Why was the US in debt after the Revolutionary War?
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Also question is, who was the US in debt to after the Revolutionary War?
Shortly after the American Revolutionary War (1775-1783), public debt grew to more than $75 million and continued to swell considerably over the next four decades to nearly $120 million. However, President Andrew Jackson shrank that debt to zero in 1835.
Subsequently, question is, how much did the US owe France after the Revolutionary War? During the war, France shouldered a financial burden similar to that of Great Britain, as debt from the American Revolutionary War was piled upon already existing debts from the Seven Years' War. The French spent 1.3 billion livres on war costs equivalent to 100 million pounds sterling (at 13 livres to the pound).
Simply so, how did the US pay for the Revolutionary War?
U.S. Debt and Foreign Loans, 1775–1795. During the American Revolution, a cash-strapped Continental Congress accepted loans from France. In order to pay for its significant expenditures during the Revolution, Congress had two options: print more money or obtain loans to meet the budget deficit.
When was the last time the United States was debt free?
January 8, 1835