In all other periods the public debt existed, large or small.
This day in 1835 was the only time that the United States was without public debt. It happened during the presidency of President Andrew Jackson and Finance Minister Levi Woodbury. In all other periods the debt existed, large or small. It peaked in World War II (approximately 117.5% of gross domestic product), and today it amounts to over $17,000 billion, or slightly more than 100% of the GDP.