Andrew Jackson was the first and only president to eliminate the national debt.

Andrew Jackson reshaped the presidency and expanded executive authority

Andrew Jackson used the veto extensively, removed federal deposits from the national bank, and asserted the president's right to act independently of Congress—shifting the balance of power toward the executive branch.

Andrew Jackson kept a 1,400-pound block of cheese in the White House and then let members of the public eat during his final party while in office.

Alexander Hamilton consolidated the states' debts, implemented a tax system, and established a national bank.

President Andrew Johnson was mainly impeached for obstructing Reconstruction

In 1868, the House impeached Andrew Johnson for violating the Tenure of Office Act and obstructing congressional Reconstruction policies. Johnson was the first president ever to be impeached, surviving conviction and removal in the Senate by a single vote.

Hamilton created the First Bank of the United States

As Treasury secretary, Alexander Hamilton proposed the First Bank of the United States to stabilize national finances—serving as the government's fiscal agent, managing debt, and expanding credit through a public-private banking model.

Hamilton built the foundations of the US financial system as the nation's first Treasury secretary

Appointed the nation's first Treasury secretary in 1789 by George Washington, Alexander Hamilton designed a powerful federal finance system—repaying war debts, creating new taxes, founding a national bank, and promoting economic development.

The federal government's decision to pay off the states' Revolutionary War debts required a new tax, which sparked an armed rebellion. 

JP Morgan Jr. once angered the nation with his zero-dollar tax bill

In the aftermath of the Great Depression, Congress learned that Morgan and his banking partners had avoided paying any federal income tax in 1931 and 1932. By claiming their losses in the stock market, they seemingly erased what they owed.

Key moments that shaped the national debt include the Civil War, both World Wars, the 2008 recession, and the COVID-19 pandemic.

The US has carried debt since 1791

After the Revolutionary War, the US owed $75M to nations like France. Debt builds when spending exceeds revenue, funding programs, wars, and economic recovery efforts. Most debt is domestic, like Social Security bonds, with foreign nations also holding a share.

Tax policy can have a direct impact on the national debt, with past presidents' changes to tax codes inflating the deficit.

Madison was America's first president during a formally declared war

During James Madison's presidency, Congress formally declared war on Britain in 1812 over its practice of seizing American sailors, trade restrictions, and repeated violations of US sovereignty—marking the first time a sitting American president led the nation through a declared war.

The national debt is growing at a faster rate than the economy.

How the stock market performed under every US president

It's worth noting that the stock market as we know it today didn't exist under the leadership of earlier presidents, such as George Washington and Thomas Jefferson.

During the Civil War, the US government printed paper money for the first time

Those original paper bills were called “greenbacks” or “demand notes.” Since then, paper money has evolved with different designs, names, and values. Today, it is solely issued by the Bureau of Engraving & Printing.

Minting a coin that can pay off the federal debt has been proposed as a quick fix to rampant borrowing.

As president, Thomas Jefferson expanded federal power despite opposing centralized authority

Although Jefferson argued for limited national power, his presidency expanded federal authority through actions such as the Louisiana Purchase, territorial governance, and federal enforcement—reflecting a pragmatic departure from his earlier strict interpretation of the Constitution.

The federal government has spent more money annually than it has collected every year since 2022.

The nullification crisis tested whether states could defy federal law

In the 1830s, South Carolina declared federal tariffs void within its borders. President Andrew Jackson threatened military force, Congress passed a compromise tariff, and the episode ended with federal authority prevailing over state nullification.

The history of bankruptcy in the US dates back to the signing of the Constitution

In 1787, this founding document gave Congress the right to establish nationwide bankruptcy laws. Legislators took advantage of that power in 1800 when they passed the Bankruptcy Act of 1800, the first comprehensive bankruptcy law at the federal level.

Central banking in the US has had a fraught political history

That history includes its doomed early efforts in the First and Second National Banks, as well as its failure to address the worst financial period in US history, the Great Depression.

America’s looming debt spiral

The United States has a debt problem. In 1989, the national debt was almost $3T. As of 2023, that number had ballooned to more than $30T. This video explains why the national debt grew so quickly, and what America's options are going forward. It also explores why the problem is trapped in political gridlock. Watch it to find out more.

Since 1800, every president has lived and worked in the White House

John Adams became the first president to live in the White House when it was completed in 1800. Since then, every American president has used it as both a residence and the official seat of executive power.

Explore the life and presidency of George Washington, whose two terms in office were defined by precedent-setting, restraint, and institution-building.

As the first president, Washington established lasting norms: enforcing civilian control of the military rather than placing it in the hands of generals, forming a Cabinet, asserting federal authority during the Whiskey Rebellion, and voluntarily stepping down after two terms.

The Tariff Act of 1789 was one of America's first acts.

Track how much the US government has spent on bailouts.

