| fiscal policy | The taxing and spending programs carried out by government in order to promote maximum employment, price stability, and other economic goals.
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| debt management policy | The refunding or refinancing of the federal government's debt in a way that contributes to broad national goals and minimizes the burden of the debt.
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| budget deficit | A government's financial position in which current expenditures exceed current revenues.
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| budget surplus | A government's financial position in which current revenues exceed current expenditures.
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| public debt | The volume of debt obligations that are the responsibility of the federal government and therefore of its taxpayers.
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| auction method | The principal means by which U.S. Treasury securities are sold to the public.
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| book-entry form | The method by which marketable U.S. Treasury securities are issued, with the buyer receiving only a receipt, rather than an engraved certificate, indicating that the purchase is recorded on the Treasury's books or recorded in another approved location.
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| municipals | Debt securities issued by states, counties, cities, school districts, and other local units of government.
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| tax-anticipation notes (TANs) | Short-term debt obligations issued by state and local governments to provide for immediate cash needs until tax revenues come in.
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| revenue-anticipation notes (RANs) | Short-term debt obligations issued by state and local units of government in lieu of expected future governmental revenues in order to meet near-term cash needs.
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| bond-anticipation notes (BANs) | Short-term securities issued by a state or local government to raise funds to begin a project that eventually will be funded using long-term bonds.
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| general obligation bonds | Debt obligations issued by state and local governments and backed by the "full faith and credit" of the issuing government (i.e., may be repaid from any revenue source).
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| revenue bonds | Debt obligations issued by state and local governments that are repayable only from a particular source of funds, such as revenues generated by a toll road or toll bridge or from user fees derived by selling water or electric power.
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| tax-exemption privilege | A feature bestowed by law on some financial assets (such as state and local government bonds) that makes the income they generate free of taxation at federal or state and local government levels, or both.
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| serialization | The splitting up of a single bond issue into several different maturities (used most often for state and local government bonds).
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