuary, but particularly Daniel Nickerson, Chris 

Chaplain, Kyle Burkhalter, Anna Kirjusina, Jacqueline Walsh, Nettie Barrick, Mike Stephens, 

and Karen Glenn. 

The balance of this letter provides our understanding of the intent of the sections of the Bill 

with direct effects on Social Security program cost, followed by estimates of the OASDI 

program cost effects assuming enactment of the Bill in January 2025. Over the period 2023 

through 2032, we estimate the net program benefit cost for the OASDI program would be 

reduced by $5.7 billion. The net cash flow effect on OASDI would be slightly less (an increase 

of $5.6 billion), because the reduced income tax on decreased benefit payments would partially 

offset the reduced benefit cost. We estimate that enactment of the Bill would result in an 

increase (improvement) of 0.01 percent of taxable payroll in the OASDI actuarial balance over 

the 75-year projection period as a whole. All estimates reflect the intermediate assumptions of 

the 2023 Trustees Report. 

Specification for and Effects of Provisions of the Proposal 

Sections 2 and 3. Eliminate the 5-month waiting period for those with certain terminal 

illnesses included on SSA’s Compassionate Allowance list. 
Page 2 – The Honorable Mike Lee and The Honorable Diana Harshbarger

Starting in 2025, give new applicants for disabled worker benefits the choice of (a) having their 

benefit calculated as under current law and starting receipt after the current law 5-month waiting

period; or (b) having a 7 percent benefit reduction applied to their current-law benefit and

starting receipt immediately. This choice only applies to those who are diagnosed with a 

condition on the “Compassionate Allowance Conditions” list for which average life expectancy 

does not exceed 5 years, as determined by the Commissioner of Social Security. In addition, 

require Congressional approval for any future changes in the Compassionate Allowance list.

We estimate that enactment of this provision alone would increase the long-range OASDI 

actuarial deficit by an amount that is negligible, that is, less than 0.005 percent of taxable payroll, 

and would increase the annual deficit for the 75th projection year (2097) by a negligible amount. 

Section 4. Prohibit payment of DI benefits based on receipt of unemployment benefits.

This provision would set the disabled worker benefit equal to zero for any month in which an 

individual entitled for a disabled worker benefit from the DI Trust Fund receives unemployment 

compensation, effective starting in 2025. 

We estimate that enactment of this provision alone would decrease the long-range OASDI 

actuarial deficit by 0.01 percent of taxable payroll and would decrease the annual deficit for the 

75th projection year (2097) by 0.01 percent of taxable payroll. 

Section 5. Increase the overpayment collection threshold for OASDI from $10 to 10 percent.

This provision specifies that the reduction of a monthly benefit for repayment of a prior 

overpayment should not be less than 10 percent of the monthly benefit, unless the remaining 

amount of prior overpayment is less than 10 percent of the current monthly benefit. Effective for 

new withholding agreements entered into starting in 2025. 

We estimate that enactment of this provision alone would decrease the long-range OASDI 

actuarial deficit by an amount that is negligible, that is, less than 0.005 percent of taxable payroll, 

and would decrease the annual deficit for the 75th projection year (2097) by a negligible amount. 

Table A provides estimates of the effects on the OASDI long-range actuarial balance of the 

provisions of the proposal separately and on a combined basis. The table also includes 

estimates of the effect of the provisions on the annual balance (the difference between the 

income rate and the cost rate, expressed as a percentage of current-law taxable payroll) for the 

75th projection year, 2097. Interaction among individual provisions is reflected only in the total 

estimates for the combined provisions. 

OASDI Program Cost Effects

The proposal would result in net reduced program cost for workers newly eligible for a DI 

benefit starting in 2025, as the proposal would prohibit payment of DI benefits based on receipt 

of unemployment benefits. The proposal would also slightly reduce OASDI program cost by 

increasing the minimum overpayment collection threshold for OASDI from $10 per monthly to 
Page 3 – The Honorable Mike Lee and The Honorable Diana Harshbarger

10 percent of the monthly benefit. The combined net reduction in OASDI program benefit cost

is estimated to be $5.7 billion in total for calendar years 2023 through 2032. The change in 

OASDI cash flow, net of decreased OASDI revenue from income taxation of these benefits, is 

estimated to be an increase of $5.6 billion in total for calendar years 2023 through 2032.

