US Government Financial Assets and Debt
Financial assets and liabilities of the federal government and of state and local governments, quarterly.
| Indicator | Q2-2026 | Q1-2026 | Q4-2025 | Q3-2025 | Q2-2025 | Q1-2025 | Q4-2024 | Q3-2024 | Q2-2024 | Q1-2024 | Q4-2023 | Q3-2023 | Q2-2023 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Federal government2 | ||||||||||||||
| Total financial assets10 | 6,035.51 | 6,083.84 | 5,808.53 | 5,527.69 | 4,874.11 | 4,834.71 | 4,883.58 | 4,995.72 | 4,716.21 | 4,743.09 | 4,568.18 | 4,438.52 | 4,264.65 | |
| Monetary gold and SDRs | 1,214.37 | 1,377.67 | 1,316.96 | 1,175.88 | 1,035.37 | 984.98 | 849.17 | 860.62 | 775.74 | 745.32 | 710 | 651.19 | 662.26 | |
| Checkable deposits | 915.1 | 887.12 | 868.31 | 889.47 | 456.53 | 407.22 | 724.77 | 890.6 | 785.67 | 782.85 | 775.99 | 665.31 | 410.89 | |
| Time and savings deposits | 1.74 | 1.52 | 1.33 | 1.43 | 1.49 | 1.4 | 1.49 | 1.85 | 1.42 | 1.39 | 1.24 | 1.22 | 1.19 | |
| Other deposits | 125.59 | 123.06 | 120.1 | 121.16 | 115.15 | 109.36 | 105.56 | 107.02 | 104.31 | 101.58 | 97.82 | 94.92 | 96.44 | |
| Debt securities held2 | 10.12 | 10.2 | 10.44 | 5.32 | 8.54 | 8.72 | 6.49 | 3.19 | 3.59 | 3.56 | 3.87 | 4.09 | 4.23 | |
| Agency- and GSE-backed securities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Corporate and foreign bonds | 10.12 | 10.2 | 10.44 | 5.32 | 8.54 | 8.72 | 6.49 | 3.19 | 3.59 | 3.55 | 3.87 | 4.09 | 4.23 | |
| Loans4 | 2,440.14 | 2,452.11 | 2,412.77 | 2,341.56 | 2,306.47 | 2,300.01 | 2,255.77 | 2,220.09 | 2,181.9 | 2,177.38 | 2,150.71 | 2,169.02 | 2,203.37 | |
| Repurchase agreements (official reserves) | 4.49 | 4.51 | 4.55 | 2.51 | 2.06 | 1.85 | 1.82 | 2.12 | -0 | 0 | 0 | 0 | 0 | |
| Student loans | 1,605.13 | 1,606.67 | 1,578.04 | 1,573.31 | 1,545.28 | 1,539.52 | 1,517.97 | 1,515.69 | 1,484.91 | 1,488.63 | 1,462.19 | 1,463.07 | 1,490.11 | |
| Mortgages | 193.32 | 191.81 | 191.49 | 191.14 | 187.3 | 186.36 | 183.91 | 181.56 | 180.36 | 178.24 | 176.03 | 173.65 | 170.73 | |
| Other loans and advances | 637.2 | 649.13 | 638.69 | 574.6 | 571.83 | 572.29 | 552.07 | 520.72 | 516.64 | 510.51 | 512.5 | 532.31 | 542.53 | |
| Corporate equities | 512.68 | 443.39 | 414.18 | 389.58 | 357.43 | 340.18 | 322.98 | 305.8 | 287.85 | 271 | 255.21 | 240.4 | 235.85 | |
| Other equity | 81.08 | 79.65 | 79.56 | 81.44 | 80.56 | 80.51 | 80.43 | 81.96 | 81.52 | 82.14 | 82.13 | 88.87 | 88.13 | |
| Trade receivables | 122.11 | 115.89 | 121.35 | 119.96 | 122.62 | 114.58 | 115.84 | 120.39 | 113.63 | 110.69 | 108.22 | 104.1 | 101.94 | |
| Taxes receivable | 612.57 | 593.24 | 463.53 | 401.9 | 389.95 | 487.75 | 421.1 | 404.2 | 380.59 | 467.19 | 383 | 419.4 | 460.36 | |
| Total liabilities7 | 37,249.99 | 36,989.43 | 36,188.3 | 35,615.73 | 34,529.56 | 34,413.6 | 34,054.66 | 33,443.83 | 32,694.42 | 32,535.71 | 31,910.9 | 31,253.48 | 30,364.9 | |
| SDR allocations | 155.76 | 155.8 | 157.3 | 157.47 | 157.82 | 152.62 | 149.8 | 155.8 | 151.08 | 152.08 | 154.11 | 151.04 | 152.78 | |
| Treasury currency | 53.24 | 53.06 | 52.88 | 52.7 | 52.56 | 52.55 | 52.5 | 52.46 | 52.4 | 52.27 | 52.38 | 52.33 | 52.25 | |
| Debt securities1 | 30,899.49 | 30,663.62 | 30,091.54 | 29,593.72 | 28,539.48 | 28,467.97 | 28,159.93 | 27,606.69 | 26,923.35 | 26,828.55 | 26,246.75 | 25,649.73 | 24,790.36 | |
| Budget agency securities | 21.2 | 22.07 | 21.89 | 22.07 | 21.14 | 20.69 | 20.46 | 20.26 | 20.22 | 19.95 | 20.18 | 19.57 | 17.99 | |
