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US national debt reaches $0 for the first and only time in history

The history of the United States public debt began with federal government debt incurred during the American Revolutionary War by the first U.S treasurer, Michael Hillegas, after the country's…

The history of the United States public debt began with federal government debt incurred during the American Revolutionary War by the first U.S treasurer, Michael Hillegas, after the country's formation in 1776. The United States has continuously experienced fluctuating public debt, except for about a year during 1835–1836. To facilitate comparisons over time, public debt is often expressed as a ratio to gross domestic product (GDP). Historically, the United States public debt as a share of GDP has increased during wars and recessions, and subsequently declined.

The United States public debt as a percentage of GDP reached its peak during Harry Truman's first presidential term, amidst and after World War II.

Historical Significance

The history of the United States public debt began with federal government debt incurred during the American Revolutionary War by the first U.

Events Before

  1. German Zollverein (Customs Union) comes into effect

    The Zollverein, or German Customs Union, was a coalition of German states formed to manage tariffs and economic policies within their territories.

  2. Religious leader Brigham Young (32) weds herbalist Mary Ann Angell (27)

    Religious leader Brigham Young (32) weds herbalist Mary Ann Angell (27)

  3. Slavery Abolition Act 1833 comes into effect, abolishing slavery across the British Empire

    Slavery Abolition Act 1833 comes into effect, abolishing slavery across the British Empire

  4. American abolitionist William Lloyd Garrison (28) weds Helen Eliza Benson (22), in Boston, Massachusetts

    American abolitionist William Lloyd Garrison (28) weds Helen Eliza Benson (22), in Boston, Massachusetts

  5. US Congressman and future US President Franklin Pierce (29) weds Jane Appleton (28) at her grandparents' home in Amherst

    US Congressman and future US President Franklin Pierce (29) weds Jane Appleton (28) at her grandparents' home in Amherst, New Hampshire

Events After

  1. Author Harriet Beecher (24) weds educator Calvin Ellis Stowe (33) in Cincinnati, Ohio

    Author Harriet Beecher (24) weds educator Calvin Ellis Stowe (33) in Cincinnati, Ohio

  2. The Alamo is besieged for 13 days until March 6 by the Mexican army under General Santa Anna; the entire garrison is eve

    The Alamo is besieged for 13 days until March 6 by the Mexican army under General Santa Anna; the entire garrison is eventually killed

  3. Battle of the Alamo: After 13 days of fighting, 1,500 to 3,000 Mexican soldiers overwhelm the Texan defenders, killing 1

    Battle of the Alamo: After 13 days of fighting, 1,500 to 3,000 Mexican soldiers overwhelm the Texan defenders, killing 182 to 257 Texans, including William Travis, Jim Bowie, and Davy Crockett

  4. English novelist and social critic Charles Dickens (24) marries Catherine Thomson Hogarth (20)

    Charles John Huffam Dickens (7 February 1812 – 9 June 1870) was an English novelist, journalist, short story writer and social critic.

  5. Maria II of Portugal marries Prince Ferdinand of Saxe-Coburg and Gotha, later known as King Dom Fernando II upon the bir

    Maria II of Portugal marries Prince Ferdinand of Saxe-Coburg and Gotha, later known as King Dom Fernando II upon the birth of their son, Pedro V of Portugal

More from the 1830s

Slave plantation owner Charles Farquharson begins his diary at Prospect Hill Plantation, Watlings Island (San Salvador),

Slave plantation owner Charles Farquharson begins his diary at Prospect Hill Plantation, Watlings Island (San Salvador), the only plantation diary to survive from the Bahamas (ends Dec 1832) [1]

Curaçao census: 2,602 white people, 6,531 free people, 5,894 enslaved people

Curaçao census: 2,602 white people, 6,531 free people, 5,894 enslaved people

German Zollverein (Customs Union) comes into effect

The Zollverein, or German Customs Union, was a coalition of German states formed to manage tariffs and economic policies within their territories.

First official horse race in South Australia takes place in Adelaide

Adelaide is the capital and most populous city of South Australia, as well as the fifth-most populous city in Australia.

Frequently Asked Questions

What happened on January 8, 1835?
The history of the United States public debt began with federal government debt incurred during the American Revolutionary War by the first U.S treasurer, Michael Hillegas, after the country's formation in 1776. The United States has continuously experienced fluctuating public debt, except for about a year during 1835–1836. To facilitate comparisons over time, public debt is often expressed as a ratio to gross domestic product (GDP).
Why is US national debt reaches $0 for the first and only time in history significant?
The history of the United States public debt began with federal government debt incurred during the American Revolutionary War by the first U.

Explore More

January 8 in HistoryYear 1835