Social Security: The Trust Funds

August 11, 2005 – May 23, 2024 RL33028

Social Security: The Trust Funds
Updated May 23, 2024
Congressional Research Service
https://crsreports.congress.gov
RL33028

Social Security: The Trust Funds

Summary
The Social Security program pays monthly cash benefits to retired or disabled workers and their
family members and to the family members of deceased workers. Program income and outgo are
accounted for in two separate trust funds authorized under Title II of the Social Security Act: the
Federal Old-Age and Survivors Insurance (OASI) Trust Fund and the Federal Disability
Insurance (DI) Trust Fund. Projections show the OASI fund remaining solvent until 2033,
whereas the DI fund is projected to remain solvent throughout the 75-year projection period (i.e.,
2098), meaning that each trust fund is projected to be able to pay benefits scheduled under current
law in full and on time up to that point. Following the depletion of OASI trust fund reserves (in
2033), continuing income is projected to cover about three-fourths of OASI scheduled benefits
for the remainder of the projection period. The two trust funds are legally distinct and do not have
authority to borrow from each other. However, Congress has authorized the shifting of funds
between OASI and DI in the past to address shortfalls in a particular fund. Therefore, this CRS
report discusses the operations of the OASI and DI trust funds on a combined basis (referring to
them collectively as the Social Security trust funds) and also covers combined financial
projections over a 75-year period (i.e., 2024-2098). On a combined basis, the trust funds are
projected to remain solvent until 2035. Following depletion of combined trust fund reserves at
that point, continuing income is projected to cover 83% of scheduled benefits.
Social Security is financed by payroll taxes paid by covered workers and their employers, federal
income taxes paid by some beneficiaries on a portion of their benefits, and interest income from
the Social Security trust fund investments. Social Security tax revenues are invested in U.S.
government securities (special issues) held by the trust funds, and these securities earn interest.
The tax revenues exchanged for the U.S. government securities are deposited into the General
Fund of the Treasury and are indistinguishable from revenues in the General Fund that come from
other sources. Because the assets held by the trust funds are U.S. government securities, the trust
fund balance represents the amount of money owed to the Social Security trust funds by the
General Fund of the Treasury. Funds needed to pay Social Security benefits and administrative
expenses come from the redemption or sale of U.S. government securities held by the trust funds.
The Social Security trust funds represent funds dedicated to pay current and future Social
Security benefits. However, it is useful to view the trust funds in two ways: (1) as an internal
federal accounting concept and (2) as the accumulated holdings of the Social Security program.
By law, Social Security tax revenues must be invested in U.S. government obligations (debt
instruments of the U.S. government). The accumulated holdings of U.S. government obligations
are often viewed as being similar to assets held by any other trust on behalf of the beneficiaries.
However, the holdings of the Social Security trust funds differ from those of private trusts
because (1) the types of investments the trust funds may hold are limited and (2) the U.S.
government is both the buyer and seller of the investments.
This report covers how the Social Security program is financed and how the Social Security trust
funds work. The report also covers the projected financial operations of the trust funds using data
from the 2024 Annual Report of the Board of Trustees. The 2024 annual report reflects the
trustees’ understanding of the OASDI program at the start of 2024 and presents projected
program and financial information for a 75-year period (2024-2098).
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Social Security: The Trust Funds

Introduction
The Social Security program pays benefits to retired or disabled workers and their family
members and to the family members of deceased workers.1 As of March 2024, there were over
67.5 million Social Security beneficiaries. Approximately 75.1% of those beneficiaries were
retired workers and 10.8% were disabled workers. The remaining beneficiaries were the survivors
of deceased insured workers or the spouses and children of retired or disabled workers.2
Social Security is financed primarily by payroll taxes paid by covered workers and their
employers. The program is also credited with federal income taxes paid by some beneficiaries on
a portion of their benefits, reimbursements from the General Fund of the Treasury for various
purposes, and interest income from investments held by the Social Security trust funds. Social
Security tax revenues are invested in U.S. government securities (special issues) held by the trust
funds, and these securities earn interest. The tax revenues exchanged for the U.S. government
securities are deposited into the General Fund of the Treasury and are indistinguishable from
revenues in the General Fund that come from other sources. Because the assets held by the trust
funds are U.S. government securities, the trust fund balance represents the amount of money
owed to the Social Security trust funds by the General Fund of the Treasury. Funds needed to pay
Social Security benefits and administrative expenses come from the redemption or sale of U.S.
government securities held by the trust funds.3
The Secretary of the Treasury (the Managing Trustee of the Social Security trust funds) is
required by law to invest Social Security revenues in securities backed by the U.S. government.4
The purchase of U.S. government securities allows any surplus Social Security revenues to be
used by the federal government for other (non-Social Security) spending needs at the time. This
trust fund financing mechanism allows the General Fund of the Treasury to borrow from the
Social Security trust funds. In turn, the General Fund pays back the trust funds (with interest)
when the trust funds redeem the securities. The process of investing Social Security revenues in
securities and redeeming the securities as needed to pay benefits is ongoing.
The Social Security trust funds are both designated accounts within the U.S. Treasury and the
accumulated holdings of special U.S. government obligations. Both represent the funds
designated to pay current and future Social Security benefits.
How the Social Security Program Is Financed
The Social Security program is financed primarily by revenues from Federal Insurance
Contributions Act (FICA) taxes and Self-Employment Contributions Act (SECA) taxes. FICA
taxes are paid by both employers and employees, but it is employers who remit the taxes to the
U.S. Treasury. Employers remit FICA taxes on a regular basis throughout the year (e.g., weekly,
monthly, quarterly or annually), depending on the employer’s level of total employment taxes

