History of the United States public debt

228:

issue bonds that rich people would buy, thereby giving the rich a tangible stake in the success of the national government. Hamilton proposed to pay off the new bonds with revenue from a new tariff on imports. Jefferson originally approved the scheme, but Madison had turned him around by arguing that federal control of debt would consolidate too much power in the national government. Edling points out that after its passage in 1790, the assumption was accepted. Madison did try to pay speculators below 100%, but they were paid the face value of the state debts they held regardless of how little they paid for them. When Jefferson became president he continued the system. The credit of the U.S. was solidly established at home and abroad, and Hamilton was successful in signing up many of the bondholders in his new Federalist Party. Good credit allowed Jefferson's Treasury Secretary

207:, a controversial part of which involved the federal government assuming state debts incurred during the Revolutionary War. Northern states had accumulated a huge amount of debt during the war, amounting to $ 21.5 million, and wanted the federal government to assume their burden. The Southern states, which had lower or no debts, whose citizens would effectively pay a portion of this debt if the federal government assumed it, were disinclined to accept the proposal. Some states, including Virginia, had already paid off almost half of their debts, and felt that their taxpayers should not be assessed again to bail out the less provident, and further argued that the plan was beyond the constitutional power of the new government. 398: 566:, the United States last had a budget surplus during fiscal year 2001, though the national debt still increased. From fiscal years 2001 to 2009, spending increased by 6.5% of gross domestic product (from 18.2% to 24.7%) while taxes declined by 4.7% of GDP (from 19.5% to 14.8%). Spending increases (expressed as percentage of GDP) were in the following areas: Medicare and Medicaid (1.7%), defense (1.6%), income security such as unemployment benefits and food stamps (1.4%), Social Security (0.6%) and all other categories (1.2%). Revenue reductions were individual income taxes (−3.3%), payroll taxes (−0.5%), corporate income taxes (−0.5%) and other (−0.4%). 63: 579: 555: 55: 71: 84: 707:, or GDP, each year since World War II. The gross federal debt shown below reached 102.7% of GDP at the end of 2012, the most recent figure available; it was the highest percentage since 1945 and the first yearly percentage figure to go over 100% since then. (The gross federal debt in the table includes intra-government debt – that is, money owed by one branch of the federal government to another. When this latter amount is subtracted, the remaining quantity is known as the public debt.) 666:(TARP) and other bailout efforts; $ 100 billion in additional spending for ARRA; and another $ 185 billion due to increases in primary budget categories such as Medicare, Medicaid, unemployment insurance, Social Security, and Defense – including the war effort in Afghanistan and Iraq. This was the highest budget deficit relative to GDP (9.9%) since 1945. The national debt increased by $ 1.9 trillion during FY2009, versus the $ 1.0 trillion increase during 2008. 348: 24: 2658: 491: 165: 1368: 240:, ultimately netted it over $ 13 million. Another result of federal assumption of state debts was to give the federal government much more power by placing the country's most serious financial obligation in the hands of the federal government rather than the state governments. The federal government was able to avoid competing in interest with the States. 658:(CBO) gave the reasons for the higher budget deficit in 2009 ($ 1,410 billion, i.e. $ 1.41 trillion) over that of 2008 ($ 460 billion). The major changes included: declines in tax receipt of $ 320 billion due to the effects of the recession and another $ 100 billion due to tax rate cuts in the stimulus bill (the 425:. The budget controls instituted in the 1990s successfully restrained fiscal action by the Congress and the President and together with economic growth contributed to the budget surpluses at the end of the decade. The surpluses led to a decline in the public debt from about 43% of GDP in 1998 to about 33% by 2001. 329:

increased the debt and by 1936, the public debt had increased to $ 33.7 billion (~$ 582 billion in 2023), approximately 40% of GDP. During its first term, the Roosevelt administration ran large annual deficits of between 2 and 5% of GDP. By 1939, the debt held by the public had increased to

586:

In June 2012, the Congressional Budget Office summarized the cause of change between its January 2001 estimate of a $ 5.6 trillion cumulative surplus between 2002 and 2011 and the actual $ 6.1 trillion cumulative deficit that occurred, an unfavorable "turnaround" or debt increase of $ 11.7 trillion.

587:

Tax rate cuts and slower-than-expected growth reduced revenues by $ 6.1 trillion and spending was $ 5.6 trillion higher. Of this total, the CBO attributes 72% to legislated tax rate cuts and spending increases and 27% to economic and technical factors. Of the latter, 56% occurred from 2009 to 2011.

227:

Historian Max M. Edling has explained how assumption worked. It was the critical issue; the location of the capital was a bargaining ploy. Hamilton proposed that the federal Treasury take over and pay off all the debt that states had incurred to pay for the American Revolution. The Treasury would

389:

lowered tax rates (Reagan slashed the top income tax rate from 70% to 28%, although bills passed in 1982 and 1984 later partially reversed those tax cuts.) and increased military spending, while congressional Democrats blocked cuts to social programs. As a result, debt as a share of GDP increased

235:

The Southern states extracted a major concession from Hamilton in the recalculation of their debt under the fiscal plan. For example, in the case of Virginia, a zero-sum arrangement was contrived, in which Virginia paid $ 3.4 million to the federal government, and received exactly that amount in

317:

was elected president in 1920 and believed the federal government should be fiscally managed in a way similar to private sector businesses. He had campaigned in 1920 on the slogan, "Less government in business and more business in government." Under Harding, federal spending declined from $ 6.3

377:

reformed the budget process to allow Congress to challenge the president's budget more easily, and, as a consequence, deficits became increasingly difficult to control. National debt held by the public increased from its postwar low of 24.6% of GDP in 1974 to 26.2% in 1980.

318:

billion in 1920 to $ 5 billion in 1921 and $ 3.3 billion in 1922. Over the course of the 1920s, under the leadership of Calvin Coolidge, the national debt was reduced by one third. The decrease was even greater when the growth in GDP and inflation is taken into account.

295:. The debt was just $ 65 million in 1860, but passed $ 1 billion in 1863 and reached $ 2.7 billion by the end of the war. During the following 47 years, there were 36 surpluses and 11 deficits. During this period 55% of the national debt was paid off. 338:

led to the largest increase in public debt. Public debt rose over 100% of GDP to pay for the mobilization before and during the war. Public debt was $ 251.43 billion or 112% of GDP at the conclusion of the war in 1945 and was $ 260 billion in 1950.

494:

Time series of U.S. public debt overlaid with party affiliation of the President. The upper graph shows the U.S. public debt in trillions of dollars while the lower graph shows the U.S. public debt as a percentage of GDP. (Data are from the 2009 U.S.

569:

The 2009 spending level was the highest relative to GDP in 40 years, while the tax receipts were the lowest relative to GDP in 40 years. The next highest spending year was 1985 (22.8%), while the next lowest tax year was 2004 (16.1%).

506:, observed a contrast not so much between Republicans and Democrats but between Democrats and "old-style Republicans (Eisenhower and Nixon)" on one hand (decreasing debt) and "new-style Republicans" on the other (increasing debt). 219:. The compromise meant that the state debts were all picked up by the federal Treasury, and the permanent national capital would be located in the South, along the Virginia-Maryland border in what became the District of Columbia. 211:, then a representative from Virginia, led a group of legislators from the South in blocking the provision and prevent the plan from gaining approval. Jefferson supported Madison. The plan was finally adopted as part of the 275:

paid off the entire national debt, the only time in U.S. history that has been accomplished. However, this and other factors, such as the government giving surplus money to state banks, soon led to the

199:

On the founding of the United States, the financial affairs of the new federation were in disarray, exacerbated by an economic crisis in urban commercial centers. In 1790, Secretary of the Treasury

156:, US public debt dramatically increased due to emergency measures aimed at sustaining the economy amidst widespread economic retraction across various industries, alongside high unemployment rates. 3969: 4088:

For example, the $ 862 Billion stimulus of 2009 was passed by Congress under the Obama Administration, but is included in the 2009 debt totals attributed in the chart to George W. Bush.

1375:, which includes obligations to government programs such as Social Security. The top panel shows debt deflated to 2010 dollars; the second panel shows debt as a percentage of GDP. 62: 184:

Except for about a year during 1835–1836, the United States has continuously had a fluctuating public debt since its Constitution went into effect on March 4, 1789. During the

459: 325:

took office in 1933, the public debt was almost $ 20 billion, 20 (~$ 374 billion in 2023)% of GDP. Decreased tax revenues and spending on social programs during the

476:

downgraded the rating of the federal government from AAA to AA+. It was the first time the U.S. had been downgraded since it was originally given a AAA rating on its debt by

1371:

U.S. debt from 1940 to 2011. Red lines indicate the "debt held by the public" and black lines indicate the total national debt or gross public debt. The difference is the

444:

and related significant revenue declines and spending increases, debt held by the public increased to $ 11.917 trillion by the end of July 2013, under the presidency of

311:

to the general public to finance the U.S.'s military effort. The war was followed by 11 consecutive surpluses that saw the debt reduced by 36% by the end of the 1920s.

3156: 3079: 370:

Growth rates in Western countries began to slow in the late-1960s. Beginning in the mid-1970s and afterwards, U.S. national debt began to increase faster than GDP.

374: 3677:

contrast between the Democrats and the old-style Republicans (Eisenhower and Nixon) on the one hand and the new-style Republicans on the other is quite striking.

