<P> 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 reached a low in 1973 under President Richard Nixon . Debt as a share of GDP has consistently increased since then , except during the terms of presidents Jimmy Carter and Bill Clinton . Public debt rose during the 1980s , as President 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 -- 08 financial crisis and the resulting significant tax revenue declines and spending increases . </P>
<P> 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 reached a low in 1973 under President Richard Nixon . Debt as a share of GDP has consistently increased since then , except during the terms of presidents Jimmy Carter and Bill Clinton . Public debt rose during the 1980s , as President 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 -- 08 financial crisis and the resulting significant tax revenue declines and spending increases . </P>
during what period of time was the debt held by the public ( as a share of gdp ) the highest
during what period of time was the debt held by the public ( as a share of gdp ) the highest
during Harry Truman 's first presidential term , during and after World War II
during Harry Truman 's first presidential term , during and after World War II