1 A person may receive retired-worker benefits and continue to have earnings from work. If a person is below the full
retirement age and has earnings above a specified amount, benefits are withheld in part or in full under the Retirement
Earnings Test. For more information, see Social Security Administration (SSA), Social Security: How Work Affects
Your Benefits, Publication No. 05-10069, April 2022, https://www.ssa.gov/pubs/EN-05-10069.pdf.
2 SSA, Monthly Statistical Snapshot, March 2024, Table 2. The latest edition of the Monthly Statistical Snapshot is
available at http://www.ssa.gov/policy/docs/quickfacts/stat_snapshot/index.html.
3 SSA, Trust Fund FAQs, http://www.socialsecurity.gov/OACT/ProgData/fundFAQ.html.
4 Social Security Act, Title II, §201(d) (42 U.S.C. §401(d)). For more information, see SSA, Office of the Chief
Actuary, Actuarial Note Number 142, Social Security Trust Fund Investment Policies and Practices, by Jeffrey L.
Kunkel, January 1999, http://www.ssa.gov/OACT/NOTES/n1990s.html.
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(including FICA and federal personal income tax withholding). The FICA tax rate of 7.65% each
for employers and employees has two components: 6.2% for Social Security and 1.45% for
Medicare Hospital Insurance. The SECA tax rate is 15.3% for self-employed individuals, with
12.4% for Social Security and 2.9% for Medicare Hospital Insurance. The respective Social
Security contribution rates are levied on covered wages and net self-employment income up to
$168,600 in 2024.5 Self-employed individuals may deduct one-half of the SECA taxes for federal
income tax purposes.6 SECA taxes are normally paid once a year as part of filing an annual
individual income tax return. In 2023, Social Security payroll taxes totaled $1,233.1 billion and
accounted for 91.3% of the program’s total income.7
In addition to payroll taxes, the Social Security program receives income from other sources.
First, certain Social Security beneficiaries must include a portion of their Social Security benefits
in taxable income for the federal income tax, and the Social Security program receives a portion
of those taxes.8 In 2023, revenue from the taxation of benefits totaled $50.7 billion, accounting
for 3.8% of the program’s total income. Second, the program may receive reimbursements from
the General Fund of the Treasury for a variety of purposes.9 General Fund reimbursements
accounted for less than 0.1% of the program’s total income.10 Finally, the Social Security program
receives interest income from the U.S. Treasury on its investments in special U.S. government
obligations. Interest income totaled $66.9 billion, accounting for 5.0% of the program’s total
income.11
The Internal Revenue Service (IRS) processes the tax returns and tax payments for federal
employment taxes and federal individual income taxes. All of the tax payments are deposited in
the U.S. Treasury along with all other receipts from the public for the federal government.

5 The limit on wages and net self-employment income subject to the Social Security payroll tax (the taxable earnings
base) is adjusted annually based on average wage growth if a Social Security cost-of-living adjustment (COLA) is
payable. For more information on the COLA, see CRS Report 94-803, Social Security: Cost-of-Living Adjustments.
The Medicare Hospital Insurance component of the FICA/SECA tax is levied on total earnings. In addition, the Patient
Protection and Affordable Care Act (ACA; P.L. 111-148, as amended) imposes an additional 0.9% tax on high-income
workers with wages and self-employment income over $200,000 for single filers and $250,000 for joint filers effective
for taxable years beginning after December 31, 2012. For more information on Medicare, see CRS Report R43122,
Medicare Financial Status: In Brief.
6 Self-employed individuals are required to pay Social Security payroll taxes if they have annual net earnings of $400
or more. Only 92.35% of net self-employment income (up to the annual limit) is taxable (see https://www.irs.gov/
taxtopics/tc554).
7 SSA, Office of the Chief Actuary, Financial Data For A Selected Time Period, 2023, https://www.ssa.gov/OACT/
ProgData/allOps.html.
8 The taxes associated with including Social Security benefits in federal taxable income go to the Social Security trust
funds and Medicare’s Hospital Insurance trust fund. For more information, see CRS Report RL32552, Social Security:
Taxation of Benefits.
9 The Social Security trust funds receive reimbursements from the General Fund for (1) the cost of noncontributory
wage credits for military service before 1957; (2) the cost in 1971-1982 of deemed wage credits for military service
performed after 1956; (3) the cost of benefits to certain uninsured persons who attained the age of 72 before 1968; (4)
the cost of payroll tax credits provided to employees in 1984 and self-employed persons in 1984-89 by P.L. 98-21; (5)
the cost in 2009-2013 of excluding certain self-employment earnings from SECA taxes under P.L. 110-246; and (6)
payroll tax revenue forgone under the provisions of P.L. 111-147, P.L. 111-312, P.L. 112-78, and P.L. 112-96. See
SSA, Office of the Chief Actuary, Trust Fund Data, http://www.socialsecurity.gov/OACT/STATS/table4a3.html.
10 The total also includes a small amount of gifts to the trust funds.
11 The 2024 Annual Report of the Board of Trustees of the Federal Old-Age and Survivors Insurance and Federal
Disability Insurance Trust Funds, May 6, 2024, https://www.ssa.gov/OACT/TR/2024/tr2024.pdf (hereinafter cited as
“2024 Annual Report”), Table II.B1, p. 7.
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The Social Security Trust Funds as
Designated Accounts
Within the U.S. Treasury, there are numerous accounts established for internal accounting
purposes. Although all of the monies within the U.S. Treasury are federal monies, the designation
of an account as a trust fund allows the government to track revenues dedicated for specific
purposes (as well as expenditures). In addition, the government can affect the level of revenues
and expenditures associated with a trust fund through changes in the law.12
Social Security program income and outgo are accounted for in two separate trust funds
authorized under Title II of the Social Security Act: (1) the Federal Old-Age and Survivors
Insurance (OASI) Trust Fund and (2) the Federal Disability Insurance (DI) Trust Fund.13 Under
current law, the two trust funds are legally distinct and do not have authority to borrow from each
other. This is important given projections showing that the asset reserves held by the OASI fund
will be depleted in 2033, whereas the asset reserves held by the DI fund are not projected to be
depleted at any time during the 75-year projection period (2024-2098). Following the depletion of
OASI trust fund reserves in 2033, continuing income is projected to cover 79% of OASI
scheduled benefits.14 In the past, Congress has authorized temporary interfund borrowing and
payroll tax reallocations between OASI and DI to address funding imbalances. This CRS report
discusses the operations of the OASI and DI trust funds on a combined basis, referring to them
collectively as the Social Security trust funds.15 On a combined basis, the trust funds are projected
to remain solvent until 2035, at which point continuing income is projected to cover 83% of
program costs, declining to 73% in 2098. (For a discussion of the status of the DI trust fund, see
CRS Report R43318, The Social Security Disability Insurance (DI) Trust Fund: Background and
Current Status.)
Social Security Trust Fund Revenues
The Social Security trust funds receive a credit equal to the Social Security payroll taxes
deposited in the U.S. Treasury by the IRS.16 The payroll taxes are allocated between the OASI
and DI trust funds based on a proportion specified by law.17 A provision included in the Bipartisan
Budget Act of 2015 (P.L. 114-74) temporarily directed a larger share of total payroll tax revenues
to the DI fund. For 2016 to 2018, the 12.4% payroll tax rate was allocated as follows: 10.03% for