3471: 3452: 686:

Obama administration officials predicted that these changes will make the debt over ten years look $ 2.7 trillion larger than it would otherwise appear.

4223: 669:

The Obama Administration also made four significant accounting changes to more accurately report total federal government spending. The four changes were:

499:

The President proposes a national budget to Congress, which has final say over the document but rarely appropriates more than what the President requests.

4307: 3976: 4026: 582:

Cause of change between CBO's 2001 projection of a $ 5.6 trillion surplus between 2002–2012 and the $ 6.1 trillion debt increase that actually occurred.

3581: 3183: 4376: 3523: 3295: 3129: 409:'s first term. However, it fell to 34.5% of GDP by the end of Clinton's presidency due in part to decreased military spending, increased taxes (in 4381: 4386: 1349:

Some of the debt included in this chart for each presidential administration may include debt added under the next presidential administration.

673:

Account for the wars in Iraq and Afghanistan ("overseas military contingencies") in the budget, rather than through supplemental appropriations

259:

To reduce the debt, from 1796 to 1811 there were 14 budget surpluses and 2 deficits. There was a sharp increase in the debt as a result of the

2855: 138:

cut tax rates and increased military spending, while it decreased in the 1990s due to reduced military spending, increased taxes, and the

107:(GDP). Historically, the United States public debt as a share of GDP has increased during wars and recessions, and subsequently declined. 4371: 3813: 3737: 1354: 432:

and increased military spending caused by the wars in the Middle East and a new entitlement Medicare D program. During the presidency of

3788: 480:

in 1917. BBC News reported that Standard & Poor's had "lost confidence" in the ability of the U.S. government to make decisions.

465: 414: 410: 360: 119: 3943: 1379:

Publicly held debt is the gross debt minus intra-governmental obligations (such as the money that the government owes to the two

1335: 530:'s budget deal in 1990 was one of the reasons for improvement of the fiscal situation in 1990s, Bartlett was highly critical of 4272: 3665: 2743: 659: 3052: 594:$ 3.5 trillion – Economic changes (including lower than expected tax revenues and higher safety net spending due to recession) 103:, except for about a year during 1835–1836. To facilitate comparisons over time, public debt is often expressed as a ratio to 3495: 3344: 3247: 3026: 307:(1914–1918), reaching $ 25.5 billion at its conclusion. Approximately $ 17 billion in debt was raised through the selling of 3160: 4122:. Addendum: Composite Deflator, p. 26. Divide current dollars by this number to produce value in (constant) FY2000 dollars. 1388: 629:

analyzed this roughly $ 2 trillion "swing", separating the causes into four major categories along with their share:

2738: 251:, and $ 18.3 million were state debts assumed by the federal government, of the $ 21.5 million that had been authorized. 3763: 625:

forecast in each of those years as of June 2009 was approximately $ 1,215 billion (~$ 1.68 trillion in 2023).

2909:

Max M. Edling, "'So immense a power in the affairs of war': Alexander Hamilton and the restoration of public credit."

590:

The difference between the projected and actual debt in 2011, the budget office said, could be attributed largely to:

2894: 2819: 2798: 2723: 2671: 204: 3879: 243:

The debts of the federal government on January 1, 1791 amounted to $ 75,463,476.52, of which about $ 40 million was

3302: 1403:. The government fiscal year runs from October 1 of the previous calendar year to September 30 of the year shown. 4343: 1384: 511: 441: 196:, amassed huge war debts, but lacked the power to repay these obligations through taxation or duties on imports. 146: 232:

to borrow in Europe to finance the Louisiana Purchase in 1803, as well as to borrow to finance the War of 1812.

4311: 4030: 1339: 95:

began with federal government debt incurred during the American Revolutionary War by the first U.S treasurer,

3390: 2697: 663: 397: 321:

Debt held by the public was $ 15.05 billion (~$ 219 billion in 2023) or 16.5% of GDP in 1930. When

3585: 126:. Since then, debt as a share of GDP has consistently risen, with exceptions during the terms of Presidents 4027:"Bureau of the Public Debt/Treasury Direct-Debt changes from September 30, 2008 to September 30, 2009" 3190: 2702: 2676: 1293: 1289: 1261: 1257: 1229: 1225: 1197: 1193: 1165: 1161: 1133: 1129: 1101: 1399:

The table below shows annual federal spending, gross federal debt and gross domestic product for specific

617:

The U.S. budget situation has deteriorated significantly since 2001, when the CBO forecast average annual

355:

The public debt as a percentage of GDP fell rapidly after the end of World War II under the presidency of

3439: 1097: 1069: 1065: 1037: 1033: 1005: 1001: 973: 969: 941: 937: 909: 905: 877: 873: 845: 841: 813: 809: 781: 777: 749: 745: 655: 563: 418: 3530: 3306: 3133: 4097: 3917: 2728: 2692: 1380: 1331: 4215: 4207: 3556: 4240: 2687: 700: 193: 58:

The amount of U.S. public debt, measured as a percentage of GDP from 1900 to 2020, projected to 2050.

373:

The public debt relative to GDP reached a post-World War II low of 24.6% in 1974. In that year, the

99:, after the country's formation in 1776. The United States has continuously experienced fluctuating 422: 139: 3712: 3607: 578: 554: 3861: 473: 428:

In the early 21st century, debt held by the public relative to GDP rose again due in part to the

330:$ 39.65 billion (~$ 682 billion in 2023) or 43% of GDP. The buildup and involvement in 54: 3629:

Fisher, Louis (Nov–Dec 1990). "Federal Budget Doldrums: The Vacuum in Presidential Leadership".

3267: 4053: 3237: 2718: 1327: 704: 534:

for creating budget deficits by reducing tax rates and increasing spending in the early 2000s.

437: 367:(1950–53) was largely financed by taxation and did not lead to an increase in the public debt. 104: 3837: 440:

in September 2001 to $ 6.369 trillion by the end of 2008. In the aftermath of the global

4291: 3690: 2733: 515: 322: 66:

Public debt percent of GDP.Federal, State, and Local debt and a percentage of GDP chart/graph

4001: 3510: 189: 3216: 639:

Policies enacted by President Bush and supported or extended by President Obama (20%); and

8: 4194:. GDP (gross domestic product) in current dollars, p. 194, divided by inflation adjuster. 216: 185: 3000: 2646:: The values for the years 2009, and 2010 represent estimates from the source material. 646:

Several other articles and experts explained the causes of change in the debt position.

37:

Please help update this article to reflect recent events or newly available information.

3947: 3884: 3646: 2978: 2970: 2883: 1400: 503: 390:

from 26.2% in 1980 to 40.9% in 1988, and it continued to rise during the presidency of

292: 212: 200: 168: 3509:

United States Department of the Treasury, Bureau of the Public Debt (December 2010).

3340: 3243: 3080:"PolitiFact: Fla. senator says Jan. 8, 1835, is the only day U.S. has been debt free" 2982: 2890: 2815: 2794: 737: 601:(EGTRRA and JGTRRA), primarily tax rate cuts but also some smaller spending increases 527: 391: 314: 153: 3638: 3233: 3056: 2962: 2791:

Hamilton, Adams, Jefferson: The Politics of Enlightenment and the American Founding

2681: 523: 381:

Debt held by the public relative to GDP rose rapidly again in the 1980s. President

326: 96: 4292:"Short-Term Costs of Long-Run Fiscal Stupidity – Grasping Reality with Both Hands" 3691:"Short-Term Costs of Long-Run Fiscal Stupidity – Grasping Reality with Both Hands" 3030: 4244: 2713: 356: 335: 229: 75: 70: 83: 4252: 4170:. Gross Federal Debt in current dollars, p. 127, divided by inflation adjuster. 543: 531: 522:

attributed the increase in the national debt since the 1980s to the policy of "

519: 507: 433: 351:

U.S. federal debt held by the public as a percentage of GDP, from 1940 to 2012.

272: 2966: 4365: 598: 518:

for the increase of national debt during the 1980s. Former Treasury official

469: 429: 401:

Gross US Federal Debt as a Percentage of GDP, by political party of President

382: 277: 244: 237: 208: 135: 123: 110:

The United States public debt as a percentage of GDP reached its peak during

3491: 2663: 445: 406: 405:

Debt held by the public reached a high of 49.5% of GDP at the beginning of

331: 308: 248: 131: 127: 115: 111: 3001:"When the U.S. paid off the entire national debt (and why it didn't last)" 558:

Causes of change in Federal spending as % GDP 2001–2009 from CBO Data

3414: 3360: 1323: 386: 304: 260: 100: 79:

The Federal Government has over 6:1 debt to revenue ratio as of Q3 2022

2776: 2762: 347: 3902: 3107: 2974: 2953:

Trescott, Paul (1955). "Federal-State Financial Relations, 1790–1860".

2914: 2708: 613:$ 0.9 trillion – Obama stimulus and tax cuts (ARRA and Tax Act of 2010) 477: 364: 3650: 2777:"The 2020 Long-Term Budget Outlook | Congressional Budget Office" 2763:"The 2020 Long-Term Budget Outlook | Congressional Budget Office" 288:

In 1836 debt began again (the debt on January 1, 1836 was $ 37,000).

