Financial Audit: Bureau of Public Debt's Fiscal Years 2002 and
2001 Schedules of Federal Debt (01-NOV-02, GAO-03-199).
Because of the significance of the federal debt held by the
public to the consolidated financial statements of the U.S.
government, which GAO is required to audit, GAO audits the Bureau
of the Public Debt's (BPD) Schedules of Federal Debt annually.
This is done to determine whether, in all material respects,
(1)the schedules prepared are reliable, (2) BPD management
maintained effective internal control relevant to the Schedule of
Federal Debt, and (3) BPD complies with selected provisions of
significant laws related to the Schedule of Federal Debt. Federal
debt managed by BPD consists of Treasury securities held by the
public and by certain federal government accounts
(intragovernmental debt holdings). The level of debt held by the
public reflects how much of the nation's wealth has been absorbed
by the federal government to finance prior federal spending in
excess of total federal revenues. Intragovernmental debt holdings
represent balances of Treasury securities held by federal
government accounts, primarily federal trust funds such as Social
Security, that typically have an obligation to invest their
excess annual receipts over disbursements in federal securities.
-------------------------Indexing Terms-------------------------
REPORTNUM: GAO-03-199
ACCNO: A05441
TITLE: Financial Audit: Bureau of Public Debt's Fiscal Years
2002 and 2001 Schedules of Federal Debt
DATE: 11/01/2002
SUBJECT: Debt held by public
Federal debt
Financial statement audits
Public debt
Bureau of the Public Debt Schedule of
Federal Debt
Government Securities Investment Fund
Medicaid Program
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GAO-03-199
A
Report to the Secretary of the Treasury
November 2002 FINANCIAL AUDIT Bureau of the Public Debt*s Fiscal Years
2002 and 2001 Schedules of Federal Debt
GAO- 03- 199
Lett er
November 1, 2002 The Honorable Paul H. O*Neill The Secretary of the
Treasury Dear Mr. Secretary: The accompanying auditor*s report presents
the results of our audits of the Schedules of Federal Debt Managed by the
Bureau of the Public Debt for the fiscal years ended September 30, 2002
and 2001. The Schedules of Federal Debt present the beginning balances,
increases and decreases, and ending balances for (1) Federal Debt Held by
the Public and Intragovernmental Debt Holdings, (2) the related Accrued
Interest Payables, and (3) the related Net Unamortized Premiums and
Discounts
managed by the bureau. 1 The auditor*s report contains our (1) opinion on
the Schedules of Federal Debt for the fiscal years ended September 30,
2002 and 2001, (2) opinion on the effectiveness of related internal
control as of September 30, 2002, (3) conclusion on the bureau's
compliance in fiscal year 2002 with laws we tested, and (4) conclusion on
the consistency between information in the Schedules of Federal Debt and
the Overview on Federal Debt Managed by the Bureau of the Public Debt.
As of September 30, 2002 and 2001, federal debt managed by the bureau
totaled about $6,213 billion and $5,792 billion, respectively, for moneys
borrowed to fund the government*s operations. As shown on the Schedules
of Federal Debt, these balances consisted of approximately (1) $3, 553
billion as of September 30, 2002, and $3,339 billion as of September 30,
2001, of debt held by the public and about (2) $2, 660 billion
as of September 30, 2002, and $2,453 billion as of September 30, 2001, of
intragovernmental debt holdings. The level of debt held by the public
reflects how much of the nation*s wealth has been absorbed by the federal
government to finance prior federal spending in excess of total federal
revenues. It best represents the
cumulative effect of past federal borrowing on today*s economy and the
federal budget. To finance a cash deficit, the government borrows from the
1 Intragovernmental Debt Holdings represent federal debt issued by
Treasury and held by certain federal government accounts, such as the
Social Security and Medicare trust funds.
public. When a cash surplus occurs, the annual excess funds can then be
used to reduce debt held by the public. In other words, cash deficits or
surpluses generally approximate the annual net change in the amount of
government borrowing from the public.
Cash surpluses during fiscal years 1998 through 2001 enabled Treasury to
reduce debt held by the public by $476 billion, from $3,815 billion as of
September 30, 1997, to $3, 339 billion as of September 30, 2001. Treasury
reduced this debt by redeeming maturing debt, reducing the number of
auctions and size of new debt issues, conducting *buybacks* of debt before
its maturity date, and redeeming callable securities when the
opportunities arose. 2 However, because of the return to a deficit, in
fiscal year 2002, debt held by the public increased by $214 billion.
