Commercial paper is a short-term obligation of the U.S. government issued to cover government budget deficits and to refinance maturing government debt.

Name: Commercial paper is a short-term obligation of the U.S. government issued to cover government budget deficits and to refinance maturing government debt.
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Commercial paper is actually a short-term debt issued by corporations to finance their short-term cash needs, not by the U.S. government to cover budget deficits or refinance debt.

Commercial Paper Is a Short-Term Obligation of the U