From the Congressional Glossary – Including Legislative and Budget Terms Public Debt / Debt Ceiling / Debt Limit Debt Limit – A Guide to American Federal Debt Made Easy Public Debt: Cumulative amounts borrowed by the Treasury Department or the Federal Financing Bank from the public or from another fund or account. The … Read more
From the Congressional Glossary – Including Legislative and Budget Terms Federal Debt The Debt Ceiling Explained: Why You Should Care The federal debt consists of public debt, which occurs when the Treasury of the Federal Financing Bank (FFB) borrows money directly from the public or other funds or accounts, and government debt / … Read more
From the Congressional Glossary – Including Legislative and Budget Terms Federal Financing Bank (FFB) photo credit: Alun Salt The Federal Financing Bank (FFB) is a government corporation, created by Congress in the Federal Financing Bank Act of 1973 (12 U.S.C. 2281 et seq.), under the general supervision of the Secretary of the Treasury (31 U.S.C. … Read more
From the Congressional Glossary – Including Legislative and Budget Terms Financial Statements photo credit: Metro Centric A document that describes an entity’s financial activity and status for a specified period. Under federal law and applicable accounting standards, the financial statements for a federal agency usually include a balance sheet, statement of net cost, statement of … Read more