EMU Definition

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EMU see Economic and Monetary Union.

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DEBENTURE is a corporate IOU that is not backed by the companys assets (unsecured) and is therefore somewhat riskier than a bond.

MANDATORY SPENDING is spending that is automatically obligated due to previously-enacted laws. In the United States, this would include things such as Social Security, Medicare, and the interest on the national debt. See DISCRETIONARY SPENDING.

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