149:, driven by significant tax revenue declines and spending increases. 236:

federal compensation. The revision of Virginia's debt, coupled with

4308:"United States Deficit & Debt During Presidents from 1969–2019" 4146:. Outlays in current dollars, p. 26, divided by inflation adjuster. 3642: 3415:"Congressional Budget Office – Historical Data on the Federal Debt" 3361:"Congressional Budget Office – Historical Data on the Federal Debt" 2847: 621:

of approximately $ 850 billion from 2009 to 2012. The average

4247:, including interactive historical graphs and relationship to GDP. 610:$ 1.4 trillion – Incremental interest due to higher debt balances 490: 4327: 3296:"Federal Debt Held by the Public as a Share of GDP (1797–2010)" 291:

Another sharp increase in the debt occurred as a result of the

263:. In the 20 years following that war, there were 18 surpluses. 3492:

Federal Debt: Answers to Frequently Asked Questions: An Update

3029:. Bureau of the Public Debt. November 18, 2013. Archived from 682:

Anticipate inevitable expenditures for natural disaster relief

460:

United States federal government credit-rating downgrade, 2011

2844:

First Report of the Public Credit, issued on January 9, 1790.

604:$ 1.5 trillion – Increased non-defense discretionary spending 164: 3862:"The Budget and Economic Outlook: Fiscal Years 2010 to 2020" 3582:"S&P, in historical move, downgrades U.S. credit rating" 676:

Assume the Alternative Minimum Tax is indexed for inflation;

87:

Federal, State & Local debt almost $ 32 trillion in 2021

483: 4237: 4182:. GDP (gross domestic product) in current dollars, p. 194. 1352:

For net jobs changes over the corresponding periods, see:

4328:"U.S. National Debt Graph: What the Press Won't Tell You" 3440:

FactCheck.org : The Budget and Deficit Under Clinton

2833:

The American Political Tradition and the Men Who Made It.

1394: 1367: 280:, in which the government had to resume borrowing money. 203:

pushed for Congress to pass a financial plan, called the

4098:

Frontline – Ten Trillion and Counting: Defining the Debt

375:

Congressional Budget and Impoundment Control Act of 1974

3337:

Why Budgets Matter: Budget Policy and American Politics

4273:"Comparing Debt-to-GDP Ratios with Presidential Terms" 3666:"Comparing Debt-to-GDP Ratios with Presidential Terms" 3184:"Making dollars and sense of the U.S. government debt" 436:, debt held by the public increased from $ 3.339 359:, as the U.S. and the rest of the world experienced a 679:

