Bureau Of Public Debt Definition
Public Debt refers to the total borrowings of a government, it is how much debt a government owes and must repay to entities outside of itself. The United States Treasury Department handles the debt of the U.S government, this is managed through the Bureau of the Fiscal Service.
The Bureau of Public Debt is an agency within the Bureau of the Fiscal Service of the US Treasury Department that borrows funds to finance the expenditure of the government. This agency also keeps accounts of debt owed for the purpose of repayment.
A Little More on What is the Bureau Of Public Debt
Aside from borrowing funds to finance the expenditure of the U.S government, the Bureau of Public Debt engages in business transactions and e-commerce in the US. This agency also provides services to other agencies of the federal government.
President Franklin D. Roosevelt established the Bureau of Public Debt in 1940. The Bureau was formed as a part of the Treasury Department and is responsible for providing funds to finance government expenditures (mainly through borrowing), and also settle all outstanding debts. The Bureau of Public Debt was created to help the United States governmnet centralize its debts.
It is important to know that when the agency was created, it was not established by repaying existing beds, there, it was created to borrow money for the governmnet to run its projects. There are several ways the Bureau obtains debt for the governmnet, these include the sale of securities such as Treasury bills, US saving bonds, and other fixed-income securities.
The agency also auctions marketable securities every year to raise debt financing for the governmnet. During its active years, the Bureau of Public Debt borrowed about $5 trillion for the federal government every year.
In 2012, the Bureau of the Fiscal Service (Fiscal Service) was created, as a consolidation of the Bureau of Public Debt and the Financial Management Service (FMS). The consolidation was ordered by the then US Secretary of Treasury, Timothy Geithner. Upon its establishment, the Fiscal Service is responsible for the accounts, financing, collection of the debt owed to the governmnet and providing specific services to other agencies of the U.S government.
Reference for “Bureau Of Public Debt”
Academics research on “Bureau Of Public Debt”
[HTML] Public health’s inconvenient truth: the need to create partnerships with the business sector, Majestic, E. (2009). Public health’s inconvenient truth: the need to create partnerships with the business sector. Preventing chronic disease, 6(2).
Developing Country Debt and Economic Performance. The International Financial System, Sachs, J. D. (1989). Developing Country Debt and Economic Performance. The International Financial System. In Developing Country Debt and Economic Performance, Volume 1: The International Financial System (pp. 12-0). University of Chicago Press.
On the determination of the public debt, Barro, R. J. (1979). On the determination of the public debt. Journal of political Economy, 87(5, Part 1), 940-971. A public debt theory is constructed in which the Ricardian invariance theorem is valid as a first-order proposition but where the dependence excess burden on the timing of taxation implies an optimal time path of debt issue. A central proposition is that deficits are varied in order to maintain expected constancy in tax rates. This behavior implies a positive effect on debt issue of temporary increases in government spending (as in wartime), a countercyclical response of debt to temporary income movements, and a one-to-one effect of expected inflation on nominal debt growth. Debt issue would be invariant with the outstanding debt-income ratio and, except for a mirror effect, with the level of government spending. Hypotheses are tested on U.S. data since World War I. Results are basically in accord with the theory. It also turns out that a small set of explanatory variables can account for the principal movements in interest-bearing federal debt since the 1920s.
Towards a Theory of Public Budgetary Decision Making., Gerwin, D. (1969). Towards a Theory of Public Budgetary Decision Making. Administrative Science Quarterly, 14(1). This paper examines the process by which public administrators allocate financial resources. From the assumption that the administrator seeks to reduce conflict over the allocation of the budget, propositions are presented about revenue forecasts, appropriations for subunits, increases in compensation, and debt service. The propositions are compared to results of related research and, wherever possible, supporting evidence from a study of the budgetary process in a large, urban school district is presented.
[PDF] How dangerous is US government debt?, Warnock, F. E. (2010). How dangerous is US government debt?. Council on Foreign Relations.
Addressing economic meltdown: an evaluation of fiat and credit money from Islamic perspective, Shapiee, R., & Zahid, A. (2014). Addressing economic meltdown: an evaluation of fiat and credit money from Islamic perspective. US-China L. Rev., 11, 182.