when was the last time us was out of debt
1835–1836
title: National debt of the United States text: Japan (about $1.06 trillion). The United States government has continuously had a fluctuating public debt since its formation in 1789, except for about a year during 1835–1836, a period in which president Andrew Jackson completely paid the national debt. To allow comparisons over the years, public debt is often expressed as a ratio to gross domestic product (GDP). The United States public debt as a percentage of GDP reached its highest level during Harry Truman's first presidential term, during and after World War II. Public debt as a percentage of GDP fell rapidly in the post-World War II period, and title: History of the United States public debt text: boom. Public debt rose sharply in the wake of the 2007–08 financial crisis and the resulting significant tax revenue declines and spending increases. Except for about a year during 1835–1836, the United States has continuously had a fluctuating public debt since its Constitution went into effect on March 4, 1789. During the American Revolution, the Continental Congress, under the Articles of Confederation, amassed huge war debts, but lacked the power to repay these obligations through taxation or duties on imports. On the founding of the United States, the financial affairs of the new federation were in disarray, exacerbated by an title: National debt of the United States text: reached a low in 1974 under Richard Nixon. Debt as a share of GDP has consistently increased since then, except during the presidencies of Jimmy Carter and Bill Clinton. Public debt rose sharply during the 1980s, as Ronald Reagan cut tax rates and increased military spending. It fell during the 1990s, due to decreased military spending, increased taxes and the 1990s boom. Public debt rose sharply in the wake of the 2007–2008 financial crisis and the resulting significant tax revenue declines and spending increases. In their September 2018 monthly report published on October 5 and based on data from the title: National debt of the United States text: U.S. nuclear weapons from 1940 to 1998 was $5.5 trillion in 1996 Dollars. The total public debt at the end of fiscal year 1998 was $5,478,189,000,000 in 1998 Dollars or $5.3 trillion in 1996 Dollars. Sources: Eurostat, International Monetary Fund, "World Economic Outlook" (emerging market economies); Organisation for Economic Co-operation and Development, "Economic Outlook" (advanced economies)IMF, China, Hong Kong, India, Indonesia, Korea, Malaysia, the Philippines, Singapore and Thailand Afghanistan, Armenia, Australia, Azerbaijan, Bangladesh, Bhutan, Brunei Darussalam, Cambodia, China, People's Republic of, Fiji, Georgia, Hong Kong SAR, India, Indonesia, Japan, Kazakhstan, Kiribati, Korea, Republic of, Kyrgyz Republic, Lao P.D.R., Macao SAR, title: History of United States debt ceiling text: in crises, especially in recent years. The debt ceiling has been suspended since October 30, 2015. A statutorily imposed debt ceiling has been in effect since 1917 when the US Congress passed the "Second Liberty Bond Act". Before 1917 there was no debt ceiling in force, but there were parliamentary procedural limitations on the amount of debt that could be issued by the government. Except for about a year during 1835–1836, the United States has continuously had a fluctuating public debt since the US Constitution legally went into effect on March 4, 1789. Debts incurred during the American Revolutionary War