Executive Summary to the Fiscal Year 2023 Financial Report of U.S. 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 2023:
- The budget deficit increased by $319.7 billion (23.2 percent) to $1.7 trillion and net operating cost decreased by $753.8 billion (18.1 percent) to $3.4 trillion.
- Net operating cost decreased due largely to significant decreases in non-cash costs (including decreases in losses stemming from changes in assumptions affecting cost and liability estimates for the government’s employee and veteran benefits programs (which do not affect the current year deficit) and reestimates of long-term student loan costs).
- The government’s gross costs of $7.7 trillion, less $539.5 billion in revenues earned for goods and services provided to the public, plus $760.6 billion in net losses from changes in assumptions yields the government’s net cost of $7.9 trillion, a decrease of $1.2 trillion (13.3 percent) from FY 2022.
- Tax and other revenues decreased by $460.3 billion to $4.5 trillion. Deducting these revenues from net cost yields the federal government’s “bottom line” net operating cost of $3.4 trillion referenced above.
- Comparing total government assets of $5.4 trillion (including $1.7 trillion of loans receivable, net and $1.2 trillion of PP&E) to total liabilities of $42.9 trillion (including $26.3 trillion in federal debt and interest payable, and $14.3 trillion of federal employee and veteran benefits payable) yields a negative net position of $37.5 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 $73.2 trillion (total federal non-interest net expenditures from the table on the previous page).
- The debt-to-GDP ratio was approximately 97 percent at the end of FY 2023. Under current policy and based on this report’s assumptions, it is projected to reach 531 percent by 2098. 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 $78.4 trillion, a $2.5 trillion increase over 2022 social insurance projections.
- Current Report: Fiscal Year 2023 - PDF version
- A Message from the Secretary of the Treasury - PDF version
- Table of Contents - 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
- 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. Loans Receivable, Net and Loan Guarantee Liabilities - PDF version
- Note 5. Inventory and Related Property, Net - PDF version
- Note 6. General Property, Plant, and Equipment, Net - PDF version
- Note 7. Investments - PDF version
- Note 8. Investments in Government-Sponsored Enterprises - PDF version
- Note 9. Advances and Prepayments - 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. Advances from Others and Deferred Revenue - PDF version
- Note 18. Other Liabilities - PDF version
- Note 19. Collections and Refunds of Federal Revenue - PDF version
- Note 20. Commitments - PDF version
- Note 21. Contingencies - PDF version
- Note 22. Funds from Dedicated Collections - PDF version
- Note 23. Fiduciary Activities - PDF version
- Note 24. Long-Term Fiscal Projections - PDF version
- Note 25. Social Insurance - PDF version
- Note 26. Stewardship Property, Plant, and Equipment - PDF version
- Note 27. Disclosure Entities and Related Parties - PDF version
- Note 28. Public-Private Partnerships - PDF version
- Note 29. COVID-19 Activity - PDF version
- Note 30. 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
- Land and Permanent Land Rights - PDF version
- Other Information (Unaudited) - PDF version
- Tax Burden - PDF version
- Tax Gap - PDF version
- Tax Expenditures - PDF version
- Unmatched Transactions and Balances - PDF version
- Appendices
- Appendix A: Reporting Entity - PDF version
- Appendix B: Glossary of Acronyms - PDF version
- U.S. Government Accountability Office Independent Auditor's Report - PDF version
- Related Resources
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Certain material weaknesses, limitations, and uncertainties prevented the Government Accountability Office from expressing an opinion on the U.S. Government's consolidated financial statements included in the Financial Report and, therefore, GAO disclaimed an opinion on such statements. Certain information included on or referenced in this website, such as individual agency financial reports that were audited by other auditors, is separate from and not specifically reported in the Financial Report and therefore not covered by GAO's disclaimer.