Over the long-range projection period, the net effect of enacting the proposal on the 75-year 

actuarial balance would be an increase of 0.01 percent of taxable payroll. Table 1, attached, 

indicates that the net effect of the changes in the Bill would increase (improve) annual balances 

for the OASDI program from 2025 through the end of the 75-year projection period. These 

estimates do not reflect the implications of any change in administrative expenses necessary to 

implement the provisions of this Bill. Tables 1b and 1b.n show the effects of enacting the 

proposal in present value dollar and nominal dollar amounts, respectively.

We hope these estimates will be helpful. Please let us know if we may provide further assistance.

Sincerely,

Stephen C. Goss, ASA, MAAA 

Chief Actuary

Enclosures
Table A—Estimated Long-Range OASDI Financial Effects of the

“Immediate Access for the Terminally Ill Act,” Introduced by Senator Lee and 

Representative Harshbarger on November 15, 2023

Provision

Estimated Change in

Long-Range OASDI 

Actuarial Balance 1

(as a percent of payroll)

Estimated Change 

in Annual Balance 

for 75th year 2

(as a percent of payroll)

Sections 2 and 3) Eliminate the 5-month waiting period for 

those with certain terminal illnesses included on SSA’s

Compassionate Allowance list. Starting in 2025, give new 

applicants for disabled worker benefits the choice of (a) having 

their benefit calculated as under current law and starting receipt 

after the current law 5-month waiting period; OR (b) having a 

7 percent benefit reduction applied to their current-law benefit and 

starting receipt immediately. This choice only applies to those 

who are diagnosed with a condition on the “Compassionate 

Allowance Conditions” list for which average life expectancy does 

not exceed 5 years. In addition, require Congressional approval 

for any future changes in the Compassionate Allowance list. 3 3

Sections 4) Prohibit payment of DI benefits based on receipt of 

unemployment benefits. This provision would set the disabled 

worker benefit equal to zero for any month in which an individual 

entitled for a disabled worker benefit from the DI Trust Fund 

receives unemployment compensation. Effective starting in 2025. 0.01 0.01

Section 5) Increase the overpayment collection threshold for

OASDI from $10 to 10 percent. This provision specifies that the 

reduction of a monthly benefit for repayment of a prior 

overpayment should not be less than 10 percent of the monthly 

benefit, unless the remaining amount of prior overpayment is less 

than 10 percent of the current monthly benefit. Effective for new 

withholding agreements entered into starting in 2025. 3 3

Total for all provisions, including interaction 0.01 0.01

1

Under current law, the estimated long-range OASDI actuarial balance is -3.61 percent of taxable payroll. 2

Under current law, the estimated 75th year annual balance is -4.35 percent of taxable payroll. 3

Negligible; that is, between -0.005 and 0.005 percent of taxable payroll.

Notes: All estimates are based on the intermediate assumptions of the 2023 OASDI Trustees Report. 

 Estimates of individual provisions appear on a stand-alone basis relative to current law, unless otherwise stated.

Social Security Administration

Office of the Chief Actuary

November 15, 2023
Table 1 - OASDI Cost Rate, Income Rate, Annual Balance, and Trust Fund Ratio

"Immediate Access for the Terminally Ill Act ", introduced by Senator Lee and Representative Harshbarger Year Cost Rate

