Which president kept the US out of debt?

The only U.S. President to eliminate the national debt was Andrew Jackson in 1835, though the country soon began borrowing again, while President Bill Clinton oversaw significant reductions in debt relative to GDP through strong economic growth and trade policies, but didn't eliminate it.

Who was the last president to have no debt?

In 1835, Jackson became the only U.S. president to pay off the national debt. After leaving office, he supported the presidencies of Martin Van Buren and James K.

Who was the last president to actually balance the 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. 

What president got the US out of debt?

President Andrew Jackson is the only U.S. President to have eliminated the national debt, achieving a zero balance in 1835 by selling public lands, cutting spending, and destroying the National Bank, though the debt quickly returned, leading to the Panic of 1837. More recently, President Bill Clinton presided over the largest reduction in publicly held debt (1998-2001), achieving budget surpluses. 

What did Reagan do to the national debt?

During Reagan's presidency, the federal debt held by the public nearly tripled in nominal terms, from $738 billion to $2.1 trillion. This led to the U.S. moving from the world's largest international creditor to the world's largest debtor nation.

Which President is responsible for racking up the most debt?

Did Bill Clinton pay off the national debt?

No, President Clinton did not completely pay off the national debt, but his administration achieved the first budget surpluses in decades (1998-2001), significantly reduced the debt held by the public (by hundreds of billions), and slowed its growth, creating a surplus that projected debt elimination by 2012, though this wasn't fully realized due to later economic shifts. 

Did Reaganomics hurt the middle class?

The Reagan expansion years marked a period of economic progress for middle class Americans. Middle class income increased 11 percent after adjustment for inflation, while nearly 20 million new jobs were created.

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.

Was Bill Clinton a good president?

He finished with a Gallup poll approval rating of 65%, higher than that of every other departing president measured since Harry Truman.

Who was the last president to create a surplus?

Dedicated the Surplus to Save Social Security and Reduce the National Debt. In his 1998 and 1999 State of the Union addresses, President Clinton called on the nation to save the surplus until the solvency of Social Security is assured.

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.

When was the last time the US had no deficit?

The U.S. federal government last had a budget surplus in Fiscal Year 2001, meaning it collected more in revenue than it spent that year, under President Bill Clinton, with deficits occurring every year since then, though the size of the deficit fluctuates. 

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.

Who cleared the US national debt?

President Andrew Jackson is the only U.S. President to have eliminated the national debt, achieving a zero balance in January 1835 by selling western lands, cutting spending, and vetoing bills, but this success led to the Panic of 1837, and the debt quickly returned.
 

When was the last time that the US had a balanced budget?

The U.S. federal budget was last balanced (resulting in a surplus) in 2001, during President Bill Clinton's administration, with surpluses also occurring from 1998 to 2000; the budget has run deficits every year since then, with major surpluses achieved through a strong economy, tax increases, and reduced defense spending, according to the U.S. Treasury Fiscal Data website and Harvard Kennedy School's website. 

Who is considered the best president in US history?

Abraham Lincoln has taken the highest ranking in each survey and George Washington, Franklin D. Roosevelt, and Theodore Roosevelt have always ranked in the top five while James Buchanan, Andrew Johnson, and Franklin Pierce have been ranked at the bottom of all four surveys.

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 president had the highest economic growth?

Roosevelt (1933–1945) President Franklin D. Roosevelt had an average annual GDP growth rate of 10.1% during his four-term presidency, the highest growth rate of any president so far.

How much does China owe the USA?

China holds a significant amount of U.S. debt, primarily in Treasury bonds, with recent figures (late 2024/early 2025) showing China owning around $750-$800 billion in U.S. securities, making it the second-largest foreign holder after Japan, though this is a smaller percentage of the total U.S. debt. This amount fluctuates as China has been reducing its holdings, but it represents loans from China to the U.S. government, not a debt the U.S. owes to China in a punitive way, but rather investments in U.S. assets. 

Why can't the US get out of debt?

The U.S. doesn't pay off its national debt because it consistently spends more than it collects in revenue, creating annual deficits that add to the debt, while also using debt to fund investments and maintain the global financial system, making large cuts or tax hikes politically challenging and unpopular. Instead of paying it down, the government often borrows more to service existing debt, relying on the U.S. dollar's reserve currency status and a stable economy to attract investors, but faces growing risks from escalating interest payments and potential loss of confidence. 

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 did Reagan do to taxes?

Ronald Reagan significantly cut taxes through the Economic Recovery Tax Act of 1981, slashing top personal rates from 70% to 50% and lowering capital gains, aiming to spur growth (supply-side economics). He followed this with the Tax Reform Act of 1986, which further reduced the top rate to 28% and simplified brackets, but also raised the lowest rate and closed loopholes, broadening the base. Overall, Reagan's policies drastically cut marginal rates, especially for the wealthy, but also saw later tax increases and efforts to close loopholes to address rising deficits. 

Was Ronald Reagan considered a good president?

Historical rankings of U.S. presidents have typically placed Reagan in the middle to upper tier, and his post-presidential approval ratings by the general public are usually high.

Which US president had recessions?

Recessions

• February 2020 (Trump / R)
• December 2007 (Bush 43 / R)
• March 2001 (Bush 43 / R)
• July 1990 (Bush 41 / R)
• July 1981 (Reagan / R)
• January 1980 (Carter / D)
• November 1973 (Nixon / R)
• December 1969 (Nixon / R)