View the PDF of the report here.
The U.S. government is the largest, most diverse, most complex and arguably the most important financial entity in the world. The Department of Treasury, in coordination with the Office of Management and Budget, annually prepares the Financial Report of the United States Government. Included in the report are the government’s balance sheet, liabilities, notes to the financial statements, and management discussion and analysis. The data reported in this Financial State of the Union comes from that report.
Certain material weaknesses in financial reporting and other limitations on the scope of the auditors’ work resulted in a disclaimer of opinion, which means the auditors could not form an opinion on the report. While the U.S. Comptroller General cautions the readers of the Financial Report that amounts reported in the consolidated financial statements and related notes may not be reliable, this Financial Report remains the best information available on the federal government’s financial condition.
Our Financial State of the Union report found that the financial condition of the U.S. government worsened by $4.5 trillion in 2018. The report also breaks down the national debt to a per-Taxpayer Burden, which is each taxpayer's share of the federal government's bills after assets have been tapped.