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 ?
Tomorrow, Tested will meet Sovereign Debt on 5lb better terms, which should enable her to confirm the first-past-the-post situation at Tipperary.
Derderian said that "these and other concerns highlight the United States' view that the United Nations is not the best place to address the issue of sovereign debt restructuring.
A sharp recovery in oil prices could also reduce the impetus for Sukuk issuance by reducing the potential for sovereign debt issuance.
He won at Lingfield three weeks ago, beating Sovereign Debt, so the form is looking good.
resolution "decides to elaborate and adopt through a process of intergovernmental negotiations, as a matter of priority during its sixty-ninth session, a multilateral legal framework for sovereign debt restructuring processes".
Beijing: Rising sovereign debt levels in advanced economies are spawning a crisis that threatens to topple the dollar and other reserve currencies, a Chinese credit ratings agency warned.
Among the worries highlighted are the fact that the cost of insuring Egypt's sovereign debt compared to default rose more than any other country last month.
The reduction, in some cases by as many as four levels, came a few weeks after Moody's reduced the sovereign debt credit rating of the government of Spain to a level just above junk bonds.
Market implications from today's easing moves should be positive for global equities and possibly for European sovereign debt markets, in particular the debt of Spain, Italy and Portugal.
Abdulrazaq bin Ali bin Issa, CEO of BankMuscat said that hosting this meeting coincides with the unstable future economic vision although the progress made in terms of dealing with the European sovereign debt crisis and the slow growth in the emerging markets, as well as the high oil prices.
5 million last year, hit by a 70 per cent writedown on its Greek sovereign debt holdings, the bank said today.
The euro remained firm against the yen early Friday in Tokyo after rising overnight on progress made in dealing with Greece's sovereign debt problems.