Notwithstanding the increase in fiscal year 2002, debt held by the public
as a percentage of total federal debt has decreased from approximately 71
percent as of September 30, 1997, to approximately 57 percent as of
September 30, 2002.
Intragovernmental debt holdings represent balances of Treasury securities
held by federal government accounts, primarily federal trust funds, that
typically have an obligation to invest their excess annual receipts over
disbursements in federal securities. Most federal trust funds invest in
special U. S. Treasury securities that are guaranteed for principal and
interest by the full faith and credit of the U. S. government. These
securities are nonmarketable; however, they represent a priority call on
future budgetary resources. Certain of these trust funds, such as the
Social Security and federal civilian employee and military retirement
trust funds,
have been running cash surpluses, which are loaned to the Treasury and
reduce the current need for the government to borrow from the public.
Primarily as a result of such trust fund surpluses, intragovernmental debt
holdings have increased by approximately $1, 077 billion during fiscal
years 1998 through 2002, from $1,583 billion as of September 30, 1997, to
$2, 660 billion as of September 30, 2002, with about $207 billion of this
increase occurring in fiscal year 2002. Intragovernmental debt holdings as
a percentage of total federal debt have increased from approximately 29
percent as of September 30, 1997, to approximately 43 percent as of
September 30, 2002. 2 During this period, Treasury eliminated the 3- year
note and the 52- week bill. On October 31, 2001, Treasury suspended
issuance of the 30- year bond.
The transactions relating to the use of the federal government accounts*
surpluses net out on the government*s consolidated financial statements
because, in effect, they represent loans from one part of the government
to another. Importantly, these intragovernmental debt holdings also
constitute future obligations of the Treasury since the Treasury must
provide cash to redeem these securities in order for the individual
accounts to pay their benefits or other obligations as they come due. When
this occurs, if sufficient cash surpluses are not available to redeem the
securities, the government would either need to increase borrowing from
the public, raise future taxes, reduce future spending, retire less debt
(if the budget as a whole is in surplus), or some combination thereof.
While both are important, debt held by the public and intragovernmental
debt holdings are very different. Debt held by the public approximates the
federal government*s competition with other sectors in the credit markets.
Federal borrowing absorbs resources available for private investment and
may put upward pressure on interest rates. In addition, interest on debt
held by the public is paid in cash and represents a burden on current
taxpayers. It reflects the amount the government pays to its outside
creditors. In contrast, intragovernmental debt holdings perform an
accounting function but typically do not require cash payments from the
current budget or represent a burden on the current economy. In addition,
from the perspective of the budget as a whole, interest payments to the
federal government accounts by the Treasury are entirely offset by the
income received by such accounts* in effect, one part of the government
pays the interest and another part receives it. This intragovernmental
debt and the interest on it represents a claim on future resources and
hence a burden on future taxpayers and the future economy. However, these
intragovernmental debt holdings may not fully reflect the government*s
total future commitment to trust fund financed programs. They primarily
represent the cumulative cash surpluses of those trust funds and also
reflect future priority claims on the U. S. Treasury. They do not have the
current economic effects of borrowing from the public and do not currently
compete with the private sector for available funds in the credit markets.
However, when trust funds redeem Treasury securities to obtain cash to
fund expenditures, and Treasury borrows from the public to finance these
redemptions, there is competition with the private sector and thus an
effect on the economy. During fiscal year 2002, Treasury faced the
challenge of managing the debt
within the statutory debt limit as a result of an earlier- than-
anticipated return to deficits. Treasury twice from April 4 to April 16
and from May 16
to June 28 announced debt issuance suspension periods that required it to
depart from its normal debt management procedures and to invoke legal
authorities provided to avoid breaching the debt limit. Actions taken by
Treasury included suspending investment of receipts of the Government
Securities Investment Fund (G- Fund) of the federal employees* Thrift
Savings Plan and the Civil Service Retirement and Disability Trust Fund
(Civil Service fund), redeeming Civil Service fund securities early,
suspending the sales of State and Local Government Series nonmarketable
Treasury securities, and recalling compensating balances held at some
commercial banks. In addition, because the debt subject to the limit was
so close to the ceiling during these periods, Treasury turned to issuing
bills with maturity dates of 19 days or less to manage short- term
financing needs. On June 28, 2002, legislation was enacted to raise the
statutory debt
limit by $450 billion to $6.4 trillion. Subsequently, Treasury restored
all losses to the G- Fund and Civil Service fund. Current projections are
that this new debt limit will be reached in fiscal year 2003. Today the
challenges of combating terrorism and ensuring homeland security have come
to the forefront as urgent claims on the federal budget. While there are
indications that a modest economic recovery may be under way, the
recession of 2001 has had real consequences for the budget. At the same
time, the known long- term fiscal pressures created by the retirement of
the baby boom generation and rising health care costs remain the same.