12 For more information, see CRS Report R41328, Federal Trust Funds and the Budget.
13 Social Security Act, Title II, §201 (42 U.S.C. §401).
14 The trust fund projections cited in this CRS report are based on the intermediate (or “best estimate”) assumptions in
the 2024 Annual Report. The trustees present program and financial projections for a 75-year projection period. Thus,
the 2024 Annual Report covers the 2024-2098 period. For more information on the projection period, see CRS In Focus
IF11851, Social Security Long-Range Projections: Why 75 Years?
15 The 2024 Annual Report is the third consecutive report in which the DI trust fund is projected to remain solvent
throughout the 75-year projection window. In the 2020 report, the projected date of reserve depletion for the DI trust
fund was 2065. In the 2021 report, the projected date of reserve depletion for the DI trust fund was 2057 (see Table A-
1).
16 In addition, a portion of the federal income taxes paid on Social Security benefits, reimbursements from the General
Fund, and the interest income on Social Security trust fund investments are credited to the Social Security trust funds.
17 Social Security Act, Title II, §201(b) (42 U.S.C. §401(b)). See SSA, Office of the Chief Actuary, Social Security Tax
Rates, https://www.ssa.gov/OACT/ProgData/oasdiRates.html.
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the OASI fund and 2.37% for the DI fund. In 2019, the allocation reverted back to 10.6% for the
OASI fund and 1.8% for the DI fund.18
Social Security Trust Fund Costs
The U.S. Treasury makes Social Security benefit payments to individuals on a monthly basis, as
directed by the Social Security Administration (SSA) as to whom to pay and the amount of the
payment. When benefit payments are made by the U.S. Treasury, the Social Security trust funds
are debited for the payments. Periodically, the Social Security trust funds are also debited for the
administrative costs of the Social Security program. These administrative costs are incurred by
several government agencies, including SSA, the U.S. Treasury, and the IRS.
Social Security Trust Fund Operations
The annual revenues to the Social Security trust funds are used to pay current Social Security
benefits and administrative expenses. If, in any year, revenues are greater than costs, the surplus
Social Security revenues in the U.S. Treasury are available for spending by the federal
government on other (non-Social Security) spending needs at the time. If, in any year, costs are
greater than revenues, the cash flow deficit is offset by selling some of the accumulated holdings
of the trust funds (U.S. government securities) to help pay benefits and administrative expenses.
There are two measures of Social Security trust fund operations: the annual cash flow operations
and the accumulated holdings (or trust fund balance).19 The annual cash flow operations of the
Social Security trust funds are a measure of current revenues and current costs. The cash flow
operations are positive when current revenues exceed costs (a cash flow surplus) and negative
when current costs exceed revenues (a cash flow deficit). In years with cash flow deficits, the
Social Security program (unlike other federal programs that operate without a trust fund) may use
the accumulated holdings of the Social Security trust funds from prior years to help pay benefits
and administrative expenses.20
Although Social Security is a pay-as-you-go system, meaning that current revenues are used to
pay current costs, changes made to the Social Security program in 1983 began a sustained period
of annual cash flow surpluses through 2009.21 Since 2010, however, Social Security has had
annual cash flow deficits (program costs have exceeded tax revenues). The 2024 Annual Report
of the Social Security Board of Trustees projects that, under their intermediate assumptions,
annual cash flow deficits will continue throughout the 75-year projection period (2024-2098).22

18 Before the Bipartisan Budget Act of 2015, the share of the payroll tax allocated to the DI fund was last changed (to
1.8%) in 2000, under a reallocation schedule established under the Social Security Domestic Employment Reform Act
of 1994 (P.L. 103-387). For more information on past legislative changes to the allocation of payroll taxes between the
OASI and DI trust funds, see CRS Report R43318, The Social Security Disability Insurance (DI) Trust Fund:
Background and Current Status.
19 The accumulated holdings of the Social Security trust funds in U.S. government obligations are also referred to as the
Social Security trust fund balance.
20 Certain government projects may be given “budget authority until expended,” which allows the authority to spend
funds on the project to be carried over each year until all of the authority to spend funds has been exhausted.
21 The Social Security Amendments of 1983 (P.L. 98-21) made a number of program changes, including the coverage
of federal workers, an increase in the full retirement age, and the taxation of Social Security benefits. For more
information on the 1983 amendments, see CRS Report RL30920, Social Security: Major Decisions in the House and
Senate Since 1935.
22 The Social Security Board of Trustees is composed of three officers of the President’s Cabinet (the Secretary of the
(continued...)
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At the end of 2023, the Social Security trust funds had accumulated holdings (asset reserves) of
$2,788.5 billion. The 2024 Annual Report projects that the trust funds will have asset reserves (a
positive balance) until 2035, meaning that Social Security benefits scheduled under current law
can be paid in full and on time until then. This is one year later than projected in last year’s
report.
In addition, the 2024 Annual Report shows the 75-year actuarial deficit for the Social Security
trust funds. The actuarial deficit is the difference between the present discounted value of
scheduled benefits and the present discounted value of future taxes plus asset reserves held by the
trust funds. It can be viewed as the amount by which the payroll tax rate would have to be
increased to support the level of benefits scheduled under current law throughout the 75-year
projection period (or, roughly the amount by which the payroll tax rate would have to be
increased for the trust funds to remain fully solvent throughout the 75-year period). The 2024
Annual Report projects that the 75-year actuarial deficit for the trust funds is equal to 3.50% of
taxable payroll.23 With respect to the change in the projected 75-year actuarial deficit, the trustees
state,
In this report, the actuarial deficit for the combined OASI and DI Trust Funds under the
intermediate assumptions is 3.50 percent of taxable payroll. The actuarial deficit was 3.61
percent of payroll in the 2023 report. If the assumptions, methods, starting values, and the
law had all remained unchanged from last year, the actuarial deficit would have increased
to 3.67 percent of payroll solely due to advancing the valuation period by 1 year, from 2023
through 2097 for last year’s report to 2024 through 2098 for this year’s report…. This
decrease is mainly attributable to changes in economic factors and the lower assumed
ultimate disability incidence rate, which are partially offset by the lower assumed ultimate
total fertility rate.24
As noted, on a combined basis, the Social Security trust funds are projected to have asset reserves
sufficient to pay full scheduled benefits until 2035. Considered separately, the OASI Trust Fund is
projected to have sufficient asset reserves until 2033 (last year’s report projected the same
depletion year) and the DI Trust Fund is projected to have sufficient asset throughout the 75-year
projection period (until 2098). The trustees highlight the change in projected asset reserve
depletion dates as follows:
Under the intermediate assumptions, the projected hypothetical combined OASI and DI
Trust Fund asset reserves become depleted and unable to pay scheduled benefits in full on
a timely basis in 2035. At the time of depletion of these combined reserves, continuing
income to the combined trust funds would be sufficient to pay 83 percent of scheduled
benefits. The OASI Trust Fund reserves are projected to become depleted in 2033, at which
time OASI income would be sufficient to pay 79 percent of OASI scheduled benefits. DI