Account for the full costs of Medicare reimbursements

3554: 3261: 3259: 3154: 2653: 4045: 3975:. Pew Charitable Trusts. April 2011. Archived from 3102: 3100: 3098: 3096: 546:; that is, government spending exceeding revenues. 537: 298: 3903:"Changes in CBO's Baseline Projections Since 2001" 2943:Staloff, 2005, pp. 96, 313; Ellis, 2000, pp. 73–74 2882: 3941: 3918:"Americas Sea of Red Ink Was Years in the Making" 3764:"Starve the Beast: Just Bull, not Good Economics" 3256: 4363: 4158:. Gross Federal Debt in current dollars, p. 127. 3867:. Congressional Budget Office. January 26, 2010. 3093: 421:), and increased tax revenue resulting from the 3935: 3838:"Debt to the Penny | U.S. Treasury Fiscal Data" 3266:Cooper, Michael; Story, Louise (27 July 2011). 3130:"Warren G. Harding US President – 1921–23" 2885:Founding Brothers: The Revolutionary Generation 451: 3472:"Barbara Boxer's blatant rewriting of history" 514:, blamed the "ideological tax-cutters" of the 334:during the presidencies of F.D. Roosevelt and 266: 4344:"Democrats are the real fiscal conservatives" 4305: 3628: 3505: 3503: 3110:. Congressional Budget Office. August 5, 2010 3053:"Bureau of the Public Debt: The 19th Century" 1330:– Table 7.1 Federal Debt at the End of Year 607:$ 1.4 trillion – Wars in Afghanistan and Iraq 114:'s first presidential term, amidst and after 4054:"Obama Bans Gimmicks, and Deficit Will Rise" 3905:. Congressional Budget Office. June 7, 2012. 2856:"Who Is the Euro Zone's Alexander Hamilton?" 1385:Old-Age, Survivors, and Disability Insurance 61: 4289: 4270: 3814:"A Budget Deal That Did Reduce the Deficit" 3688: 3663: 3524:"CBO Historical Tables – 1970 to 2010" 3265: 1355:Jobs created during U.S. presidential terms 3897: 3895: 3789:"We Need A Party of Fiscal Responsibility" 3516: 3513:TreasuryDirect. Retrieved August 26, 2012. 3500: 3487: 3485: 3077: 134:. Public debt surged during the 1980s, as 4341: 4250: 3915: 3511:"The debt to the penny and who holds it". 3384: 3382: 3331: 3329: 3327: 731:Change in debt (in billions of dollars) 689: 636:Policies enacted by President Bush (33%); 466:United States debt-ceiling crisis of 2011 122:, reaching a low in 1973 under President 4377:Government finances in the United States 4310:. Blog.scott.willeke.com. Archived from 4002:"CBO Monthly Budget Review-October 2009" 3877: 3811: 3786: 3761: 3735: 3710: 3704: 3584:. Xinhua. August 6, 2011. Archived from 3391:"Taxes: What people forget about Reagan" 3232: 3181: 3155:Thomas E. Woods, Jr. (October 8, 2009). 2952: 2946: 2874: 1366: 642:New policies from President Obama (10%). 577: 553: 542:Public debt is the cumulative result of 489: 484:Changes in debt by political affiliation 396: 346: 163: 93:history of the United States public debt 82: 69: 53: 4325: 3892: 3482: 3469: 3450: 3290: 3288: 2853: 633:Recessions or the business cycle (37%); 222: 145:Public debt sharply rose following the 4382:Financial history of the United States 4364: 4253:"U.S. Federal Deficits and Presidents" 4224:Budget of the United States Government 4216:Budget of the United States Government 4208:Budget of the United States Government 4102: 4071: 4051: 3942:Charlie Rose Show (November 3, 2009). 3555:Democracy in America (July 27, 2011). 3453:"Fact checking the NBC Florida debate" 3388: 3379: 3355: 3353: 3324: 3214: 3078:Sharockman, Aaron (January 11, 2010). 2994: 2992: 2744:Deficit reduction in the United States 1395:Federal spending, federal debt and GDP 660:American Recovery and Reinvestment Act 4387:History of the United States by topic 3880:"The Fiscal Legacy of George W. Bush" 3762:Bartlett, Bruce (November 26, 2010). 3713:"Four Deformations of the Apocalypse" 3496:U.S. Government Accountability Office 3389:Sahadi, Jeanne (September 12, 2010). 3148: 3108:"Historical Data on the Federal Debt" 2998: 2880: 1362: 725:Debt-to-GDP ratio at start of period 694: 662:or ARRA); $ 245 billion for the 342: 4134:. Outlays in current dollars, p. 26. 4052:Calmes, Jackie (February 20, 2009). 4029:. Treasurydirect.gov. Archived from 3285: 3268:"Q. and A. on the U.S. Debt Ceiling" 3215:Austin, D. Andrew (April 29, 2008). 1389:Social Security Disability Insurance 17: 4238:United States National Debt Tracker 3738:"Tax Cuts And 'Starving The Beast'" 3451:Kessler, Glenn (January 24, 2012). 3350: 3208: 2989: 2854:Stelzer, Irwin (January 10, 2011). 2739:Appropriations bill (United States) 728:Debt-to-GDP ratio at end of period 13: 4372:National debt of the United States 4342:Leonhardt, David (15 April 2018). 14: 4398: 4271:Brad DeLong (November 20, 2009). 4231: 3916:Leonhardt, David (June 9, 2009). 3878:Bartlett, Bruce (June 12, 2012). 3812:Bartlett, Bruce (June 25, 2010). 3787:Bartlett, Bruce (April 9, 2009). 3711:Stockman, David (July 31, 2010). 3664:Brad DeLong (November 20, 2009). 3608:"No credible plan to cut US debt" 3182:Davidson, Paul (April 25, 2010). 2724:Unemployment in the United States 2672:First Report on the Public Credit 394:, reaching 48.3% of GDP in 1992. 205:First Report on the Public Credit 173:First Report on the Public Credit 3303:Government Accountability Office 2999:Smith, Robert (April 15, 2011). 2656: 649: 573: 549: 538:Causes of recent changes in debt 299:World War I and Great Depression 254: 159: 22: 4306:Scott Willeke (March 2, 2010). 4185: 4173: 4161: 4149: 4137: 4125: 4113: 4091: 4082: 4019: 3994: 3962: 3909: 3871: 3854: 3830: 3805: 3780: 3755: 3736:Bartlett, Bruce (May 7, 2011). 3729: 3682: 3657: 3622: 3600: 3574: 3548: 3470:Kessler, Glenn (July 1, 2011). 3463: 3444: 3433: 3407: 3226: 3175: 3122: 3071: 3045: 3019: 2955:The Journal of Economic History 2937: 2928: 2919: 512:Office of Management and Budget 283: 2903: 2838: 2835:New York: A. A. Knopf. p. 125. 2825: 2814:. Harper & Row, New York. 2804: 2783: 2769: 2755: 271:On January 8, 1835, president 1: 4200: 2698:2011 U.S. debt ceiling crisis 664:Troubled Asset Relief Program 118:. It rapidly declined in the 3631:Public Administration Review 2703:Government budget by country 2677:United States federal budget 734:Change in debt-to-GDP ratio 452:2011 credit rating downgrade 363:. Unlike previous wars, the 303:Debt increased again during 7: 4290:Brad DeLong (May 1, 2008). 4222: 4214: 4206: 4191: 4179: 4167: 4155: 4143: 4131: 4119: 4108: 4077: 3689:Brad DeLong (May 1, 2008). 3557:"There never was a surplus" 2889:. Vintage. pp. 48–52. 2831:Hofstadter, Richard. 1948. 2793:. Hill and Wang, New York. 2649: 1381:Social Security Trust Funds 656:Congressional Budget Office 564:Congressional Budget Office 442:financial crisis of 2007–08 361:post-war economic expansion 267:Payment of US national debt 10: 4403: 3339:. Penn State Press, 2004. 3242:. New Society Publishers. 2911:William and Mary Quarterly 2812:The Federalists: 1789–1801 2729:List of U.S. state budgets 2693:United States fiscal cliff 1324:CBO Historical Budget Page 457: 3217:"CRS Report for Congress" 2967:10.1017/S0022050700057685 2881:Ellis, Joseph J. (2002). 2688:United States public debt 1420: 1417: 1414: 1411: 1408: 1328:Whitehouse FY 2012 Budget 510:, former director of the 194:Articles of Confederation 31:This article needs to be 3944:"Peter Orszag Interview" 2925:Staloff, 2005, pp. 96–97 2749: 179: 147:2007–08 financial crisis 120:post-World War II period 74:Federal debt to revenue 3842:fiscaldata.treasury.gov 2789:Staloff, Darren. 