Financial Statements of the United States Government for the Fiscal Years Ended September 30, 2020, and 2019
Statements of Long-Term Fiscal Projections (SLTFP)
The SLTFP, including the corresponding Note and RSI, are intended to help readers of the government’s financial statements assess the federal government’s financial condition and how it has changed during the year and may change in the future. The statements and corresponding analysis are specifically designed to help readers assess whether future budgetary resources will be sufficient to sustain public services and to meet obligations as they come due, assuming that current policy for federal government services and taxation continues without change.
The SLTFP display the PV of 75-year projections by major category of receipts and non-interest spending. The projections show the extent to which future receipts of the government exceed or fall short of the government’s non-interest spending and are presented both in terms of PV dollars and in terms of PV dollars as a percent of PV GDP. The projections reflect policies currently in place and are neither forecasts nor predictions. The projections are consistent with the projections for Social Security and Medicare presented in the SOSI and are based on the same economic and demographic assumptions that underlie the SOSI. The SLTFP display the fiscal gap, which is a summary measure of the change in receipts or non-interest spending that is necessary to reach a target ratio of debt held by the public to GDP at the end of the projection period. Note 24—Long-Term Fiscal Projections, explains the methods used to prepare the projections. Unaudited RSI further assesses the sustainability of current fiscal policy and provides results that are based on alternative assumptions to those used in the SLTFP.
As discussed further in Note 24, a sustainable policy is one where the debt-to-GDP ratio is stable or declining over the long term. Because GDP measures the size of the nation’s economy in terms of the total value of all final goods and services that are produced in a year , the debt-to-GDP ratio is a useful indicator of the economy’s capacity to support federal government’s services.
United States Government
Statements of Long-Term Fiscal Projections (Note 24)
Present Value of 75-Year Projections as of September 30, 2020 and 20191
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|In trillions of dollars||Percent of GDP 2|
|Social Security payroll taxes||68.5||65.7||2.9||4.2||4.3||(0.1)|
|Medicare payroll taxes||22.9||22.1||0.9||1.4||1.4||-|
|Individual income taxes||164.4||161.7||2.7||10.0||10.6||(0.6)|
|Corporation income taxes||21.0||19.3||1.7||1.3||1.3||-|
|Medicare Part A 3||32.6||32.2||0.4||2.0||2.1||(0.1)|
|Medicare Parts B & D 4||45.2||40.7||4.5||2.7||2.7||0.1|
|Total non-interest spending||374.9||338.9||36.1||22.8||22.1||0.7|
|Receipts less non-interest spending||(79.5)||(49.0)||(30.5)||(4.8)||(3.2)||(1.6)|
|Fiscal Gap 5||(5.4)||(3.8)||(1.6)|
175-year present value projections for 2020 are as of 9/30/2020 for FYs 2021-2095; projections for 2019 are as of 9/30/2019 for FYs 2020-2094.
2The 75-year present value of nominal GDP, which drives the calculations above is $1,645.1 trillion starting in FY 2021, and was $1,531.8 trillion starting in FY 2020.
3Represents portions of Medicare supported by payroll taxes.
4 Represents portions of Medicare supported by general revenues. Consistent with the President's Budget, outlays for Parts B & D are presented net of premiums.
5 To prevent the debt-to-GDP ratio from rising over the next 75 years, a combination of non-interest spending reductions and receipt increases that amounts to 5.4 percent of GDP on average is needed (3.8 percent of GDP on average in 2019). See Note 24 — Long-Term Fiscal Projections.
Totals may not equal the sum of components due to rounding.
The accompanying notes are an integral part of these financial statements.
- Current Report: Fiscal Year 2020 - PDF version
- A Message from the Secretary of the Treasury - PDF version
- Table of Contents - PDF version
- Results in Brief - PDF version
- The Nation By The Numbers
- Executive Summary - PDF version
- Management's Discussion & Analysis - PDF version
- Statement of the Comptroller General of the United States - PDF version
- Financial Statements - PDF version
- Statements of Net Cost
- Statements of Operations and Changes in Net Position
- Reconciliations of Net Operating Cost and Budget Deficit
- Statements of Changes in Cash Balance from Budget and Other Activities
- Balance Sheets
- Statements of Long-Term Fiscal Projections
- Statements of Social Insurance and Changes in Social Insurance Amounts
- Statement of Changes in Social Insurance Amounts
- Notes to the Financial Statements - PDF version
- Note 1. Summary of Significant Accounting Policies - PDF version
- Note 2. Cash and Other Monetary Assets - PDF version
- Note 3. Accounts Receivable, Net - PDF version
- Note 4. Direct Loans and Loan Guarantees Receivable, Net and Loan Guarantees Liability - PDF version
- Note 5. Inventory and Related Property, Net - PDF version
- Note 6. General Property, Plant, and Equipment, Net - PDF version
- Note 7. Securities and Investments - PDF version
- Note 8. Investments in Special Purpose Vehicles - PDF version
- Note 9. Investments in Government-Sponsored Enterprises - PDF version
- Note 10. Other Assets - PDF version
- Note 11. Accounts Payable - PDF version
- Note 12. Federal Debt and Interest Payable - PDF version
- Note 13. Federal Employee and Veteran Benefits Payable - PDF version
- Note 14. Environmental and Disposal Liabilities - PDF version
- Note 15. Benefits Due and Payable - PDF version
- Note 16. Insurance and Guarantee Program Liabilities - PDF version
- Note 17. Other Liabilities - PDF version
- Note 18. Collections and Refunds of Federal Revenue - PDF version
- Note 19. Commitments - PDF version
- Note 20. Contingencies - PDF version
- Note 21. Funds from Dedicated Collections - PDF version
- Note 22. Fiduciary Activities - PDF version
- Note 23. Social Insurance - PDF version
- Note 24. Long-Term Fiscal Projections - PDF version
- Note 25. Stewardship Property, Plant, and Equipment - PDF version
- Note 26. Disclosure Entities and Related Parties - PDF version
- Note 27. Public-Private Partnerships - PDF version
- Note 28. COVID-19 Activity - PDF version
- Note 29. Subsequent Events - PDF version
- Required Supplementary Information (Unaudited) - PDF version
- The Sustainability of Fiscal Policy - PDF version
- Social Insurance - PDF version
- Deferred Maintenance and Repairs - PDF version
- Other Claims for Refunds - PDF version
- Tax Assessments - PDF version
- Federal Oil and Gas Resources - PDF version
- Federal Natural Resources Other than Oil and Gas - PDF version
- Other Information (Unaudited) - PDF version
- U.S. Government Accountability Office Independent Auditor's Report - PDF version
- Related Resources
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