Treasury, the Secretary of Labor, and the Secretary of Health and Human Services); the Commissioner of Social
Security; and two public representatives who are appointed by the President and subject to confirmation by the Senate.
(The two public trustee positions are currently vacant.) The Board of Trustees issues an annual report to Congress on
the financial status of the Social Security trust funds. The trustees make three sets of projections based on low-cost,
intermediate, and high-cost assumptions reflecting the uncertainty surrounding projections for a 75-year period. The
trust fund projections cited in this CRS report are based on the intermediate (or “best estimate”) assumptions of the
2024 Annual Report.
23 Taxable payroll refers to total earnings in the economy that are subject to Social Security payroll taxes (with some
adjustments). In 2023, the Congressional Budget Office (CBO) projected that the trust funds would have asset reserves
until FY2033 and that the program’s 75-year actuarial shortfall would be equal to 5.1% of taxable payroll. See CBO,
2023 Long-Term Projections for Social Security, June 29, 2023, p. 1, https://www.cbo.gov/system/files/2023-06/
59184-SocialSecurity.pdf.
24 The 2024 Annual Report, p. 17-23.
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Trust Fund asset reserves are not projected to become depleted during the 75-year period
ending in 2098. 25
Table 1 shows the annual cash flow operations of the Social Security trust funds (noninterest
income, cost, and cash flow surplus/deficit) for the historical period 1957 to 2023.26 From 1957 to
1983, the last time Congress enacted major amendments to the program, the Social Security trust
funds operated with cash flow deficits (cost exceeded noninterest income) in 19 of the 27 years.
Since 1984, the trust funds have operated with cash flow deficits in 14 of the past 40 years (2010
to 2023).
Table 1. Operations of the Social Security Trust Funds, Historical Period 1957-2023
($ in billions)
Cash Flow
Surplus or Deficit
Year
Noninterest Incomea
Cost
(noninterest income minus cost)
1957
$7.5
$7.6
($0.1)
1958
8.5
8.9
(0.4)
1959
8.9
10.8
(1.9)
1960
11.8
11.8
0.0
1961
12.3
13.4
(1.1)
1962
13.1
15.2
(2.1)
1963
15.6
16.2
(0.6)
1964
16.9
17.0
(0.1)
1965
17.2
19.2
(2.0)
1966
22.7
20.9
1.8
1967
25.5
22.5
3.0
1968
27.5
26.0
1.5
1969
32.0
27.9
4.1
1970
35.2
33.1
2.1
1971
38.9
38.5
0.4
1972
43.4
43.3
0.1
1973
52.4
53.1
(0.7)
1974
59.4
60.6
(1.2)
1975
64.7
69.2
(4.5)
1976
72.3
78.2
(5.9)
1977
79.5
87.3
(7.8)
1978
89.6
96.0
(6.4)
1979
103.7
107.3
(3.6)

25 The 2024 Annual Report, p. 6.
26 The Social Security Amendments of 1956 established the DI Trust Fund on August 1, 1956, and DI became effective
on January 1, 1957. The historical table begins with 1957, the first year for which operations of the combined OASDI
Trust Fund can be shown.
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Cash Flow
Surplus or Deficit
Year
Noninterest Incomea
Cost
(noninterest income minus cost)
1980
117.4
123.5
(6.1)
1981
140.2
144.4
(4.2)
1982
146.5
160.1
(13.6)
1983
163.0
171.2
(8.2)
1984
183.2
180.4
2.8
1985
200.8
190.6
10.2
1986
212.9
201.5
11.4
1987
225.7
209.1
16.6
1988
255.3
222.5
32.8
1989
276.7
236.2
40.5
1990
298.2
253.1
45.1
1991
307.8
274.2
33.6
1992
317.2
291.9
25.3
1993
327.7
308.8
18.9
1994
350.0
323.0
27.0
1995
364.5
339.8
24.7
1996
385.8
353.6
32.2
1997
413.9
369.1
44.8
1998
439.9
382.3
57.6
1999
471.1
392.9
78.2
2000
503.9
415.1
88.8
2001
529.1
438.9
90.2
2002
546.7
461.7
85.0
2003
547.0
479.1
67.9
2004
568.7
501.6
67.1
2005
607.5
529.9
77.6
2006
642.5
555.4
87.1
2007
674.7
594.5
80.2
2008
689.0
625.1
63.9
2009
689.2
685.8
3.4
2010
663.6
712.5
(48.9)
2011
690.7
736.1
(45.4)
2012
731.1
785.8
(54.7)
2013
752.2
822.9
(70.7)
2014
786.1
859.2
(73.1)
2015
826.9
897.1
(70.2)
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Cash Flow
Surplus or Deficit
Year
Noninterest Incomea
Cost
(noninterest income minus cost)
2016
869.1
922.3
(53.2)
2017
911.5
952.5
(41.0)
2018
920.1
1,000.2
(80.1)
2019
981.0
1,059.3
(78.3)
2020
1,042.0
1,107.2
(65.2)
2021
1,018.2
1,144.6
(126.4)
2022
1,155.4
1,243.9
(88.5)
2023
1,283.8
1,392.1
(108.3)
Source: Table prepared by the Congressional Research Service (CRS) from data provided in the 2024 Annual
Report, Table VI.A3, pp. 167-168, https://www.ssa.gov/OACT/TR/2024/tr2024.pdf.
a. Noninterest income is equal to total income minus net interest. Stated another way, noninterest income
includes net payrol tax contributions, reimbursements from the General Fund of the Treasury to the Social
Security trust funds, and federal income tax revenues from the taxation of Social Security benefits.
Table 2 shows projected cash flow operations of the Social Security trust funds (noninterest
income, cost, and cash flow deficits) for the 2024 to 2034 period, as projected by the trustees in
the 2024 Annual Report (under the intermediate assumptions).
Table 2. Projected Operations of the Social Security Trust Funds, 2024-2034
($ in billions)
Cash Flow Deficit
Yeara
(noninterest income
Noninterest Incomeb
Cost
minus cost)
2024
$1,313.2
$1,482.2
$(169.0)
2025
1,353.3
1,575.0
(221.7)
2026
1,432.3
1,665.8
(233.5)
2027
1,501.5
1,759.7
(258.2)
2028
1,578.1
1,852.5
(274.4)
2029
1,656.3
1,946.6
(290.3)
2030
1,736.6
2,046.1
(309.5)
2031
1,820.9
2,148.2
(327.3)
2032
1,908.4
2,252.4
(344.0)
2033
1,997.9
2,358.8
(360.9)
2034
2,078.2
2,469.0
(390.8)
Source: Table prepared by CRS from data provided in Table VI.G8 (intermediate assumptions), Supplemental
Single-Year Tables Consistent with the 2024 Annual Report, https://www.ssa.gov/OACT/TR/2024/lr6g8.html.
a. Projections for years after 2034 are not shown because the asset reserves held by the Social Security trust
funds are projected to be depleted in 2035 under the intermediate assumptions.
b. Noninterest income is equal to total income minus interest income.
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One way to measure the cash flow operations of the trust funds is to take the ratio of noninterest
income to cost for each year. A ratio greater than 100% indicates positive cash flow (a cash flow
surplus); a ratio less than 100% indicates negative cash flow (a cash flow deficit). Figure 1 shows
the ratio of current noninterest income to current cost for the Social Security trust funds each year
over the historical period 1957 to 2023 and over the 2024 to 2034 period, as projected by the
trustees in the 2024 Annual Report (under the intermediate assumptions).27
As shown in the figure, in 2009, noninterest income of $689.1 billion divided by a cost of $685.8
billion results in a ratio just over 100% (100.5%), indicating a cash flow surplus for the Social
Security trust funds that year. By comparison, in 2023, noninterest income of $1,283.8 billion
divided by a cost of $1,392.1 billion results in a ratio of 92.2%, indicating a cash flow deficit.
Figure 1. Ratio of Current Noninterest Income to Cost for the Social Security Trust
Funds, 1957-2034