2005. 1418:Gross domestic product 464:On August 5, 2011, the 238:Potomac residence issue 3970:"The Great Debt Shift" 2913:64#2 (2007): 287–326. 2810:Miller, John C. 1960. 2719:Modern Monetary Theory 2712:, documentary film by 1376: 1373:intragovernmental debt 713:Congressional session 705:gross domestic product 690:Historical debt levels 583: 559: 496: 402: 352: 176: 105:gross domestic product 88: 80: 67: 59: 3610:. BBC. August 6, 2011 3136:on September 27, 2011 2734:Continuing resolution 1370: 699:This table lists the 654:In October 2009, the 581: 557: 526:". While noting that 516:Reagan administration 493: 474:Standard & Poor's 400: 350: 323:Franklin D. Roosevelt 167: 86: 73: 65: 57: 4294:. Delong.typepad.com 3693:. Delong.typepad.com 3335:Dennis S. Ippolito. 3157:"Depression of 1920" 2779:. 21 September 2020. 2765:. 21 September 2020. 223:The assumption issue 190:Continental Congress 4226:, Fiscal Year 2012. 4218:, Fiscal Year 2009. 4210:, Fiscal Year 2007. 3950:on January 11, 2012 3536:on January 12, 2012 3476:The Washington Post 3457:The Washington Post 3163:on October 13, 2009 2860:Wall Street Journal 1421:Inflation adjuster 703:as a percentage of 502:Economic historian 247:, $ 12 million was 217:Funding Act of 1790 186:American Revolution 4348:The New York Times 4243:2023-05-11 at the 4058:The New York Times 3922:The New York Times 3885:The New York Times 3272:The New York Times 3196:on August 11, 2017 3059:on October 9, 2014 2934:Ellis, 2000, p. 73 1377: 1363:Publicly held debt 789:Roosevelt, Truman 722:President's party 695:Gross federal debt 627:The New York Times 584: 560: 504:J. Bradford DeLong 497: 403: 353: 343:After World War II 213:Compromise of 1790 201:Alexander Hamilton 177: 169:Alexander Hamilton 89: 81: 68: 60: 4007:. October 7, 2009 3588:on March 15, 2012 3345:978-0-271-02260-4 3249:978-0-86571-695-7 3239:The End of Growth 3234:Heinberg, Richard 2641: 2640: 1412:Federal spending 1387:program, and the 1320: 1319: 917:Kennedy, Johnson 738:percentage points 701:U.S. federal debt 597:$ 1.6 trillion – 562:According to the 528:George H. W. Bush 407:President Clinton 392:George H. W. Bush 387:economic policies 315:Warren G. Harding 175:, January 9, 1790 154:COVID-19 pandemic 52: 51: 4394: 4358: 4356: 4354: 4338: 4336: 4335: 4322: 4320: 4319: 4302: 4300: 4299: 4286: 4284: 4283: 4267: 4265: 4263: 4257:home.adelphi.edu 4227: 4219: 4211: 4195: 4189: 4183: 4177: 4171: 4165: 4159: 4153: 4147: 4141: 4135: 4129: 4123: 4117: 4111: 4106: 4100: 4095: 4089: 4086: 4080: 4075: 4069: 4068: 4066: 4064: 4049: 4043: 4042: 4040: 4038: 4023: 4017: 4016: 4014: 4012: 4006: 3998: 3992: 3991: 3989: 3987: 3981: 3974: 3966: 3960: 3959: 3957: 3955: 3946:. Archived from 3939: 3933: 3932: 3930: 3928: 3913: 3907: 3906: 3899: 3890: 3889: 3875: 3869: 3868: 3866: 3858: 3852: 3851: 3849: 3848: 3834: 3828: 3827: 3825: 3824: 3818:The Fiscal Times 3809: 3803: 3802: 3800: 3799: 3784: 3778: 3777: 3775: 3774: 3768:The Fiscal Times 3759: 3753: 3752: 3750: 3748: 3733: 3727: 3726: 3724: 3723: 3708: 3702: 3701: 3699: 3698: 3686: 3680: 3679: 3674: 3673: 3661: 3655: 3654: 3626: 3620: 3619: 3617: 3615: 3604: 3598: 3597: 3595: 3593: 3578: 3572: 3571: 3569: 3567: 3552: 3546: 3545: 3543: 3541: 3535: 3529:. Archived from 3528: 3520: 3514: 3507: 3498: 3489: 3480: 3479: 3467: 3461: 3460: 3448: 3442: 3437: 3431: 3430: 3428: 3426: 3411: 3405: 3404: 3402: 3401: 3386: 3377: 3376: 3374: 3372: 3357: 3348: 3333: 3322: 3321: 3319: 3317: 3311: 3305:. Archived from 3300: 3292: 3283: 3282: 3280: 3278: 3263: 3254: 3253: 3230: 3224: 3223: 3221: 3212: 3206: 3205: 3203: 3201: 3195: 3189:. Archived from 3188: 3179: 3173: 3172: 3170: 3168: 3159:. Archived from 3152: 3146: 3145: 3143: 3141: 3132:. Archived from 3126: 3120: 3119: 3117: 3115: 3104: 3091: 3090: 3088: 3086: 3075: 3069: 3068: 3066: 3064: 3055:. Archived from 3049: 3043: 3042: 3040: 3038: 3033:on March 6, 2016 3023: 3017: 3016: 3014: 3012: 2996: 2987: 2986: 2950: 2944: 2941: 2935: 2932: 2926: 2923: 2917: 2907: 2901: 2900: 2888: 2878: 2872: 2871: 2869: 2867: 2851: 2845: 2842: 2836: 2829: 2823: 2808: 2802: 2787: 2781: 2780: 2773: 2767: 2766: 2759: 2682:Starve the beast 2666: 2661: 2660: 2659: 1406: 1405: 710: 709: 524:starve the beast 327:Great Depression 97:Michael Hillegas 47: 44: 38: 26: 25: 18: 4402: 4401: 4397: 4396: 4395: 4393: 4392: 4391: 4362: 4361: 4352: 4350: 4333: 4331: 4317: 4315: 4314:on May 29, 2010 4297: 4295: 4281: 4279: 4261: 4259: 4251:Stephen Bloch. 4245:Wayback Machine 4234: 4203: 4198: 4190: 4186: 4178: 4174: 4166: 4162: 4154: 4150: 4142: 4138: 4130: 4126: 4118: 4114: 4107: 4103: 4096: 4092: 4087: 4083: 4076: 4072: 4062: 4060: 4050: 4046: 4036: 4034: 4033:on June 3, 2012 4025: 4024: 4020: 4010: 4008: 4004: 4000: 3999: 3995: 3985: 3983: 3979: 3972: 3968: 3967: 3963: 3953: 3951: 3940: 3936: 3926: 3924: 3914: 3910: 3901: 3900: 3893: 3876: 3872: 3864: 3860: 3859: 3855: 3846: 3844: 3836: 3835: 3831: 3822: 3820: 3810: 3806: 3797: 3795: 3785: 3781: 3772: 3770: 3760: 3756: 3746: 3744: 3734: 3730: 3721: 3719: 3709: 3705: 3696: 3694: 3687: 3683: 3671: 3669: 3668:. Seeking Alpha 3662: 3658: 3627: 3623: 3613: 3611: 3606: 3605: 3601: 3591: 3589: 3580: 3579: 3575: 3565: 3563: 3553: 3549: 3539: 3537: 3533: 3526: 3522: 3521: 3517: 3508: 3501: 3490: 3483: 3468: 3464: 3449: 3445: 3438: 3434: 3424: 3422: 3413: 3412: 3408: 3399: 3397: 3387: 3380: 3370: 3368: 3359: 3358: 3351: 3334: 3325: 3315: 3313: 3312:on May 26, 2012 3309: 3298: 3294: 3293: 3286: 3276: 3274: 3264: 3257: 3250: 3236:(August 2011). 3231: 3227: 3219: 3213: 3209: 3199: 3197: 3193: 3186: 3180: 3176: 3166: 3164: 3153: 3149: 3139: 3137: 3128: 3127: 3123: 3113: 3111: 3106: 3105: 3094: 3084: 3082: 3076: 3072: 3062: 3060: 3051: 3050: 3046: 3036: 3034: 3025: 3024: 3020: 3010: 3008: 2997: 2990: 2951: 2947: 2942: 2938: 2933: 2929: 2924: 2920: 2908: 2904: 2897: 2879: 2875: 2865: 2863: 2852: 2848: 2843: 2839: 2830: 2826: 2809: 2805: 2788: 2784: 2775: 2774: 2770: 2761: 2760: 2756: 2752: 2714:Patrick Creadon 2662: 2657: 2655: 2652: 1397: 1365: 735: 697: 692: 652: 576: 552: 544:budget deficits 540: 486: 462: 454: 357:Harry S. Truman 345: 336:Harry S. Truman 301: 286: 269: 257: 230:Albert Gallatin 225: 182: 162: 78: 48: 42: 39: 36: 27: 23: 12: 11: 5: 4400: 4390: 4389: 4384: 4379: 4374: 4360: 4359: 4339: 4323: 4303: 4287: 4268: 4248: 4233: 4232:External links 4230: 4229: 4228: 4220: 4212: 4202: 4199: 4197: 4196: 4184: 4172: 4168:Budget FY 2009 4160: 4156:Budget FY 2009 4148: 4136: 4124: 4112: 4109:Budget FY 2009 4101: 4090: 4081: 4070: 4044: 4018: 3993: 3982:on May 5, 2011 3961: 3934: 3908: 3891: 3870: 3853: 3829: 3804: 3779: 3754: 3728: 3717:New York Times 3703: 3681: 3656: 3643:10.2307/976984 3637:(6): 693–700. 