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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]
Presidential reorganization authority is a term used to refer to a major statutory power that has sometimes been temporarily extended by the United States Congress to the President of the United States. It permits the president to divide, consolidate, abolish, or create agencies of the U.S. federal government by presidential directive, subject ...
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 ...
President Abraham Lincoln advising with his Generals during the American Civil War. President Abraham Lincoln was deeply involved in strategy development and day-to-day military operations during the American Civil War, 1861–1865; historians have given Lincoln high praise for his strategic sense and his ability to select and encourage ...
SUMMARY: Republicans who just bailed out thousands of private companies and supported a vast increase in federal deficit-spending now want states to declare bankruptcy.
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were several short-lived federal bankruptcy laws before the Act of 1898: the Bankruptcy Act of 1800, [3] which was repealed in 1803; the Act of 1841, [4] which was repealed in 1843; and the Act of 1867, [5] which was amended in 1874 [6] and ...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 War Powers Resolution (also known as the War Powers Resolution of 1973 or the War Powers Act) (50 U.S.C. ch. 33) is a federal law intended to check the U.S. president's power to commit the United States to an armed conflict without the consent of the U.S. Congress.
While conventional wisdom insists that incoming President Donald Trump has a non-interventionist mandate from a war-weary electorate, the truth is that, should we choose to ignore the world’s ...