"The U.S. government's consolidated balance sheet position deteriorated by nearly $2.07 trillion between FY 2024 and FY 2025, reaching a staggering negative $41.72 trillion."
"The 75-year unfunded social insurance obligation surged by $10.1 trillion in a single year, rising from $78.3 trillion in FY 2024 to $88.4 trillion in FY 2025."
"If the $88.4 trillion in 75-year off-balance-sheet obligations were added to the $47.8 trillion in official balance sheet liabilities, total federal obligations would now exceed $136.2 trillion."
"The Government Accountability Office (GAO) issued a disclaimer of opinion on the U.S. government's FY 2025 financial statements - the 29th consecutive year it has been unable to provide an opinion."
The U.S. government's financial position is dire, with total liabilities of $47.78 trillion against assets of $6.06 trillion as of September 30, 2025. Excluding off-balance-sheet obligations, the negative balance reached $41.72 trillion. Unfunded social insurance obligations surged to $88.4 trillion, driven by Medicare and Social Security increases. Total federal obligations exceed $136.2 trillion when including these off-balance-sheet liabilities, highlighting a significant fiscal gap. The GAO has issued a disclaimer on the government's financial statements for the 29th consecutive year.
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