When was the US last not in debt?

The U.S. was last debt-free for a brief period in 1835, under President Andrew Jackson, who achieved zero national debt on January 1st, marking the only time in U.S. history this occurred. However, this status lasted only about a year, as the government began borrowing again by 1836, leading into the Panic of 1837.

When was the last time America had no debt?

The last time America had no national debt was in 1835, under President Andrew Jackson, marking the only time in U.S. history the country was completely debt-free; however, this lasted only about a year, as debt quickly accumulated again due to military spending and economic events like the Panic of 1837. 

When did the US last have a balanced budget?

The U.S. last had a balanced federal budget, and even a surplus, in the fiscal year 2001, the final year of President Bill Clinton's administration, following surpluses from 1998-2000 due to strong economic growth and spending restraint. Since then, the government has run deficits, with the budget being far from balanced, although it has only happened twice in the past 50+ years, the other being 1969 under President Johnson. 

Who was the last president to balance the US budget?

The last president to oversee a balanced federal budget was Bill Clinton, whose administration achieved budget surpluses for four consecutive years, from fiscal years 1998 to 2001, marking the first sustained period of budget balance in decades. This rare feat was due to a combination of economic growth, spending cuts, and tax increases, and it ended with the start of the new millennium, after which deficits returned. 

Who owns over 70% of the US debt?

Who owns the most U.S. debt? Around 70-80 percent of U.S. debt is held by domestic financial actors and institutions in the United States. U.S. Treasuries represent a convenient, liquid, low-risk store of value.

When Does US Debt Become Genuinely Bad? | WSJ

How many Americans are 100% debt free?

Around 23% of Americans are debt free, according to the most recent data available from the Federal Reserve.

What would happen if the US paid off all its debt?

If the U.S. paid off all its debt, it would trigger an economic crisis by eliminating safe investment options (Treasury bonds), causing a massive cash glut, crashing interest rates, disrupting monetary policy (Federal Reserve operations), forcing cuts in government services/spending, and potentially leading to a depression as the economy would lose its primary safe asset, disrupting the entire global financial system that relies on U.S. debt. The process itself, whether through extreme taxes or printing money, would likely cause hyperinflation or deep recession, while the end result removes a critical benchmark for the global economy.
 

What did Bill Clinton do for America?

Clinton presided over the second longest period of peacetime economic expansion in American history. He signed into law the North American Free Trade Agreement and the Violent Crime Control and Law Enforcement Act but failed to pass his plan for national health care reform.

What was the biggest surplus in US history?

THE LARGEST UNIFIED SURPLUS EVER.

Now, instead of a $455 billion deficit, OMB estimates a surplus this year of at least $230 billion the third consecutive surplus and the largest surplus ever, even after adjusting for inflation.

Who was the only president to have no debt?

President Andrew Jackson is the only U.S. President to have completely eliminated the national debt, achieving this goal on January 1, 1835, by using surpluses from land sales and vetoing spending on internal improvements, though the debt quickly returned after his term. 

How much did Clinton reduce the national debt?

Deficits and debt

The ratio of debt held by the public to GDP, a primary measure of U.S. federal debt, fell from 47.8% in 1993 to 33.6% by 2000. Debt held by the public was actually paid down by $453 billion over the 1998-2001 periods, the only time this happened between 1970 and 2018.

Is the US in a surplus or deficit?

The federal government ran a deficit of $1.8 trillion in fiscal year 2025, $41 billion (-2%) less than in fiscal year 2024. Revenues increased by $317 billion (6%).

Is a surplus better than no deficit?

A budget surplus can often be an indicator of a healthy economy but it is not necessary for a government to maintain a surplus. The U.S. has rarely run a budget surplus and experienced long periods of economic growth while running a budget deficit, which is the opposite of a surplus.

Which country has zero debt?

As the world's biggest gambling hub, Macao SAR has zero debt, bolstered by billions in gaming revenue and healthy financial reserves. Liechtenstein ranks in second, with virtually no debt and the only country in Europe ranking in the top 10.

Who was the last president to pay off the national debt?

The U.S. has had debt since its inception. Our records show that debts incurred during the American Revolutionary War amounted to $75,463,476.52 by January 1, 1791. Over the following 45 years, the debt grew. Notably, the public debt actually shrank to zero by January 1835, under President Andrew Jackson.

Is the US debt a problem?

Yes, the U.S. national debt is widely considered a significant problem, as it's on an unsustainable path, crowding out investments, increasing interest costs (now exceeding defense spending), potentially slowing economic growth, raising borrowing costs for everyone (mortgages, loans), and limiting the government's ability to respond to future crises, though some argue assets balance liabilities or focus on debt-to-GDP ratios. 

Did Trump have a surplus in June?

The U.S. Treasury has reported a budget surplus of $27 billion for the month of June—the first time since 2017. This is excellent news for our economy and a signal that President Trump's pro-growth policies are on the right track! Last month saw a surplus of a little more than $27 ...

Who owns the 35 trillion in US debt?

Who Owns All that Debt? On October 21, 2025, the nation's gross debt eclipsed $38 trillion. Of that amount, approximately 80 percent, was debt held by the public — representing cash borrowed from domestic and foreign investors.

What is the Trump deficit in 2025?

The following year will be displayed at the end of the fiscal year. In FY 2025 total government spending was $7.01 trillion and total revenue was $5.23 trillion, resulting in a deficit of $1.78 trillion, a decrease of $41 billion from the previous fiscal year.

What exactly did Monica Lewinsky do with Bill Clinton?

Scandal. Lewinsky stated that she had nine sexual encounters with President Bill Clinton in the Oval Office between November 1995 and March 1997. According to her testimony, these encounters involved oral sex and other sexual acts, but not sexual intercourse.

What has Hillary Clinton done since?

Since 2020, she has served as Chancellor of Queen's University Belfast. In 2023, Clinton joined Columbia University as a Professor of Practice at the School of International and Public Affairs.

What major events happened in 1993?

1993 was a turbulent year marked by major events like the World Trade Center bombing, the tragic Waco siege in Texas, the devastating Great Flood of 1993 in the U.S., the public release of the World Wide Web, and the start of the Oslo Accords for Middle East peace, alongside Bill Clinton's inauguration as U.S. President and key moments in global politics and culture. 

Can the U.S. ever pay off its debt?

No, the U.S. likely won't ever fully pay off its national debt because it's seen as a perpetual financial tool, not a household debt to eliminate; instead, the focus is on managing the debt-to-GDP ratio through economic growth, controlling deficits, and refinancing, as full repayment would require drastic, politically impossible spending cuts or tax hikes. The government manages its debt by issuing new bonds to pay off old ones and relies on continued economic growth (GDP) to keep the debt manageable relative to the economy's size, a strategy possible because it controls its own currency. 

What is the safest place for money if the U.S. defaults on debt?

If the US defaults. there is no safe place to put your US Dollars. The alternatives are commodities (gold,silver,collectibles) or possibly foreign currencies (euro,pound,etc). But really, if the US defaults the best assets you'll have would be canned goods and ammunition.

Can you leave U.S. if you have debt?

If you have debt in the U.S., it usually won't disappear when you relocate. Creditors may still try to collect, and unresolved issues could resurface if you return home. Before you pack your bags, it helps to know how international moves can affect your debt, credit history, and financial options going forward.