As part of the Compromise of 1790, non-partisan (nationalist) President Washington signs the Funding Act of 1790, assuming the debts of the States from the first American Revolution. Their total debt is 21,500,000 Dollars, of which 18,300,000 Dollars is assumed by the federal government. Combined with the Continental debt of 18,500,000 Dollars and the foreign debt of 12,000,000 Dollars.
[added 10/16/2021]
Subsequent Events:
Authority:
Article VI, Section 1
ccc-2point0.com/constitution-for-the-united-states
References:
Funding Act of 1790 – Wikipedia, the free encyclopedia
en.wikipedia.org/wiki/Funding_Act_of_1790
First Report on the Public Credit – Wikipedia, the free encyclopedia
en.wikipedia.org/wiki/First_Report_on_the_Public_Credit#Government_debt_under_the_Articles_of_Confederation
Current U.s. National Debt:
