History, 26.03.2021 04:10 Mevans5602

Like the federal government, the state governments also accrued significant debts during the War for Independence. Most of these debts are in the form of bonds sold to Americans during the war. Some states have paid off almost all the debts to their bondholders, while others have repaid very little. This proposal is that the federal government will assume whatever debts are still owed by any state as its own. This means that the national debt will be much higher (about $21 million), but it will tie the states much more closely to the federal government. The proposal will cost the government about $1.3 million in interest per year. Will you support a proposal to assume all state debts?

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Like the federal government, the state governments also accrued significant debts during the War for...