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lara31 [8.8K]
3 years ago
7

What does it mean "to assume states' debts"? ​

History
1 answer:
butalik [34]3 years ago
8 0

Answer:

Debt Assumption

Explanation:

Debt Assumption, or simply assumption, was a US financial policy executed under the Funding Act of 1790. The Washington administration pursued the policy, under Secretary of the Treasury Alexander Hamilton's leadership, to assume the outstanding debt of states that had not yet repaid their American Revolutionary War bonds and scrip.

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