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Financial Report of the United States Government

Results in Brief

The “Nation by the Numbers” table on the preceding page and the following summarize key metrics about the federal government’s financial position for and during FY 2022:

  • The budget deficit decreased by $1.4 trillion (50.4 percent) to $1.4 trillion and net operating cost increased by $1.1 trillion (34.8 percent) to $4.2 trillion.
  • Net operating cost increased due largely to significant increases in non-cash costs (primarily losses stemming from changes in assumptions affecting cost and liability estimates for the government’s employee and veteran benefits programs). These amounts do not affect the current year deficit.
  • The government’s gross costs of $7.4 trillion, less $531.1 billion in revenues earned for goods and services provided to the public, plus $2.2 trillion in net losses from changes in assumptions yields the government’s net cost of $9.1 trillion.
  • Tax and other revenues increased by $670.0 billion to $4.9 trillion. Deducting these revenues from net cost yields the federal government’s “bottom line” net operating cost of $4.2 trillion referenced above.
  • Comparing total government assets of $5.0 trillion (including $1.4 trillion of loans receivable, net and $1.2 trillion of PP&E) to total liabilities of $39.0 trillion (including $24.3 trillion in federal debt and interest payable, and $12.8 trillion of federal employee and veteran benefits payable) yields a negative net position of $34.1 trillion.
  • The Statement of Long-Term Fiscal Projections (SLTFP) shows that the present value (PV) of total non-interest spending, over the next 75 years, under current policy, is projected to exceed the PV of total receipts by $79.5 trillion (total federal non-interest net expenditures from the table on the previous page).
  • The debt-to-GDP ratio ratio was approximately 97 percent at the end of FY 2022. Under current policy and based on this report’s assumptions, it is projected to reach 566 percent by 2097. The projected continuous rise of the debt-to-GDP ratio indicates that current policy is unsustainable.
  • The Statement of Social Insurance (SOSI) shows that the PV of the government’s expenditures for Social Security and Medicare Parts A, B and D, and other social insurance programs over 75 years is projected to exceed social insurance revenues by about $75.9 trillion, a $4.9 trillion increase over 2021 social insurance projections.
  • This Financial Report includes discussion and analysis of the continued effect of the federal government’s response to the COVID-19 pandemic on the government’s financial position during FY 2022.
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Last modified 04/06/23