Table S–18. Federal Government Financing and Debt

(In billions of dollars)

	Actual 2000	Estimate

	Actual 2000	2001	2002	2003	2004	2005	2006	2007	2008	2009	2010	2011

Financing:
Unified budget surplus	236	281	231	242	262	269	305	340	373	420	465	526
On-budget surplus/reserve for contingencies ¹	87	125	59	49	52	32	52	69	85	117	142	184
Off-budget surplus	150	156	172	193	211	237	252	270	287	303	323	343
Financing other than the change in debt held by the public:
Premiums paid (-) on buybacks of Treasury securities ²	-6	-10	..........	..........	..........	..........	..........	..........	..........	..........	..........	..........
Changes in: ³
Treasury operating cash balance	4	3	..........	..........	..........	..........	..........	..........	..........	..........	..........	..........
Checks outstanding, deposit funds, etc. ⁴	3	-*	-1	..........	..........	..........	..........	..........	..........	..........	..........	..........
Seigniorage on coins	2	2	2	2	2	2	2	2	2	2	2	2
Less: Net financing disbursements:
Direct loan financing accounts	-22	-39	-4	-17	-18	-17	-16	-16	-16	-16	-16	-15
Guaranteed loan financing accounts	4	-1	-1	1	-*	-*	1	1	1	1	1	1

Total, financing other than the change in debt held by the public	-13	-45	-4	-15	-16	-15	-14	-13	-13	-13	-13	-13

Total, amount available to repay debt held by the public	223	236	227	227	246	254	291	326	359	406	452	513
Change in debt held by the public: ⁵ ⁶
Change in debt held by the public	-223	-236	-227	-227	-246	-254	-291	-326	-198	-125	-71	-50
Less change in excess balances	..........	..........	..........	..........	..........	..........	..........	..........	-162	-281	-381	-463
Change in net indebtedness	-223	-236	-227	-227	-246	-254	-291	-326	-359	-406	-452	-513
Debt Subject to Statutory Limitation, End of Year:
Debt issued by Treasury	5,601	5,598	5,637	5,698	5,759	5,832	5,890	5,932	6,118	6,395	6,749	7,140
Adjustment for Treasury debt not subject to limitation and agency debt subject to limitation ⁷	-15	-15	-15	-15	-15	-15	-15	-15	-15	-15	-15	-15
Adjustment for discount and premium ⁸	6	6	6	6	6	6	6	6	6	6	6	6

Total, debt subject to statutory limitation ⁹	5,592	5,588	5,627	5,688	5,749	5,822	5,881	5,922	6,108	6,385	6,740	7,130
Debt Outstanding, End of Year:
Gross Federal debt: ¹⁰
Debt issued by Treasury	5,601	5,598	5,637	5,698	5,759	5,832	5,890	5,932	6,118	6,395	6,749	7,140
Debt issued by other agencies	28	27	27	26	25	24	23	21	21	21	20	20

Total, gross Federal debt	5,629	5,625	5,664	5,724	5,784	5,856	5,913	5,953	6,138	6,415	6,770	7,160
Held by:
Debt securities held as assets by Government accounts	2,219	2,451	2,717	3,004	3,310	3,636	3,985	4,352	4,735	5,137	5,562	6,002
Debt securities held as assets by the public: ⁶
Debt held by the public	3,410	3,174	2,947	2,720	2,473	2,219	1,928	1,602	1,404	1,279	1,208	1,158
Less excess balances	..........	..........	..........	..........	..........	..........	..........	..........	-162	-443	-824	-1,287
Net indebtedness ¹¹	3,410	3,174	2,947	2,720	2,473	2,219	1,928	1,602	1,242	836	384	-129

*$500 million or less. ¹ The actual amount of annual debt retirement will vary depending upon the availability of eligible redeemable debt, and the use, if any, of the contingency reserve. ² This table includes estimates for Treasury buybacks of outstanding securities only through 2001. These estimates assume that Treasury will buy back $35 billion (face value) of securities in 2001. The premiums paid on buybacks are based on experience to date and the interest rates in the economic assumptions. ³ A decrease in the Treasury operating cash balance (which is an asset) would be a means of financing a deficit and therefore has a positive sign. An increase in checks outstanding or deposit fund balances (which are liabilities) would also be a means of financing a deficit and therefore would also have a positive sign. ⁴ Besides checks outstanding and deposit funds, includes accrued interest payable on Treasury debt, miscellaneous liability accounts, allocations of special drawing rights, and, as an offset, cash and monetary assets other than the Treasury operating cash balance, miscellaneous asset accounts, and profit on sale of gold. ⁵ Indian tribal funds that are owned by the Indian tribes and held and managed in a fiduciary capacity by the Government on the tribes' behalf were reclassified from trust funds to deposit funds as of October 1, 1999. Their holdings of Treasury securities were accordingly reclassified from debt held by Government accounts to debt held by the public, which affected the change in debt held by the public without affecting borrowing or the repayment of debt. ⁶ The amount of the unified budget surplus that is available to repay debt held by the public is estimated to be more than the amount of debt that is available to be redeemed in 2008 and subsequent years. The difference is assumed to be held as "excess balances." ("Excess" means in excess of the amounts held for operational and programmatic purposes.) The debt held by the public is the amount of Federal debt securities held by the public. The net indebtedness is the debt held by the public less the excess balances. ⁷ Consists primarily of Federal Financing Bank debt. ⁸ Consists of unamortized discount (less premium) on public issues of Treasury notes and bonds (other than zero-coupon bonds) and unrealized discount on Government account series securities. ⁹ The statutory debt limit is $5,950 billion. ¹⁰ Treasury securities held by the public and zero-coupon bonds held by Government accounts are almost entirely measured at sales price plus amortized discount or less amortized premium. Agency debt is almost entirely measured at face value. Treasury securities in the Government account series are measured at face value less unrealized discount (if any). ¹¹ At the end of 2000, the Federal Reserve Banks held $511 billion of Federal securities and the rest of the public held $2,899 billion. Debt held by the Federal Reserve Banks is not estimated for future years.

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