Treasury Bulletin

Profile of the Economy

The economy grew for the third straight quarter in the first 3 months of 2010, following a year and a half of nearly steady contraction. Financial as well as economic conditions have improved, and as evidence of more broad-based activity, final sales have grown for four straight quarters. Labor market conditions improved as payroll jobs increased during the first quarter of this year for the first time since the final quarter of 2007. Although the labor market is stabilizing, the unemployment...

Introduction: Federal Fiscal Operations

Budget authority usually takes the form of appropriations that allow obligations to be incurred and payments to be made. Reappropriations are Congressional actions that extend the availability of unobligated amounts that have expired or would otherwise expire. Obligations generally are liquidated by the issuance of checks or the disbursement of cash -- outlays. Receipts are reported in the tables as either budget receipts or offsetting collections. They are collections from the public, exclud...

Introduction: Source and Availability of the Balance in the Account of the U.S. Treasury

The Department of the Treasury's (Treasury's) operating cash is maintained in accounts with the Federal Reserve banks (FRB) and branches, as well as in tax and loan accounts in other financial institutions. Under authority of Public Law 95-147 (codified at 31 US Code 323), Treasury implemented a program on Nov 2, 1978, to invest a portion of its operating cash in obligations of depositaries maintaining tax and loan accounts. Under the Treasury tax and loan investment program, depositary finan...

Introduction: Public Debt Operations

Chapter 31 of Title 31 of the US Code allows the Secretary of Treasury to borrow money by issuing Treasury securities. The Secretary determines the terms and conditions of issue, conversion, maturity, payment, and interest rate. New issues of Treasury notes mature in 2 to 10 years. Bonds mature in more than 10 years from the issue date. Each outstanding marketable security is listed in the "Monthly Statement of the Public Debt of the US." To encourage the participation of individuals and smal...