Financial Accounts of the United States - Z.1
F.105 General government1
Billions of dollars; quarterly figures are seasonally adjusted annual rates
| Line | Description | Series | 2023 | 2024 | 2025 | 2024:Q3 | 2024:Q4 | 2025:Q1 | 2025:Q2 | 2025:Q3 | 2025:Q4 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Line 1 | Current receipts, NIPA basis | FA366010115 | 8466.2 | 8969.8 | 9610.4 | 9029.0 | 9172.1 | 9264.5 | 9527.3 | 9762.8 | 9887.1 |
| Line 2 | Personal current taxes | FA366210005 | 2835.7 | 2988.2 | 3236.6 | 3019.1 | 3072.9 | 3154.0 | 3200.9 | 3268.4 | 3323.0 |
| Line 3 | Taxes on production and imports | FA366240005 | 1861.0 | 1954.7 | 2212.9 | 1965.9 | 1988.0 | 2014.4 | 2203.1 | 2289.6 | 2344.5 |
| Line 4 | Taxes on corporate income | FA366231005 | 597.8 | 663.7 | 666.2 | 660.7 | 682.8 | 653.6 | 652.7 | 675.2 | 683.4 |
| Line 5 | Taxes from the rest of the world | FA316231061 | 36.0 | 38.9 | 41.5 | 38.0 | 40.9 | 40.0 | 42.8 | 40.2 | 42.9 |
| Line 6 | Contributions for govt. social insurance | FA366601005 | 1807.1 | 1929.6 | 2028.1 | 1941.8 | 1965.9 | 2002.6 | 2011.8 | 2038.0 | 2059.9 |
| Line 7 | Income receipts on assets | FA366150105 | 168.3 | 196.3 | 218.4 | 199.0 | 202.7 | 213.6 | 215.0 | 219.9 | 225.4 |
| Line 8 | Current transfer receipts | FA366403105 | 1207.1 | 1245.9 | 1259.3 | 1250.6 | 1267.1 | 1234.7 | 1253.4 | 1284.4 | 1264.7 |
| Line 9 | Current surplus of government enterprises | FA366402105 | -46.9 | -47.5 | -52.5 | -46.2 | -48.2 | -48.3 | -52.4 | -52.8 | -56.6 |
| Line 10 | Current expenditures, NIPA basis | FA366900015 | 10310.7 | 11022.9 | 11649.3 | 11164.9 | 11273.7 | 11369.9 | 11608.5 | 11791.6 | 11827.4 |
| Line 11 | Consumption expenditures | FA366901005 | 3765.9 | 3991.8 | 4165.2 | 4021.9 | 4071.4 | 4104.9 | 4132.0 | 4208.5 | 4215.6 |
| Line 12 | Government social benefits | FA366404005 | 4182.5 | 4490.0 | 4886.4 | 4527.9 | 4593.2 | 4722.2 | 4890.3 | 4940.3 | 4992.9 |
| Line 13 | Other current transfer payments | FA366403005 | 1041.6 | 1049.2 | 1032.4 | 1099.6 | 1084.0 | 1016.9 | 1033.3 | 1050.3 | 1029.3 |
| Line 14 | Interest payments | FA366130005 | 1218.5 | 1397.6 | 1453.2 | 1422.8 | 1430.4 | 1418.3 | 1433.0 | 1468.4 | 1493.0 |
| Line 15 | Subsidies | FA366402005 | 102.3 | 94.2 | 112.1 | 92.8 | 94.7 | 107.7 | 120.0 | 124.2 | 96.6 |
| Line 16 | Net saving, NIPA basis | FA366006005 | -1844.5 | -2053.2 | -2038.9 | -2136.0 | -2101.6 | -2105.4 | -2081.2 | -2028.8 | -1940.3 |
| Line 17 | + Consumption of fixed capital | FA366300005 | 770.3 | 803.8 | 849.3 | 808.9 | 819.7 | 830.8 | 840.6 | 855.3 | 870.6 |
| Line 18 | - Insurance and pension fund reserves2 | FA313154015 | -1.4 | -1.1 | -1.6 | -0.7 | 0.1 | -2.0 | -1.8 | -0.6 | -2.1 |
| Line 19 | - Net capital transfers3 | FA365440095 | 154.4 | 47.2 | -18.7 | 79.3 | 31.7 | 6.5 | -17.5 | -20.2 | -43.7 |
| Line 20 | = Gross saving less net capital transfers | FA366000105 | -1227.2 | -1295.4 | -1169.3 | -1405.7 | -1313.8 | -1279.2 | -1221.2 | -1152.8 | -1023.9 |
