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However, a fraction of this debt is actually collected. For example, in 2014, the US Federal Government was owed over $100 billion of criminal debt, and during that year, federal judges imposed almost $14 billion in new CJFOs, but the government only collects about $4 billion per year. [1]
Debt is still outstanding, some of which has been converted to common stock, from just under $125 million down to $7,000. Sums loaned to entities that have gone into, and in some cases emerged from bankruptcy or receivership are provided. Additional sums have been written off, for example Treasury's original investment of $854 million in Old GM ...
[18] Similarly, tax deductions and credits are denied where for illegal bribes, illegal kickbacks, or other illegal payments under any Federal law, or under a State if such State law is generally enforced, if the law "subjects the payor to a criminal penalty or the loss of license or privilege to engage in a trade or business."
Aside from lopping off entire agencies, here are some examples of controversial federal spending that, based on Musk and Ramaswamy’s recent comments, could be in the line of fire for coming cuts:
The first is that annual deficits have exploded, leaving the nation with a gargantuan $34.6 trillion in total federal debt, 156% higher than the national debt at the end of 2010.
The Depository Institutions Deregulation and Monetary Control Act of 1980 (H.R. 4986, Pub. L. 96–221) (often abbreviated DIDMCA or MCA) is a United States federal financial statute passed in 1980 and signed by President Jimmy Carter on March 31. [1] It gave the Federal Reserve greater control over non-member banks.
This debt mainly represents obligations to Social Security recipients and retired federal government employees, including military. In the United States, intragovernmental holdings are primarily composed of the Medicare trust funds, the Social Security Trust Fund, and Federal Financing Bank securities. A small amount of marketable securities ...
It turned out, her agreement included a debt settlement clause: after making her regular payments for a set period, the company forgave the remaining balance. Quite a happy surprise, indeed.