3621: 3599: 3573: 3547: 3515: 3499: 3481: 3462: 3443: 3432: 3406: 3378: 3349: 3323: 3284: 3255: 3248: 3225: 3207: 3174: 3147: 3121: 3092: 3070: 3044: 3018: 2988: 2945: 2936: 2927: 2918: 2902: 2895: 2873: 2846: 2837: 2824: 2803: 2782: 2768: 2753: 2751: 2748: 2747: 2746: 2741: 2736: 2731: 2726: 2721: 2716: 2705: 2700: 2695: 2690: 2685: 2679: 2674: 2668: 2667: 2651: 2648: 2639: 2638: 2635: 2632: 2629: 2626: 2623: 2620: 2617: 2614: 2611: 2608: 2604: 2603: 2600: 2597: 2594: 2591: 2588: 2585: 2582: 2579: 2576: 2573: 2569: 2568: 2565: 2562: 2559: 2556: 2553: 2550: 2547: 2544: 2541: 2538: 2534: 2533: 2530: 2527: 2524: 2521: 2518: 2515: 2512: 2509: 2506: 2503: 2499: 2498: 2495: 2492: 2489: 2486: 2483: 2480: 2477: 2474: 2471: 2468: 2464: 2463: 2460: 2457: 2454: 2451: 2448: 2445: 2442: 2439: 2436: 2433: 2429: 2428: 2425: 2422: 2419: 2416: 2413: 2410: 2407: 2404: 2401: 2398: 2394: 2393: 2390: 2387: 2384: 2381: 2378: 2375: 2372: 2369: 2366: 2363: 2359: 2358: 2355: 2352: 2349: 2346: 2343: 2340: 2337: 2334: 2331: 2328: 2324: 2323: 2320: 2317: 2314: 2311: 2308: 2305: 2302: 2299: 2296: 2293: 2289: 2288: 2285: 2282: 2279: 2276: 2273: 2270: 2267: 2264: 2261: 2258: 2254: 2253: 2250: 2247: 2244: 2241: 2238: 2235: 2232: 2229: 2226: 2223: 2219: 2218: 2215: 2212: 2209: 2206: 2203: 2200: 2197: 2194: 2191: 2188: 2184: 2183: 2180: 2177: 2174: 2171: 2168: 2165: 2162: 2159: 2156: 2153: 2149: 2148: 2145: 2142: 2139: 2136: 2133: 2130: 2127: 2124: 2121: 2118: 2114: 2113: 2110: 2107: 2104: 2101: 2098: 2095: 2092: 2089: 2086: 2083: 2079: 2078: 2075: 2072: 2069: 2066: 2063: 2060: 2057: 2054: 2051: 2048: 2044: 2043: 2040: 2037: 2034: 2031: 2028: 2025: 2022: 2019: 2016: 2013: 2009: 2008: 2005: 2002: 1999: 1996: 1993: 1990: 1987: 1984: 1981: 1978: 1974: 1973: 1970: 1967: 1964: 1961: 1958: 1955: 1952: 1949: 1946: 1943: 1939: 1938: 1935: 1932: 1929: 1926: 1923: 1920: 1917: 1914: 1911: 1908: 1904: 1903: 1900: 1897: 1894: 1891: 1888: 1885: 1882: 1879: 1876: 1873: 1869: 1868: 1865: 1862: 1859: 1856: 1853: 1850: 1847: 1844: 1841: 1838: 1834: 1833: 1830: 1827: 1824: 1821: 1818: 1815: 1812: 1809: 1806: 1803: 1799: 1798: 1795: 1792: 1789: 1786: 1783: 1780: 1777: 1774: 1771: 1768: 1764: 1763: 1760: 1757: 1754: 1751: 1748: 1745: 1742: 1739: 1736: 1733: 1729: 1728: 1725: 1722: 1719: 1716: 1713: 1710: 1707: 1704: 1701: 1698: 1694: 1693: 1690: 1687: 1684: 1681: 1678: 1675: 1672: 1669: 1666: 1663: 1659: 1658: 1655: 1652: 1649: 1646: 1643: 1640: 1637: 1634: 1631: 1628: 1624: 1623: 1620: 1617: 1614: 1611: 1608: 1605: 1602: 1599: 1596: 1593: 1589: 1588: 1585: 1582: 1579: 1576: 1573: 1570: 1567: 1564: 1561: 1558: 1554: 1553: 1550: 1547: 1544: 1541: 1538: 1535: 1532: 1529: 1526: 1523: 1519: 1518: 1515: 1512: 1509: 1506: 1503: 1500: 1497: 1494: 1491: 1488: 1484: 1483: 1480: 1478: 1475: 1472: 1470: 1467: 1464: 1462: 1459: 1456: 1452: 1451: 1448: 1445: 1442: 1439: 1436: 1433: 1430: 1427: 1423: 1422: 1419: 1416: 1413: 1410: 1396: 1393: 1364: 1361: 1360: 1359: 1350: 1318: 1317: 1314: 1311: 1308: 1305: 1302: 1299: 1296: 1286: 1285: 1282: 1279: 1276: 1273: 1270: 1267: 1264: 1254: 1253: 1250: 1247: 1244: 1241: 1238: 1235: 1232: 1222: 1221: 1218: 1215: 1212: 1209: 1206: 1203: 1200: 1190: 1189: 1186: 1183: 1180: 1177: 1174: 1171: 1168: 1158: 1157: 1154: 1151: 1148: 1145: 1142: 1139: 1136: 1126: 1125: 1122: 1119: 1116: 1113: 1110: 1107: 1104: 1094: 1093: 1090: 1087: 1084: 1081: 1078: 1075: 1072: 1062: 1061: 1058: 1055: 1052: 1049: 1046: 1043: 1040: 1030: 1029: 1026: 1023: 1020: 1017: 1014: 1011: 1008: 998: 997: 994: 991: 988: 985: 982: 979: 976: 966: 965: 962: 959: 956: 953: 950: 947: 944: 934: 933: 930: 927: 924: 921: 918: 915: 912: 902: 901: 898: 895: 892: 889: 886: 883: 880: 870: 869: 866: 863: 860: 857: 854: 851: 848: 838: 837: 834: 831: 828: 825: 822: 819: 816: 806: 805: 802: 799: 796: 793: 790: 787: 784: 774: 773: 770: 767: 764: 761: 758: 755: 752: 742: 741: 732: 729: 726: 723: 720: 717: 714: 696: 693: 691: 688: 684: 683: 680: 677: 674: 651: 648: 644: 643: 640: 637: 634: 615: 614: 611: 608: 605: 602: 595: 575: 572: 551: 548: 539: 536: 532:George W. Bush 520:Bruce Bartlett 508:David Stockman 485: 482: 458:Main article: 453: 450: 434:George W. Bush 344: 341: 300: 297: 285: 282: 273:Andrew Jackson 268: 265: 256: 253: 224: 221: 181: 178: 161: 158: 50: 49: 30: 28: 21: 9: 6: 4: 3: 2: 4399: 4388: 4385: 4383: 4380: 4378: 4375: 4373: 4370: 4369: 4367: 4349: 4345: 4340: 4329: 4326:Steve Stoft. 4324: 4313: 4309: 4304: 4293: 4288: 4278: 4277:Seeking Alpha 4274: 4269: 4258: 4254: 4249: 4246: 4242: 4239: 4236: 4235: 4225: 4221: 4217: 4213: 4209: 4205: 4204: 4193: 4192:Budget FY2009 4188: 4181: 4180:Budget FY2009 4176: 4169: 4164: 4157: 4152: 4145: 4144:Budget FY2009 4140: 4133: 4132:Budget FY2009 4128: 4121: 4120:Budget FY2009 4116: 4110: 4105: 4099: 4094: 4085: 4079: 4078:Budget FY2007 4074: 4059: 4055: 4048: 4032: 4028: 4022: 4003: 3997: 3978: 3971: 3965: 3949: 3945: 3938: 3923: 3919: 3912: 3904: 3898: 3896: 3887: 3886: 3881: 3874: 3863: 3857: 3843: 3839: 3833: 3819: 3815: 3808: 3794: 3790: 3783: 3769: 3765: 3758: 3743: 3739: 3732: 3718: 3714: 3707: 3692: 3685: 3678: 3667: 3660: 3652: 3648: 3644: 3640: 3636: 3632: 3625: 3609: 3603: 3587: 3583: 3577: 3562: 3561:The Economist 3558: 3551: 3532: 3525: 3519: 3512: 3506: 3504: 3497: 3493: 3488: 3486: 3477: 3473: 3466: 3458: 3454: 3447: 3441: 3436: 3420: 3416: 3410: 3396: 3392: 3385: 3383: 3366: 3362: 3356: 3354: 3346: 3342: 3338: 3332: 3330: 3328: 3308: 3304: 3297: 3291: 3289: 3273: 3269: 3262: 3260: 3251: 3245: 3241: 3240: 3235: 3229: 3218: 3211: 3192: 3185: 3178: 3162: 3158: 3151: 3135: 3131: 3125: 3109: 3103: 3101: 3099: 3097: 3081: 3074: 3058: 3054: 3048: 3032: 3028: 3027:"Our History" 3022: 3006: 3002: 2995: 2993: 2984: 2980: 2976: 2972: 2968: 2964: 2961:(3): 227–45. 2960: 2956: 2949: 2940: 2931: 2922: 2916: 2912: 2906: 2898: 2896:0-375-70524-4 2892: 2887: 2886: 2877: 2861: 2857: 2850: 2841: 2834: 2828: 2821: 2820:9781577660316 2817: 2813: 2807: 2800: 2799:0-8090-7784-1 2796: 2792: 2786: 2778: 2772: 2764: 2758: 2754: 2745: 2742: 2740: 2737: 2735: 2732: 2730: 2727: 2725: 2722: 2720: 2717: 2715: 2711: 2710: 2706: 2704: 2701: 2699: 2696: 2694: 2691: 2689: 2686: 2683: 2680: 2678: 2675: 2673: 2670: 2669: 2665: 2654: 2647: 2645: 2636: 2633: 2630: 2627: 2624: 2621: 2618: 2615: 2612: 2609: 2606: 2605: 2601: 2598: 2595: 2592: 2589: 2586: 2583: 2580: 2577: 2574: 2571: 2570: 2566: 2563: 2560: 2557: 2554: 2551: 2548: 2545: 2542: 2539: 2536: 2535: 2531: 2528: 2525: 2522: 2519: 2516: 2513: 2510: 2507: 2504: 2501: 2500: 2496: 2493: 2490: 2487: 2484: 2481: 2478: 2475: 2472: 2469: 2466: 2465: 2461: 2458: 2455: 2452: 2449: 2446: 2443: 2440: 2437: 2434: 2431: 2430: 2426: 2423: 2420: 2417: 2414: 2411: 2408: 2405: 2402: 2399: 2396: 2395: 2391: 2388: 2385: 2382: 2379: 2376: 2373: 2370: 2367: 2364: 2361: 2360: 2356: 2353: 2350: 2347: 2344: 2341: 2338: 2335: 2332: 2329: 2326: 2325: 2321: 2318: 2315: 2312: 2309: 2306: 2303: 2300: 2297: 2294: 2291: 2290: 2286: 2283: 2280: 2277: 2274: 2271: 2268: 2265: 2262: 2259: 2256: 2255: 2251: 2248: 2245: 2242: 2239: 2236: 2233: 2230: 2227: 2224: 2221: 2220: 2216: 2213: 2210: 2207: 2204: 2201: 2198: 2195: 2192: 2189: 2186: 2185: 2181: 2178: 2175: 2172: 2169: 2166: 2163: 2160: 2157: 2154: 2151: 2150: 2146: 2143: 2140: 2137: 2134: 2131: 2128: 2125: 2122: 2119: 2116: 2115: 2111: 2108: 2105: 2102: 2099: 2096: 2093: 2090: 2087: 2084: 2081: 2080: 2076: 2073: 2070: 2067: 2064: 2061: 2058: 2055: 2052: 2049: 2046: 2045: 2041: 2038: 2035: 2032: 2029: 2026: 2023: 2020: 2017: 2014: 2011: 2010: 2006: 2003: 2000: 1997: 1994: 1991: 1988: 1985: 1982: 1979: 1976: 1975: 1971: 1968: 1965: 1962: 1959: 1956: 1953: 