§3130 Annual Public Debt Report

Summary

On or before June 1 of each year after 1993, the Treasury Secretary must send a report to the House Ways and Means Committee and the Senate Finance Committee. The report must show tables and projections about total public debt and net public debt for past years and for the end of the current fiscal year and the next 5 fiscal years using the executive branch’s most recent current‑services baseline. It must show debt‑to‑GDP ratios, interest costs and interest‑to‑outlay ratios for net debt, the maturity mix of net debt and the financing strategy (with interest‑rate assumptions for the current and next 5 years), who holds the debt and their shares, how federally assisted borrowing compares to total federal borrowing, and an amortization table showing equal annual payments to retire the net debt over the longest remaining term. The report must also include Federal Financing Bank activity (loan payments, prepayments, and lending levels and categories) for the current and prior fiscal years. The Treasury Secretary may add recommendations to improve debt issuance or other matters. Definitions: current fiscal year = the fiscal year that ends in the calendar year the report is sent. Total public debt = obligations subject to the public debt limit. Net public debt = the part of total debt held by the public. Debt‑to‑GDP ratio = debt divided by gross domestic product. Interest‑cost‑to‑outlay ratio = interest on net debt divided by total Federal outlays for the year.