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 ?
Currently, the national debt is over $20 trillion with over $100 trillion in unfunded liabilities and hundreds of failing and duplicative government programs.
It is likely difficult for most Americans to comprehend the steep crescendo of the national debt, given that most of us have lived with the annual perpetuation of the obligation--the kicking of the proverbial can--hoping that someday someone will find a solution.
The UK's National Debt equates to PS46,938 per taxpayer.
If you are going to depart from the principle that you sell at the full market price to get the national debt down, it would be far better to put all of the shares into every Child's Trust Fund, to be accessed when they are 18.
I am determined to build on this success, and to continue to return Lloyds to the private sector and reduce our national debt.
Also, this is a debt to the Government and so, in effect, reduces the national debt.
The Asian nation added 49 percentage points to its national debt since 2007.
The first is the amount by which expenditure by the state exceeds its revenue over a year, while the national debt is the accumulation of budget deficits.
The national debt increases inexorably because the Treasury is never able to balance the books.
I do not have the exact percentages, but rather this letter is meant to help educate people on how a federal budget and national debt work for those who are unfamiliar with the nuts-and-bolts of these issues.
Iran's national debt amounts to $83 billion with almost a third of that owed to the National Pension Fund, which the Ahmadi-nejad Administration stripped of funds to keep the government solvent.
HIGH oil prices fuelled by the escalating crisis in Iraq could help drive down Bahrain's national debt.

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