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==History==
{{Main|History of the United States public debt}}
[[File:US Federal Debt Held By Public as of Feb. 2023.png|thumb|upright=1.2|The amount of U.S. public debt, measured as a percentage of GDP, held by the public since 1900
The [[United States federal government]] has continuously had a fluctuating [[Government debt|public debt]] since its formation in 1789, except for about a year during 1835–1836, a period in which the nation, during the presidency of [[Andrew Jackson]], completely paid the national debt. To allow comparisons over the years, public debt is often expressed as a ratio to [[GDP]]. The United States public debt as a percentage of GDP reached its highest level during [[Harry S. Truman|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 economic expansion|post-World War II period]] and 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]].
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