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. Congress and the President most recently increased the debt limit by $480.0 billion in October 2021 and by $2.5 trillion in December 2021. As of September 30, 2022, the government’s total debt subject to the debt limit was $30.9 trillion. This amount, plus intra-governmental debt ($6.7 trillion) equals gross federal debt, which, with some adjustments, is subject to the statutory debt limit. As of September 30, 2022, debt held by the public, excluding accrued interest, was $24.3 trillion. The budget deficit is primarily financed through borrowing from the public.Comparing total FY 2022 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 3, and $12.8 trillion of federal employee and veteran benefits payable) yields a negative net position of $34.1 trillion.Deducting $4.9 trillion in tax and other revenues results in a “bottom line” net operating cost of $4.2 trillion for FY 2022, an increase of $1.1 trillion or 34.8 percent compared to FY 2021.The government’s gross costs of $7.4 trillion, less $531.1 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 $2.2 trillion in net losses from changes in assumptions (e.g., interest rates, inflation, disability claims rates) yields the government’s net cost of $9.1 trillion, an increase of $1.7 trillion or 23.8 percent compared to FY 2021.These amounts do not affect the current year budget deficit. 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).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.This Financial Report includes discussion and analysis of the effects that the federal government’s response to the COVID-19 pandemic continued to have on the government’s financial position during FY 2022.Table 1 on the previous page and the following summarize the federal government’s financial position: *Restated (see Financial Statement Note 1.V). See Financial Statement Note 1.T.Ģ 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 4.9 percent of GDP on average is needed (6.2 percent of GDP on average in 2021). Net unmatched transactions and balances of $0.2 billion for both FY 2022 and FY 2021 are also included in the Statements of Operations and Changes in Net Position. Total Federal Non-Interest Net Expendituresħ5-Year Fiscal Gap (Percent of Gross Domestic Product) 2ġ Unmatched transactions and balances are net adjustments needed to balance the financial statements and are due primarily to unresolved intra-governmental differences. SUSTAINABILITY MEASURES (Dollars in Trillions) General Property, Plant and Equipment, Netįederal Employee & Veteran Benefits Payable Less: Total Tax and Other Unearned Revenues The Federal Government's Financial Position and Condition 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
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |