diff --git a/app/src/pages/report-output/ComparativeAnalysisPage.tsx b/app/src/pages/report-output/ComparativeAnalysisPage.tsx
index e74ce5ac5..e98af1698 100644
--- a/app/src/pages/report-output/ComparativeAnalysisPage.tsx
+++ b/app/src/pages/report-output/ComparativeAnalysisPage.tsx
@@ -1,6 +1,7 @@
 import type { ComponentType } from 'react';
 import type { SocietyWideReportOutput as SocietyWideOutput } from '@/api/societyWideCalculation';
 import { CongressionalDistrictDataProvider } from '@/contexts/CongressionalDistrictDataContext';
+import BudgetaryImpactByLevelSubPage from './budgetary-impact/BudgetaryImpactByLevelSubPage';
 import BudgetaryImpactByProgramSubPage from './budgetary-impact/BudgetaryImpactByProgramSubPage';
 import BudgetaryImpactSubPage from './budgetary-impact/BudgetaryImpactSubPage';
 import { AbsoluteChangeByDistrict } from './congressional-district/AbsoluteChangeByDistrict';
@@ -42,6 +43,7 @@ interface ViewComponentProps {
  */
 const VIEW_MAP: Record<string, ComponentType<ViewComponentProps>> = {
   'budgetary-impact-overall': BudgetaryImpactSubPage,
+  'budgetary-impact-by-level': BudgetaryImpactByLevelSubPage,
   'budgetary-impact-by-program': BudgetaryImpactByProgramSubPage,
   'distributional-impact-income-relative': DistributionalImpactIncomeRelativeSubPage,
   'distributional-impact-income-average': DistributionalImpactIncomeAverageSubPage,
diff --git a/app/src/pages/report-output/MigrationSubPage.tsx b/app/src/pages/report-output/MigrationSubPage.tsx
index 2591acd03..3b69c6b81 100644
--- a/app/src/pages/report-output/MigrationSubPage.tsx
+++ b/app/src/pages/report-output/MigrationSubPage.tsx
@@ -16,6 +16,7 @@ import type { Geography } from '@/types/ingredients/Geography';
 import type { Report } from '@/types/ingredients/Report';
 import type { Simulation } from '@/types/ingredients/Simulation';
 import { isUKLocalLevelGeography } from '@/utils/geographyUtils';
+import BudgetaryImpactByLevelSubPage from './budgetary-impact/BudgetaryImpactByLevelSubPage';
 import BudgetaryImpactByProgramSubPage from './budgetary-impact/BudgetaryImpactByProgramSubPage';
 import { ConstituencySubPage } from './ConstituencySubPage';
 import DistributionalImpactWealthAverageSubPage from './distributional-impact/DistributionalImpactWealthAverageSubPage';
@@ -128,6 +129,12 @@ export default function MigrationSubPage({
         </CollapsibleSection>
       )}
 
+      {countryId === 'us' && output.budget.federal_budgetary_impact !== undefined && (
+        <CollapsibleSection label="Federal vs. state budgetary impact" defaultOpen={false}>
+          <BudgetaryImpactByLevelSubPage output={output} />
+        </CollapsibleSection>
+      )}
+
       {countryId === 'uk' && (
         <CollapsibleSection
           label="Wealth distributional analysis"
diff --git a/app/src/pages/report-output/budgetary-impact/BudgetaryImpactByLevelSubPage.tsx b/app/src/pages/report-output/budgetary-impact/BudgetaryImpactByLevelSubPage.tsx
new file mode 100644
index 000000000..91d871cca
--- /dev/null
+++ b/app/src/pages/report-output/budgetary-impact/BudgetaryImpactByLevelSubPage.tsx
@@ -0,0 +1,143 @@
+import { useSelector } from 'react-redux';
+import type { SocietyWideReportOutput } from '@/api/societyWideCalculation';
+import { ChartContainer } from '@/components/ChartContainer';
+import {
+  computeWaterfallData,
+  getWaterfallDomain,
+  WaterfallChart,
+  type WaterfallDatum,
+  type WaterfallItem,
+} from '@/components/charts';
+import { Stack, Text } from '@/components/ui';
+import { MOBILE_BREAKPOINT_QUERY } from '@/hooks/useChartDimensions';
+import { useCurrentCountry } from '@/hooks/useCurrentCountry';
+import { useMediaQuery } from '@/hooks/useMediaQuery';
+import { useViewportSize } from '@/hooks/useViewportSize';
+import type { RootState } from '@/store';
+import { absoluteChangeMessage } from '@/utils/chartMessages';
+import { getClampedChartHeight, getNiceTicks } from '@/utils/chartUtils';
+import { currencySymbol } from '@/utils/formatters';
+import {
+  BudgetWaterfallTooltip,
+  formatBillions,
+  getBudgetFillColor,
+  makeBudgetTickFormatter,
+} from './budgetChartUtils';
+
+interface Props {
+  output: SocietyWideReportOutput;
+  chartHeight?: number;
+  fillHeight?: boolean;
+}
+
+export default function BudgetaryImpactByLevelSubPage({
+  output,
+  chartHeight: chartHeightProp,
+  fillHeight = false,
+}: Props) {
+  const mobile = useMediaQuery(MOBILE_BREAKPOINT_QUERY);
+  const { height: viewportHeight } = useViewportSize();
+  const countryId = useCurrentCountry();
+  const metadata = useSelector((state: RootState) => state.metadata);
+  const chartHeight = chartHeightProp ?? getClampedChartHeight(viewportHeight, mobile);
+
+  const budget = output.budget;
+  const federalBudgetaryImpact = budget.federal_budgetary_impact;
+  const stateBudgetaryImpact = budget.state_budgetary_impact;
+
+  // If the economy worker didn't populate the new keys (older releases, or
+  // non-US countries), fall back to a message pointing users at the total
+  // chart. Breaking the chart silently is worse than an explicit note.
+  if (
+    federalBudgetaryImpact === undefined ||
+    stateBudgetaryImpact === undefined ||
+    countryId !== 'us'
+  ) {
+    return (
+      <Stack gap="md">
+        <Text size="lg" fw={500}>
+          Federal vs. state budgetary impact is available only for US reforms, and requires the
+          simulation to include FMAP-based Medicaid/CHIP cost attribution (shipping in the next
+          policyengine-us release).
+        </Text>
+      </Stack>
+    );
+  }
+
+  const budgetaryImpact = budget.budgetary_impact;
+
+  // Values in billions
+  const valuesBeforeFilter = [
+    federalBudgetaryImpact / 1e9,
+    stateBudgetaryImpact / 1e9,
+    budgetaryImpact / 1e9,
+  ];
+  const labelsBeforeFilter = mobile
+    ? ['Federal', 'State', 'Net']
+    : ['Federal budgetary impact', 'State budgetary impact', 'Net impact'];
+
+  const values = valuesBeforeFilter.filter((v) => v !== 0);
+  const labels = labelsBeforeFilter.filter((_l, i) => valuesBeforeFilter[i] !== 0);
+
+  const hoverMessage = (name: string, valueBn: number) => {
+    const nameLower = name.toLowerCase();
+    const yValue = valueBn * 1e9;
+    const obj = nameLower.includes('net')
+      ? 'the combined budget deficit'
+      : nameLower.includes('federal')
+        ? 'the federal budget deficit'
+        : 'state budget deficits';
+    return absoluteChangeMessage('This reform', obj, -yValue, 0, (v) =>
+      formatBillions(v, countryId)
+    );
+  };
+
+  const items: WaterfallItem[] = values.map((value, i) => ({
+    name: labels[i],
+    value,
+    isTotal: i === values.length - 1 && values.length > 1,
+  }));
+
+  const data = computeWaterfallData(items, (v) => formatBillions(v * 1e9, countryId));
+  const dataWithHover = data.map((d) => ({
+    ...d,
+    hoverText: hoverMessage(d.name, d.value),
+  }));
+
+  const yDomain = getWaterfallDomain(data);
+  const yTicks = getNiceTicks(yDomain);
+  const symbol = currencySymbol(countryId);
+  const tickFormatter = makeBudgetTickFormatter(symbol, yDomain);
+
+  const waterfallProps = {
+    data: dataWithHover,
+    yDomain,
+    yTicks,
+    yAxisLabel: 'Budgetary impact (bn)' as const,
+    yTickFormatter: tickFormatter,
+    fillColor: (d: WaterfallDatum) => getBudgetFillColor(d, budgetaryImpact),
+    tooltipContent: <BudgetWaterfallTooltip />,
+    barLabelFormatter: (v: number) => formatBillions(v * 1e9, countryId),
+  };
+
+  if (fillHeight) {
+    return <WaterfallChart {...waterfallProps} fillHeight />;
+  }
+
+  // Suppress unused metadata warning — kept for parity with sibling sub-pages
+  // that consume metadata for title generation.
