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The Congressional Budget and Impoundment Control Act of 1974 was passed in response to the abuse of power under President Nixon. [1] The Act removed that power, and Train v. City of New York (whose facts predate the 1974 Act, but which was argued before the U.S. Supreme Court after its passage), closed potential loopholes in the 1974 Act. The ...
In response, the budget reconciliation acts of 1985, 1986, and 1990 adopted the "Byrd Rule" (Section 313 of the Budget Act). [1] The Byrd Rule allows Senators to raise points of order (which can be waived by a three-fifths majority of Senators [ 2 ] ) against provisions in the reconciliation bills that are "extraneous".
State law generally sets the conditions under which a local government can issue general obligation debt, including the type of security that is available: A limited-tax general obligation pledge requires a local government to levy a property tax sufficient to meet its debt service obligations but only up to a statutory limit.
The United States debt ceiling is a legislative limit that determines how much debt the Treasury Department may incur. [23] It was introduced in 1917, when Congress voted to give Treasury the right to issue bonds for financing America participating in World War I, [24] rather than issuing them for individual projects, as had been the case in the past.
Most jurisdictions only allow bonds to be floated based upon a portion (usually capped at 50%) of the assumed increase in tax revenues. For example, if a $5,000,000 annual tax increment is expected in a development, which would cover the financing costs of a $50,000,000 bond, only a $25,000,000 bond would be typically allowed.
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Date/Time Thumbnail Dimensions User Comment; current: 15:45, 27 April 2018: 600 × 400 (79 KB): Colin Fredericks: Should be visually identical to the original. In the source code, the states have been alphabetized, and css classes have been added so that it's easier to color specific regions (as per US census regions and some others).