Absent substantive reform of federal entitlement programs, a rapid
escalation of federal spending for Social Security, Medicare, and Medicaid
beginning less than 10 years from now is virtually certain to overwhelm
the rest of the federal budget. Indeed, the current weak economy coupled
with various tax and spending decisions have resulted in debt held by the
public as a percentage of the annual size of the U. S. economy increasing
in 2002 for the first time since 1993. Ultimately, restoring our long-
term fiscal flexibility and preventing debt held by the public from rising
to unsustainable levels will involve reforming existing federal
entitlement programs and promoting the saving and investment necessary for
robust
long- term economic growth. Correspondingly, the task of addressing
today*s compelling national needs without unduly exacerbating the
longrange fiscal challenge has become much more difficult.
We are sending copies of this report to the Chairmen and Ranking Minority
Members of the Senate Committee on Appropriations; the Senate Committee on
Governmental Affairs; the Senate Committee on the Budget; the Subcommittee
on Treasury and General Government, Senate
Committee on Appropriations; the House Committee on Appropriations; the
House Committee on Government Reform; the House Committee on the Budget;
the Subcommittee on Treasury, Postal Service, and General Government,
House Committee on Appropriations; and the Subcommittee on Government
Efficiency, Financial Management and Intergovernmental Relations, House
Committee on Government Reform. We are also sending
copies of this report to the Commissioner of the Bureau of the Public
Debt, the Inspector General of the Department of the Treasury, the
Director of the Office of Management and Budget, and other agency
officials. In addition, the report will be available at no charge on the
GAO Web site at
http:// www. gao. gov. If I can be of further assistance, please call me
at (202) 512- 5500. This report was prepared under the direction of Gary
T. Engel, Director, Financial Management and Assurance. Should you or
members of your staff have any questions concerning this report, please
contact Mr. Engel at (202) 512- 3406. Another key contact and staff
acknowledgments are
provided in appendix II. Sincerely yours,
David M. Walker Comptroller General of the United States
Audi Report t or* s To the Commissioner of the Bureau of the Public Debt
In connection with fulfilling our requirement to audit the financial
statements of the U. S. government, we audited the Schedules of Federal
Debt Managed by the Bureau of the Public Debt (BPD) because of the
significance of the federal debt to the federal government*s financial
statements. 3 This auditor*s report presents the results of our audits of
the Schedules of Federal Debt Managed by BPD for the fiscal years ended
September 30,
2002 and 2001. The Schedules of Federal Debt present the beginning
balances, increases and decreases, and ending balances for (1) Federal
Debt Held by the Public and Intragovernmental Debt Holdings, (2) the
related Accrued Interest Payables, and (3) the related Net Unamortized
Premiums and Discounts managed by BPD. 4 In our audits of the Schedules of
Federal Debt for the fiscal years ended September 30, 2002 and 2001, we
found the following:
the Schedules of Federal Debt are presented fairly, in all material
respects, in conformity with U. S. generally accepted accounting
principles;
BPD had effective internal control over financial reporting and
compliance with laws and regulations related to the Schedule of Federal
Debt as of September 30, 2002; and
no reportable noncompliance in fiscal year 2002 with laws we tested. The
following sections discuss, in more detail, (1) these conclusions and our
conclusion on the Overview on Federal Debt Managed by the Bureau of the
Public Debt and (2) the scope of our audits.
3 31 U. S. C. 331( e) (2000). 4 Intragovernmental Debt Holdings represent
federal debt issued by Treasury and held by certain federal government
accounts, such as the Social Security and Medicare trust funds.
