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George Washington, otherwise a rich man by the standards of his time, was so land-poor that he had to borrow money in order to travel to his 1787 inauguration in New York.
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Why do you borrow money?
There could be thousands of reasons people borrow money. To buy a car, a home, to take a vacation, there are too many reasons why people borrow money to list here. Hopefully you got the jest of this answer. There a numerous reasons for the borrowing of money but common ones are; home loans, purchasing of cars, insurance, purchssing of business companies etc. People borrow money in generall because they either cant afford something or they have no money in cash, so they borrow from the bank, the disadvantage however is that you have to pay it back, and what people don't realise is that the bank adds interest to the overall payment if you pay it over a period of time which is not in the month requested by the bank.
Who has the power to borrow money on behalf of the US?
the executive branch The legislative Branch can borow money on the credit of the u.s.
Does congress limit the presidents power to spend federal money?
Yes, Congress does have the power to limit the federal moneys that are spent by the President of the United States. The president must ask Congress to fund events such as wars that the country takes part in.
When you buy a US government savings bond youre doing so?
borrow money
Who did America borrow money from during the Revolution?
it issued government bonds and securities
