Bureau of the Fiscal Service's FY 2020 and FY 2019 Schedules of Federal Debt (GAO-21-124)
Summary
A GAO financial audit report to the Secretary of the Treasury, GAO-21-124, dated November 2020, on the Bureau of the Fiscal Service's Schedules of Federal Debt for fiscal years 2020 and 2019. GAO audits these schedules annually because of the significance of the federal debt to the government-wide financial statements. In GAO's opinion the schedules are fairly presented in all material respects. GAO also reports that, although internal controls could be improved, Fiscal Service maintained effective internal control over financial reporting relevant to the Schedule of Federal Debt as of September 30, 2020.
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United States Government Accountability Office
Report to the Secretary of the Treasury
FINANCIAL AUDIT
November 2020
Bureau of the Fiscal
Service’s FY 2020
and FY 2019
Schedules of Federal
Debt
GAO-21-124
November 2020
FINANCIAL AUDIT
Bureau of the Fiscal Service’s FY 2020 and FY 2019
Schedules of Federal Debt
Highlights of GAO-21-124, a report to the
Secretary of the Treasury
Why GAO Did This Study What GAO Found
GAO audits the consolidated financial In GAO’s opinion, the Bureau of the Fiscal Service’s (Fiscal Service) Schedules
statements of the U.S. government. of Federal Debt for fiscal years 2020 and 2019 are fairly presented in all material
Because of the significance of the respects, and although internal controls could be improved, Fiscal Service
federal debt to the government-wide maintained, in all material respects, effective internal control over financial
financial statements, GAO audits reporting relevant to the Schedule of Federal Debt as of September 30, 2020.
Fiscal Service’s Schedules of Federal GAO’s tests of selected provisions of applicable laws, regulations, contracts, and
Debt annually to determine whether, grant agreements related to the Schedule of Federal Debt disclosed no instances
in all material respects, (1) the of reportable noncompliance for fiscal year 2020. Although Fiscal Service made
schedules are fairly presented and (2)
progress in addressing prior year deficiencies, unresolved information system
Fiscal Service management
controls deficiencies continued to represent a significant deficiency in Fiscal
maintained effective internal control
over financial reporting relevant to the
Service’s internal control over financial reporting, which although not a material
Schedule of Federal Debt. Further, weakness, is important enough to merit attention by those charged with
GAO tests compliance with selected governance of Fiscal Service.
provisions of applicable laws, Debt Held by the Public in Fiscal Year 2020
regulations, contracts, and grant
agreements related to the Schedule of During fiscal year 2020, debt held by the public increased by $4,210 billion—the
Federal Debt. largest annual dollar increase in history.
Federal debt managed by Fiscal Cumulative Change in Debt Held by the Public, October 1, 2019, through September 30, 2020
Service consists of Treasury
securities held by the public and by
certain federal government accounts,
referred to as intragovernmental debt
holdings.
Debt held by the public primarily
represents the amount the federal
government has borrowed to finance
cumulative cash deficits and is held
by investors outside of the federal
government—including individuals,
corporations, state or local
governments, the Federal Reserve,
and foreign governments. The
majority of debt held by the public
consists of marketable Treasury
securities, such as bills, notes, and The primary factor for the significant increase in debt held by the public was the
bonds that are sold through auctions federal deficit, which was reported as $3,132 billion for fiscal year 2020—up from
and can be resold by whoever owns $984 billion for fiscal year 2019. The deficit increased primarily because of the
them. economic disruptions caused by the COVID-19 pandemic and the additional
spending by the federal government in response. The increase in debt held by
the public was greater than the deficit primarily because of increases in the
government’s cash balance given the uncertainty of COVID-19–related outflows.
The Department of the Treasury (Treasury) met its borrowing needs by initially
increasing auction sizes for regularly scheduled short-term bills and increasing
the issuance of cash management bills (CMB). From mid-March to September
View GAO-21-124. For more information,
contact Dawn B. Simpson at (202) 512-3406 30, 2020, Treasury issued 116 CMBs, compared to five CMBs during fiscal year
or simpsondb@gao.gov. 2019. Starting in May 2020, Treasury also began shifting its financing to longer-
term securities, including the reintroduction of the 20-year bond in June.
United States Government Accountability Office
While debt held by the public increased substantially during fiscal year 2020,
Why GAO Did This Study interest on debt held by the public decreased to $371 billion in fiscal year 2020—
(continued) down from $404 billion in fiscal year 2019—in part because of the significant
decline in interest rates during fiscal year 2020. Currently, low interest rates on
Intragovernmental debt holdings Treasury securities are reducing the cost of newly issued debt.
represent debt owed by Treasury to
federal government accounts— Debt Held by the Public over Time
primarily federal trust funds such as
From fiscal year 1997, the first year of audit, through September 30, 2020, total
Social Security and Medicare—that
federal debt managed by Fiscal Service has increased from $5,398 billion to
typically have an obligation to invest
their excess annual receipts (including
$26,938 billion, with debt held by the public increasing from $3,815 billion to
interest earnings) over disbursements $21,019 billion.
in federal securities. Total Federal Debt Outstanding, September 30, 1997, through September 30, 2020
The total amount of federal debt that
can be outstanding at one time is
subject to a legal limit known as the
debt limit. However, the debt limit is not
a control on debt but rather an after-
the-fact measure that restricts
Treasury’s authority to borrow to
finance the decisions already enacted
by Congress and the President. Delays
in raising the debt limit have created
uncertainty and disruptions in the
Treasury market and increased
borrowing costs. On August 2, 2019,
the Bipartisan Budget Act of 2019
suspended the debt limit through July
31, 2021, thereby covering all of fiscal As a share of gross domestic product (GDP)—an approximation of the overall
year 2020. Absent action to increase or size of the economy—debt held by the public increased from about 79 percent at
suspend the debt limit by the end of the end of fiscal year 2019 to about 100 percent at the end of fiscal year 2020.
the current suspension period, on The ratio of debt to GDP is used to gauge a country’s ability to pay its debt. The
August 1, 2021, the debt limit will be increase in the ratio reflects not only the rise in debt held by the public but also
increased to the amount of qualifying the decline in GDP as the economy entered a recession in February 2020.
federal debt securities outstanding on
that date. As GAO has previously reported, in the longer term, federal spending is
projected to increase more rapidly than revenue. Federal spending on health
In commenting on a draft of this report, care is a key driver of projected growth in spending because of greater
Fiscal Service concurred with GAO’s enrollment, particularly in Medicare, and increasing expenditures per beneficiary.
conclusions. In addition, in the longer term, interest on debt held by the public is projected to
increase overall and as a share of the federal budget as debt grows—from the
imbalance between spending and revenues—and interest rates rise. The
structural imbalance between the federal government’s spending and revenue
that is built into current law and policy is projected to lead to continued growth in
debt held by the public as a share of GDP.