Source: Figure prepared by CRS from data provided in the 2024 Annual Report, Table VI.A3, pp. 167-168,
https://www.ssa.gov/OACT/TR/2024/tr2024.pdf and Table VI.G8 (intermediate assumptions), Supplemental
Single-Year Tables Consistent with the 2024 Annual Report, https://www.ssa.gov/OACT/TR/2024/lr6g8.html.
Notes: Noninterest income excludes interest on accumulated holdings of U.S. government obligations. A ratio
above 100% indicates a cash flow surplus for the year. A ratio below 100% indicates a cash flow deficit.
In the 2024 Annual Report, the Social Security trustees project that the ratio of current noninterest
income to current cost will remain below 100% for the 75-year projection period (2024-2098),
with the gap between noninterest income and cost increasing over time (under the intermediate
assumptions).
When the Social Security trust funds operate with annual cash flow deficits, the U.S. Treasury can
continue to pay benefits scheduled under current law as long as the accumulated balance in the
trust funds is sufficient to cover the costs. This is because the Social Security program has budget
authority to pay benefits in full and on time as long as there is an adequate balance in the Social

27 2024 Annual Report, Table VI.A3, pp. 167-168, https://www.ssa.gov/OACT/TR/2024/tr2024.pdf and Table VI.G8
(intermediate assumptions), Supplemental Single-Year Tables Consistent with the 2024 Annual Report,
https://www.ssa.gov/OACT/TR/2024/lr6g8.html.
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Security trust funds (the designated accounts). When current Social Security revenues are not
sufficient to pay benefits, however, the U.S. government must raise the funds necessary to honor
the redemption of U.S. government obligations held by the Social Security trust funds as they are
needed to pay benefits. If there are no surplus governmental receipts, the U.S. government may
raise the necessary funds by increasing taxes or other income, reducing non-Social Security
spending, borrowing from the public (i.e., replacing bonds held by the trust funds with bonds held
by the public), or a combination of these measures.
Investment of the Social Security Trust Funds
The Secretary of the Treasury is required by law to invest Social Security revenues in securities
backed by the U.S. government.28 In addition, the Social Security trust funds receive interest on
its holdings of special U.S. government obligations. Each U.S. government security issued by the
U.S. Treasury for purchase by the Social Security trust funds must be a paper instrument in the
form of a bond, note, or certificate of indebtedness.29 Specifically, Section 201(d) of the Social
Security Act states,
Each obligation issued for purchase by the Trust Funds under this subsection shall be
evidenced by a paper instrument in the form of a bond, note, or certificate of indebtedness
issued by the Secretary of the Treasury setting forth the principal amount, date of maturity,
and interest rate of the obligation, and stating on its face that the obligation shall be
incontestable in the hands of the Trust Fund to which it is issued, that the obligation is
supported by the full faith and credit of the United States, and that the United States is
pledged to the payment of the obligation with respect to both principal and interest. The
Managing Trustee may purchase other interest-bearing obligations of the United States or
obligations guaranteed as to both principal and interest by the United States, on original
issue or at the market price, only where he determines that the purchase of such other
obligations is in the public interest.
Any interest or proceeds from the sale of U.S. government securities held by the Social Security
trust funds must be paid in the form of paper checks from the General Fund of the Treasury to the
Social Security trust funds.30 The interest rates paid on the securities issued to the Social Security
trust funds are tied to market rates.
For internal federal accounting purposes, when special U.S. government obligations are
purchased by the Social Security trust funds, the U.S. Treasury is shifting surplus Social Security
revenues from one government account (the Social Security trust funds) to another government
account (the General Fund). The special U.S. government obligations are physical documents
held by SSA, not the U.S. Treasury. The securities held by the Social Security trust funds are
redeemed on a regular basis. These special U.S. government obligations, however, are not
resources for the federal government because they represent both an asset and a liability for the
government.31

