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Separately, the federal government and the Reconstruction Finance Corporation, as creditors of the Iron Mountain Railway, intervened in a case brought by the Missouri Pacific Railroad for additional payment on Iron Mountain bonds. In both cases the district and appeal courts upheld the Gold Clause Resolution and denied additional payment.
Trump has tied a demand for dealing with the debt ceiling to the dispute over government funding, saying one should not be addressed without the other. ... Dealing with the debt ceiling could have ...
Rising government debt levels have seemingly always been in the headlines. In recent years, U.S. debt levels have become political, with one side of the aisle often refusing to raise the debt limit...
Another problem of reforming the bankruptcy code to include states is the Contract Clause of the U.S. Constitution, which prohibits state governments from ‘impairing the obligation of contracts.’ [5] As originally understood, this clause prohibited state legislatures from passing any laws to relieve either private debt or the state ...
A loan shark is a person who offers loans at extremely high or illegal interest rates, has strict terms of collection, and generally operates outside the law, often using the threat of violence or other illegal, aggressive, and extortionate actions when seeking to enforce the satisfaction of the debt. [1]
Doing so will add about $4 trillion over the next decade to the U.S. federal government's current $36 trillion in debt, tax experts say. ... Under a 2023 budget deal, Congress suspended the debt ...
The debt ceiling issue was one of the causes for the 2013 government shutdown, and a lack of a budget bill over the issue forced the government to sequester its budget. The crisis, as well as the government shutdown, ended on October 17, 2013, with the passing of the Continuing Appropriations Act, 2014.
The rich won't be hurt a bit by the Biden/McCarthy debt ceiling deal. It's the poor who will pay. That was Republicans' priority all along.