As GAO testified in October 2020, the long-term fiscal challenges facing the
United States have been complicated by the COVID-19 pandemic and actions
taken in response. Absent action to address the growing imbalance between
spending and revenue, the federal government faces unsustainable growth in its
debt. GAO has previously stated that the federal government needs a long-term
plan to help put it on a sustainable fiscal path. Once the current crisis abates,
having a long-term plan with clear goals and objectives agreed to by Congress
and the administration, as well as strategies for achieving those goals and
objectives, would provide transparency over the fiscal impacts of budget
decisions for each year as well as over the long term. GAO has suggested that
Congress consider including fiscal rules and targets—such as a debt-to-GDP
target—and alternative approaches to the debt limit—such as linking action on
the debt limit to the budget resolution—as part of a long-term fiscal plan.
Contents
Letter 1
Independent Auditor’s Report 11
Report on the Schedules of Federal Debt and on Internal Control
over Financial Reporting 11
Report on Compliance with Laws, Regulations, Contracts, and
Grant Agreements 18
Agency Comments 19
Overview, Schedules, and Notes Prepared by the Bureau of the Fiscal Service 20
Overview on Federal Debt Managed by the Bureau of the Fiscal
Service 20
Schedules of Federal Debt Managed by the Bureau of the Fiscal
Service 32
Notes to the Schedules of Federal Debt Managed by the Bureau
of the Fiscal Service 33
Appendix I Management’s Report on Internal Control over Financial Reporting
Relevant to the Schedule of Federal Debt 39
Appendix II Comments from the Bureau of the Fiscal Service 40
Page i GAO-21-124 Schedules of Federal Debt
Abbreviations
COVID-19 Coronavirus Disease 2019
Fiscal Service Bureau of the Fiscal Service
FMFIA Federal Managers’ Financial Integrity Act
GDP gross domestic product
Overview Overview on Federal Debt Managed by the
Bureau of the Fiscal Service
Schedule of Federal Debt Schedule of Federal Debt Managed by the
Bureau of the Fiscal Service
Treasury Department of the Treasury
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Page ii GAO-21-124 Schedules of Federal Debt
Letter
441 G St. N.W.
Washington, DC 20548
November 9, 2020
The Honorable Steven T. Mnuchin
Secretary of the Treasury
Dear Mr. Secretary:
The accompanying independent auditor’s report presents the results of
our audits of the fiscal years 2020 and 2019 Schedules of Federal Debt
Managed by the Bureau of the Fiscal Service (Schedule of Federal Debt).
The independent auditor’s report contains (1) our opinion that the
Schedules of Federal Debt for the fiscal years ended September 30,
2020, and 2019, are presented fairly, in all material respects, in
accordance with U.S. generally accepted accounting principles; (2) our
opinion that although internal controls could be improved, the Bureau of
the Fiscal Service (Fiscal Service) maintained, in all material respects,
effective internal control over financial reporting relevant to the Schedule
of Federal Debt as of September 30, 2020; and (3) the results of our tests
of Fiscal Service’s compliance with selected provisions of applicable laws,
regulations, contracts, and grant agreements related to the Schedule of
Federal Debt, which identified no instances of reportable noncompliance.
The report also discusses deficiencies that we identified in information
system controls that collectively represent a significant deficiency in
internal control over financial reporting relevant to the Schedule of
Federal Debt. 1
The Schedules of Federal Debt present the beginning balances,
increases and decreases, and ending balances for (1) Federal Debt Held
by the Public and Intragovernmental Debt Holdings, (2) the related
Accrued Interest Payables, and (3) the related Net Unamortized
Premiums and Discounts managed by the Department of the Treasury’s
(Treasury) Fiscal Service, and include accompanying notes. As of
September 30, 2020, and 2019, federal debt managed by Fiscal Service
1A significant deficiency is a deficiency, or a combination of deficiencies, in internal control
over financial reporting that is less severe than a material weakness yet important enough
to merit attention by those charged with governance. A material weakness is a deficiency,
or combination of deficiencies, in internal control over financial reporting, such that there is
a reasonable possibility that a material misstatement of the entity’s financial statements
will not be prevented, or detected and corrected, on a timely basis. A deficiency in internal
control exists when the design or operation of a control does not allow management or
employees, in the normal course of performing their assigned functions, to prevent, or
detect and correct, misstatements on a timely basis.
Page 1 GAO-21-124 Schedules of Federal Debt
totaled $26,938 billion and $22,711 billion, respectively, primarily for
borrowings to fund the federal government’s operations. As shown on the
Schedules of Federal Debt, these balances consisted of approximately
(1) $21,019 billion as of September 30, 2020, and $16,809 billion as of
September 30, 2019, of debt held by the public and (2) $5,919 billion as
of September 30, 2020, and $5,902 billion as of September 30, 2019, of
intragovernmental debt holdings.
Debt held by the public primarily represents the amount the federal
government has borrowed from the public to finance cumulative cash
deficits. When a cash surplus occurs, the annual excess funds can be
used to reduce debt held by the public. In other words, annual cash
deficits or surpluses generally represent the annual net change in the
amount of federal government borrowing from the public. Debt held by the
public represents federal debt issued by Treasury and held by investors
outside of the federal government—including individuals, corporations,
state or local governments, the Federal Reserve, and foreign
governments. The majority of debt held by the public consists of
marketable Treasury securities, such as bills, notes, bonds, floating rate
notes, and Treasury Inflation-Protected Securities that are sold through
auctions and can be resold by whoever owns them. Treasury also issues
a smaller amount of nonmarketable securities, such as savings securities
and State and Local Government Series securities.
