![]() Under federal accounting rules, social insurance amounts as reported in both the SLTFP and in the SOSI are not considered liabilities of the government. ![]() This Financial Report also contains information about projected impacts on the government’s future financial condition. The statutory debt limit was most recently suspended through July 31, 2021. As of September 30, 2019, the government’s total debt subject to the debt limit was $22.7 trillion. This amount, plus intragovernmental debt ($6.0 trillion) equals gross federal debt, which, with some adjustments, is subject to the statutory debt limit. As of September 30, 2019, debt held by the public, excluding accrued interest, was $16.8 trillion. The budget deficit is primarily financed through borrowing from the public.Comparing total 2019 government assets of $4.0 trillion to total liabilities of $26.9 trillion (comprised mostly of $16.9 trillion in federal debt held by the public and accrued interest payable 3, and $8.4 trillion of federal employee and veterans benefits payable) yields a negative net position of $23.0 trillion.Deducting $3.6 trillion in tax and other revenues, with some adjustment for unmatched transactions and balances, results in a “bottom line” net operating cost of $1.4 trillion for fiscal year 2019, an increase of $286.1 billion or 24.7 percent over fiscal year 2018.The government’s gross costs of $5.3 trillion, less $418.4 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 $198.9 billion in net losses from changes in assumptions (e.g., interest rates, inflation, disability claims rates) yields the government’s net cost of $5.1 trillion, an increase of $526.8 billion or 11.6 percent over fiscal year 2018.During fiscal year 2019, the budget deficit increased by $205.4 billion (26.4 percent) to $984.4 billion and net operating cost increased by $286.1 billion (24.7 percent) to $1.4 trillion.Table 1 on the previous page and the following summarize the federal government’s financial position: *Restated (See Financial Statement Note 1.U)ġ 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 3.8 percent of GDP on average is needed (4.1 percent of GDP on average in 2018). Total Federal Non-Interest Net Expendituresħ5-Year Fiscal Gap (Percent of Gross Domestic Product) 1 SUSTAINABILITY MEASURES (Dollars in Trillions) The Federal Government's Financial Position and Conditionįederal Debt Held by the Public & Accrued Interestįederal Employee & Veterans Benefits Payable ![]() Table may scroll on smaller screens Table 1: 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. Management's Discussion & Analysis The Government's Financial Position and Condition Financial Report of the United States Government.Please enable JavaScript to use all features. Some features of this site will not work with JavaScript disabled.
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