An IOU issued by the U.S. Treasury in order to borrow money. Owners of these IOUs receive fixed interest payments from the treasury until the IOU is repaid at a given date in the future. Government securities come in three types. Treasury Bills are short-term IOUs that are repaid within a year or less. Treasury Notes are medium-term IOUs that are repaid within 1-10 years. Treasury Bonds are long-term IOUs that are repaid after 10 years or more.
