GAO Glossary of Terms and Definitions (September 2005)

Treasury Security

A debt instrument of the U.S. Treasury issued to finance the operations of the government or refinance the government’s debt.

Treasury Bill

The shortest term federal debt instrument or security. Treasury bills mature within 1 year after the date of issue.

Treasury Bond

A federal debt instrument with a maturity of more than 10 years.

Treasury Note

A federal debt instrument with a maturity of at least 1 year but not more than 10 years.

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