| Line 21 | Gross investment | FA365090005 | -1544.8 | -1191.5 | -1028.0 | -1378.2 | -1629.0 | -1220.1 | -702.0 | -1232.2 | -957.6 |
| Line 22 | Fixed investment | FA365019005 | 975.3 | 1049.3 | 1109.3 | 1065.0 | 1079.3 | 1090.6 | 1105.0 | 1115.9 | 1125.5 |
| Line 23 | Nonproduced nonfinancial assets | FA365420005 | 18.8 | 20.5 | 22.4 | 20.8 | 21.5 | 21.7 | 22.2 | 22.5 | 23.1 |
| Line 24 | Net lending (+) or net borrowing (-) | FA365000005 | -2538.8 | -2261.3 | -2159.6 | -2464.1 | -2729.8 | -2332.4 | -1829.3 | -2370.6 | -2106.3 |
| Line 25 | Net acquisition of financial assets | FA364090005 | 378.7 | 231.6 | 494.8 | 685.0 | -299.3 | -597.3 | -86.5 | 2353.2 | 309.9 |
| Line 26 | Monetary gold and SDRs | FA313011105 | 4.6 | 5.1 | -0.4 | 5.9 | 2.7 | 1.4 | -5.2 | 1.1 | 1.0 |
| Line 27 | Checkable deposits and currency | FA363020005 | 336.3 | -34.0 | 191.9 | 435.3 | -595.9 | -1236.3 | 200.6 | 1743.0 | 60.4 |
| Line 28 | Time and savings deposits | FA363030005 | 3.9 | 0.0 | -20.4 | -21.0 | -21.3 | 10.1 | -4.4 | -47.7 | -39.7 |
| Line 29 | Other deposits | FA313030505 | 3.8 | 10.8 | 13.7 | 9.2 | 2.1 | 18.9 | 11.1 | 10.7 | 14.1 |
| Line 30 | Money market fund shares | FA213034003 | 6.8 | 9.9 | 10.7 | 14.2 | 19.2 | 6.0 | 2.3 | 14.2 | 20.2 |
| Line 31 | Security repurchase agreements | FA362051005 | 11.1 | 8.9 | 11.8 | 39.9 | -22.6 | 32.5 | -11.4 | 38.5 | -12.5 |
| Line 32 | Debt securities | FA364022005 | 76.6 | 106.2 | 76.1 | 57.2 | 69.3 | 239.1 | -86.9 | 270.3 | -117.9 |
| Line 33 | Open market paper | FA213069103 | 3.4 | -0.2 | 32.4 | 21.4 | -20.3 | 92.9 | 55.8 | -30.2 | 11.0 |
| Line 34 | Treasury securities | FA213061103 | 66.3 | 85.4 | 24.4 | 7.4 | 83.4 | 70.3 | -87.5 | 199.4 | -84.7 |
| Line 35 | Agency- and GSE-backed securities | FA363061705 | 7.0 | 11.7 | 11.9 | 26.3 | -10.2 | 39.8 | -28.8 | 64.6 | -27.8 |
| Line 36 | Municipal securities | FA213062003 | 1.7 | 2.4 | 2.0 | 4.5 | -1.3 | 9.1 | -0.7 | 3.7 | -4.0 |
| Line 37 | Corporate and foreign bonds | FA363063005 | -1.8 | 6.9 | 5.4 | -2.5 | 17.7 | 27.0 | -25.8 | 32.7 | -12.4 |
| Line 38 | Loans | FA364023005 | -79.1 | 115.7 | 100.3 | 153.8 | 69.7 | 126.8 | 152.9 | 90.0 | 31.4 |
| Line 39 | Mortgages | FA363065005 | -22.8 | 13.2 | 22.1 | 10.2 | 14.8 | 24.0 | 18.1 | 30.0 | 16.2 |
| Line 40 | Consumer credit | FA313066220 | -25.1 | 55.8 | 63.2 | 82.2 | 14.6 | 63.0 | 86.5 | 71.6 | 31.5 |
| Line 41 | Other loans and advances | FA363069005 | -31.1 | 46.6 | 15.1 | 61.3 | 40.2 | 39.8 | 48.3 | -11.6 | -16.3 |
| Line 42 | Corporate equities | FA363064105 | -19.4 | -22.0 | -5.0 | -6.6 | -27.3 | 48.5 | -68.0 | 16.7 | -17.2 |
| Line 43 | Miscellaneous other equity | FA313081115 | -6.2 | -1.7 | 1.4 | 1.8 | -6.2 | 0.4 | 0.2 | 3.5 | 1.6 |
| Line 44 | Mutual fund shares | FA213064203 | -4.4 | -4.4 | -5.0 | -1.8 | -2.9 | 14.3 | -24.6 | -2.6 | -7.1 |
| Line 45 | Trade receivables | FA363070005 | 32.5 | 18.2 | 34.4 | 43.8 | 21.9 | 45.3 | 50.9 | 18.9 | 22.4 |
| Line 46 | Taxes receivable | FA363078005 | -2.6 | 8.3 | 75.9 | -78.9 | 210.4 | 69.6 | -294.7 | 165.4 | 363.4 |
