Finally, I should remind you that all the Federal Reserve's assets pay interest, and the expansion of our balance sheet thereby implies increased interest income, income that will accrue to the benefit of the federal budget. From the point of view of the federal government, the Federal Reserve's activities do not imply greater expenditure or indebtedness.
To the contrary, the Federal Reserve's interest earnings have always been, and will continue to be, a significant source of income for the Treasury.