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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.
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 ...
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.
With a government shutdown narrowly avoided late Friday into Saturday morning, the House and Senate sent a funding bill to President Joe Biden's desk. An initial bipartisan deal was tanked earlier ...
A full funding plan is outlined in the governor’s budget proposal including $300 million for 16 new “state of the art” helicopters and seven C-130 air tankers. There is also a one time ...
"Hearst Magazines and Yahoo may earn commission or revenue on some items through these links." The year 2024 may have been the sweetest one yet—and The Pioneer Woman's top ten dessert recipes ...
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]