As we have noted in previous years, Treasury reporting shows that
foreign ownership of Treasury securities represents a significant portion
of debt held by the public. 2 As of June 30, 2020, the reported amount of
foreign holdings of Treasury securities represented an estimated 34
percent of debt held by the public. This percentage is lower than the 41
percent of debt held by the public as of June 30, 2019, but higher than the
estimated 30 percent of debt held by the public as of June 30, 2001. 3
Treasury estimated that the amount of foreign holdings of Treasury
securities has increased from $983 billion as of June 30, 2001, to $6,638
billion as of June 30, 2019, and $7,047 billion as of June 30, 2020. 4 While
2GAO, Financial Audit: Bureau of the Fiscal Service’s FY 2019 and FY 2018 Schedules of
Federal Debt, GAO-20-117 (Washington, D.C.: Nov. 8, 2019).
3June 30, 2001, is a recent approximate low point for foreign holdings of Treasury
securities.
4Department of the Treasury, Major Foreign Holders of Treasury Securities, accessed
November 2, 2020, http://ticdata.treasury.gov/Publish/mfh.txt.
Page 2 GAO-21-124 Schedules of Federal Debt
estimated foreign holdings increased by $409 billion from June 30, 2019,
to June 30, 2020, foreign holdings as a percentage of debt held by the
public decreased because of the significant increases in debt held by the
public starting in mid-March 2020, as discussed later in this report, which
had a higher percentage of domestic ownership. 5 Estimates of foreign
ownership of Treasury securities are derived from information reported
under the Treasury International Capital reporting system, not from the
financial system used to prepare the Schedule of Federal Debt. 6 These
estimates are not reported on the Schedules of Federal Debt, and as
such, we do not audit these amounts.
Intragovernmental debt holdings represent federal debt owed by Treasury
to federal government accounts—primarily federal trust funds such as
Social Security and Medicare—that typically have an obligation to invest
their excess annual receipts (including interest earnings) over
disbursements in federal securities. Most federal government accounts
invest in special nonmarketable Treasury securities that represent legal
obligations of Treasury and are guaranteed for principal and interest by
the full faith and credit of the U.S. government. The federal government
uses the federal government accounts’ invested cash surpluses to assist
in funding other federal government operations. Unlike debt held by the
public, intragovernmental debt holdings are not shown as balances on the
federal government’s consolidated financial statements because they
represent loans from one part of the federal government to another.
Under U.S. generally accepted accounting principles, when the federal
government’s financial statements are consolidated, those offsetting
balances are eliminated.
Debt held by the public and intragovernmental debt holdings are very
different. Debt held by the public represents a claim on today’s taxpayers
and absorbs resources from today’s economy. In addition, the interest
paid on this debt may reduce budget flexibility because, unlike most of the
budget, it cannot be controlled directly. In contrast, intragovernmental
debt holdings reflect a claim on taxpayers and the economy in the future.
Specifically, when federal government accounts redeem Treasury
5Domestic investors include private investors, the Federal Reserve, and state and local
governments.
6The data reported under the Treasury International Capital reporting system are collected
primarily from U.S.-based custodians. According to Treasury, since U.S. securities held in
overseas custody accounts may not be attributed to the actual owners, the data may not
provide a precise accounting of individual country ownership of Treasury securities.
Page 3 GAO-21-124 Schedules of Federal Debt
securities to obtain cash to fund expenditures, Treasury usually borrows
from the public to finance these redemptions. 7
We have audited the Schedule of Federal Debt since fiscal year 1997.
Over this period, total federal debt has increased from $5,398 billion as of
September 30, 1997, to $26,938 billion as of September 30, 2020. The
increase in total federal debt has been driven largely by the increase in
debt held by the public over the same period, from $3,815 billion as of
September 30, 1997, to $21,019 billion as of September 30, 2020. During
fiscal year 2020, total federal debt increased by $4,227 billion and
consisted of a (1) $4,210 billion increase in debt held by the public—the
largest annual dollar increase in history—and (2) $17 billion increase in
intragovernmental debt holdings.
The primary factor for the significant increase in debt held by the public
was the federal deficit. 8 The reported federal deficit increased for the fifth
consecutive year to $3,132 billion for fiscal year 2020—the largest
recorded federal deficit in history—up from $984 billion, $779 billion, $666
billion, $586 billion, and $439 billion for fiscal years 2019, 2018, 2017,
2016, and 2015, respectively. The deficit increased in fiscal year 2020
primarily because of economic disruptions caused by the Coronavirus
Disease 2019 (COVID-19) pandemic and the additional spending by the
federal government in response. 9 The fiscal year 2020 increase in debt
held by the public of $4.2 trillion was greater than the reported fiscal year
2020 federal deficit of $3.1 trillion primarily because of increases in the
government’s cash balance of about $1.4 trillion and direct loan financing
7For more information regarding the federal debt, see GAO, America’s Fiscal Future:
Federal Debt, accessed November 2, 2020,
https://www.gao.gov/americas_fiscal_future?t=federal_debt#understanding_the_debt.
8The federal deficit is the amount by which the government’s spending exceeds its
revenues for a given period, usually a fiscal year.
9On January 31, 2020, the Secretary of Health and Human Services declared a public
health emergency for the United States stemming from confirmed cases of COVID-19,
retroactive to January 27, 2020. On March 11, 2020, the World Health Organization
characterized the outbreak of COVID-19 as a pandemic. Pandemic outbreaks can lead to
catastrophic loss of life, as well as sustained damage to the economy, societal stability,
and global security. In response to the national public health and economic threats caused
by COVID-19, four relief laws making appropriations of about $2.6 trillion had been
enacted as of April 24, 2020. No additional relief laws were enacted as of September 30,
2020. See GAO, COVID-19: Opportunities to Improve Federal Response and Recovery
Efforts, GAO-20-625 (Washington, D.C.: June 25, 2020).
Page 4 GAO-21-124 Schedules of Federal Debt
of about $0.2 trillion, offset by guaranteed loan financing of $0.5 trillion. 10
Since mid-March 2020, Treasury has dramatically increased its cash
balance to historically high levels. As of September 30, 2020, Treasury’s
cash balance was $1,782 billion, compared to $326 billion as of March
13, 2020—an increase of $1,456 billion. According to Treasury, it is
maintaining an elevated cash balance to maintain prudent liquidity in light
of the size and relative uncertainty of COVID-19–related outflows.
