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(W)e need to ensure our national drug policy reflects the increase of drugs crossing the U.S.-Mexico border, we also need to equip our drug and law enforcement officers with the resources they need to fight back against this epidemic.
Underlying debt is a municipal bond term that relates to an implicit understanding that the debt of smaller government entities might have backing from the creditworthiness of larger government entities in the jurisdiction. On their own, these smaller entities might have a hard time raising funds if they don’t have a robust financial position. However, the implicit backing of larger entities facilitates borrowing by smaller entities and allows them to obtain lower interest rates on their obligations. People consider the municipal bonds to be the underlying debt of the backing entity.
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