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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 ...
It’s the most unique rivalry game in college sports and one of the signature events of the college football season: Army vs. Navy. Kicking off at 3 p.m. ET Saturday from Northwest Field in ...
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.
After seven years as a judge on American Idol, it's Katy Perry's turn to face feedback — and her latest critic isn't holding back.. Over the weekend, musician Steven James shared his reaction to ...
President-elect Donald Trump's "border czar" Tom Homan vowed to build "family facilities" to detain and deport the massive number of migrants who have entered the country illegally in recent years ...
If you attend a Division I university, chances are you are bankrolling your school’s athletics department. Search our scorecards to find out by how much.