28 Social Security Act, Title II, §201(d) (42 U.S.C. §401(d)). For more information, see SSA, Office of the Chief
Actuary, Actuarial Note Number 142, Social Security Trust Fund Investment Policies and Practices, by Jeffrey L.
Kunkel, January 1999, http://www.ssa.gov/OACT/NOTES/n1990s.html.
29 Social Security Act, Title II, §201(d) (42 U.S.C. §401(d)).
30 Social Security Act, Title II, §201(f) (42 U.S.C. §401(f)). The funds are then used to purchase additional U.S.
government securities credited to the Social Security trust funds.
31 For SSA’s perspective on the U.S. government securities held by the trust funds, see SSA, Trust Fund FAQs,
http://www.ssa.gov/oact/progdata/fundFAQ.html.
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Off-Budget Status of the Social Security Trust Funds
For federal budget purposes, on-budget status generally refers to programs that are included in the
annual congressional budget process, whereas off-budget status generally refers to programs that
are not included in the annual congressional budget process.
Social Security is a federal government program that, like the Postal Service, has had its receipts
and (most) outlays designated by law as off-budget. The off-budget designation, however, has no
practical effect on program funding, spending, or operations. The annual congressional budget
resolution, in its legislative language, separates the off-budget totals (receipts and outlays) from
the on-budget totals (receipts and outlays). The report language accompanying the congressional
budget resolution usually shows the unified budget totals (which combine the on- and off-budget
amounts) as well as the separate on- and off-budget totals. The President’s budget tends to use the
unified budget measures in discussing the budget totals. The President’s budget documents also
include the totals for the on- and off-budget components, as required by law. The Congressional
Budget Office uses the unified budget numbers in its analyses of the budget; it generally does not
include on- and off-budget data in its regular annual reports.
The unified budget framework is important because it includes all federal receipts and outlays,
providing a more comprehensive picture of the size of the federal government and the federal
budget’s impact on the economy. In the unified budget, the Social Security program is a large
source of both federal receipts (26.9% in FY2023) and federal outlays (23.0% in FY2023).32 For
purposes of the unified budget, the annual Social Security cash flow surplus or deficit is counted
in determining the overall federal budget surplus or deficit.33
The Social Security Trust Funds as
Accumulated Holdings
The Social Security trust funds can be viewed as trust funds, similar to any private trust funds,
that are to be used for paying current and future benefits (and administrative expenses). By law,
the Social Security revenues credited to the trust funds (within the U.S. Treasury) are invested in
non-marketable U.S. government obligations. These obligations are physical (paper) documents
issued to the trust funds and held by SSA. When the obligations are redeemed, the U.S. Treasury
must issue a check (a physical document) to the Social Security trust funds for the interest earned
on the obligations.34
Unlike a private trust that may hold a variety of assets and obligations of different borrowers, the
Social Security trust funds can hold only U.S. government obligations. The sale of these
obligations by the U.S. government to the Social Security trust funds is federal government
borrowing (from itself) and counts against the federal debt limit. The requirement that the Social
Security trust funds purchase U.S. government obligations serves several purposes, such as
• offering a mechanism for the Social Security program to recoup the surplus
revenues loaned to the rest of the government;

32 Percentages based on data from: U.S. Office of Management and Budget, Historical Tables, Budget of the U.S.
Government, Fiscal Year 2023, Tables 2.2 and 4.2, https://www.whitehouse.gov/omb/budget/historical-tables/.
33 For related information, see David Pattison, “Social Security Trust Fund Cash Flows and Reserves,” Social Security
Bulletin, vol. 75, no. 1 (February 2015), https://www.ssa.gov/policy/docs/ssb/v75n1/v75n1p1.html.
34 The funds are then used to purchase additional U.S. government securities credited to the Social Security trust funds.
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• paying interest so that the loan of the surplus revenues does not lose value
over time;
• ensuring that the Social Security trust funds (and not other government
accounts) receives credit for the interest earnings;
• ensuring a level of return (interest) to the Social Security trust funds; and
• providing a means outside of the securities market for the U.S. government
to borrow funds.
The accumulated holdings of the Social Security trust funds represent the sum of annual surplus
Social Security revenues (for all past years) that were invested in U.S. government obligations,
plus the interest earned on those obligations. As a result of surplus Social Security revenues from
1984 to 2009 and the interest income credited to the Social Security trust funds, the accumulated
holdings of the Social Security trust funds totaled $2,788.50 billion at the end of calendar year
2023.35 It is the accumulated holdings of the Social Security trust funds (or the trust fund balance)
that many people refer to when discussing the Social Security trust funds. Table 3 shows the
accumulated holdings of the Social Security trust funds for the historical period 1957 to 2023.
Table 4 displays the accumulated holdings of the Social Security trust funds for the 2024 to 2034
period, as projected by the Social Security trustees in the 2024 Annual Report (under the
intermediate assumptions). The Social Security trustees project that the total cost will exceed total
income for the remainder of the projection period. Under intermediate assumptions, this
relationship is projected to continue until the trust funds are depleted in 2035.
The Social Security trustees project that, on average over the next 75 years (2024-2098), program
costs will exceed income by an amount equal to 3.50% of taxable payroll (on average, costs are
projected to exceed income by at least 20%).36 The gap between income and costs, however, is
projected to increase over the 75-year period. For example, in 2034, the cost of the program is
projected to exceed income by an amount equal to 2.50% of taxable payroll (costs are projected
to exceed income by about 19%). By 2098, the cost of the program is projected to exceed income
by an amount equal to 4.64% of taxable payroll (costs are projected to exceed income by about
25%).37
For illustration purposes, the trustees project that the Social Security trust funds would remain
solvent throughout the 75-year projection period if, for example,
• revenues were increased by an amount equivalent to an immediate and
permanent payroll tax rate increase of 3.33 percentage points (from 12.40%
to 15.73%; a relative increase of 26.9%);38 or

