<u>Answer:</u>
Financing the government, determining the implied powers and the Whiskey rebellion were the major challenges.
<u>Explanation:</u>
The new financial system which was implemented by the US was the Federal Financial System. While organizing this system, the government faced various challenges such as Financing the government, Determining the implied powers, and the Whiskey Rebellion.
The Whiskey rebellion was a bigger challenge as the farmers and distillers were protesting against a new tax on whiskey. Financing a vast government was also a challenge that cannot be neglected. Determination of the distribution of powers in a vast government body was also a major challenge.
All these challenges were overcome by the US to create the federal financing system.