| Nonmarketable Treasury securities (held by trust funds) | 3,857.42 | 3,818.47 | 3,817.45 | 3,520.08 | 3,294.94 | 3,426.66 | 3,456.79 | 3,290.74 | 3,229.83 | 3,210.65 | 3,225.06 | 3,018.92 | 2,975.65 | |
| Life insurance reserves | 60.48 | 60.1 | 59.08 | 58.94 | 57.71 | 57.62 | 56.51 | 56.31 | 55.26 | 55.25 | 54.33 | 54.2 | 53.48 | |
| Trade payables | 885.13 | 845.47 | 809.79 | 800.52 | 788.67 | 771.93 | 751.82 | 705.86 | 670.22 | 628.07 | 585.01 | 559.66 | 543.92 | |
| Miscellaneous liabilities1 | 1,338.48 | 1,392.92 | 1,200.27 | 1,432.3 | 1,638.38 | 1,484.26 | 1,427.32 | 1,575.98 | 1,612.29 | 1,608.84 | 1,593.26 | 1,767.6 | 1,796.47 | |
| of which: unfunded claims of federal employee pension plans | 719.91 | 728.27 | 699.69 | 965.02 | 1,173.21 | 1,020.42 | 961.97 | 1,139.77 | 1,174.93 | 1,180.96 | 1,163.66 | 1,365.03 | 1,393.33 | |
| State and local governments2 | ||||||||||||||
| Total financial assets12 | 5,373.55 | 5,267.33 | 5,253.44 | 5,227.33 | 5,148.73 | 5,046.14 | 4,991.64 | 5,041.74 | 4,881.71 | 4,827.26 | 4,807.82 | 4,650.12 | 4,714.25 | |
| Checkable deposits and currency | 427.25 | 421.65 | 431.49 | 390.37 | 392.11 | 397.12 | 390.65 | 367.17 | 368.29 | 379.25 | 375.77 | 351.52 | 353.41 | |
| Time and savings deposits | 341.37 | 351.38 | 353.82 | 352.95 | 361.37 | 365.15 | 374.08 | 368.46 | 371.13 | 373.08 | 374.29 | 365.32 | 369.91 | |
| Debt securities4 | 2,815.89 | 2,746.31 | 2,736.32 | 2,755.49 | 2,698.73 | 2,619.18 | 2,571.05 | 2,634.44 | 2,523.35 | 2,483.87 | 2,472.98 | 2,374.56 | 2,427.83 | |
| Commercial paper | 315.45 | 309.33 | 295.13 | 292.51 | 300.06 | 286.1 | 262.78 | 269.46 | 264.11 | 267.62 | 264.56 | 261.76 | 253.18 | |
| Agency- and GSE-backed securities | 475.7 | 463.14 | 463.94 | 468.08 | 455.86 | 443.39 | 438.68 | 449.45 | 429.36 | 421.19 | 421.99 | 404.14 | 421.43 | |
| Municipal securities | 50.18 | 49.9 | 49.99 | 50.43 | 49.12 | 47.77 | 47.27 | 48.43 | 46.26 | 45.38 | 45.13 | 42.83 | 44.33 | |
| Corporate and foreign bonds | 326.99 | 325.19 | 325.76 | 328.66 | 320.08 | 311.33 | 308.02 | 315.58 | 301.48 | 295.74 | 303.04 | 290.96 | 304 | |
| Loans held | 579.2 | 569.6 | 571.3 | 575.34 | 566.11 | 553.84 | 560.01 | 576.6 | 552.19 | 539.79 | 537.63 | 539.37 | 548.99 | |
| Corporate equities | 149.45 | 148.63 | 148.88 | 150.21 | 146.29 | 142.29 | 140.78 | 144.24 | 137.79 | 135.17 | 134.43 | 127.63 | 132.11 | |
| Money market fund shares | 82.51 | 81.21 | 80.91 | 79.27 | 78.7 | 80.79 | 81.91 | 77.12 | 73.57 | 72.55 | 72.03 | 71.48 | 70.44 | |
| Mutual fund shares | 71.73 | 71.33 | 71.46 | 72.09 | 70.21 | 68.29 | 67.56 | 69.22 | 66.13 | 64.87 | 64.52 | 61.25 | 63.41 | |
| Hedge fund shares | 161.72 | 144.69 | 138.88 | 140.87 | 127.32 | 117.31 | 111.27 | 108.11 | 107.83 | 104.79 | 100.72 | 95.53 | 80.06 | |
| Private debt fund shares | 28.32 | 28.44 | 29.35 | 26.87 | 28.02 | 27.87 | 26.48 | 23.54 | 22.65 | 21.37 | 21.88 | 18.43 | 16.92 | |
| Trade receivables | 380.26 | 375.29 | 362.05 | 356.81 | 348.69 | 341.58 | 332.29 | 329.19 | 324.21 | 318.92 | 327.39 | 326.81 | 312.88 | |
| Taxes receivable | 309.75 | 306.86 | 301.8 | 297.65 | 294.51 | 291.16 | 288.53 | 285.99 | 284.2 | 282.35 | 275.62 | 269.38 | 263.14 | |
| Miscellaneous assets | 26.12 | 21.94 | 27.18 | 29.42 | 36.68 | 41.58 | 47.03 | 57.67 | 50.37 | 51.25 | 50.57 | 48.83 | 75.14 | |
| Total liabilities4 | 7,634.1 | 7,966.04 | 7,653.92 | 7,718.66 | 7,842.02 | 8,073.86 | 7,895.68 | 7,726.83 | 7,835.69 | 7,728.44 | 7,846.85 | 8,056.76 | 7,843.98 | |