Opinion on Schedules The Schedules of Federal Debt including the
accompanying notes present of Federal Debt
fairly, in all material respects, in conformity with U. S. generally
accepted accounting principles, the balances as of September 30, 2002,
2001, and 2000, for Federal Debt Managed by BPD; the related Accrued
Interest Payables and Net Unamortized Premiums and Discounts; and the
related increases and decreases for the fiscal years ended September 30,
2002 and
2001. Opinion on Internal BPD maintained, in all material respects,
effective internal control relevant Control
to the Schedule of Federal Debt related to financial reporting and
compliance with applicable laws and regulations as of September 30, 2002.
The internal control provided reasonable assurance that misstatements,
losses, or noncompliance material in relation to the Schedule of Federal
Debt for the fiscal year ended September 30, 2002, would be prevented or
detected on a timely basis. Our opinion is based on criteria established
under 31 U. S. C. 3512( c), (d) (commonly referred to as the Federal
Managers' Financial Integrity Act) and the Office of Management and Budget
(OMB) Circular A- 123, Management Accountability and Control.
We found matters involving computer controls that we do not consider to be
reportable conditions. 5 We will communicate these matters to BPD's
management, along with our recommendations for improvement, in a separate
letter to be issued at a later date. Compliance with Laws
Our tests in fiscal year 2002 disclosed no instances of noncompliance with
and Regulations selected provisions of laws that would be reportable under
U. S. generally accepted government auditing standards or OMB audit
guidance.
However, the objective of our audit of the Schedule of Federal Debt for
the fiscal year ended September 30, 2002, was not to provide an opinion on
overall compliance with laws and regulations. Accordingly, we do not
express such an opinion.
5 Reportable conditions are matters coming to our attention that, in our
judgment, should be communicated because they represent significant
deficiencies in the design or operation of internal control, which could
adversely affect the organization*s ability to meet the internal control
objectives described in the Objectives, Scope, and Methodology section of
this report.
Consistency of Other BPD*s Overview on Federal Debt Managed by the Bureau
of the Public Debt
Information contains information, some of which is not directly related to
the
Schedules of Federal Debt. We do not express an opinion on this
information. However, we compared this information for consistency with
the schedules and discussed the methods of measurement and presentation
with BPD officials. Based on this limited work, we found no material
inconsistencies with the schedules.
Objectives, Scope, and Management is responsible for the following:
Methodology
preparing the Schedules of Federal Debt in conformity with U. S.
generally accepted accounting principles;
establishing, maintaining, and assessing internal control to provide
reasonable assurance that the broad control objectives of the Federal
Managers* Financial Integrity Act are met; and
complying with applicable laws and regulations. We are responsible for
obtaining reasonable assurance about whether (1) the Schedules of Federal
Debt are presented fairly, in all material respects, in conformity with U.
S. generally accepted accounting principles and (2) management maintained
effective related internal control as of
September 30, 2002, the objectives of which are the following: Financial
reporting: Transactions are properly recorded, processed, and summarized
to permit the preparation of the Schedule of Federal Debt for the fiscal
year ended September 30, 2002, in conformity with U. S. generally accepted
accounting principles. Compliance with laws and regulations:
Transactions related to the Schedule of Federal Debt for the fiscal year
ended September 30, 2002, are executed in accordance with laws governing
the use of budget authority and with other laws and regulations that could
have a direct and material effect on the Schedule of Federal Debt. We are
also responsible for testing compliance with selected provisions of
laws and regulations that have a direct and material effect on the
Schedule of Federal Debt. Further, we are responsible for performing
limited
procedures with respect to certain other information appearing with the
Schedules of Federal Debt.
In order to fulfill these responsibilities, we examined, on a test
basis, evidence supporting the amounts and disclosures in the Schedules of
Federal Debt;
assessed the accounting principles used and any significant estimates
made by management;
evaluated the overall presentation of the Schedules of Federal Debt;
obtained an understanding of internal control relevant to the Schedule
of Federal Debt as of September 30, 2002, related to financial reporting
and compliance with laws and regulations (including execution of
transactions in accordance with budget authority);
tested relevant internal controls over financial reporting and
compliance, and evaluated the design and operating effectiveness of
internal control related to the Schedule of Federal Debt as of
September 30, 2002;
considered the process for evaluating and reporting on internal control
and financial management systems under the Federal Managers* Financial
Integrity Act; and
tested compliance in fiscal year 2002 with selected provisions of the
following laws: statutory debt limit (31 U. S. C. 3101( b), as amended),
suspension and early redemption of investments from the Civil Service
Retirement and Disability Trust Fund (5 U. S. C. 8348( j)( k)), and
suspension of investments from the G- Fund (5 U. S. C. 8438( g)).
