Description of table L.105 - Federal Government

The federal government sector comprises the federal agencies, programs, and activities that are in the unified budget. The sector does not include the District of Columbia government, which is part of the state and local governments sector; the Federal Reserve Banks and certain monetary accounts of the Treasury, which together form the monetary authority sector; and government-sponsored enterprises (GSEs) such as Fannie Mae and Freddie Mac. The sector does include Ginnie Mae which is a government-owned corporation within the Department of Housing and Urban Development (HUD).

The sector is presented in the financial accounts on a consolidated basis, with holdings of Treasury securities by agencies within the federal government netted out (the largest intra-governmental holdings of Treasury securities are those in the Old Age and Survivors Insurance Trust Fund). As a result, the liability for securities outstanding shown for the federal government in the accounts is smaller than the published value for the total public debt, which includes securities held by the federal agencies.

In the financial accounts, the assets held for the purpose of providing retirement benefits to federal workers are not part of the federal government sector but are included in the federal government retirement funds sector.

Beginning in 2008, the federal government expanded Treasury securities issuance to cover purchases of corporate equities and agency- and GSE-backed securities and to make loans under the Troubled Asset Relief Program, or TARP, and other financial stabilization programs. In addition, the federal government increased deposits in the Treasury temporary supplementary financing account at the Federal Reserve to support its financial stabilization loans and securities purchases.

The entries for current receipts, current expenditures, and saving are based on national income and product accounts (NIPA) table 3.2. However, net capital transfers paid that are shown here differ from those presented on the capital transfers table (table F.9) because financial stabilization payments are considered capital transfers by NIPA but are considered revaluations in the financial accounts. A full balance sheet for this sector is available in the Integrated Macroeconomic Accounts for the United States (tables S.7.a and S.7.q), which includes the value of structures, equipment and software but not the value of land.

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