| Municipal securities2 | 3,641.9 | 3,572.8 | 3,527.01 | 3,497.41 | 3,451.92 | 3,396.58 | 3,369.56 | 3,355.86 | 3,324.69 | 3,288.51 | 3,269.85 | 3,256.61 | 3,261.8 | |
| Short-term | 40.85 | 38.22 | 38.57 | 36.54 | 31.82 | 32.11 | 34.63 | 32.37 | 26.86 | 27.83 | 26.89 | 26.44 | 23.54 | |
| Long-term | 3,601.05 | 3,534.57 | 3,488.44 | 3,460.87 | 3,420.09 | 3,364.46 | 3,334.93 | 3,323.49 | 3,297.84 | 3,260.68 | 3,242.96 | 3,230.18 | 3,238.27 | |
| Short-term loans2 | 148.65 | 150.87 | 151.55 | 150.53 | 148.98 | 147.44 | 147.94 | 145.75 | 147.49 | 147.33 | 151.96 | 151.49 | 151.29 | |
| Depository institution loans | 122.14 | 124.56 | 125.35 | 124.52 | 122.97 | 121.64 | 122.46 | 120.75 | 122.63 | 122.75 | 127.69 | 127.61 | 127.54 | |
| US government loans | 26.51 | 26.32 | 26.2 | 26.01 | 26.01 | 25.8 | 25.48 | 25 | 24.86 | 24.58 | 24.27 | 23.88 | 23.75 | |
| Trade payables | 1,489.88 | 1,468.75 | 1,448.74 | 1,429.21 | 1,409.95 | 1,391.07 | 1,372.33 | 1,353.89 | 1,335.57 | 1,317.46 | 1,299.44 | 1,281.71 | 1,264.22 | |
| Unfunded pension claims of state and local employee plans | 2,353.68 | 2,773.62 | 2,526.62 | 2,641.52 | 2,831.18 | 3,138.77 | 3,005.86 | 2,871.33 | 3,027.93 | 2,975.15 | 3,125.59 | 3,366.94 | 3,166.67 |
Latest reading
The latest reading is 2,353.68 Billion USD, for Q2 2026. That is −15.1% from Q1 2026 and −16.9% from a year earlier. The series on this page is quarterly and runs from Q4 1945 to Q2 2026. Source: Federal Reserve Board - Financial Accounts of the United States (Z.1).
- Latest
- 2,353.68 Billion USD
- Q2 2026
- vs previous period
- −15.1%
- Q1 2026
- vs a year earlier
- −16.9%
About this data
Financial assets and liabilities of the federal government and of state and local governments, quarterly. On the federal side it shows the student loan portfolio, gold and cash balances next to marketable and nonmarketable Treasury debt; on the state and local side it shows municipal bonds and, importantly, the unfunded liabilities of state and local employee pension plans, which the Fed records as a government liability. Figures are amounts outstanding at the end of each quarter, not seasonally adjusted, converted from the source's millions to billions of US dollars. Where the source reports a zero before an instrument existed (private credit, for example, is recorded as zero until the Fed started measuring it), the leading zeros are dropped so the series starts when the item starts. Source: Federal Reserve Board, Financial Accounts of the United States (Z.1).
Frequently asked questions
- What does this table show about US government finances?
- It shows the financial assets and liabilities of the federal government and of state and local governments, including deposits, debt securities held, loans, student loans and pension obligations.
- Who publishes the data and how far back does it run?
- The Federal Reserve Board publishes it quarterly in the Financial Accounts of the United States (Z.1), with data back to the fourth quarter of 1945.
- Does this include the federal debt?
- Yes, federal liabilities include Treasury securities outstanding, but the table also shows what the government owns, which the headline debt figure leaves out.
- How does this differ from the federal budget deficit?
- The deficit is an annual flow of spending minus revenue. This table is a balance sheet: the stock of what government owns and owes at the end of each quarter.
