![]() Over a century later, the public debt topped $1 trillion for the first time in 1982 under Ronald Reagan and more than doubled during his presidency - and it's been climbing steadily since then. The country's debt eventually crossed the billion-dollar mark in 1863 during the Civil War and Abraham Lincoln's presidency. started borrowing again as the economy entered a recession in 1837. In 1835, the national debt hit a low of $33,733 when Andrew Jackson was president. But the U.S. However, the Treasury Department's data starts in 1790, when Treasury Secretary Alexander Hamilton estimated that total public debt was $70.1 million and called for the issuance of federal bonds to cover the debt. ![]() Next: How Rich Are President Joe Biden, VP Kamala Harris and the Wealthiest US Politicians?įind Out: How To Build a Financial Plan From Zero To see how it got to this point, GOBankingRates analyzed Treasury Department data on public debt from George Washington's presidency through Biden's current term. national debt has reached a record high of more than $31.5 trillion.Ĭlearly, the government's increasing debt is not a new trend. ![]()
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