Treasury met its unprecedented borrowing needs in fiscal year 2020 by
initially increasing auction sizes for regularly scheduled short-term bills
and increasing the issuance of cash management bills (CMB). 11 From
mid-March to September 30, 2020, Treasury issued 116 CMBs,
compared to five CMBs issued during fiscal year 2019. As of September
30, 2020, there were $1,955 billion of CMBs outstanding. Starting in May
2020, Treasury began to shift its financing to longer-term securities by
increasing the auction sizes of the 2-, 3-, 5-, 7-, and 10-year notes, as
well as the 30-year bond. Treasury also reintroduced the 20-year bond in
June 2020. 12 In addition, Treasury used its borrowing authority to issue
special nonmarketable securities to special purpose vehicles (SPV)
10Federal direct loan and guaranteed loan financing are governed by the Federal Credit
Reform Act of 1990 (FCRA), which requires agencies to estimate the cost to the
government of extending or guaranteeing credit. The policies enacted under FCRA,
sometimes referred to simply as credit reform, recognized that the actual cost of a direct
loan or loan guarantee was not captured by its cash flows in any one year, but rather by
the net present value—worth in terms of money paid immediately—of its cash flows over
the life of the loan. Under FCRA, the budget records the federal government’s estimated
net long-term cost—referred to as subsidy cost—in the year the direct loan or loan
guarantee is made. As such, although the full amount of the loans were disbursed for
direct loans, which require Treasury to borrow to fund the loans, only the subsidy cost was
reflected in the federal deficit. In the case of loan guarantees, even though the federal
government may not have made payments and therefore Treasury would not have
immediate borrowing needs, the subsidy cost was reflected in the federal deficit.
11CMBs are short-term securities that are issued with variable maturity dates. These
securities are issued to meet any short-term cash needs as determined by Treasury.
12Treasury last issued a 20-year bond in 1986.
Page 5 GAO-21-124 Schedules of Federal Debt
established by the Federal Reserve. 13 As of September 30, 2020, the
total amount of SPV securities outstanding was $96 billion.
While debt held by the public increased substantially during fiscal year
2020, interest on debt held by the public decreased to $371 billion in
fiscal year 2020—down from $404 billion in fiscal year 2019—in part
because of the significant decline in interest rates during fiscal year
2020. 14 For example, the average interest rate on Treasury bills
decreased to 0.2 percent as of September 30, 2020, compared to 2.1
percent as of September 30, 2019. Interest on debt held by the public
depends not only on the amount of debt but also on interest rates.
Currently, low interest rates on Treasury securities are reducing the cost
of newly issued debt.
As a share of gross domestic product (GDP), debt held by the public
increased from about 79 percent at the end of fiscal year 2019 to about
100 percent at the end of fiscal year 2020. 15 The share increase reflects
not only the rise in debt held by the public but also the decline in GDP as
the economy entered a recession in February 2020. 16 As we have
previously reported, in the longer term, federal spending is projected to
increase more rapidly than revenue. The structural imbalance between
the federal government’s spending and revenue that is built into current
13The Federal Reserve Board, under the authority of Section 13(3) of the Federal Reserve
Act, 12 U.S.C. § 343(3), with approval of the Secretary of the Treasury, authorized the
Federal Reserve Banks of Boston and New York to establish lending facilities to support
lending to small and medium-sized business and the flow of credit to households and
businesses to help the nation respond to the COVID-19 emergency. The Federal Reserve
further established legal entities known as special purpose vehicles (SPV) to implement
the lending facilities. Treasury, as authorized by the Coronavirus Aid, Relief, and
Economic Security Act, made equity investments in the SPVs. The SPVs may invest in
special non-marketable Treasury securities (known as SPV securities), which are demand
deposit certificates of indebtedness for which interest accrues daily and is paid at
redemption.
14The Federal Reserve lowered interest rates as part of its strategy to support the
economy during the COVID-19 pandemic.
15GDP is the value of all goods and services produced within the borders of a country in a
given period. The dollar value of debt is difficult to interpret absent some sense of the size
of the economy supporting it. Therefore, the ratio of debt to GDP is used to gauge a
country’s ability to pay its debt. Other factors being equal, increasing GDP lowers the
debt-to-GDP ratio while decreasing GDP raises this ratio.
16In fiscal year 2020, GDP was about $20,997 billion, down from about $21,216 billion in
fiscal year 2019.
Page 6 GAO-21-124 Schedules of Federal Debt
law and policy is projected to lead to continued growth in debt held by the
public as a share of GDP. 17
Federal spending on health care is a key driver of projected growth in
spending on federal programs in the longer term because of greater
enrollment, particularly in Medicare, and increasing expenditures per
beneficiary. 18 Enrollment in the Medicare program has grown and is
expected to continue growing as the number of people age 65 and older
increases as a result of the relatively large baby boom generation and
increases in life expectancy. Spending per beneficiary, which is estimated
to rise with the costs of providing health care, is affected by various
factors, including the emergence of new medical procedures and
treatments. 19
In addition, projected growth in spending on federal programs contributes
to long-term growth in federal outlays both directly and indirectly, as
spending financed by debt leads to increased payments of interest. In the
longer term, interest on debt held by the public is projected to increase
overall and as a share of the federal budget as debt grows—from the
imbalance between spending and revenues—and as interest rates rise.
For example, in its 2020 long-term budget outlook report, the
Congressional Budget Office (CBO) projected that interest rates on 10-
year Treasury notes will rise from an average of 0.7 percent in mid-2020
to 3.2 percent in 2030 and 4.8 percent in 2050. Interest rates can also
have a compounding effect on the debt, as borrowing to make interest
payments adds to the debt. Because of economic disruptions from the
COVID-19 pandemic and actions taken by the Federal Reserve in
response, CBO reduced selected interest rate projections in its July 2020
update to the economic outlook report; however, interest rates are still
projected to rise over time. 20
17GAO, The Nation’s Fiscal Health: Action Is Needed to Address the Federal
Government’s Fiscal Future, GAO-20-403SP (Washington, D.C.: Mar. 12, 2020).
18Medicare beneficiaries include most individuals age 65 and older, in addition to
individuals under age 65 who are receiving benefits from Social Security or the Railroad
Retirement Board on the basis of a disability and those with end stage renal disease.
19GAO-20-403SP.
20In its September 2020 long-term budget outlook report, CBO noted that its projections
were consistent with those reported in July 2020.