35 The Social Security trust funds also receive reimbursements from the General Fund of the Treasury for a variety of
purposes. In 2011 and 2012, the trust funds received relatively large reimbursements from the General Fund ($102.7
billion and $114.3 billion, respectively). In those years, general revenues were credited to the trust funds to make up for
forgone payroll tax revenues under a temporary two-percentage-point reduction in the payroll tax rate for employees.
36 Program costs and income are evaluated as a percentage of taxable payroll because Social Security payroll taxes are
the primary source of funding for the program.
37 The 75-year “open group unfunded obligation” for Social Security is $22.6 trillion (in present value terms).
38 The Social Security trustees explain that the projected increase in the payroll tax rate needed for the trust funds to
remain solvent throughout the 75-year projection period (3.33 percentage points) differs from the projected 75-year
actuarial deficit (3.50% of taxable payroll) for two reasons. The trustees state on page five of the 2024 Annual Report:
“This is primarily because the rate increase required to achieve 75-year solvency reflects a zero trust fund reserve at the
end of the period in 2098, whereas the 3.50 percent actuarial deficit incorporates an ending trust fund reserve equal to
one year’s cost. While such an increase in the payroll tax rate would cause some behavioral changes in earnings and
ensuing changes in benefit levels, such changes are not included in these calculations because they are assumed to have
roughly offsetting effects on OASDI actuarial status over the 75-year long-range period as a whole.”
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• benefits scheduled under current law were reduced by an amount equivalent
to an immediate and permanent reduction of (1) about 20.8% if applied to all
current and future beneficiaries, or (2) about 24.8% if applied only to those
who become eligible for benefits in 2024 or later; 39 or
• some combination of these approaches were adopted.
Table 3. Accumulated Holdings of the
Social Security Trust Funds, Historical Period 1957-2023
($ in billions)
Accumulated
Accumulated
Year
Holdingsa
Year
Holdingsa
1957
$23.0
1991
$280.7
1958
23.2
1992
331.5
1959
22.0
1993
378.3
1960
22.6
1994
436.4
1961
22.2
1995
496.1
1962
20.7
1996
567.0
1963
20.7
1997
655.5
1964
21.2
1998
762.5
1965
19.8
1999
896.1
1966
22.3
2000
1,049.4
1967
26.3
2001
1,212.5
1968
28.7
2002
1,378.0
1969
34.2
2003
1,530.8
1970
38.1
2004
1,686.8
1971
40.4
2005
1,858.7
1972
42.8
2006
2,048.1
1973
44.4
2007
2,238.5
1974
45.9
2008
2,418.7
1975
44.3
2009
2,540.3
1976
41.1
2010
2,609.0
1977
35.9
2011
2,677.9
1978
31.7
2012
2,732.3
1979
30.3
2013
2,764.4
1980
26.5
2014
2,789.5
1981
24.5
2015
2,812.5
1982
24.8
2016
2,847.7
1983
24.9
2017
2,891.8

39 Ibid.
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Accumulated
Accumulated
Year
Holdingsa
Year
Holdingsa
1984
31.1
2018
2,894.9
1985
42.2
2019
2,897.4
1986
46.9
2020
2,908.3
1987
68.8
2021
2,852.0
1988
109.8
2022
2,829.9
1989
163.0
2023
2,788.5
1990
225.3

Source: Table prepared by CRS from data provided in the 2024 Annual Report, Table VI.A3, pp. 167-168,
https://www.ssa.gov/OACT/TR/2024/tr2024.pdf. Accumulated holdings are end-of-year totals.
a. The accumulated holdings of the Social Security trust funds are also referred to as the trust fund balance.
Table 4. Projected Accumulated Holdings of the
Social Security Trust Funds, 2024-2034
($ in billions)
Accumulated
Accumulated
Yeara
Holdingsb
Yeara
Holdingsb
2024
$2,688.0
2030
$1,469.1
2025
2,533.7
2031
1,188.1
2026
2,366.0
2032
882.7
2027
2,172.2
2033
551.0
2028
1,959.2
2034
176.7
2029
1,726.2

Source: Table prepared by CRS from data provided in Table VI.G8 (intermediate assumptions), Supplemental
Single-Year Tables Consistent with the 2024 Annual Report, https://www.ssa.gov/OACT/TR/2024/lr6g8.html.
a. Projections for years after 2034 are not shown because the asset reserves held by the Social Security trust
funds are projected to be depleted in 2035 under the intermediate assumptions.
b. The accumulated holdings of the Social Security trust funds are also referred to as the trust fund balance.
The Social Security Trust Funds and the Level of Federal Debt
As part of the annual congressional budget process, the level of federal debt (the federal debt
limit) is established for the budget by Congress. The federal debt limit includes debt held by the
public, as well as the internal debt of the U.S. government (i.e., debt held by government
accounts). Borrowing from the public and the investment of the Social Security trust funds in
special U.S. government obligations both fall under the restrictions of the federal debt limit. This
means that the balance of the Social Security trust funds has implications for the federal debt
limit.40

40 For a discussion of how reaching the debt limit potentially could affect Social Security trust fund investment
practices and benefit payments, see CRS Report R41633, Reaching the Debt Limit: Background and Potential Effects
on Government Operations.
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The Social Security Trust Funds and Benefit Payments
The accumulated holdings of the Social Security trust funds represent funds designated to pay
current and future benefits. When current Social Security tax revenues fall below the level needed
to pay benefits, however, these funds become available only as the federal government raises the
resources needed to redeem the securities held by the trust funds. The securities are a promise by
the federal government to raise the necessary funds.41 In past years, when Social Security was
operating with annual cash flow surpluses, Social Security’s surplus revenues were invested in
U.S. government securities and used at the time to pay for other federal government activities.
Social Security’s past surplus revenues, therefore, are not available to finance benefits directly
when Social Security is operating with annual cash flow deficits, as it does today.42 The securities
held by the trust funds must be redeemed for Social Security benefits to be paid.
Stated another way, when Social Security is operating with a cash flow deficit, the program relies
in part on the accumulated holdings of the trust funds to pay benefits and administrative expenses.
Because the trust funds hold U.S. government securities that are redeemed with general revenues,
there is increased reliance on the General Fund of the Treasury. With respect to reliance on the
General Fund when Social Security is operating with a cash flow deficit, it is important to note
that Social Security does not have authority to borrow from the General Fund. Social Security
cannot draw upon general revenues to make up for any current funding shortfall. Rather, Social
Security relies on revenues that were collected for the program in previous years and used by the
federal government at the time for other (non-Social Security) spending needs, plus the interest
earned on its trust fund investments. Social Security draws on its own previously collected tax
revenues and interest income (accumulated trust fund holdings) when current Social Security tax
revenues fall below current program expenditures.
Over the program’s history, Social Security has collected approximately $27.75 trillion and paid
out $24.96 trillion, leaving asset reserves of $2.79 trillion at the end of 2023.43 The accumulated
trust fund holdings of $2.79 trillion represent the amount of money that the General Fund of the
Treasury owes to the Social Security trust funds. The General Fund could be said to have fully
paid back the Social Security trust funds if the trust fund balance were to reach zero (i.e., if all of
the trust funds’ asset reserves were depleted).
The trustees project that the asset reserves held by the Social Security trust funds will be depleted
in 2035. At that point, the program will continue to operate with incoming receipts to the trust
funds. Incoming receipts are projected to be sufficient to pay about three-fourths of scheduled
benefits through the end of the projection period in 2098 (under the intermediate assumptions of
the 2024 Annual Report).44 Title II of the Social Security Act, which governs the program, does
not specify what would happen to the payment of benefits in the event that the trust funds’ asset
reserves are depleted and incoming receipts to the trust funds are not sufficient to pay scheduled

