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By 1841, nineteen of the twenty-six U.S. states and two of the three territories had issued bonds and incurred state debt. [1] Of these, the aforementioned states and territory were forced to default on payments. Four states ultimately repudiated all or part of their debts, and three went through substantial renegotiations. [2]
State defaults in the United States are instances of states within the United States defaulting on their debt. 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 ]
[22]: 50–52 The United States briefly withdrew from international money markets. Only in the late 1840s did Americans re-enter those markets. [citation needed] The defaults, along with other consequences of the recession, carried major implications for the relationship between the state and economic development. In some ways, the panic ...
The U.S. needs to keep borrowing to fund expenditures, and a default would make that stop immediately. Internationally, the U.S. dollar is where countries keep their currency for international ...
A default may affect the United States' sovereign risk rating and the interest rate that it will be required to pay on future debt. As of 2012, the U.S. defaulted on its financial obligations once in 1979, due to a computer backlog, but the periodic crises relating to the debt ceiling have led several rating agencies to United States federal ...
In the event of default, credit rating agencies like ... but the other two economic issues putting upward pressure on gold's price are unlikely to improve anytime soon. ... "The company's $1 ...
They won significant spending restraints in a 2011 confrontation that pushed the United States to the brink of default and prompted a first-ever downgrade of its top-notch credit rating.
The 2011 S&P downgrade was the first time the US federal government was given a rating below AAA. S&P had announced a negative outlook on the AAA rating in April 2011. The downgrade to AA+ occurred four days after the 112th United States Congress voted to raise the debt ceiling of the federal government by means of the Budget Control Act of 2011 on August 2, 2011.