| Line 47 | Miscellaneous assets | FA213093003 | 14.5 | 10.6 | 9.5 | 32.3 | -18.3 | 26.4 | -9.2 | 31.2 | -10.2 |
| Line 48 | Net increase in liabilities | FA364190005 | 2917.5 | 2492.9 | 2654.4 | 3149.1 | 2430.4 | 1735.1 | 1742.8 | 4723.8 | 2416.2 |
| Line 49 | SDR allocations | FA313111303 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Line 50 | Treasury currency | FA313125003 | 0.3 | 0.1 | 0.4 | 0.2 | 0.1 | 0.2 | 0.1 | 0.5 | 0.7 |
| Line 51 | Other deposits (Postal Savings System deposits) | FA313131003 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Line 52 | Debt securities | FA364122005 | 2405.5 | 2011.6 | 2088.9 | 2662.5 | 1921.4 | 1203.1 | 1208.5 | 4183.8 | 1760.4 |
| Line 53 | Treasury securities | FA313161105 | 2381.6 | 1912.9 | 1930.2 | 2523.9 | 1966.6 | 1056.2 | 921.8 | 3988.7 | 1753.9 |
| Line 54 | Budget agency securities | FA313161705 | 0.4 | 0.3 | 1.4 | 0.2 | 0.8 | 1.0 | 1.8 | 3.7 | -0.7 |
| Line 55 | Municipal securities | FA213162005 | 23.6 | 98.5 | 157.3 | 138.4 | -45.9 | 145.9 | 284.8 | 191.4 | 7.2 |
| Line 56 | Loans | FA364123005 | 231.9 | 227.1 | 370.4 | 306.2 | 416.0 | 1.0 | -436.7 | 972.8 | 944.5 |
| Line 57 | Depository institution loans n.e.c. | FA213168003 | -7.5 | -5.8 | 9.0 | -6.7 | 8.3 | 0.1 | 14.9 | 6.0 | 15.1 |
| Line 58 | Other loans and advances | FA363169005 | 239.4 | 232.9 | 361.4 | 312.9 | 407.7 | 0.9 | -451.6 | 966.8 | 929.4 |
| Line 59 | Multifamily residential mortgages | FA313165403 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Line 60 | Insurance reserves | FA313140003 | 1.3 | 2.2 | 2.6 | 4.2 | 0.8 | 4.5 | 0.3 | 4.9 | 0.5 |
| Line 61 | Trade payables | FA363170005 | 154.3 | 104.3 | 136.4 | 108.9 | 142.1 | 114.6 | 135.0 | 146.5 | 149.5 |
| Line 62 | Miscellaneous liabilities | FA363190005 | 124.1 | 147.6 | 55.8 | 67.0 | -50.0 | 411.7 | 835.7 | -584.8 | -439.5 |
| Line 63 | Discrepancy | FA367005005 | 317.6 | -103.9 | -141.3 | -27.4 | 315.2 | -59.1 | -519.2 | 79.4 | -66.3 |
| Memo: | |||||||||||
| Line 64 | Net acquisition of financial assets (consolidated)4 | FA374090005 | 318.0 | 135.5 | 483.9 | 627.5 | -298.2 | -635.5 | -47.8 | 2161.8 | 457.2 |
| Line 65 | Net increase in liabilities (consolidated)4 | FA374190005 | 2856.8 | 2396.8 | 2643.5 | 3091.6 | 2431.6 | 1696.9 | 1781.4 | 4532.4 | 2563.4 |
Notes:
- Sum of the federal government and state and local governments sectors.
- Railroad Retirement Board, the National Railroad Retirement Investment Trust, and federal government life insurance reserves. Saving transferred to the households and nonprofit organizations sector. Includes value of Treasury and agency- and GSE-backed securities held by state and local government employee pension funds.
- Table F.5, line 63 less line 12.
- Excludes Treasury securities and municipal securities held by state and local governments (lines 34 and 36) and federal government loans to state and local governments (line 58).
Last Update: 2026-03-19