We did not evaluate all internal controls relevant to operating objectives
as broadly described by the Federal Managers' Financial Integrity Act,
such as those controls relevant to preparing statistical reports and
ensuring efficient operations. We limited our internal control testing to
controls over financial reporting and compliance. Because of inherent
limitations in internal control, misstatements due to error or fraud,
losses, or noncompliance may nevertheless occur and not be detected. We
also caution that projecting our evaluation to future periods is subject
to the
risk that controls may become inadequate because of changes in conditions
or that the degree of compliance with controls may deteriorate.
We did not test compliance with all laws and regulations applicable to
BPD. We limited our tests of compliance to selected provisions of laws and
regulations that have a direct and material effect on the Schedule of
Federal Debt for the fiscal year ended September 30, 2002. We caution that
noncompliance may occur and not be detected by these tests and that such
testing may not be sufficient for other purposes. We performed our work in
accordance with U. S. generally accepted government auditing standards and
applicable OMB audit guidance.
Agency Comments In commenting on a draft of this report, BPD concurred
with the facts and conclusions in our report. The comments are reprinted
in appendix I.
David M. Walker Comptroller General of the United States
October 24, 2002
Overview, Schedules, and Notes
Overview on Federal Debt Managed by the Bureau of the Public Debt
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Appendi xes Comments from the Bureau of the Public
Appendi x I Debt
Appendi x II
GAO Contact and Staff Acknowledgments GAO Contact Louise DiBenedetto,
(202) 512- 6921 Acknowledgments In addition to the individual named above,
William E. Boutboul, Dawn B.
Simpson, Dean D. Carpenter, Dennis L. Clarke, Chau L. Dinh, Bronwyn E.
Hughes, Gina K. Ross, and LaShawnda K. Wilson made key contributions to
this report.
(198099)
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responsibilities and to help improve the performance and accountability of
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a
GAO United States General Accounting Office
In GAO*s opinion, in all material respects, BPD*s Schedules of Federal
Debt for fiscal years 2002 and 2001 were reliable and BPD maintained
effective internal control related to the Schedule of Federal Debt as of
September 30, 2002. GAO also found no instances of noncompliance in fiscal
year 2002 with selected provisions of the statutory debt limit and debt
issuance suspension period laws we tested.
As of September 30, 2002 and 2001, federal debt managed by BPD totaled
about $6,213 billion and $5, 792 billion, respectively. For the first time
since fiscal year 1993, as a result of the current weak economy coupled
with various tax and spending decisions, debt held by the public as a
percentage of the annual size of the U. S. economy increased. Further,
certain trust funds continue to run cash surpluses, resulting in increased
intragovernmental debt holdings. These debt holdings represent a priority
call on future budgetary resources. During fiscal year 2002, two debt
issuance suspension periods were invoked to avoid breaching the statutory
debt limit. On June 28, 2002, legislation was enacted to raise the debt
limit by $450 billion to $6. 4 trillion. Current projections are that this
new limit will be reached in fiscal year 2003.
As shown below, total federal debt increased each year over the last 4
years. Debt held by the public decreased as a result of cash surpluses for
the 3 fiscal years ended September 30, 2001, but increased during fiscal
year 2002, with the return to a deficit. Intragovernmental debt holdings
steadily increased during this 4 year period primarily due to excess
receipts over disbursements in federal trust funds.
$3,761 $1,750
$3,668 $1,973
$3,439 $2,220
$3,339 $2,453
$3,553 $2,660
1998 1999 2000 2001 2002 As of September 30 Total Gross Federal Debt
Outstanding
(in billions)
Held by the Public Intragovernmental Debt Holdings
$5,511 $5,641 $5,659 $5,792 $6,213
Source: BPD.
