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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. Some ...
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.
American farmers are hoping that aid to agriculture will be revived as Congress struggles to pass a short-term spending bill that would keep the federal government funded and avert a looming ...
A man who returned to his Alaska hometown took to social media to document the inflated prices of food and drinks, including an $11 box of cereal. Still, he says it's someplace he'd live again.
Stephen Van Rensselaer III (/ ˈ r ɛ n s l ər,-s l ɪər /; [4] November 1, 1764 – January 26, 1839) was an American landowner, businessman, militia officer, and politician. A graduate of Harvard College, at age 21, Van Rensselaer took control of Rensselaerswyck, his family's manor.
A K9 officer patrols the front of the Capitol on a day where a potential government shutdown looms during the holidays after a spending bill backed by Donald Trump failed in the U.S. House of ...