Income Rate Annual Balance Cost RateIncome Rate Annual Balance

2023 14.53 13.29 -1.24 204 0.00 0.00 0.00

2024 14.87 12.89 -1.98 187 0.00 0.00 0.00

2025 15.04 12.97 -2.07 168 0.00 0.00 0.00

2026 15.23 13.08 -2.15 149 0.00 0.00 0.00

2027 15.38 13.09 -2.28 131 -0.01 0.00 0.01

2028 15.55 13.13 -2.42 114 -0.01 0.00 0.01

2029 15.71 13.16 -2.55 96 -0.01 0.00 0.01

2030 15.86 13.18 -2.68 78 -0.01 0.00 0.01

2031 16.00 13.21 -2.78 61 -0.01 0.00 0.01

2032 16.14 13.24 -2.90 43 -0.01 0.00 0.01

2033 16.26 13.25 -3.01 25 -0.01 0.00 0.01

2034 16.38 13.26 -3.12 7 -0.01 0.00 0.01

2035 16.47 13.27 -3.20 ---- -0.01 0.00 0.01

2036 16.55 13.27 -3.27 ---- -0.01 0.00 0.01

2037 16.63 13.28 -3.35 ---- -0.01 0.00 0.01

2038 16.69 13.29 -3.40 ---- -0.01 0.00 0.01

2039 16.74 13.29 -3.45 ---- -0.01 0.00 0.01

2040 16.77 13.30 -3.48 ---- -0.01 0.00 0.01

2041 16.80 13.30 -3.50 ---- -0.01 0.00 0.01

2042 16.81 13.30 -3.51 ---- -0.01 0.00 0.01

2043 16.82 13.30 -3.52 ---- -0.01 0.00 0.01

2044 16.84 13.31 -3.53 ---- -0.01 0.00 0.01

2045 16.85 13.31 -3.55 ---- -0.01 0.00 0.01

2046 16.87 13.31 -3.56 ---- -0.01 0.00 0.01

2047 16.89 13.31 -3.58 ---- -0.01 0.00 0.01

2048 16.92 13.31 -3.60 ---- -0.01 0.00 0.01

2049 16.95 13.32 -3.63 ---- -0.01 0.00 0.01

2050 16.98 13.32 -3.66 ---- -0.01 0.00 0.01

2051 17.01 13.32 -3.69 ---- -0.01 0.00 0.01

2052 17.05 13.33 -3.72 ---- -0.01 0.00 0.01

2053 17.10 13.33 -3.77 ---- -0.01 0.00 0.01

2054 17.16 13.34 -3.82 ---- -0.01 0.00 0.01

2055 17.22 13.34 -3.88 ---- -0.01 0.00 0.01

2056 17.29 13.35 -3.95 ---- -0.01 0.00 0.01

2057 17.37 13.35 -4.02 ---- -0.01 0.00 0.01

2058 17.45 13.36 -4.09 ---- -0.01 0.00 0.01

2059 17.53 13.37 -4.16 ---- -0.01 0.00 0.01

2060 17.61 13.37 -4.24 ---- -0.01 0.00 0.01

2061 17.68 13.38 -4.30 ---- -0.01 0.00 0.01

2062 17.75 13.38 -4.37 ---- -0.01 0.00 0.01

2063 17.82 13.39 -4.43 ---- -0.01 0.00 0.01

2064 17.88 13.40 -4.48 ---- -0.01 0.00 0.01

2065 17.94 13.40 -4.54 ---- -0.01 0.00 0.01

2066 18.00 13.40 -4.59 ---- -0.01 0.00 0.01

2067 18.05 13.41 -4.64 ---- -0.01 0.00 0.01

2068 18.11 13.41 -4.69 ---- -0.01 0.00 0.01

2069 18.17 13.42 -4.75 ---- -0.01 0.00 0.01

2070 18.22 13.42 -4.80 ---- -0.01 0.00 0.01

2071 18.27 13.43 -4.85 ---- -0.01 0.00 0.01

2072 18.32 13.43 -4.89 ---- -0.01 0.00 0.01

2073 18.37 13.44 -4.94 ---- -0.01 0.00 0.01

2074 18.42 13.44 -4.98 ---- -0.01 0.00 0.01