Page 7 GAO-21-124 Schedules of Federal Debt
As GAO testified in October 2020, the long-term fiscal challenges facing
the United States have been complicated by the COVID-19 pandemic and
actions taken in response. 21 Absent action to address the growing
imbalance between spending and revenue, the federal government faces
unsustainable growth in its debt. Since 2017, we have stated that the
federal government needs a long-term plan to help put it on a sustainable
fiscal path. We recently suggested that Congress should consider
establishing a long-term fiscal plan that includes fiscal rules and targets,
such as a debt-to-GDP target, and weigh GAO’s key considerations to
ensure proper design, implementation, and enforcement of these rules
and targets. 22 Once the current crisis abates, having a long-term plan with
clear goals and objectives agreed to by Congress and the administration,
as well as strategies for achieving those goals and objectives, would
provide transparency over the fiscal impacts of budget decisions for each
year as well as over the long term.
We have also previously suggested that Congress consider alternative
approaches to the debt limit, such as linking action on the debt limit to the
budget resolution, as part of a long-term fiscal plan. 23 Since 1997—our
first year of audit—the statutory debt limit has been raised 19 times, from
$5,950 billion to $21,988 billion. 24 Notably, delays in raising the debt limit
have occurred in 9 of the last 10 fiscal years, resulting in Treasury
deviating from its normal debt management operations and taking
extraordinary actions consistent with relevant laws to avoid exceeding the
debt limit. 25 On August 2, 2019, the Bipartisan Budget Act of 2019
suspended the debt limit through July 31, 2021, thereby covering all of
21GAO, The Nation’s Fiscal Health: A Long-Term Plan Is Needed for Fiscal Sustainability,
GAO-21-161T (Washington, D.C.: Oct. 7, 2020).
22GAO, The Nation’s Fiscal Health: Effective Use of Fiscal Rules and Targets,
GAO-20-561 (Washington, D.C.: Sept. 23, 2020).
23The debt limit is a legal limit on the total amount of federal debt that can be outstanding
at one time. GAO, The Nation’s Fiscal Health: Actions Needed to Achieve Long-Term
Fiscal Sustainability, GAO-19-611T (Washington, D.C.: June 26, 2019).
24A small amount of total federal debt reported on the Schedule of Federal Debt is not
subject to the debt limit. This amount primarily consists of unamortized discounts on
Treasury bills and zero-coupon Treasury bonds.
25Treasury considers actions that are not part of its normal cash and debt management
operations “extraordinary actions.”
Page 8 GAO-21-124 Schedules of Federal Debt
fiscal year 2020. 26 Pursuant to this act, the statutory debt limit established
in 31 U.S.C. § 3101(b) does not apply for the suspension period. Absent
action to increase or suspend the debt limit by the end of the current
suspension period, on August 1, 2021, the debt limit will be increased to
the amount of qualifying federal debt securities outstanding on that date.
As we have previously reported, the debt limit does not restrict Congress
and the President’s ability to enact spending and revenue legislation that
affects the level of federal debt, nor does it otherwise constrain fiscal
policy. 27 Rather, the debt limit is an after-the-fact measure that restricts
Treasury’s authority to borrow to finance the decisions that Congress and
the President have already enacted. The United States benefits from the
confidence investors have that debt backed by the full faith and credit of
the United States will be honored. However, as we reported in 2015,
delays in raising the debt limit have created uncertainty and disruptions in
the Treasury market and increased borrowing costs. 28 GAO has
recommended that Congress consider alternative approaches to the
current debt limit to avoid seriously disrupting the Treasury market and
increasing borrowing costs and to allow it to better manage the federal
government’s level of debt. 29
We are sending copies of this report to the appropriate congressional
committees, the Fiscal Assistant Secretary of the Treasury, the
Commissioner of the Bureau of the Fiscal Service, the Inspector General
of the Department of the Treasury, the Director of the Office of
Management and Budget, and other interested parties. In addition, this
report is available at no charge on the GAO website at
https://www.gao.gov.
26Section 301 of the Bipartisan Budget Act of 2019, Pub. L. No. 116-37, § 301, 133 Stat.
1049, 1057 (Aug. 2, 2019), temporarily suspended the statutory debt limit. Pursuant to this
act, 31 U.S.C. § 3101(b) does not apply for the period of August 2, 2019, through July 31,
2021.
27GAO, Debt Limit: Market Response to Recent Impasses Underscores Need to Consider
Alternative Approaches, GAO-15-476 (Washington, D.C.: July 9, 2015); Debt Limit:
Analysis of 2011-2012 Actions Taken and Effect of Delayed Increase on Borrowing Costs,
GAO-12-701 (Washington, D.C.: July 23, 2012); and Debt Limit: Delays Create Debt
Management Challenges and Increase Uncertainty in the Treasury Market, GAO-11-203
(Washington, D.C.: Feb. 22, 2011).
28GAO-15-476.
29GAO-20-403SP.
Page 9 GAO-21-124 Schedules of Federal Debt
If you or your staff have any questions concerning this report, please
contact me at (202) 512-3406 or simpsondb@gao.gov. Contact points for
our Offices of Congressional Relations and Public Affairs may be found
on the last page of this report.
Sincerely yours,
Dawn B. Simpson
Director
Financial Management and Assurance
Page 10 GAO-21-124 Schedules of Federal Debt
Independent Auditor’s Report
441 G St. N.W.
Washington, DC 20548
Independent Auditor’s Report
To the Commissioner of the Bureau of the Fiscal Service
In our audits of the fiscal years 2020 and 2019 Schedules of Federal Debt
Managed by the Bureau of the Fiscal Service (Schedule of Federal Debt),
we found
• the Schedules of Federal Debt for the fiscal years ended September
30, 2020, and 2019, are presented fairly, in all material respects, in
accordance with U.S. generally accepted accounting principles;
• although internal controls could be improved, the Bureau of the Fiscal
Service (Fiscal Service) maintained, in all material respects, effective
internal control over financial reporting relevant to the Schedule of
Federal Debt as of September 30, 2020; and
• no reportable noncompliance for fiscal year 2020 with provisions of
applicable laws, regulations, contracts, and grant agreements we
tested related to the Schedule of Federal Debt.
The following sections discuss in more detail (1) our report on the
Schedules of Federal Debt and on internal control over financial reporting,
which includes other information included with the Schedules of Federal
Debt; 1 (2) our report on compliance with laws, regulations, contracts, and
grant agreements; and (3) agency comments.
