PeopleWhat The National Debt Of The US Was At The Beginning And End Of Every Presidency
As the amount of money the US owes to its debtors, the national debt is a subject for politicians, the media, and observers worldwide.
The national debt of the United States has gone up and down throughout its long history, as one might expect, and is tracked by the US Treasury. Multiple factors influence the rise and decline of the national debt - everything from annual budget surpluses and deficits to massive war funding.
As a result, paying off the national debt is not easy. From the outset, the US Congress controlled the “purse strings” of the government, specifically the House of Representatives. The US Constitution articulated:
All Bills for raising Revenue shall originate in the House of Representatives; but the Senate may propose or concur with amendments as on other Bills. (Article 1, section 7, clause, 1)
No Money shall be drawn from the Treasury, but in Consequence of Appropriations made by Law; and a regular Statement and Account of the Receipts and Expenditures of all public Money shall be published from time to time. (Article 1, section 9, clause 7)
That said, cooperation among Congressional houses as well as with the President of the United States is needed to a large extent, especially when political parties enter into the mix. The role of Congress in establishing a debt limit for the nation has also been a factor in how the two branches interact and just how much the debt has increased. According to the Treasury Department, “Congress has acted 78 separate times to permanently raise, temporarily extend, or revise the definition of the debt limit” since 1960.
All of this is why the timeline of the national debt of the US is a fascinating glimpse at the history of the nation and its role on the global stage.
- Entries
- 45
- Votes
- 0
- Updated
- yesterday
Tap upor downto vote. Your vote is added to Ranker's counts.
Voting identifies your browser with an anonymous fingerprint, stored only as a salted hash, to count one per visitor. Privacy
Source: Ranker, ranked by its voters.