What is the difference between budgetary borrowing and general obligation bond debt?

What will be an ideal response?

If a budget deficit appears and the state cannot generate additional revenue, it borrows money to cover the deficits; this is budgetary borrowing. General obligation bonds allow the state to borrow money that will be spent to shape the quality of life and commerce, usually by investing in huge infrastructure projects. Therefore, budgetary borrowing does not yield long-term "payoffs," whereas general obligation bonds yield investments in infrastructure that have payoffs for people and businesses.