America owes its single debt-free year to Andrew Jackson, who had always railed against the national debt and banks. He brought the debt down from around $58 million to nothing, accomplishing this feat by blocking bills that would spend taxpayer money on various projects, selling land in the western portion of the country, and enforcing tariff laws that many deemed excessive. We've collected some awesome videos on this topic. Watch them now to learn more.
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Key Facts In This Video
A deficit occurs when a government spends more money than it takes in through taxes. 00:43
Economists typically measure the size of the federal debt in comparison to the GDP. 03:00
Managing the federal debt in the long-term will require some combination of raising revenues, cutting spending, and growing the economy as a whole. 05:24