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Why did congress lack the money it needed to pay off the government's war debt?
Wiki User
∙ 9y ago
Congress lacked the money it needed to pay off the government's war debt because of an unbalanced budget. Congress can continue to pay for or extend a war without actually having the money to directly fund it.
Wiki User
∙ 9y ago
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How did the government incur millions of dollars in debt?
There are 3 types of debt a government can occur (Export Debt), (Import Debt) and (Social Debt). Export Debt (money owed to the government from Another Country that isn't paying) Import Debt (money owed to another country by the government) Social Debt: This is what I am assuming you are referring (the deficit). The deficit is money borrowed on "future" income from collectible taxes and fees from the governments citizens. They borrow against it (like a credit card). Its money owed to themselves. Its not a true debt in the conventional sense. However if left upaid then the government can't honour future benefits to its citizens and the country would collapse (like Greece and Spain).
How does deficit spending impact national debt?
Deficit spending is spending money raised by borrowing. It is used by governments to stimulate their economy during times of depression or economic slow-down. Unless the borrowing is repaid, deficit spending will increase the national debt.
What president raised the debt ceiling most?
The President cannot raise the debt ceiling. It is set by Congress.
Describe the country's financial problems after the Revolutionary War.?
The US Congress needed money after the Revolutionary War because the United States spent $37 million at the national level plus $114 million by the states. The U.S. finally solved its debt and currency problems in the 1790s.
How many times has Obama raised the national debt ceiling?
The President cannot raise the debt ceiling. Only Congress can do that.
Why did congress lack the money it needed to pay off the governments war debt?
Congress lacked the money it needed to pay off the government's war debt because of an unbalanced budget. Congress can continue to pay for or extend a war without actually having the money to directly fund it.
What is consumer dept?
Consumer debt is the debt (money owed) by people as opposed to the debt of institutions, governments or businesses
Why did congress have trouble paying it's debt?
Congress could not raise this money because it was not allowed to tax.
Why should Obama raise the debt ceiling?
The president does not have the power to raise the debt ceiling . He has no power to borrow money and not really any power over spending-- only the Congress can do that. The president can only spend money that Congress has appropriated to be spent, although Presidents have been known to withhold funds that Congress has already appropriated.
What is a four-letter word for a problem cuased when congress borrowed money for war during the revolution?
Debt.
Why did Britain abandon its policy of salutary neglect after the french and Indian war?
England needed money to pay debt England needed money to pay debt
Why is it in the interest of governments t perticipate in debt-for-nature swap?
Governments want to participate in debt-for-nature swap because they get debt relief & environmentalists get rain forest preservation.
How do you make a debt on doodle god?
Bank + Money = Debt Money+ House = Bank Gold + Paper= Money
Why people say that money is borrowed into existence?
The requirement for governments to borrow from the private banking sector to finance public expenditure forms the National Debt
Why did the continental congress have trouble raising money for the American side?
because the American government was the only ones who had money. and why they had to borrowed it was because the independence war had a large debt on them.
What was the problem caused when congress borrowed money for war?
never using this agaon
How did the US incur millions of dollars in debt?
There are 3 types of debt a government can occur (Export Debt), (Import Debt) and (Social Debt). Export Debt (money owed to the government from Another Country that isn't paying) Import Debt (money owed to another country by the government) Social Debt: This is what I am assuming you are referring (the deficit). The deficit is money borrowed on "future" income from collectible taxes and fees from the governments citizens. They borrow against it (like a credit card). Its money owed to themselves. Its not a true debt in the conventional sense. However if left upaid then the government can't honour future benefits to its citizens and the country would collapse (like Greece and Spain).
