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.

A Law Dictionary, Adapted to the Constitution and Laws of the United States. By John Bouvier. Published 1856.
References in periodicals archive ?
national debts. The trend is likely to continue into July.
Mustapha said the national debt stood at RM741 billion at the end of last year, which was RM54.2 billion higher than the previous year.
Gross National Debt was recorded at 5.6 Trillion pesos in 2013, ballooned to 7.3 trillion by 2018, and current April 2019 figures at 7.8 trillion.
The national debt has grown big and KRA is going everywhere trying to squeeze water from a rock,' he said.
A solution to clear the national debt would be most welcome.
He noted that during Pakistan Muslim League - Nawaz's tenure, however, the national debt had shot up by a large amount due to the government's corruption and incompetence.
The National Fund was set up with an anonymous PS500,000 gift in 1928 but with the condition it should only be used to pay off the entire national debt.
He was responding to some issues raised by the Controller and Auditor General (CAG) Prof Mussa Assad who cautioned that the skyrocketing national debt would soon be out of hand.Presenting the audit report for the 2016/17 financial year, Prof Assad said the liability which stood at TS1 trillion (KSh1.8 trillion) during the 2015/16 financial year - rose to TS6 trillion (KSh2 trillion) as of 2016/17 financial year.
All sales are expected to be used to reduce the national debt.
The problem with all of that is once you depart from maximising the receipts to ay down the national debt, you have to do it in a way that doesn't favour one class of taxpayer over another.

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