The domestic problem faced by Presidents George Washington, John Adams, and Thomas Jefferson is whether the national government should assume state debts.
State debt means the aggregate amount of the obligations assumed, but not discharged yet by the general government entities entitled to borrowing in respect of the repayment to creditors of the funds borrowed under government securities issued, loan agreements, financial lease (leasing) agreements signed and other debt instruments.
The budget deficit resulted during the American Revolution was one of the most significant issues George Washington had to deal with as the first President of the US. The national government was generally bankrupt when George Washington entered office.
During his presidency, Thomas Jefferson viewed both personal debt and the national debt as threats to the American experiment in self-government, presenting risks to civic responsibility, endangering government stability and hampering investment to improve individual and national prosperity.
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