In connection with fulfilling our requirement to audit the consolidated
Report on the financial statements of the U.S. government, we have audited the
Schedules of Federal Schedules of Federal Debt because of the significance of the federal debt
to the federal government’s consolidated financial statements. 2 The
Debt and on Internal Schedules of Federal Debt present the beginning balances, increases
Control over Financial and decreases, and ending balances for (1) Federal Debt Held by the
Public and Intragovernmental Debt Holdings, (2) the related Accrued
Reporting Interest Payables, and (3) the related Net Unamortized Premiums and
Discounts managed by the Department of the Treasury’s (Treasury)
1Other information consists of the Overview on Federal Debt Managed by the Bureau of
the Fiscal Service.
231 U.S.C. § 331(e)(2). Because Fiscal Service is a bureau within the Department of the
Treasury, federal debt and related activity and balances managed by it are also significant
to the Department of the Treasury’s financial statements (see 31 U.S.C. § 3515(b)).
Page 11 GAO-21-124 Schedules of Federal Debt
Fiscal Service, and include accompanying notes. 3 We also have audited
Fiscal Service’s internal control over financial reporting relevant to the
Schedule of Federal Debt as of September 30, 2020, based on criteria
established under 31 U.S.C. § 3512(c), (d), commonly known as the
Federal Managers’ Financial Integrity Act (FMFIA).
We conducted our audits in accordance with U.S. generally accepted
government auditing standards. We believe that the audit evidence we
obtained is sufficient and appropriate to provide a basis for our audit
opinions.
Management’s Fiscal Service management is responsible for (1) the preparation and fair
Responsibility presentation of the Schedules of Federal Debt in accordance with U.S.
generally accepted accounting principles; (2) preparing and presenting
other information included in documents containing the audited
Schedules of Federal Debt and auditor’s report, and ensuring the
consistency of that information with the audited Schedules of Federal
Debt; (3) maintaining effective internal control over financial reporting,
including the design, implementation, and maintenance of internal control
relevant to the preparation and fair presentation of Schedules of Federal
Debt that are free from material misstatement, whether due to fraud or
error; (4) evaluating the effectiveness of internal control over financial
reporting based on the criteria established under FMFIA; and (5) its
assessment about the effectiveness of internal control over financial
reporting as of September 30, 2020, included in the accompanying
Management’s Report on Internal Control over Financial Reporting
Relevant to the Schedule of Federal Debt in appendix I.
Auditor’s Responsibility Our responsibility is to express an opinion on the Schedules of Federal
Debt and an opinion on Fiscal Service’s internal control over financial
reporting relevant to the Schedule of Federal Debt based on our audits.
U.S. generally accepted government auditing standards require that we
plan and perform the audits to obtain reasonable assurance about
whether the Schedules of Federal Debt are free from material
misstatement, and whether effective internal control over financial
reporting was maintained in all material respects. We are also responsible
3Debt held by the public represents federal debt issued by Treasury and held by investors
outside of the federal government, including individuals, corporations, state or local
governments, the Federal Reserve, and foreign governments. Intragovernmental debt
holdings represent federal debt owed by Treasury to federal government accounts,
primarily federal trust funds such as Social Security and Medicare.
Page 12 GAO-21-124 Schedules of Federal Debt
for applying certain limited procedures to the other information included
with the Schedules of Federal Debt.
An audit of the Schedule of Federal Debt involves performing procedures
to obtain audit evidence about the amounts and disclosures in the
Schedule of Federal Debt. The procedures selected depend on the
auditor’s judgment, including the auditor’s assessment of the risks of
material misstatement of the Schedule of Federal Debt, whether due to
fraud or error. In making those risk assessments, the auditor considers
internal control relevant to the entity’s preparation and fair presentation of
the Schedule of Federal Debt in order to design audit procedures that are
appropriate in the circumstances. An audit of the Schedule of Federal
Debt also involves evaluating the appropriateness of the accounting
policies used and the reasonableness of significant accounting estimates
made by management, as well as evaluating the overall presentation of
the Schedule of Federal Debt.
An audit of internal control over financial reporting involves performing
procedures to obtain evidence about whether a material weakness
exists. 4 The procedures selected depend on the auditor’s judgment,
including the assessment of the risk that a material weakness exists. An
audit of internal control over financial reporting also includes obtaining an
understanding of internal control over financial reporting, and evaluating
and testing the design and operating effectiveness of internal control over
financial reporting based on the assessed risk. Our audit of internal
control also considered Fiscal Service’s process for evaluating and
reporting on internal control over financial reporting relevant to the
Schedule of Federal Debt based on criteria established under FMFIA. Our
audits also included performing such other procedures as we considered
necessary in the circumstances.
We did not evaluate all internal controls relevant to operating objectives
as broadly established under FMFIA, such as those controls relevant to
preparing performance information and ensuring efficient operations. We
limited our internal control testing to testing controls over financial
reporting. Our internal control testing was for the purpose of expressing
4A material weakness is a deficiency, or combination of deficiencies, in internal control
over financial reporting, such that there is a reasonable possibility that a material
misstatement of the entity’s financial statements will not be prevented, or detected and
corrected, on a timely basis. A deficiency in internal control exists when the design or
operation of a control does not allow management or employees, in the normal course of
performing their assigned functions, to prevent, or detect and correct, misstatements on a
timely basis.
Page 13 GAO-21-124 Schedules of Federal Debt
an opinion on whether effective internal control over financial reporting
relevant to the Schedule of Federal Debt was maintained, in all material
respects. Consequently, our audit may not identify all deficiencies in
internal control over financial reporting relevant to the Schedule of
Federal Debt that are less severe than a material weakness.
Definition and Inherent Internal control over financial reporting relevant to the Schedule of
Limitations of Internal Federal Debt is a process effected by those charged with governance,
management, and other personnel, the objectives of which are to provide
Control over Financial
reasonable assurance that (1) transactions are properly recorded,
Reporting processed, and summarized to permit the preparation of the Schedule of
Federal Debt in accordance with U.S. generally accepted accounting
principles and (2) transactions related to the Schedule of Federal Debt
are executed in accordance with provisions of applicable laws, including
those governing the use of budget authority, regulations, contracts, and
grant agreements, noncompliance with which could have a material effect
on the Schedule of Federal Debt.
