Which president had zero national debt?
Asked by: Bridgette Greenholt | Last update: June 30, 2026Score: 4.6/5 (37 votes)
President Andrew Jackson is the only U.S. president in history to completely pay off the national debt. On January 8, 1835, his administration announced that the United States was entirely debt-free, a milestone achieved through aggressive budget cuts, revenue from public land sales, and vetoes on federal spending.
Who was the only president without a national 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. Polk, as well as the annexation of Texas. Opinions about Jackson are often polarized.
Who was the last president to pay off the US debt?
Andrew Jackson is the last (and only) U.S. President to completely pay off the national debt, achieving a balance of zero on January 8, 1835. Jackson, a staunch opponent of federal debt and the national bank, used revenue from tariffs and public land sales to clear the roughly $33 million debt, though this led to a massive financial crisis shortly after.
Did Clinton pay off the national debt?
Bill Clinton did not pay off the total national debt, but his administration did produce federal budget surpluses for four consecutive years (fiscal years 1998–2001), the only such surpluses between 1970 and 2023. During this period, the debt held by the public was reduced by over $450 billion.
Has the U.S. national debt ever been zero?
Yes, the United States national debt reached zero on January 8, 1835. President Andrew Jackson paid off the entire national debt, the only time in U.S. history the country was completely debt-free. This was achieved through land sales and cutting government spending, but it was followed by the Panic of 1837 and a severe depression.
Fact check: Did Donald Trump rack up more debt than any other president?
Who was the last president to actually balance the budget?
Bill Clinton was the last United States president to balance the federal budget, successfully recording four consecutive budget surpluses from fiscal years 1998 to 2001.
Who cleared the U.S. national debt?
On January 8, 1835, president Andrew Jackson paid off the entire national debt, the only time the United States federal government has reported no national debt.
Who was the last president to run a surplus?
Bill Clinton was the last U.S. president to oversee a federal budget surplus, with surpluses recorded for four consecutive fiscal years from 1998 to 2001. During this period, the government recorded its first budget surplus since 1969, reaching a peak of approximately $230 billion, the largest in US history at the time.
What was Bill Clinton's national debt?
During President Bill Clinton's two terms in office (1993–2001), the national debt picture changed significantly. When he took office, the total national debt was about $4.3 trillion, and by the end of his presidency in January 2001, it was roughly $5.7 trillion.
What was the biggest surplus in US history?
Today, at the White House, President Clinton announced figures released by the Office of Management and Budget (OMB), showing that this year's budget surplus will be at least $230 billion, the largest surplus ever.
Who is the no. 1 debt country in the world?
As of May 2026, the United States holds the number one spot for the highest national debt in the world, with total gross debt exceeding $38 trillion. The US accounts for over one-third of the global debt, followed by China and Japan.
What did Reagan do to the national debt?
During Ronald Reagan's presidency (1981–1989), the gross national debt nearly tripled, rising from approximately $995 billion to $2.9 trillion. This rapid expansion was driven by a combination of large tax cuts ("Reaganomics"), increased military spending, and an unwillingness to cut domestic spending to match revenue decreases, resulting in massive annual budget deficits.
Who owns US debt?
The U.S. national debt is primarily owned by domestic investors and institutions, which account for about three-quarters of the total, with foreign entities and the U.S. government itself making up the rest.
Which president wiped out the national debt?
Andrew Jackson is the only U.S. president to have completely paid off the national debt, achieving this feat on January 8, 1835. By closing the Second Bank of the United States and utilizing land sales, Jackson brought the debt to zero, marking the only time in American history the U.S. has been debt-free.
How many Americans are 100% debt free?
According to recent Federal Reserve data, approximately 23% of Americans are 100% debt-free, meaning roughly 77% of the population carries some form of debt. This includes all debt types, such as mortgages, credit cards, and student loans.
How did the US get 31 trillion in debt?
After the 2008 mortgage crisis, the government spent trillions more to revive the economy. Borrowing kept rising, even as the conditions that made it tolerable disappeared. Interest compounded. A global pandemic later, and we're $31 trillion in the hole.
Did Bill Clinton pay off the national debt?
Debt held by the public was actually paid down by $453 billion over the 1998-2001 periods, the only time that happened between 1970 and 2018. Federal spending fell from 20.7% GDP in 1993 to 17.6% GDP in 2000, below the historical average (1966 to 2015) of 20.2% GDP.
Who was the only president to not have debt?
1837: Andrew Jackson
(In 1835, the $17.9 million budget surplus was greater than the total government expenses for that year.) By January of 1835, for the first and only time, all of the government's interest-bearing debt was paid off. Congress distributed the surplus to the states (many of which were heavily in debt).
Who was the last president to balance the US budget?
Bill Clinton was the last United States president to balance the federal budget, successfully recording four consecutive budget surpluses from fiscal years 1998 to 2001.
What did Clinton do for the economy?
President Clinton’s economic policies, often called "progressive economics" or "fiscal discipline," focused on reducing the deficit, investing in people, and opening foreign markets. This strategy, along with a booming digital tech era, yielded 22.7 million new jobs, the longest expansion in U.S. history, a 4.0% unemployment rate, and the first federal budget surplus in decades.
Who was the only president to pay off debt?
Andrew Jackson is the only U.S. president to have completely paid off the national debt. On January 8, 1835, his administration achieved a $0 balance by selling public lands and vetoing federal spending, though this accomplishment was short-lived and contributed to the Panic of 1837.
When was the last time the US had no deficit?
In the last 50 years, the federal government budget has run a surplus four times, most recently in 2001. To pay for government programs while operating under a deficit, the federal government borrows money by selling U.S. Treasury bonds, bills, and other securities.
What country is #1 in debt?
As of early 2026, the United States holds the #1 spot for the highest total national debt in the world, with a debt load exceeding $38 trillion, more than double that of any other nation. However, when measuring debt relative to economic size (debt-to-GDP ratio), Japan often ranks higher, with a ratio exceeding 200%.
What does Warren Buffett say about U.S. debt?
Warren Buffett has expressed long-term concerns regarding the rising US national debt, which has surpassed $36 trillion as of 2025. He famously proposed a "five-minute" solution to Congress: if the deficit exceeds 3% of GDP, all sitting members of Congress become ineligible for re-election, forcing fiscal accountability.
What would happen if China stopped buying U.S. debt?
If China stopped buying U.S. debt, it would likely lead to higher U.S. interest rates and a weaker dollar, but it would also significantly harm China’s own economy. While a massive dump of Treasury holdings could cause volatility, other investors would likely step in to purchase the bonds, and the U.S. might benefit from faster net export growth.