2075 18.46 13.44 -5.01 ---- -0.01 0.00 0.01

2076 18.48 13.45 -5.04 ---- -0.01 0.00 0.01

2077 18.49 13.45 -5.05 ---- -0.01 0.00 0.01

2078 18.50 13.45 -5.05 ---- -0.01 0.00 0.01

2079 18.48 13.45 -5.03 ---- -0.01 0.00 0.01

2080 18.46 13.45 -5.01 ---- -0.01 0.00 0.01

2081 18.43 13.44 -4.98 ---- -0.01 0.00 0.01

2082 18.38 13.44 -4.94 ---- -0.01 0.00 0.01

2083 18.34 13.44 -4.90 ---- -0.01 0.00 0.01

2084 18.28 13.44 -4.84 ---- -0.01 0.00 0.01

2085 18.22 13.43 -4.78 ---- -0.01 0.00 0.01

2086 18.15 13.43 -4.72 ---- -0.01 0.00 0.01

2087 18.08 13.43 -4.66 ---- -0.01 0.00 0.01

2088 18.01 13.42 -4.59 ---- -0.01 0.00 0.01

2089 17.94 13.42 -4.53 ---- -0.01 0.00 0.01

2090 17.88 13.41 -4.47 ---- -0.01 0.00 0.01

2091 17.83 13.41 -4.42 ---- -0.01 0.00 0.01

2092 17.79 13.41 -4.38 ---- -0.01 0.00 0.01

2093 17.76 13.41 -4.36 ---- -0.01 0.00 0.01

2094 17.74 13.40 -4.34 ---- -0.01 0.00 0.01

2095 17.74 13.40 -4.33 ---- -0.01 0.00 0.01

2096 17.73 13.40 -4.33 ---- -0.01 0.00 0.01

2097 17.74 13.40 -4.34 ---- -0.01 0.00 0.01

2098 17.76 13.41 -4.36 ---- -0.01 0.00 0.01 Summarized Rates: OASDI Summarized Rates: OASDI Cost Rate Income Rate Actuarial Balance Change in Cost rate Change in 

Income Rate Change in Actuarial Balance

2023 - 2097 17.38% 13.78% -3.60% 2034 -0.01% 0.00% 0.01%

Office of the Chief Actuary

Note: Based on Intermediate Assumptions of the 2023 Trustees Report. Social Security Administration

1 Under current law the year of combined Trust Fund reserve depletion is 2034. November 15, 2023 Year of reserve depletion1

Proposal Change from Current Law

Expressed as a percentage of current-law

taxable payroll Trust Fund Ratio

1-1-year

Expressed as a percentage of current-law

taxable payroll
Table 1b - OASDI Changes & Implications for Federal Budget Scoring1

 and Federal Debt of Specified Plan Provision Effects on OASDI (Present Value Dollars)

"Immediate Access for the Terminally Ill Act ", introduced by Senator Lee and Representative Harshbarger Year Specified General Fund Transfers Basic Changes

in OASDI Cash Flow

Change

in Annual Unified Budget Cash Flow2 Change in Debt Held

by Public at End of Year3 Change

in Annual Unified Budget Balance Changein Annual On Budget Cash Flow

Change in Total Federal Debt

 Subject to Limit End Of Year Change

in Annual On Budget Balance

(1) (2) (3) (4) (5) (6) (7) (8) 2023 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