The Compromise of 1790 broke a deadlock over debt and the national capital

In 1790, Alexander Hamilton, James Madison, and Thomas Jefferson reached an agreement that allowed Congress to assume the states' war debts and to approve a permanent national capital on the Potomac River.

The Indian Removal Act of 1830 forcibly displaced tens of thousands of Native Americans

Signed by President Andrew Jackson, the act authorized the federal government to negotiate treaties relocating Native nations from their Southeastern homelands to lands west of the Mississippi, often by force.

In 1792, Congress established the first national mint to produce all the coins in the US

At the same time, the US also started producing the dollar, its first official currency. The US Mint has since issued coins throughout the country.

George Washington set the template for the presidency

As the first US president, George Washington established key traditions still followed today—forming a Cabinet, serving only two terms, asserting executive independence, and peacefully transferring power—helping define how the presidency would function.

Madison's portrait was on the now-defunct $5,000 bill

James Madison appeared on the $5,000 bill, a high-denomination note used primarily for bank-to-bank transactions that was discontinued in 1969 as electronic payments reduced the need for large paper currency. (The rare note is still legal tender, though it is often worth much more than its face value to collectors.)

The US national debt is over $31T

The US national debt is at its highest level ever. Learn how the national debt grew to that level and what it means for US economic growth with charts and simple explanations.

Early Americans hated the idea of a central bank

After a series of economic panics induced by a lack of reserve cash at regional banks, the architects of today’s Federal Reserve opted to emphasize the goal of the bank as a reserve at the federal level—thus creating the lasting name.

The highest inflation ever recorded in US history was estimated at 30% in 1778, just after the Revolutionary War.

See checks signed by US presidents

One bank has made it a point to conserve checks from US presidents. Peruse this gallery of signed checks from Washington, FDR, JFK, Lincoln, and more.

The US has used a wide variety of different currencies between the 1690s and today

From colonial money to national banknotes, people have used all kinds of forms of currency throughout the history of the United States before settling on the dollar bills and quarters that we pay for things with today.

Throughout most of the 1800s, US currency was backed by silver and gold

In post-Civil War America, the government moved to use only the gold standard. This was how US currency was backed for decades in the US. You can read a comprehensive explainer on the gold standard and its history in the US to learn more.

The federal deficit is the gap between what the US spends and what it collects.

Explore a database that shows how the US national debt changes over a 24-hour period.

Some economists argue that the national debt is not a critical concern.

Theodore Roosevelt is considered by many to be the "first modern president"

Roosevelt transformed the presidency by expanding executive power beyond conventional norms, arguing that the president could act in the national interest unless expressly forbidden to do so. His energetic leadership, media use, and policy activism expanded the office's role and prestige.

Hear about James Madison's presidency with The Washington Post's 'Presidential' podcast

As president, Madison governed during periods of constitutional uncertainty, foreign policy crises, and the War of 1812, making him the first American president to serve during a declared war. This podcast analyzes how his constitutional ideas translated into effective presidential leadership.

Hamilton has appeared on US paper currency since the Civil War

Since the US began printing money in 1861, Alexander Hamilton has appeared at different times on the $5, $2, $20, $50, $500, and $1000 bills. Since 1928, he has remained on the $10 bill—making him, alongside Benjamin Franklin, one of the two non-presidents currently on US currency.

Why Americans are drowning in credit card debt

Americans owe more than $1T to credit card companies. And with rising interest rates that prevent cardholders from paying down debt (not to mention the rising cost of living), that number is likely to keep growing. A podcast episode explains how the US got here, and what policymakers and individuals can do about it.

The US president who had the most children

John Tyler, America’s 10th president, was born in 1790, yet still has one living grandchild. This bizarre phenomenon can be explained by his 15 children, which he had throughout all stages of his adult life. Tyler had eight children with one wife and seven with another, leading him to hold the title as the US president with the most children. Tyler was also the first US president to get married while in office.

Hamilton founded what many regard as the first commercial bank in the United States

In 1784, Alexander Hamilton helped found the Bank of New York, which initially operated without a charter, financed early federal operations, provided what is considered the US government's first loan, and became the first stock traded on the New York Stock Exchange.

The United States had a washing machine that cleaned dirty dollar bills

In the early 1900s, the US Treasury Department had a machine that washed and ironed old, soiled paper bills. The machine helped the Treasury save money by decreasing printing costs for new dollar bills, but had nothing to do with the modern understanding of money laundering.

The US and Denmark are the only two countries known to abide by a predetermined borrowing limit.

The Budget and Accounting Act of 1921 created the modern federal budget

Before 1921, federal funding was fragmented and ad hoc. This article traces how inefficiency and postwar pressures led Congress to pass the Budget and Accounting Act, creating a standardized, centralized federal budgeting process.

Some argue that the rising US national debt has become more important in recent months.