|(In billions of dollars)||
Balance September 30, 2009
Net Change During Fiscal Year 2010
Balance September 30, 2010
Average Interest Rate
|Treasury securities (public):|
|Treasury inflation-protected securities (TIPS)||551.3||42.3||593.6||2.2%||2.1%|
|Total marketable Treasury securities||6,988.0||1,487.9||8,475.9|
|Net unamortized premium/ (discounts)||(33.9)||-||(33.9)|
|Total Treasury securities, net (public)||7,518.0||1,470.9||8,988.9|
|Tennessee Valley Authority||22.6||0.8||23.4|
|All other agencies||0.4||(0.1)||0.3|
|Total agency securities, net of unamortized premiums and discounts||23.0||0.7||23.7|
|Accrued interest payable||41.7||5.7||47.4|
|Total Federal debt securities held by the public and accrued interest||7,582.7||1,477.3||9,060.0|
Types of marketable securities:
Bills—Short-term obligations issued with a term of 1 year or less.
Notes—Medium-term obligations issued with a term of at least 1 year, but not more than 10 years.
Bond—Long-term obligations of more than 10 years.
TIPS—Term of more than 5 years.
Federal debt securities held by the public outside the Government are held by individuals, corporations, State or local governments, FRBs, foreign governments, and central banks. The above table details Government borrowing primarily to finance operations and shows marketable and nonmarketable securities at face value less net unamortized discounts including accrued interest.
Securities that represent Federal debt held by the public are issued primarily by the Treasury and include:
Section 3111 of Title 31, United States Code (U.S.C.) authorizes the Secretary of the Treasury to use money received from the sale of an obligation and other money in the General Fund of the Treasury to buy, redeem, or refund, at or before maturity, outstanding bonds, notes, certificates of indebtedness, Treasury bills, or savings certificates of the Government. There were no buyback operations in fiscal years 2010 and 2009.
Gross Federal debt (with some adjustments) is subject to a statutory ceiling (i.e., the debt limit). Prior to 1917, the Congress approved each debt issuance. In 1917, to facilitate planning in World War I, Congress established a dollar ceiling for Federal borrowing. On December 28, 2009, Public Law 111-123 was enacted, which increased the statutory debt limit to $12,394.0 billion. On February 12, 2010, Public Law 111-139 was enacted, which increased the statutory debt limit to $14,294.0 billion. As of September 30, 2010, and 2009, respectively, debt outstanding was $13,510.8 billion and $11,853.1 billion. The debt subject to the limit includes Treasury securities held by the public and Government guaranteed debt of Federal agencies (shown in the table above) and intragovernmental debt holdings (shown in the following table).
|(In billions of dollars)||
|Social Security Administration, Federal Old-Age and Survivors Insurance Trust Fund||2,296.3||102.8||2,399.1|
|Office of Personnel Management, Civil Service Retirement and Disability Fund||754.2||26.2||780.4|
|Department of Defense, Military Retirement Fund||240.8||41.2||282.0|
|Department of Health and Human Services, Federal Hospital Insurance Trust Fund||309.7||(30.2)||279.5|
|Social Security Administration, Federal Disability Insurance Trust Fund||207.9||(20.7)||187.2|
|Department of Defense, Medicare-Eligible Retiree Health Care Fund||126.8||15.5||142.3|
|Department of Health and Human Services, Federal Supplementary Medical Insurance Trust Fund||61.8||9.2||71.0|
|Department of Energy, Nuclear Waste Disposal||44.6||3.0||47.6|
|Federal Deposit Insurance Corporation Funds||26.4||20.6||47.0|
|Office of Personnel Management, Postal Service Retiree Health Benefits Fund||35.1||7.0||42.1|
|Office of Personnel Management, Employees Life Insurance Fund||36.1||1.5||37.6|
|Department of Transportation, Highway Trust Fund||11.5||13.0||24.5|
|Department of the Treasury, Exchange Stabilization Fund||18.6||1.8||20.4|
|Pension Benefit Guaranty Corporation Fund||17.5||2.4||19.9|
|Department of Labor, Unemployment Trust Fund||19.6||(0.9)||18.7|
|Office of Personnel Management, Employees Health Benefits Fund||15.4||0.8||16.2|
|Department of State, Foreign Service Retirement and Disability Fund||15.3||0.6||15.9|
|Housing and Urban Development, Federal Housing Authority- Liquidating Account||10.7||(6.5)||4.2|
|All other programs and funds||109.1||(6.4)||102.7|
|Unamortized net (discounts)/premiums||33.9||4.5||38.4|
|Total intragovernmental debt holdings, net||4,391.3||185.4||4,576.7|
Intragovernmental debt holdings represent the portion of the gross Federal debt held as investments by Government entities such as trust funds, revolving funds, and special funds. This includes trust funds that are earmarked funds. For more information on earmarked funds, see Note 24-Earmarked Funds. These intragovernmental debt holdings are eliminated in the consolidation of these financial statements.