2024 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

2025 0.0 0.1 0.1 -0.1 0.1 0.0 0.0 0.0

2026 0.0 0.4 0.4 -0.5 0.4 0.0 0.0 0.0

2027 0.0 0.7 0.7 -1.1 0.7 0.0 0.0 0.0

2028 0.0 0.7 0.7 -1.8 0.7 0.0 0.0 0.0

2029 0.0 0.7 0.7 -2.5 0.8 0.0 0.0 0.0

2030 0.0 0.7 0.7 -3.2 0.8 0.0 0.0 0.0

2031 0.0 0.7 0.7 -4.0 0.8 0.0 0.0 0.0

2032 0.0 0.8 0.8 -4.7 0.9 0.0 0.0 0.0

2033 0.0 0.8 0.8 -5.5 1.0 0.0 0.0 0.0

2034 0.0 0.8 0.8 -6.3 1.0 0.0 0.0 0.0

2035 0.0 0.8 0.8 -7.0 1.0 0.0 0.0 0.0

2036 0.0 0.8 0.8 -7.8 1.1 0.0 0.0 0.0

2037 0.0 0.8 0.8 -8.6 1.1 0.0 0.0 0.0

2038 0.0 0.8 0.8 -9.3 1.2 0.0 0.0 0.0

2039 0.0 0.8 0.8 -10.1 1.2 0.0 0.0 0.0

2040 0.0 0.8 0.8 -10.9 1.2 0.0 0.0 0.0

2041 0.0 0.8 0.8 -11.7 1.3 0.0 0.0 0.0

2042 0.0 0.8 0.8 -12.5 1.3 0.0 0.0 0.0

2043 0.0 0.8 0.8 -13.3 1.4 0.0 0.0 0.0

2044 0.0 0.8 0.8 -14.1 1.4 0.0 0.0 0.0

2045 0.0 0.8 0.8 -14.9 1.4 0.0 0.0 0.0

2046 0.0 0.8 0.8 -15.7 1.5 0.0 0.0 0.0

2047 0.0 0.8 0.8 -16.5 1.5 0.0 0.0 0.0

2048 0.0 0.8 0.8 -17.2 1.5 0.0 0.0 0.0

2049 0.0 0.8 0.8 -18.0 1.6 0.0 0.0 0.0

2050 0.0 0.8 0.8 -18.8 1.6 0.0 0.0 0.0

2051 0.0 0.8 0.8 -19.6 1.7 0.0 0.0 0.0

2052 0.0 0.8 0.8 -20.4 1.7 0.0 0.0 0.0

2053 0.0 0.8 0.8 -21.2 1.7 0.0 0.0 0.0

2054 0.0 0.8 0.8 -22.0 1.8 0.0 0.0 0.0

2055 0.0 0.8 0.8 -22.8 1.8 0.0 0.0 0.0

2056 0.0 0.8 0.8 -23.6 1.8 0.0 0.0 0.0

2057 0.0 0.8 0.8 -24.3 1.8 0.0 0.0 0.0

2058 0.0 0.8 0.8 -25.1 1.9 0.0 0.0 0.0

2059 0.0 0.8 0.8 -25.9 1.9 0.0 0.0 0.0

2060 0.0 0.7 0.7 -26.6 1.9 0.0 0.0 0.0

2061 0.0 0.7 0.7 -27.4 2.0 0.0 0.0 0.0

2062 0.0 0.7 0.7 -28.1 2.0 0.0 0.0 0.0

2063 0.0 0.7 0.7 -28.8 2.0 0.0 0.0 0.0

2064 0.0 0.7 0.7 -29.5 2.0 0.0 0.0 0.0

2065 0.0 0.7 0.7 -30.3 2.1 0.0 0.0 0.0

2066 0.0 0.7 0.7 -31.0 2.1 0.0 0.0 0.0

2067 0.0 0.7 0.7 -31.7 2.1 0.0 0.0 0.0

2068 0.0 0.7 0.7 -32.4 2.1 0.0 0.0 0.0

2069 0.0 0.7 0.7 -33.1 2.2 0.0 0.0 0.0

2070 0.0 0.7 0.7 -33.8 2.2 0.0 0.0 0.0

2071 0.0 0.7 0.7 -34.4 2.2 0.0 0.0 0.0

2072 0.0 0.7 0.7 -35.1 2.2 0.0 0.0 0.0

2073 0.0 0.7 0.7 -35.8 2.3 0.0 0.0 0.0

2074 0.0 0.7 0.7 -36.5 2.3 0.0 0.0 0.0

2075 0.0 0.7 0.7 -37.1 2.3 0.0 0.0 0.0

2076 0.0 0.6 0.6 -37.8 2.3 0.0 0.0 0.0

2077 0.0 0.6 0.6 -38.4 2.4 0.0 0.0 0.0

2078 0.0 0.6 0.6 -39.0 2.4 0.0 0.0 0.0

2079 0.0 0.6 0.6 -39.7 2.4 0.0 0.0 0.0

2080 0.0 0.6 0.6 -40.3 2.4 0.0 0.0 0.0

2081 0.0 0.6 0.6 -40.9 2.4 0.0 0.0 0.0

2082 0.0 0.6 0.6 -41.5 2.5 0.0 0.0 0.0

2083 0.0 0.6 0.6 -42.1 2.5 0.0 0.0 0.0

2084 0.0 0.6 0.6 -42.7 2.5 0.0 0.0 0.0

2085 0.0 0.6 0.6 -43.3 2.5 0.0 0.0 0.0

2086 0.0 0.6 0.6 -43.9 2.6 0.0 0.0 0.0

2087 0.0 0.6 0.6 -44.5 2.6 0.0 0.0 0.0

2088 0.0 0.6 0.6 -45.1 2.6 0.0 0.0 0.0

2089 0.0 0.6 0.6 -45.7 2.6 0.0 0.0 0.0

2090 0.0 0.6 0.6 -46.3 2.7 0.0 0.0 0.0

2091 0.0 0.6 0.6 -46.9 2.7 0.0 0.0 0.0