Because of its inherent limitations, internal control over financial reporting
may not prevent, or detect and correct, misstatements due to fraud or
error. We also caution that projecting any evaluation of effectiveness to
future periods is subject to the risk that controls may become inadequate
because of changes in conditions, or that the degree of compliance with
the policies or procedures may deteriorate.
Opinion on the Schedules In our opinion, the Schedules of Federal Debt present fairly, in all material
of Federal Debt respects, Federal Debt Managed by Fiscal Service and the related
Accrued Interest Payables and Net Unamortized Premiums and
Discounts as of September 30, 2020, and 2019, and the related increases
and decreases for the fiscal years then ended in accordance with U.S.
generally accepted accounting principles.
Opinion on Internal In our opinion, although internal controls could be improved, Fiscal
Control over Financial Service maintained, in all material respects, effective internal control over
financial reporting relevant to the Schedule of Federal Debt as of
Reporting
September 30, 2020, based on criteria established under FMFIA. As
discussed below in more detail, our fiscal year 2020 audit continued to
identify deficiencies in Fiscal Service’s information system controls that
collectively represent a significant deficiency in internal control over
Page 14 GAO-21-124 Schedules of Federal Debt
financial reporting. 5 We considered this significant deficiency in
determining the nature, timing, and extent of our audit procedures on
Fiscal Service’s fiscal year 2020 Schedule of Federal Debt.
Although the significant deficiency in internal control did not affect our
opinion on Fiscal Service’s fiscal year 2020 Schedule of Federal Debt,
misstatements may occur in unaudited financial information reported
internally and externally by Fiscal Service because of this significant
deficiency.
We will be reporting additional details concerning this significant
deficiency to Fiscal Service management separately, along with
recommendations for corrective actions. In addition to the significant
deficiency in internal control over Fiscal Service’s information system
controls, we also identified other deficiencies in Fiscal Service’s internal
control over financial reporting relevant to the Schedule of Federal Debt
that we do not consider to be material weaknesses or significant
deficiencies. Nonetheless, these deficiencies warrant Fiscal Service
management’s attention. We have communicated these matters to Fiscal
Service management and, where appropriate, will report on them
separately.
Significant Deficiency in During our fiscal year 2020 audit, we determined that information system
Information System control deficiencies—primarily unresolved deficiencies identified in prior
audits—collectively represent a significant deficiency in Fiscal Service’s
Controls
internal control over financial reporting. These control deficiencies relate
to information system general controls in the areas of security
management, access controls, configuration management, and
5A significant deficiency is a deficiency, or a combination of deficiencies, in internal control
over financial reporting that is less severe than a material weakness yet important enough
to merit attention by those charged with governance.
Page 15 GAO-21-124 Schedules of Federal Debt
segregation of duties. 6 The potential effect of these deficiencies on
Schedule of Federal Debt financial reporting for fiscal year 2020 was
mitigated primarily by Fiscal Service’s compensating management and
reconciliation controls designed to detect potential misstatements on the
Schedule of Federal Debt. Nevertheless, these continuing general control
deficiencies increase the risk of unauthorized access to, modification of,
or disclosure of sensitive data and programs and disruption of critical
operations.
During fiscal year 2020, Fiscal Service made progress toward improving
its procedures to reasonably assure that (1) corrective action plans fully
address information system control deficiencies and (2) new or enhanced
controls established as part of the corrective actions fully resolve the
control deficiencies. Specifically, Fiscal Service’s Internal Control Branch
(ICB) enhanced its corrective action plan templates and developed a
checklist with guidance for responsible officials to use in developing
corrective action plans. ICB also developed its own audit finding closure
review form to supplement the existing independent verification and
validation (IV&V) process performed by Fiscal Service’s Information and
Security Services (ISS)—the organizational unit responsible for many of
the information system general controls relevant to Schedule of Federal
Debt financial reporting. However, we continued to identify instances in
which the corrective actions taken by the responsible officials were not
sufficient to address the control deficiencies and the IV&V process did not
identify the shortcomings. Specifically, in certain instances, the IV&V
process did not identify technical inaccuracies, inconsistencies between
the documented policies and procedures, and significant control gaps in
the information included in finding closure packages. Consequently, many
of the deficiencies that contributed to the significant deficiency we
6General controls are the policies and procedures that apply to all or a large segment of
an entity’s information systems and help ensure their proper operation. General controls
are applied at the entity-wide, system, and business process application levels. The
effectiveness of general controls is a significant factor in determining the effectiveness of
business process application controls, which are applied at the business process
application level. Security management provides a framework and continuing cycle of
activity for managing risk, developing security policies, assigning responsibilities, and
monitoring the adequacy of the entity’s computer-related controls. Access controls limit or
detect access to computer resources, such as data, programs, equipment, and facilities,
thereby protecting them against unauthorized modification, loss, and disclosure.
Configuration management prevents unauthorized changes to information system
resources, such as software programs and hardware configurations, and provides
reasonable assurance that systems are configured and operating securely and as
intended. Segregation of duties controls include policies, procedures, and an
organizational structure to manage who can control key aspects of computer-related
operations.
Page 16 GAO-21-124 Schedules of Federal Debt
reported as of September 30, 2019—nearly all of which, according to
Fiscal Service, had been remediated—remained unresolved as of
September 30, 2020.
While this significant deficiency in internal control over financial reporting
continued to exist as of September 30, 2020, Fiscal Service made
progress in addressing certain information system control deficiencies.
Specifically, Fiscal Service successfully completed corrective actions to
strengthen access and monitoring controls around data sets that should
only be changed through the use of its mainframe change-management
tool. Fiscal Service also continued to improve its processes for monitoring
compliance with its baseline security requirements. However, we
continued to identify instances in which known information system
vulnerabilities and deviations from baseline security requirements were
not remediated on a timely basis or adequately tracked for remediation.
Additionally, while considerable progress has been made, we continue to
identify instances in which mainframe security controls are not employed
in accordance with the concept of least privilege. We also found that the
documentation describing the security architecture for the mainframe
needs improvement. It will be important for Fiscal Service management to
build on the progress made and to sustain focus on improving the
agency’s information system general controls. Specifically, it will be
important for Fiscal Service management to identify potential
opportunities for addressing control deficiencies through comprehensive
approaches that consider the interrelationships among them.
Other Matter
Other Information Fiscal Service’s other information contains a wide range of information,
some of which is not directly related to the Schedules of Federal Debt.
