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States owe 135-year-old debt to government
Senate action seeks to convert $375 million in 1836 Surplus Revenue loan shares into grants. Senators Boggs and Ribicoff argue forgiveness is warranted as many states treated funds as long-term funding for schools and infrastructure, while a few still carry the debt in budgets. Treasury supports replacing loan with grant. some states like New Jersey and New York still show the debt.
MENTIONED IN THIS ARTICLE
Washington
Senate
Caleb Boggs
Abraham Ribicoff D-Conn
Boggs
Treasury Department
Clifford P
RNJ
New Jersey
Delaware
New York
Vermont