Senate Unveils Health Bill — and It’s Bad.  Call Toll-Free 844-259-9351 to Urge Your Senator to Vote 'No'

 
National Debt Glossary

Obligation

A binding agreement by a government agency to pay for goods, products, services, studies, and the like, either immediately or in the future.

When an agency enters into such an agreement, it incurs an obligation. As the agency makes the required payments, it liquidates the obligation.

SOURCE: House Budget Committee

 

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