1950: 1947: 1944: 1941: 1940: 1936: 1933: 1930: 1927: 1924: 1921: 1918: 1915: 1912: 1909: 1906: 1905: 1901: 1898: 1895: 1892: 1889: 1886: 1883: 1880: 1877: 1874: 1871: 1870: 1866: 1863: 1860: 1857: 1854: 1851: 1848: 1845: 1842: 1839: 1836: 1835: 1831: 1828: 1825: 1822: 1819: 1816: 1813: 1810: 1807: 1804: 1801: 1800: 1796: 1793: 1790: 1787: 1784: 1781: 1778: 1775: 1772: 1769: 1766: 1765: 1761: 1758: 1755: 1752: 1749: 1746: 1743: 1740: 1737: 1734: 1731: 1730: 1726: 1723: 1720: 1717: 1714: 1711: 1708: 1705: 1702: 1699: 1696: 1695: 1691: 1688: 1685: 1682: 1679: 1676: 1673: 1670: 1667: 1664: 1661: 1660: 1656: 1653: 1650: 1647: 1644: 1641: 1638: 1635: 1632: 1629: 1626: 1625: 1621: 1618: 1615: 1612: 1609: 1606: 1603: 1600: 1597: 1594: 1591: 1590: 1586: 1583: 1580: 1577: 1574: 1571: 1568: 1565: 1562: 1559: 1556: 1555: 1551: 1548: 1545: 1542: 1539: 1536: 1533: 1530: 1527: 1524: 1521: 1520: 1516: 1513: 1510: 1507: 1504: 1501: 1498: 1495: 1492: 1489: 1486: 1485: 1481: 1479: 1476: 1473: 1471: 1468: 1465: 1463: 1460: 1457: 1454: 1453: 1449: 1446: 1443: 1440: 1437: 1434: 1431: 1428: 1425: 1424: 1415:Federal debt 1407: 1404: 1402: 1392: 1390: 1386: 1382: 1374: 1369: 1357: 1356: 1351: 1348: 1347: 1346: 1343: 1341: 1337: 1333: 1329: 1325: 1315: 1312: 1309: 1306: 1303: 1300: 1297: 1295: 1291: 1288: 1287: 1283: 1280: 1277: 1274: 1271: 1268: 1265: 1263: 1259: 1256: 1255: 1251: 1248: 1245: 1242: 1239: 1236: 1233: 1231: 1227: 1224: 1223: 1219: 1216: 1213: 1210: 1207: 1204: 1201: 1199: 1195: 1192: 1191: 1187: 1184: 1181: 1178: 1175: 1172: 1169: 1167: 1163: 1160: 1159: 1155: 1152: 1149: 1146: 1143: 1140: 1137: 1135: 1131: 1128: 1127: 1123: 1120: 1117: 1114: 1111: 1108: 1105: 1103: 1099: 1096: 1095: 1091: 1088: 1085: 1082: 1079: 1076: 1073: 1071: 1067: 1064: 1063: 1059: 1056: 1053: 1050: 1047: 1044: 1041: 1039: 1035: 1032: 1031: 1027: 1024: 1021: 1018: 1015: 1012: 1009: 1007: 1003: 1000: 999: 995: 992: 989: 986: 983: 980: 977: 975: 971: 968: 967: 963: 960: 957: 954: 951: 948: 945: 943: 939: 936: 935: 931: 928: 925: 922: 919: 916: 913: 911: 907: 904: 903: 899: 896: 893: 890: 887: 884: 881: 879: 875: 872: 871: 867: 864: 861: 858: 855: 852: 849: 847: 843: 840: 839: 835: 832: 829: 826: 823: 820: 817: 815: 811: 808: 807: 803: 800: 797: 794: 791: 788: 785: 783: 779: 776: 775: 771: 768: 765: 762: 759: 756: 753: 751: 747: 744: 743: 739: 733: 730: 727: 724: 721: 718: 715: 712: 711: 708: 706: 702: 687: 681: 678: 675: 672: 671: 670: 667: 665: 661: 657: 650:2008 vs. 2009 647: 641: 638: 635: 632: 631: 630: 628: 624: 620: 612: 609: 606: 603: 600: 599:Bush Tax Cuts 596: 593: 592: 591: 588: 580: 574:2001 vs. 2011 571: 567: 565: 556: 550:2001 vs. 2009 547: 545: 535: 533: 529: 525: 521: 517: 513: 509: 505: 500: 492: 488: 481: 479: 475: 471: 470:credit rating 467: 461: 456: 449: 447: 443: 439: 435: 431: 430:Bush tax cuts 426: 424: 420: 416: 412: 408: 399: 395: 393: 388: 384: 383:Ronald Reagan 379: 376: 371: 368: 366: 362: 358: 349: 340: 337: 333: 328: 324: 319: 316: 312: 310: 309:Liberty Bonds 306: 296: 294: 289: 281: 279: 278:Panic of 1837 274: 264: 262: 255:1790s to 1834 252: 250: 246: 245:domestic debt 241: 239: 233: 231: 220: 218: 214: 210: 209:James Madison 206: 202: 197: 195: 191: 187: 174: 170: 166: 160:Early history 157: 155: 150: 148: 143: 141: 140:economic boom 137: 136:Ronald Reagan 133: 129: 125: 124:Richard Nixon 121: 117: 113: 108: 106: 102: 98: 94: 85: 77: 72: 64: 56: 46: 34: 29: 20: 19: 16: 4351:. Retrieved 4347: 4332:. Retrieved 4330:. Zfacts.com 4316:. Retrieved 4312:the original 4296:. Retrieved 4280:. Retrieved 4276: 4260:. Retrieved 4256: 4187: 4175: 4163: 4151: 4139: 4127: 4115: 4104: 4093: 4084: 4073: 4061:. Retrieved 4057: 4047: 4035:. Retrieved 4031:the original 4021: 4009:. Retrieved 3996: 3984:. Retrieved 3977:the original 3964: 3952:. Retrieved 3948:the original 3937: 3925:. Retrieved 3921: 3911: 3883: 3873: 3856: 3845:. Retrieved 3841: 3832: 3821:. Retrieved 3817: 3807: 3796:. Retrieved 3792: 3782: 3771:. Retrieved 3767: 3757: 3745:. Retrieved 3741: 3731: 3720:. Retrieved 3716: 3706: 3695:. Retrieved 3684: 3676: 3670:. Retrieved 3659: 3634: 3630: 3624: 3612:. Retrieved 3602: 3590:. Retrieved 3586:the original 3576: 3564:. Retrieved 3560: 3550: 3538:. Retrieved 3531:the original 3518: 3475: 3465: 3456: 3446: 3435: 3423:. Retrieved 3418: 3409: 3398:. Retrieved 3394: 3369:. Retrieved 3364: 3347:. pp. 185–86 3336: 3314:. Retrieved 3307:the original 3275:. Retrieved 3271: 3238: 3228: 3210: 3200:December 15, 3198:. Retrieved 3191:the original 3177: 3165:. Retrieved 3161:the original 3150: 3138:. Retrieved 3134:the original 3124: 3112:. Retrieved 3083:. Retrieved 3073: 3061:. Retrieved 3057:the original 3047: 3037:February 21, 3035:. Retrieved 3031:the original 3021: 3009:. Retrieved 3005:Planet Money 3004: 2958: 2954: 2948: 2939: 2930: 2921: 2910: 2905: 2884: 2876: 2864:. Retrieved 2859: 2849: 2840: 2832: 2827: 2811: 2806: 2790: 2785: 2771: 2757: 2707: 2664:Money portal 2643: 2642: 1409:Fiscal year 1401:fiscal years 1398: 1378: 1372: 1353: 1344: 1321: 1013:Nixon, Ford 698: 685: 668: 653: 645: 626: 622: 618: 616: 589: 585: 568: 561: 541: 501: 498: 487: 463: 455: 446:Barack Obama 427: 404: 380: 372: 369: 354: 332:World War II 320: 313: 302: 290: 287: 284:1836 to 1910 270: 258: 249:foreign debt 242: 234: 226: 198: 192:, under the 183: 172: 151: 144: 132:Bill Clinton 128:Jimmy Carter 116:World War II 112:Harry Truman 109: 92: 90: 40: 32: 15: 3747:October 22, 3140:January 25, 3011:January 15, 2866:January 10, 1304:Democratic 1272:Republican 1240:Republican 1208:Democratic 1176:Democratic 1144:Republican 1112:Republican 1080:Republican 1048:Democratic 1016:Republican 984:Republican 952:Democratic 920:Democratic 888:Republican 885:Eisenhower 856:Republican 853:Eisenhower 824:Democratic 792:Democratic 760:Democratic 305:World War I 261:War of 1812 152:During the 101:public debt 4366:Categories 4334:2010-08-09 4318:2010-08-09 4298:2010-08-09 4282:2010-08-09 4201:References 3847:2022-09-01 3823:2012-03-14 3798:2012-03-14 3793:Forbes.com 3773:2011-10-22 3742:Forbes.com 3722:2010-08-09 3697:2010-08-09 3672:2010-08-09 3566:January 1, 3425:January 3, 3400:2011-08-30 3371:January 3, 3114:August 25, 2709:I.O.U.S.A. 1391:program). 1340:Senate.gov 1298:2009–2013 1266:2005–2009 1234:2001–2005 1202:1997–2001 1170:1993–1997 1138:1989–1993 1106:1985–1989 1074:1981–1985 1042:1977–1981 1010:1973–1977 978:1969–1973 946:1965–1969 914:1961–1965 882:1957–1961 850:1953–1957 818:1949–1953 786:1945–1949 757:Roosevelt 754:1941–1945 719:President 423:1990s boom 365:Korean War 4262:August 9, 3614:August 8, 3592:August 8, 3395:CNN Money 3316:April 16, 2983:153625533 2631:$ 11,297 2628:$ 14,508 2619:$ 11,875 2596:$ 11,529 2593:$ 14,097 2584:$ 10,413 2561:$ 11,553 2558:$ 14,312 2526:$ 11,329 2523:$ 13,668 2491:$ 11,024 2488:$ 13,016 2456:$ 10,717 2453:$ 12,238 2421:$ 10,441 2418:$ 11,500 2386:$ 10,099 2383:$ 10,809 2348:$ 10,377 2313:$ 10,058 1447:Adjusted 1444:Billions 1438:Adjusted 1435:Billions 1429:Adjusted 1426:Billions 1322:(Source: 1141:Bush Sr. 619:surpluses 293:Civil War 215:, as the 43:July 2020 4241:Archived 3277:13 March 3085:July 15, 3063:July 15, 2915:in JSTOR 2862:. Agenda 2822:. p. 37. 2801:. p. 69. 