2092 0.0 0.6 0.6 -47.5 2.7 0.0 0.0 0.0

2093 0.0 0.6 0.6 -48.1 2.8 0.0 0.0 0.0

2094 0.0 0.6 0.6 -48.7 2.8 0.0 0.0 0.0

2095 0.0 0.6 0.6 -49.3 2.8 0.0 0.0 0.0

2096 0.0 0.6 0.6 -49.9 2.8 0.0 0.0 0.0

2097 0.0 0.6 0.6 -50.5 2.8 0.0 0.0 0.0 Total 2023-2097 0.0 50.5 50.5 Notes: Based on Intermediate Assumptions of the 2023 Trustees Report.

 Ultimate Real Trust Fund Yield of 2.3%. 1 Changes reflect the budget scoring convention that presumes benefits not payable after reserve depletion would nonetheless be paid,

 based on transfers from the General Fund of the Treasury resulting in additional borrowing from the public. Office of the Chief Actuary 2

 Changes in unified budget cash flows reflect excess revenues to the Federal Government arising from the proposal. Social Security Administration

3

 New revenues from the proposal reduce theoretical debt held by the public. 

Billions of Present Value Dollars as of 1-1-2023

November 15, 2023
Table 1b.n - OASDI Changes & Implications for Federal Budget Scoring1

 and Federal Debt of Specified Plan Provision Effects on OASDI (Nominal Dollars)

"Immediate Access for the Terminally Ill Act ", introduced by Senator Lee and Representative Harshbarger

Year

Specified 

General Fund 

Transfers

Basic Changes

in OASDI

Cash Flow

Change

in Annual

Unified Budget

Cash Flow2 Change in

Debt Held

by Public at

End of Year3 4 Change

in Annual

Unified Budget

Balance1 Change in 

Annual On 

Budget Cash 

Flow

Change in Total

Federal Debt 

Subject to Limit 

End of Year1 Change

in Annual

On Budget

Balance1

(1) (2) (3) (4) (5) (6) (7) (8)

2023 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

2024 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

2025 0.0 0.1 0.1 -0.1 0.1 0.0 0.0 0.0

2026 0.0 0.4 0.4 -0.5 0.4 0.0 0.0 0.0

2027 0.0 0.7 0.7 -1.3 0.8 0.0 0.0 0.0

2028 0.0 0.8 0.8 -2.1 0.8 0.0 0.0 0.0

2029 0.0 0.8 0.8 -3.0 0.9 0.0 0.0 0.0

2030 0.0 0.9 0.9 -4.0 1.0 0.0 0.0 0.0

2031 0.0 0.9 0.9 -5.1 1.1 0.0 0.0 0.0

2032 0.0 1.0 1.0 -6.4 1.2 0.0 0.0 0.0

Total 2023-2032 0.0 5.6 5.6 0.0

Notes: Based on Intermediate Assumptions of the 2023 Trustees Report. 1 Changes reflect the budget scoring convention that presumes benefits not payable after reserve depletion would nonetheless

 be paid, based on transfers from the General Fund of the Treasury resulting in additional borrowing from the public. 2

 Changes in unified budget cash flows reflect excess revenues to the Federal Government arising from the proposal. Office of the Chief Actuary 3

 New revenues from the proposal reduce theoretical debt held by the public. Social Security Administration

4

 Includes the accumulated effect of interest income.

Billions of Nominal Dollars

November 15, 2023