In 2023, the Congressional Budget Office estimated that "at the end of 2021, the covered amount for federal credit and insurance programs" was $37.3 trillion. This was 158% of the nation's $23.6 trillion GDP in 2021. Per the Congressional Budget Office, "The federal government operates credit programs that provide direct loans to borrowers and loan guarantees to private financial entities as well as insurance programs that offer coverage to citizens and businesses. The loans, guarantees, and insurance provided through those programs represent financial commitments that the government has made. ... Federal loan guarantees and insurance coverage represent contingent liabilities - that is, they could result in net outflows of cash from the government depending on the outcome of various events."