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Debt Assumption, or simply assumption, was a US financial policy executed under the Funding Act of 1790. The Washington administration pursued the policy, under Secretary of the Treasury Alexander Hamilton's leadership, to assume the outstanding debt of states that had not yet repaid their American Revolutionary War bonds and a scrip. Some ...
The key provision in Hamilton's fiscal reform was termed "assumption" and called for the 13 states to consolidate their outstanding debt of $25 million [68] and to transfer it to the federal government for servicing under a general funding plan. [69] Hamilton's chief objectives were both economic and political.
The Funding Act of 1790, the full title of which is An Act making provision for the [payment of the] Debt of the United States, was passed on August 4, 1790, by the United States Congress as part of the Compromise of 1790, to address the issue of funding (debt service, repayment, and retirement) of the domestic debt incurred by the state governments, first as Thirteen Colonies, then as states ...
In his Report on the Public Credit, Hamilton called for the federal assumption of state debt and the mass issuance of federal bonds. Hamilton believed that these measures would restore the ailing economy, ensure a stable and adequate money stock, and make it easier for the federal government to borrow during emergencies such as wars. [15]
The Compromise of 1790 was a compromise among Alexander Hamilton, Thomas Jefferson, and James Madison, where Hamilton won the decision for the national government to take over and pay the state debts, and Jefferson and Madison obtained the national capital, called the District of Columbia, for the South.
Donald Trump's former co-defendants are asking the judge who tossed his classified documents case to issue an emergency order blocking the public release of special counsel Jack Smith's final ...
The Tigers (12-5, 1-3) built a nine-point lead of their own with less than five minutes to go, then withstood full-court pressure and a late scoring flurry from standout Arkansas freshman Boogie ...
Health insurers faced a tough year, with some faring worse than others. How the upcoming year, and the Trump 2.0 presidency, will impact the stocks remains unclear.