WASHINGTON — The U.S. Department of the Treasury, in consultation with the Office of Management and Budget, released the fiscal year 2021 (FY 2021) Financial Report of the U.S. Government today. The report presents the government’s current financial position and condition and discusses key financial topics and trends. This Financial Report includes discussion and analysis of the significant impact that the federal government’s response to the COVID-19 pandemic had on the government’s financial position during FY 2021. The first audited Financial Report covered FY 1997, making the FY 2021 Financial Report the 25th edition of this important vehicle for federal accountability and transparency.
The federal government’s fiscal picture is rapidly improving as the economy continues to recover from the COVID-19 pandemic. Following the end of the fiscal year reflected in this report, FY 2022 deficits to date have fallen relative to the same period last year. The Biden-Harris Administration’s upcoming Budget of the United States Government for fiscal year 2023 will reflect the results of Administration policies which are expected to further reduce deficits in the long-term.