2684:(policy) 2650:See also 2622:$ 9,247 2613:$ 2,392 2610:$ 3,091 2587:$ 8,218 2578:$ 2,452 2575:$ 3,107 2552:$ 7,793 2549:$ 9,654 2543:$ 2,366 2540:$ 2,931 2517:$ 7,419 2514:$ 8,951 2508:$ 2,263 2505:$ 2,730 2482:$ 7,158 2479:$ 8,451 2473:$ 2,249 2470:$ 2,655 2447:$ 6,923 2444:$ 7,905 2438:$ 2,165 2435:$ 2,472 2412:$ 6,677 2409:$ 7,354 2403:$ 2,082 2400:$ 2,293 2377:$ 6,316 2374:$ 6,760 2368:$ 2,018 2365:$ 2,160 2351:$ 9,954 2342:$ 5,945 2339:$ 6,198 2333:$ 1,929 2330:$ 2,011 2316:$ 9,829 2307:$ 5,638 2304:$ 5,769 2298:$ 1,821 2295:$ 1,863 2281:$ 9,710 2278:$ 9,710 2272:$ 5,628 2269:$ 5,628 2263:$ 1,789 2260:$ 1,789 2246:$ 9,361 2243:$ 9,125 2237:$ 5,750 2234:$ 5,605 2228:$ 1,746 2225:$ 1,702 2211:$ 8,985 2208:$ 8,628 2202:$ 5,704 2199:$ 5,478 2193:$ 1,721 2190:$ 1,653 2176:$ 8,606 2173:$ 8,182 2167:$ 5,647 2164:$ 5,369 2158:$ 1,684 2155:$ 1,601 2141:$ 8,248 2138:$ 7,694 2132:$ 5,554 2129:$ 5,181 2123:$ 1,673 2120:$ 1,561 2106:$ 8,033 2103:$ 7,326 2097:$ 5,395 2094:$ 4,920 2088:$ 1,662 2085:$ 1,516 2071:$ 7,820 2068:$ 6,961 2062:$ 5,216 2059:$ 4,643 2053:$ 1,642 2050:$ 1,462 2036:$ 7,536 2033:$ 6,576 2027:$ 4,987 2024:$ 4,351 2018:$ 1,615 2015:$ 1,410 2001:$ 7,334 1998:$ 6,240 1992:$ 4,703 1989:$ 4,001 1983:$ 1,624 1980:$ 1,382 1966:$ 7,215 1963:$ 5,935 1957:$ 4,374 1954:$ 3,598 1948:$ 1,610 1945:$ 1,324 1931:$ 7,277 1928:$ 5,735 1922:$ 4,067 1919:$ 3,206 1913:$ 1,590 1910:$ 1,253 1896:$ 7,077 1893:$ 5,401 1887:$ 3,757 1884:$ 2,867 1878:$ 1,499 1875:$ 1,144 1861:$ 6,806 1858:$ 5,009 1852:$ 3,534 1849:$ 2,601 1843:$ 1,447 1840:$ 1,065 1826:$ 6,506 1823:$ 4,647 1817:$ 3,283 1814:$ 2,345 1808:$ 1,406 1805:$ 1,004 1791:$ 6,352 1788:$ 4,412 1782:$ 3,052 1779:$ 2,120 1773:$ 1,426 1756:$ 6,108 1753:$ 4,142 1747:$ 2,680 1744:$ 1,817 1738:$ 1,396 1721:$ 5,858 1718:$ 3,840 1712:$ 2,386 1709:$ 1,564 1703:$ 1,300 1686:$ 5,510 1683:$ 3,441 1677:$ 2,195 1674:$ 1,371 1668:$ 1,294 1651:$ 5,417 1648:$ 3,228 1642:$ 1,908 1639:$ 1,137 1633:$ 1,252 1616:$ 5,492 1613:$ 3,055 1607:$ 1,787 1598:$ 1,219 1581:$ 5,422 1578:$ 2,727 1572:$ 1,808 1563:$ 1,175 1546:$ 5,494 1543:$ 2,501 1537:$ 1,821 1528:$ 1,107 1511:$ 5,285 1508:$ 2,217 1502:$ 1,850 1493:$ 1,093 1477:$ 5,019 1474:$ 1,974 1469:$ 1,795 1461:$ 1,040 1205:Clinton 1173:Clinton 949:Johnson 495:Budget.) 438:trillion 4353:May 12, 4063:May 26, 4037:May 18, 4011:May 18, 3986:May 18, 3954:May 18, 3927:May 18, 3540:May 18, 3419:cbo.gov 3365:cbo.gov 3167:May 13, 2975:2114655 1450:Change 1441:Change 1432:Change 1345:Notes: 1313:+6,061 1310:102.7% 1281:+3,971 1249:+2,135 1185:+1,018 1153:+1,483 1121:+1,050 1109:Reagan 1077:Reagan 1045:Carter 821:Truman 795:117.5% 766:117.5% 623:deficit 478:Moody's 472:agency 33:updated 3651:976984 3649: 3421:. 2010 3367:. 2010 3343: 3246: 2981: 2973: 2893: 2818: 2797: 2634:−2.0% 2625:12.5% 2616:−2.4% 2607:2010* 2572:2009* 2275:−2.1% 2021:−0.5% 1969:−0.8% 1811:−1.4% 1785:13.9% 1770:$ 990 1750:12.3% 1735:$ 946 1700:$ 852 1680:15.0% 1665:$ 808 1654:−1.4% 1630:$ 746 1610:−1.1% 1604:$ 994 1595:$ 678 1584:−1.3% 1575:−0.8% 1569:$ 909 1560:$ 591 1540:−1.5% 1534:$ 829 1525:$ 504 1499:$ 776 1490:$ 459 1466:$ 705 1458:$ 409 1383:, the 1316:+18.5 1307:84.2% 1301:Obama 1284:+20.7 1278:84.2% 1275:63.5% 1246:63.5% 1243:56.4% 1214:56.4% 1211:65.4% 1182:65.4% 1179:66.1% 1156:+13.0 1150:66.1% 1147:53.1% 1118:53.1% 1115:43.8% 1092:+11.3 1086:43.8% 1083:32.5% 1054:32.5% 1051:35.8% 1022:35.8% 1019:35.6% 990:35.6% 987:38.6% 981:Nixon 958:38.6% 955:46.9% 926:46.9% 923:55.2% 894:55.2% 891:60.4% 868:-11.0 862:60.4% 859:71.4% 836:-21.7 830:71.4% 827:93.1% 804:-24.4 798:93.1% 772:+67.1 716:Years 468:, the 188:, the 4005:(PDF) 3980:(PDF) 3973:(PDF) 3865:(PDF) 3647:JSTOR 3534:(PDF) 3527:(PDF) 3310:(PDF) 3299:(PDF) 3220:(PDF) 3194:(PDF) 3187:(PDF) 3007:. NPR 2979:S2CID 2971:JSTOR 2750:Notes 2637:1.29 2602:1.27 2599:2.6% 2590:5.5% 2581:3.6% 2567:1.24 2555:5.0% 2546:4.6% 2537:2008 2532:1.21 2529:2.8% 2520:3.6% 2511:0.6% 2502:2007 2497:1.18 2494:2.9% 2485:3.4% 2476:3.9% 2467:2006 2462:1.14 2459:2.6% 2450:3.7% 2441:4.0% 2432:2005 2427:1.10 2424:3.4% 2415:5.7% 2406:3.2% 2397:2004 2392:1.07 2389:1.4% 2380:6.2% 2371:4.6% 2362:2003 2357:1.04 2354:1.3% 2345:5.5% 2336:6.0% 2327:2002 2322:1.02 2319:1.2% 2310:0.2% 2301:1.8% 2292:2001 2287:1.00 2284:3.7% 2266:2.5% 2257:2000 2252:0.97 2249:4.2% 2240:0.8% 2231:1.5% 2222:1999 2217:0.96 2214:4.4% 2205:1.0% 2196:2.2% 2187:1998 2182:0.95 2179:4.3% 2170:1.7% 2161:0.7% 2152:1997 2147:0.93 2144:2.7% 2135:3.0% 2126:0.7% 2117:1996 2112:0.91 2109:2.7% 2100:3.4% 2091:1.2% 2082:1995 2077:0.89 2074:3.8% 2065:4.6% 2056:1.7% 2047:1994 2042:0.87 2039:2.8% 2030:6.0% 2012:1993 2007:0.85 2004:1.7% 1995:7.5% 1986:0.9% 1977:1992 1972:0.82 1960:7.5% 1951:1.3% 1942:1991 1937:0.79 1934:2.8% 1925:8.3% 1916:6.1% 1907:1990 1902:0.76 1899:4.0% 1890:6.3% 1881:3.6% 1872:1989 1867:0.74 1864:4.6% 1855:7.7% 1846:2.9% 1837:1988 1832:0.71 1829:2.4% 1820:7.6% 1802:1987 1797:0.69 1794:4.0% 1776:2.1% 1767:1986 1762:0.68 1759:4.3% 1741:7.4% 1732:1985 1727:0.66 1724:6.3% 1715:8.7% 1706:0.4% 1697:1984 1692:0.62 1689:1.7% 1671:3.4% 1662:1983 1657:0.60 1645:6.8% 1636:2.6% 1627:1982 1622:0.56 1619:1.3% 1601:3.8% 1592:1981 1587:0.50 1566:6.1% 1557:1980 1552:0.46 1549:4.0% 1531:1.3% 1522:1979 1517:0.42 1514:5.3% 1505:3.1% 1496:5.1% 1487:1978 1482:0.39 1455:1977 1336:Excel 1269:Bush 1252:+7.1 1237:Bush 1220:-9.0 1217:+401 1188:-0.7 1124:+9.3 1089:+823 1060:-3.3 1057:+288 1028:+0.2 1025:+177 996:-3.0 993:+101 964:-8.3 932:-8.3 900:-5.2 769:+203 763:100% 180:1790s 76:ratio 4355:2018 4264:2010 4065:2010 4039:2011 4013:2011 3988:2011 3956:2011 3929:2011 3749:2011 3616:2011 3594:2011 3568:2012 3542:2011 3427:2012 3373:2012 3341:ISBN 3318:2012 3279:2017 3244:ISBN 3202:2015 3169:2010 3142:2011 3116:2012 3087:2011 3065:2012 3039:2016 3013:2014 2891:ISBN 2868:2011 2816:ISBN 2795:ISBN 2644:Note 1326:and 961:+43 929:+30 897:+20 833:+13 736:(in 419:1997 417:and 415:1993 411:1990 130:and 91:The 3639:doi 2963:doi 2564:0% 1338:, 1332:PDF 1294:112 1290:111 1262:110 1258:109 1230:108 1226:107 1198:106 1194:105 1166:104 1162:103 1134:102 1130:101 1102:100 865:+6 801:-8 385:'s 171:'s 4368:: 4346:. 4275:. 4255:. 4056:. 3920:. 3894:^ 3882:. 3840:. 3816:. 3791:. 3766:. 3740:. 3715:. 3675:. 3645:. 3635:50 3633:. 3559:. 3502:^ 3494:– 3484:^ 3474:. 3455:. 3417:. 3393:. 3381:^ 3363:. 3352:^ 3326:^ 3301:. 3287:^ 3270:. 3258:^ 3095:^ 3003:. 2991:^ 2977:. 2969:. 2959:15 2957:. 2858:. 1342:) 1334:, 1098:99 1070:98 1066:97 1038:96 1034:95 1006:94 1002:93 974:92 970:91 942:90 938:89 910:88 906:87 878:86 874:85 846:84 842:83 814:82 810:81 782:80 778:79 750:78 746:77 740:) 448:. 413:, 142:. 4357:. 4337:. 4321:. 4301:. 4285:. 4266:. 4067:. 4041:. 4015:. 3990:. 3958:. 3931:. 3888:. 3850:. 3826:. 3801:. 3776:. 3751:. 3725:. 3700:. 3653:. 3641:: 3618:. 3596:. 3570:. 3544:. 3478:. 3459:. 3429:. 3403:. 3375:. 3320:. 3281:. 3252:. 3222:. 3204:. 3171:. 3144:. 3118:. 3089:. 3067:. 3041:. 3015:. 2985:. 2965:: 2899:. 2870:. 1358:. 1292:– 1260:– 1228:– 1196:– 1164:– 1132:– 1100:– 1068:– 1036:– 1004:– 972:– 940:– 908:– 876:– 844:– 812:– 780:– 748:– 45:) 41:( 35:.

Text is available under the Creative Commons Attribution-ShareAlike License. Additional terms may apply.

Knowledge

History of the United States public debt

Index