This information is presented for purposes of additional analysis and is
not a required part of the Schedules of Federal Debt. We read the other
information included with the Schedules of Federal Debt in order to
identify material inconsistencies, if any, with the audited Schedules of
Federal Debt. Our audit was conducted for the purpose of forming an
opinion on the Schedules of Federal Debt. We did not audit and do not
express an opinion or provide any assurance on the other information.
Page 17 GAO-21-124 Schedules of Federal Debt
In connection with our audits of the Schedules of Federal Debt, we tested
Report on compliance with selected provisions of applicable laws, regulations,
Compliance with contracts, and grant agreements consistent with our auditor’s
responsibility discussed below. We caution that noncompliance may
Laws, Regulations, occur and not be detected by these tests. We performed our tests of
Contracts, and Grant compliance in accordance with U.S. generally accepted government
auditing standards.
Agreements
Management’s Fiscal Service management is responsible for complying with laws,
Responsibility regulations, contracts, and grant agreements applicable to Fiscal Service.
Auditor’s Responsibility Our responsibility is to test compliance with selected provisions of laws,
regulations, contracts, and grant agreements applicable to Fiscal Service
that have a direct effect on the determination of material amounts and
disclosures in the Schedules of Federal Debt, and perform certain other
limited procedures. Accordingly, we did not test compliance with all laws,
regulations, contracts, and grant agreements applicable to Fiscal Service.
Results of Our Tests for Our tests for compliance with selected provisions of applicable laws,
Compliance with Laws, regulations, contracts, and grant agreements disclosed no instances of
noncompliance for fiscal year 2020 that would be reportable under U.S.
Regulations, Contracts,
generally accepted government auditing standards. However, the
and Grant Agreements objective of our tests was not to provide an opinion on compliance with
laws, regulations, contracts, and grant agreements applicable to Fiscal
Service. Accordingly, we do not express such an opinion.
Intended Purpose of The purpose of this report is solely to describe the scope of our testing of
Report on Compliance compliance with selected provisions of applicable laws, regulations,
contracts, and grant agreements, and the results of that testing, and not
with Laws, Regulations,
to provide an opinion on compliance. This report is an integral part of an
Contracts, and Grant audit performed in accordance with U.S. generally accepted government
Agreements auditing standards in considering compliance. Accordingly, this report on
compliance with laws, regulations, contracts, and grant agreements is not
suitable for any other purpose.
Page 18 GAO-21-124 Schedules of Federal Debt
In commenting on a draft of this report, Fiscal Service concurred with our
Agency Comments conclusions. The complete text of Fiscal Service’s response is
reproduced in appendix II.
Dawn B. Simpson
Director
Financial Management and Assurance
November 2, 2020
Page 19 GAO-21-124 Schedules of Federal Debt
Overview, Schedules, and Notes Prepared
Overview, Schedules, and Notes Prepared by
the Bureau of the Fiscal Service
by the Bureau of the Fiscal Service
Overview on Federal Debt Managed by the Bureau of the Fiscal Service
Page 20 GAO-21-124 Schedules of Federal Debt
Overview, Schedules, and Notes Prepared by
the Bureau of the Fiscal Service
Page 21 GAO-21-124 Schedules of Federal Debt
Overview, Schedules, and Notes Prepared by
the Bureau of the Fiscal Service
Page 22 GAO-21-124 Schedules of Federal Debt
Overview, Schedules, and Notes Prepared by
the Bureau of the Fiscal Service
Page 23 GAO-21-124 Schedules of Federal Debt
Overview, Schedules, and Notes Prepared by
the Bureau of the Fiscal Service
Page 24 GAO-21-124 Schedules of Federal Debt
Overview, Schedules, and Notes Prepared by
the Bureau of the Fiscal Service
Page 25 GAO-21-124 Schedules of Federal Debt
Overview, Schedules, and Notes Prepared by
the Bureau of the Fiscal Service
Page 26 GAO-21-124 Schedules of Federal Debt
Overview, Schedules, and Notes Prepared by
the Bureau of the Fiscal Service
Page 27 GAO-21-124 Schedules of Federal Debt
Overview, Schedules, and Notes Prepared by
the Bureau of the Fiscal Service
Page 28 GAO-21-124 Schedules of Federal Debt
Overview, Schedules, and Notes Prepared by
the Bureau of the Fiscal Service
Page 29 GAO-21-124 Schedules of Federal Debt
Overview, Schedules, and Notes Prepared by
the Bureau of the Fiscal Service
Page 30 GAO-21-124 Schedules of Federal Debt
Overview, Schedules, and Notes Prepared by
the Bureau of the Fiscal Service
Page 31 GAO-21-124 Schedules of Federal Debt
Overview, Schedules, and Notes Prepared by
the Bureau of the Fiscal Service
Schedules of Federal Debt Managed by the Bureau of the Fiscal Service
Page 32 GAO-21-124 Schedules of Federal Debt
Overview, Schedules, and Notes Prepared by
the Bureau of the Fiscal Service
Notes to the Schedules of Federal Debt Managed by the Bureau of the Fiscal
Service
Page 33 GAO-21-124 Schedules of Federal Debt
Overview, Schedules, and Notes Prepared by
the Bureau of the Fiscal Service
Page 34 GAO-21-124 Schedules of Federal Debt
Overview, Schedules, and Notes Prepared by
the Bureau of the Fiscal Service
Page 35 GAO-21-124 Schedules of Federal Debt
Overview, Schedules, and Notes Prepared by
the Bureau of the Fiscal Service
Page 36 GAO-21-124 Schedules of Federal Debt
Overview, Schedules, and Notes Prepared by
the Bureau of the Fiscal Service
Page 37 GAO-21-124 Schedules of Federal Debt
Overview, Schedules, and Notes Prepared by
the Bureau of the Fiscal Service
Page 38 GAO-21-124 Schedules of Federal Debt
Appendix I: Management’s Report on
Appendix I: Management’s Report on Internal
Control over Financial Reporting Relevant to
Internal Control over Financial Reporting
the Schedule of Federal Debt
Relevant to the Schedule of Federal Debt
Page 39 GAO-21-124 Schedules of Federal Debt
Appendix II: Comments from the Bureau of
Appendix II: Comments from the Bureau of the
Fiscal Service
the Fiscal Service
(103886)
Page 40 GAO-21-124 Schedules of Federal Debt
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