But burdened with war debt, it could provide no financing and de Weldon agreed to fund it himself.
The Senate's move highlights Iraq's other money problem: its enormous pre-war debt.
Alexander Hamilton, our first secretary of the Treasury, and a very good one, redeemed all of the Revolutionary War debt at par value, and he said the 'full faith and credit' of the United States must be inviolate, among other reasons because it will be necessary in a crisis to be able to borrow.
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Britain emerged from the first world war with debt at 140% of GDP and prices more than double their pre-war level, but it was determined to pay off its debt and return the pound to its pre-war value against gold.
Old tax-and-spend habits, picked up over decades as Sweden cushioned its people with the kindest welfare state in the world, had apparently been discarded as new-look, fiscally tight Social Democrats waged war on public debt.
It took compelling events such as the thawing of the Cold War and skyrocketing public debt to finally break this cycle and force consolidation and moderation.
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Aren't we an older, more poorly educated society than the one that climbed out of similar debt after World War II?
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Another synchronous round of QE, for instance, may end up causing a trade war, while an additional debt-financed fiscal stimulus could cause a spike in interest rates.
In the 1920s, German chemist Fritz Haber, a Nobel Prize winner, thought it possible to extract enough gold from oceans to pay his country's debt after World War I.
Debt in advanced economies has reached levels exceeded only during the second world war, and the evidence is that high debt can stifle long-term growth.
Famine, international debt, underdevelopment, war and pandemics all make the right to healthcare difficult to provide.
Also, the country is not constrained by a debt ceiling during a war.
Outside of France, Mr. Sarkozy has cast himself as a central leader in tackling a host of emergencies, from the global financial crisis to the euro sovereign-debt disorder and the war in Libya.
That is, after all, how a large part of the public debt built up during World War II was brought down.
But to facilitate the extraordinary demands of war finance, Congress set a statutory debt limit up to which the Treasury could borrow as needed without further authorization.
They explain this in terms of the policies governments used to escape from the debt burden of the second world war.
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Republicans are wasting no time in establishing their position in the debt ceiling-cum-sequester war: Cut the budget, or we shut down the government.
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Inflation certainly helped reduce America's government-debt burden after the second world war, but far more of the shrinkage came from strong GDP growth and primary budget surpluses.
Our present debt debacle frequents comparison to World War II.
Here in the U.S. a war-of-words is escalating about how debt-ridden states address financial promises made with 20th century political expectations, now in conflict with 21st century fiscal realities.
William Pitt the Younger, however, discovered the downside of discounted bonds when he tried to reduce the national debt during the lull between the American war and the Napoleonic wars.
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Right now, he sees vast similarities between the bond market today and the low-interest rate world with high debt-to-GDP after World War II that led to a generational bear market in bonds.
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During what war did the U.S. Congress establish the debt ceiling (or debt limit)?
In his World War II book Citizen Soldiers, Ambrose clearly acknowledges his debt to Beyond the Beachhead, which was published by Stackpole Books .
He is concerned with the usual libertarian matters: ending the war in Afghanistan, taxation and the United States public debt and a balanced budget, which he thinks he can get with a 43 percent reduction of all federal government spending.
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In both, a crisis of excess debt developed, in the 1920s created by war and today by a decade in which the new common currency generated huge financial flows from Germany and other surplus countries to deficit countries of the euro-zone periphery.
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Up until the U.S. entered World War I, Congress had to approve the issuance of Treasury debt.
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