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The last instance of such a default took place during the Great Depression, in 1933, when the state of Arkansas defaulted on its highway bonds, which had long-lasting consequences for the state. [1] Current U.S. bankruptcy law, an area governed by federal law, does not allow a state to file for bankruptcy under the Bankruptcy Code. [2]
State bankruptcies have recently become an open question as the coronavirus pandemic shreds many states’ finances. No state has ever declared bankruptcy, though. As state and local governments ...
Harris, who was previously the chief economist at the U.S. Department of the Treasury, said that the country’s trust funds for Medicare and Social Security are projected to go bankrupt in the ...
The Social Security Fairness Act (SSFA), which was recently signed into law by President Joe Biden, eliminates rules that reduce Social Security benefits for those who also get income from public...
Originally, bankruptcy in the United States, as nearly all matters directly concerning individual citizens, was a subject of state law. However, there were several short-lived federal bankruptcy laws before the Act of 1898: the Bankruptcy Act of 1800, [3] which was repealed in 1803; the Act of 1841, [4] which was repealed in 1843; and the Act of 1867, [5] which was amended in 1874 [6] and ...
The Senate was first voting on a series of amendments to the Social Security Fairness Act, a bill that would boost Social Security payments for millions of public service retirees who also receive ...
1967 - Social Security Act Amendments, Pub. L. 90–248 1969 - Tax Reform Act of 1969 , Pub. L. 91–172 1971 - Social Security Amendments, Pub. L. 92–5
The House-passed Social Security Fairness Act enjoys rare bipartisan support on Capitol Hill, yet the odds of it getting enacted are growing smaller with each passing day.