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2016 Financial Report of the United States Government

A Message from the Secretary

The annual Financial Report of the U.S. Government provides to the public a comprehensive
overview of the Government's current financial position, as well as critical insight into our long term
fiscal outlook. The Fiscal Year 2016 Financial Report, the final U.S. Financial Report of the Obama
Administration, reflects an economy that has come a long way since 2008, with sustained private
sector job growth and increasing vitality.

Under President Obama’s leadership, there has been substantial economic and fiscal progress,
showing what is possible when strategic investment is paired with smart reform. Labor market
conditions continue to improve, we have added millions of jobs to the economy and GDP has grown
steadily. Globally, the United States remains a driver of steady economic growth

In Fiscal Year 2016, the Nation’s economic gains contributed to increased revenues and sustainable deficit financing for the next decade.  The Government’s estimated long-term fiscal gap continues to be reduced by the provisions of the Affordable Care Act of 2010, Budget Control Act of 2011, and the American Taxpayer Relief Act of 2013. These and other measures support our economy, allow our government to operate more efficiently, and support long term fiscal health.

This Administration’s policies have created the space to address the country’s long term fiscal
challenges; however, near term policies that reduce revenues or increase spending, such as through
changes to our tax code or the Affordable Care Act, could increase the size of the fiscal gap and
force more dramatic adjustments in later years. We must ensure that our prosperity is shared by all
Americans, not just those at the top. I am proud of the work we have done as a country over the
past eight years to address our economic challenges and am pleased to share this strong report.

Jacob J. Lew
January 12, 2017

Proceed to a Citizens Guide

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