What is the National D ebt?. The United States government usually spends (expenditures) more than it makes (revenue) every year. This is known as deficit spending . Continual deficit spending over the years has led to a debt we owe. Who do we owe? Who did we borrow from?
53% to ourselves; 47% to foreign investors
ARTICLE 1 SECTION. 8. The Congress shall have Power To lay and collect Taxes, Duties, Imposts and Excises, to pay the Debts and provide for the common Defence and general Welfare of the United States; but all Duties, Imposts and Excises shall be uniform throughout the United States; To borrow Money on the credit of the United States;
SECTION. 4. The validity of the public debt of the United States, authorized by law, including debts incurred for payment of pensions and bounties for services in suppressing insurrection or rebellion, shall not be questioned. But neither the United States nor any State shall assume or pay any debt or obligation incurred in aid of insurrection or rebellion against the United States, or any claim for the loss or emancipation of any slave; but all such debts, obligations and claims shall be held illegal and void.
Civil War- 1863= first time $1 billion
WWI-1918= $25.5 billion
Depression/“New Deal”- 1936= $33.7 billion
WWII-1943= $201 billion
**Over the years some Presidents have removed all the debt and some have reduced it.
2006- $8.2 trillion
2007- $8.8 trillion
2008- $9.3 trillion
2009- $11.1 trillion
2010- $12.8 trillion
2011- $14.5 trillion
Clinton- $547 million per day
Bush (W.)- $1.6 billion per day
Obama- $4.1 billion per day