Title 31 — Money and FinanceRelease 119-73not60

§3130 Annual Public Debt Report

Title 31 › Subtitle SUBTITLE III— FINANCIAL MANAGEMENT › Chapter 31— PUBLIC DEBT › Subchapter II— ADMINISTRATIVE › § 3130

Last updated Apr 5, 2026|Official source

Summary

Each year by June 1 (after 1993), the Secretary of the Treasury must send a report to the House Ways and Means Committee and the Senate Finance Committee. The report must describe Treasury’s public debt actions and how the Federal Financing Bank operated. It must include tables that show past and projected levels of total public debt and net public debt at the end of the current fiscal year and for the next five fiscal years using the executive branch’s latest current-services baseline. The report must also show past and projected debt-to-GDP ratios, interest costs on net public debt, interest-cost-to-outlay ratios, the maturity breakdown of net debt and the overall borrowing plan with interest-rate assumptions for this year and the next five years, who holds the debt and their shares, how federally assisted borrowing compares to total federal borrowing, and the equal annual principal-plus-interest payment needed to pay off the current net public debt over the longest remaining maturity. It must include Federal Financing Bank loan payments, prepayments, and lending levels and types for the current and prior fiscal years. The Secretary may add recommendations to improve debt issuance and sales. Current fiscal year: the fiscal year that ends in the calendar year the report is sent. Total public debt: the full amount of obligations that count toward the federal public debt limit. Net public debt: the portion of total public debt held by the public. Debt to GDP ratio: debt divided by gross domestic product, shown as a percentage. Interest cost to outlay ratio: interest on net public debt divided by total federal spending, shown as a percentage.

Full Legal Text

Title 31, §3130

Money and Finance — Source: USLM XML via OLRC

(a)On or before June 1 of each calendar year after 1993, the Secretary of the Treasury shall submit a report to the Committee on Ways and Means of the House of Representatives and the Committee on Finance of the Senate on—

(1)the Treasury’s public debt activities, and

(2)the operations of the Federal Financing Bank.

(b)Each report submitted under subsection (a) shall include the following information:

(1)A table showing the following information with respect to the total public debt:

(A)The past levels of such debt and the projected levels of such debt as of the close of the current fiscal year and as of the close of the next 5 fiscal years under the most recent current services baseline projection of the executive branch.

(B)The past debt to GDP ratios and the projected debt to GDP ratios as of the close of the current fiscal year and as of the close of the next 5 fiscal years under such most recent current services baseline projection.

(2)A table showing the following information with respect to the net public debt:

(C)The interest cost on such debt for prior fiscal years and the projected interest cost on such debt for the current fiscal year and for the next 5 fiscal years under such most recent current services baseline projection.

(D)The interest cost to outlay ratios for prior fiscal years and the projected interest cost to outlay ratios for the current fiscal year and for the next 5 fiscal years under such most recent current services baseline projection.

(3)A table showing the maturity distribution of the net public debt as of the time the report is submitted and for prior years, and an explanation of the overall financing strategy used in determining the distribution of maturities when issuing public debt obligations, including a discussion of the projections and assumptions with respect to the structure of interest rates for the current fiscal year and for the succeeding 5 fiscal years.

(4)A table showing the following information as of the time the report is submitted and for prior years:

(A)A description of the various categories of the holders of public debt obligations.

(B)The portions of the total public debt held by each of such categories.

(5)A table showing the relationship of federally assisted borrowing to total Federal borrowing as of the time the report is submitted and for prior years.

(6)A table showing the annual principal and interest payments which would be required to amortize in equal annual payments the level (as of the time the report is submitted) of the net public debt over the longest remaining term to maturity of any obligation which is a part of such debt.

(c)Each report submitted under subsection (a) shall include (but not be limited to) information on the financial operations of the Federal Financing Bank, including loan payments and prepayments, and on the levels and categories of the lending activities of the Federal Financing Bank, for the current fiscal year and for prior fiscal years.

(d)The Secretary of the Treasury may include in any report submitted under subsection (a) such recommendations to improve the issuance and sale of public debt obligations (and with respect to other matters) as he may deem advisable.

(e)For purposes of this section—

(1)The term “current fiscal year” means the fiscal year ending in the calendar year in which the report is submitted.

(2)The term “total public debt” means the total amount of the obligations subject to the public debt limit established in section 3101 of this title.

(3)The term “net public debt” means the portion of the total public debt which is held by the public.

(4)The term “debt to GDP ratio” means the percentage obtained by dividing the level of the total public debt or net public debt, as the case may be, by the gross domestic product.

(5)The term “interest cost to outlay ratio” means, with respect to any fiscal year, the percentage obtained by dividing the interest cost for such fiscal year on the net public debt by the total amount of Federal outlays for such fiscal year.

Reference

Citations & Metadata

Citation

31 U.S.C. § 3130

Title 31 — Money and Finance

Last Updated

Apr 5, 2026

Release point: 119-73not60