41 If there are no surplus governmental receipts, the U.S. government may raise the necessary funds by increasing taxes
or other income, reducing non-Social Security spending, borrowing from the public (i.e., replacing bonds held by the
trust funds with bonds held by the public), or a combination of these measures.
42 Social Security has been operating with annual cash flow deficits since 2010, and the trustees project that cash flow
deficits will continue each year throughout the 75-year projection period (2024-2098). (2024 Annual Report;
intermediate assumptions.)
43 See Social Security Trust Fund Data, https://www.ssa.gov/oact/ProgData/funds.html.
44 Projections show that incoming receipts would be sufficient to pay 83% of scheduled benefits in 2035 and 73% of
scheduled benefits in 2098. On a separate basis, the OASI Trust Fund is projected to be unable to pay full scheduled
benefits starting in 2033; the DI Trust Fund is projected to be able to pay full scheduled benefits throughout the 75-year
projection period. (2024 Annual Report, p. 3.)
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benefits in full and on time. Two possible scenarios are (1) the payment of full monthly benefits
on a delayed basis or (2) the payment of partial monthly benefits on time.
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Appendix. Projected Trust Fund Dates, 1983-2024
The following table shows the key dates projected for the Social Security trust funds by the Social
Security Board of Trustees (based on their intermediate set of assumptions) in each of their
annual reports from 1983 to 2024.
Table A-1. Key Dates Projected for the Social Security Trust Funds as Shown Under
the Intermediate Assumptions in Trustees Reports from 1983 to 2024
Year of Reserve
First Year That Cost Exceeds
First Year That Cost
Depletion
Noninterest Income
Exceeds Total Income
Year of
Report
OASI
DI
OASDI
OASI
DI
OASDI
OASI
DI
OASDI
Intermediate II-B Projectionsa
1983
b
b
b
c
c
2021
c
c
2047
1984
b
2050
b
2021
2012
2021
2045
2038
2044
1985
2050
2034
2049
2019
2010
2019
2032
2020
2032
1986
2054
2026
2051
2020
2009
2019
2035
2017
2033
1987
2055
2023
2051
2020
2008
2019
2036
2013
2033
1988
2050
2027
2048
2019
2009
2019
2033
2016
2032
1989
2049
2025
2046
2019
2009
2018
2032
2014
2030
1990
2046
2020
2043
2019
2008
2017
2030
2011
2028
Intermediate Projections
1991
2045
2015
2041
2018
1998
2017
2030
2011
2028
1992
2042
1997
2036
2018
1992
2016
2028
1992
2024
1993
2044
1995
2036
2019
1993
2017
2030
1993
2025
1994
2036
1995
2029
2016
1994
2013
2024
1994
2019
1995
2031
2016
2030
2014
2003
2013
2021
2007
2020
1996
2031
2015
2029
2014
2003
2012
2021
2007
2019
1997
2031
2015
2029
2014
2004
2012
2021
2007
2019
1998
2034
2019
2032
2015
2006
2013
2023
2009
2021
1999
2036
2020
2034
2015
2006
2014
2024
2009
2022
2000
2039
2023
2037
2016
2007
2015
2026
2012
2025
2001
2040
2026
2038
2016
2008
2016
2027
2015
2027
2002
2043
2028
2041
2018
2009
2017
2028
2018
2027
2003
2044
2028
2042
2018
2008
2018
2030
2018
2028
2004
2044
2029
2042
2018
2008
2018
2029
2017
2028
2005
2043
2027
2041
2018
2005
2017
2028
2014
2027
2006
2042
2025
2040
2018
2005
2017
2028
2013
2027
2007
2042
2026
2041
2018
2005
2017
2028
2013
2027
2008
2042
2025
2041
2018
2005
2017
2028
2012
2027
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Year of Reserve
First Year That Cost Exceeds
First Year That Cost
Depletion
Noninterest Income
Exceeds Total Income
Year of
Report
OASI
DI
OASDI
OASI
DI
OASDI
OASI
DI
OASDI
2009
2039
2020
2037
2017
2005
2016
2025
2009
2024
2010
2040
2018
2037
2018
2005
2015
2026
2009
2025
2011
2038
2018
2036
2017
2005
2010
2025
2009
2023
2012
2035
2016
2033
2010
2005
2010
2023
2009
2021
2013
2035
2016
2033
2010
2005
2010
2022
2009
2021
2014
2034
2016
2033
2010
2005
2010
2022
2009
2020
2015
2035
2016
2034
2010
2005
2010
2022
2009
2020
2016
2035
2023
2034
2010
2019
2010
2022
2019
2020
2017
2035
2028
2034
2010
2019
2010
2022
2019
2022
2018
2034
2032
2034
2010
2019
2010
2018
2019
2018
2019
2034
2052
2035
2010
2036
2010
2020
2041
2020
2020
2034
2065
2035
2010
2041
2010
2021
2047
2021
2021
2033
2057
2034
2010
2040
2010
2021
2045
2021
2022
2034
>2096
2035
2010
2044
2010
2021
2090
2021
2023
2033
>2097
2034
2010
2044
2010
2021
>2097
2021
2024
2033
>2098
2035
2010
>2098
2010
2021
>2098
2021
Source: CRS, based on data from the 1983-2024 Social Security trustees reports and information provided by
SSA. “>” indicates the projected date is beyond the date listed.
a. From 1983 to 1990, two intermediate forecasts were prepared (II-A and II-B). The intermediate II-B
forecast corresponds more closely to the intermediate forecast in subsequent years.
b. Trust fund expected to remain solvent throughout the long-range projection period.
c. Not available.

Author Information

Barry F. Huston

Analyst in Social Policy

Acknowledgments
The original report was written by retired CRS analyst Christine Scott.
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This document was prepared by the Congressional Research Service (CRS). CRS serves as nonpartisan
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Congressional Research Service
RL33028 · VERSION 47 · UPDATED
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