+  void metadata;
+
+  return (
+    <ChartContainer
+      title={
+        budgetaryImpact < 0
+          ? `This reform costs the federal and state governments $${formatBillions(-budgetaryImpact, countryId)}`
+          : `This reform raises $${formatBillions(budgetaryImpact, countryId)} split between federal and state`
+      }
+      downloadFilename="budgetary-impact-by-level.svg"
+    >
+      <WaterfallChart {...waterfallProps} height={chartHeight} />
+    </ChartContainer>
+  );
+}
diff --git a/app/src/tests/unit/pages/report-output/budgetary-impact/BudgetaryImpactByLevelSubPage.test.tsx b/app/src/tests/unit/pages/report-output/budgetary-impact/BudgetaryImpactByLevelSubPage.test.tsx
new file mode 100644
index 000000000..2a51b5b80
--- /dev/null
+++ b/app/src/tests/unit/pages/report-output/budgetary-impact/BudgetaryImpactByLevelSubPage.test.tsx
@@ -0,0 +1,75 @@
+import { render, screen } from '@test-utils';
+import { describe, expect, test, vi } from 'vitest';
+import type { SocietyWideReportOutput } from '@/api/societyWideCalculation';
+import BudgetaryImpactByLevelSubPage from '@/pages/report-output/budgetary-impact/BudgetaryImpactByLevelSubPage';
+
+// Mock Recharts to avoid rendering SVG in tests
+vi.mock('recharts', () => ({
+  Bar: vi.fn(() => null),
+  BarChart: vi.fn(({ children }) => children),
+  CartesianGrid: vi.fn(() => null),
+  Cell: vi.fn(() => null),
+  Label: vi.fn(() => null),
+  ReferenceLine: vi.fn(() => null),
+  ResponsiveContainer: vi.fn(({ children }) => children),
+  Tooltip: vi.fn(() => null),
+  XAxis: vi.fn(() => null),
+  YAxis: vi.fn(() => null),
+}));
+
+let mockCountry = 'us';
+vi.mock('@/hooks/useCurrentCountry', () => ({
+  useCurrentCountry: () => mockCountry,
+}));
+
+vi.mock('@/utils/chartUtils', () => ({
+  DEFAULT_CHART_CONFIG: { displayModeBar: false },
+  downloadChartAsSvg: vi.fn(),
+  downloadCsv: vi.fn(),
+  getChartLogoImage: vi.fn(() => ({})),
+  getClampedChartHeight: vi.fn(() => 500),
+  getNiceTicks: vi.fn(() => [0, 5, 10]),
+  getYAxisLayout: vi.fn(() => ({ yAxisWidth: 60, marginLeft: 10, labelDx: -20 })),
+  RECHARTS_FONT_STYLE: { fontFamily: 'Inter', fontSize: 12 },
+  RECHARTS_WATERMARK: { src: '/test.png', width: 80, opacity: 0.8 },
+}));
+
+const makeOutput = (
+  federal: number | undefined,
+  state: number | undefined,
+  total: number
+): SocietyWideReportOutput =>
+  ({
+    budget: {
+      budgetary_impact: total,
+      federal_budgetary_impact: federal,
+      state_budgetary_impact: state,
+      tax_revenue_impact: 0,
+      state_tax_revenue_impact: 0,
+      benefit_spending_impact: 0,
+    },
+  }) as SocietyWideReportOutput;
+
+describe('BudgetaryImpactByLevelSubPage', () => {
+  test('given US output with federal and state impact then renders chart title with split', () => {
+    mockCountry = 'us';
+    render(<BudgetaryImpactByLevelSubPage output={makeOutput(90e9, 10e9, 100e9)} />);
+    expect(screen.getByText(/federal and state/i)).toBeInTheDocument();
+  });
+
+  test('given missing federal/state keys then shows fallback message', () => {
+    mockCountry = 'us';
+    render(<BudgetaryImpactByLevelSubPage output={makeOutput(undefined, undefined, 0)} />);
+    expect(
+      screen.getByText(/Federal vs\. state budgetary impact is available/i)
+    ).toBeInTheDocument();
+  });
+
+  test('given non-US country then shows fallback message', () => {
+    mockCountry = 'uk';
+    render(<BudgetaryImpactByLevelSubPage output={makeOutput(50e9, 5e9, 55e9)} />);
+    expect(
+      screen.getByText(/Federal vs\. state budgetary impact is available/i)
+    ).toBeInTheDocument();
+  });
+});
diff --git a/app/src/types/metadata/ReportOutputSocietyWideUS.ts b/app/src/types/metadata/ReportOutputSocietyWideUS.ts
index 35f65afed..8a1831589 100644
--- a/app/src/types/metadata/ReportOutputSocietyWideUS.ts
+++ b/app/src/types/metadata/ReportOutputSocietyWideUS.ts
@@ -5,7 +5,12 @@ export interface ReportOutputSocietyWideUS {
     baseline_net_income: number;
     benefit_spending_impact: number;
     budgetary_impact: number;
+    federal_budgetary_impact?: number;
+    federal_tax_revenue_impact?: number;
+    federal_benefit_spending_impact?: number;
     households: number;
+    state_budgetary_impact?: number;
+    state_benefit_spending_impact?: number;
     state_tax_revenue_impact: number;
     tax_revenue_impact: number;
   };
diff --git a/changelog_entry.yaml b/changelog_entry.yaml
index a8ff91862..aab4f4048 100644
--- a/changelog_entry.yaml
+++ b/changelog_entry.yaml
@@ -1,4 +1,4 @@
-- bump: patch
+- bump: minor
   changes:
-    removed:
-      - Temporarily remove energy price shock UK interactive from apps listing and sitemap
+    added:
+      - Federal vs. state budgetary impact sub-page on US reform reports, driven by the new federal_budgetary_impact and state_budgetary_impact fields from policyengine-api. Shows a waterfall with federal share, state share, and total, with a fallback message when the economy worker has not yet populated the new fields.