FINANCIAL AUDIT
Bureau of the Public Debt*s Fiscal Years 2002 and 2001 Schedules of
Federal Debt
www. gao. gov/ cgi- bin/ getrpt? GAO- 03- 199. For a fuller understanding
of GAO*s opinion on BPD*s fiscal years 2002 and 2001 Schedules of Federal
Debt, readers should refer to the complete audit report, available by
clicking the link above, which includes information on audit objectives,
scope, and methodology. For additional information, contact Gary T. Engel
(202- 512- 3406). Highlights of GAO- 03- 199, a report to the
Secretary of the Treasury
Because of the significance of the federal debt held by the public to the
consolidated financial statements of the U. S. government, which GAO is
required to audit, GAO audits the Bureau of the Public Debt*s (BPD)
Schedules of Federal Debt annually. This is done to determine whether, in
all material respects, (1) the schedules prepared are reliable, (2) BPD
management maintained effective internal control relevant to the Schedule
of Federal Debt, and (3) BPD complies with selected provisions of
significant laws related to the Schedule of Federal Debt.
Federal debt managed by BPD consists of Treasury securities held by the
public and by certain federal government accounts (intragovernmental debt
holdings). The level of debt held by the public reflects how much of the
nation*s wealth has been absorbed by the federal government to finance
prior federal spending in excess of total federal revenues.
Intragovernmental debt holdings represent balances of Treasury securities
held by federal government accounts, primarily federal trust funds such as
Social Security, that typically have an obligation to invest their excess
annual receipts over disbursements in federal securities.
Page i GAO- 03- 199 Schedules of Federal Debt
Contents Letter 1 Auditor*s Report 6
Opinion on Schedules of Federal Debt 7 Opinion on Internal Control 7
Compliance with Laws and Regulations 7 Consistency of Other Information 8
Objectives, Scope, and Methodology 8 Agency Comments 10
Overview, Schedules, and Notes
12 Overview on Federal Debt Managed by the Bureau of the Public
Debt 12 Schedules of Federal Debt 19 Notes to the Schedules of Federal
Debt 20
Appendixes
Appendix I: Comments from the Bureau of the Public Debt 26
Appendix II: GAO Contact and Staff Acknowledgments 27 GAO Contact 27
Acknowledgments 27
Abbreviations
BPD Bureau of the Public Debt OMB Office of Management and Budget
Page 1 GAO- 03- 199 Schedules of Federal Debt United States General
Accounting Office
Washington, D. C. 20548 Comptroller General
of the United States A
Page 2 GAO- 03- 199 Schedules of Federal Debt
Page 3 GAO- 03- 199 Schedules of Federal Debt
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Page 5 GAO- 03- 199 Schedules of Federal Debt
Page 6 GAO- 03- 199 Schedules of Federal Debt United States General
Accounting Office
Washington, D. C. 20548 Comptroller General
of the United States A
Page 7 GAO- 03- 199 Schedules of Federal Debt
Page 8 GAO- 03- 199 Schedules of Federal Debt
Page 9 GAO- 03- 199 Schedules of Federal Debt
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Page 12 GAO- 03- 199 Schedules of Federal Debt
Overview, Schedules, and Notes Page 13 GAO- 03- 199 Schedules of Federal
Debt
Overview, Schedules, and Notes Page 14 GAO- 03- 199 Schedules of Federal
Debt
Overview, Schedules, and Notes Page 15 GAO- 03- 199 Schedules of Federal
Debt
Overview, Schedules, and Notes Page 16 GAO- 03- 199 Schedules of Federal
Debt
Overview, Schedules, and Notes Page 17 GAO- 03- 199 Schedules of Federal
Debt
Overview, Schedules, and Notes Page 18 GAO- 03- 199 Schedules of Federal
Debt
Overview, Schedules, and Notes Page 19 GAO- 03- 199 Schedules of Federal
Debt
Overview, Schedules, and Notes Page 20 GAO- 03- 199 Schedules of Federal
Debt
Overview, Schedules, and Notes Page 21 GAO- 03- 199 Schedules of Federal
Debt
Overview, Schedules, and Notes Page 22 GAO- 03- 199 Schedules of Federal
Debt
Overview, Schedules, and Notes Page 23 GAO- 03- 199 Schedules of Federal
Debt
Overview, Schedules, and Notes Page 24 GAO- 03- 199 Schedules of Federal
Debt
Overview, Schedules, and Notes Page 25 GAO- 03- 199 Schedules of Federal
Debt
Page 26 GAO- 03- 199 Schedules of Federal Debt
Appendix I
Page 27 GAO- 03- 199 Schedules of Federal Debt
Appendix II
United States General Accounting Office Washington, D. C. 20548- 0001
Official Business Penalty for Private Use $300
Address Service Requested Presorted Standard
Postage & Fees Paid GAO Permit No. GI00
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