Public debt

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PUBLIC DEBT. That which is due or owing by the government.
     2. The constitution of the United States provides, art. 6, s. 1, that "all debts contracted or engagements entered into, before the adoption of this constitution, shall be as valid against the United States under this constitution, as under the confederation." It has invariably been the policy since the Revolution, to do justice to the creditors of the government. The public debt has sometimes been swelled to a large amount, and at other times it has been reduced to almost nothing.

References in periodicals archive ?
One of the most timely of these issues is whether there should be an international bankruptcy court for sovereign debt.
They remind us that the issue of sovereign debt is connected with the structure of economic institutions and incentives for sound policies.
Second, what are the connections between this concept and recent proposals for a so-called sovereign debt restructuring mechanism (SDRM)?
dollar and the yen Monday in Tokyo due to a recent series of negative news about the eurozone's sovereign debt problems.
While the eurozone nations remain unable to come up with a solution for Greece's fiscal plight, Fitch ratings agency downgraded the country's sovereign debt by three notches.