Who was the only president to pay off debt?

The Only U.S. President Who Eliminated the National Debt

Andrew Jackson holds a unique distinction in American financial history: he is the only president to have completely paid off the national debt. In January 1835, under his administration, the United States found itself completely free of interest-bearing debt—a feat never repeated before or since.

Driven by a strict belief in limited government and fiscal discipline, Jackson saw public debt as a moral and economic burden. His administration benefited from a combination of factors, including revenue from land sales, tariffs, and the controversial distribution of funds from the dismantling of the Second Bank of the United States. By 1835, the government had not only balanced its budget but produced a surplus so significant—$17.9 million—that it exceeded total annual expenses.

This remarkable financial milestone was short-lived, however. After Jackson left office in 1837, economic turmoil quickly returned. A financial panic struck the same year, fueled by speculative lending practices and declining federal revenue. Without the cushion of debt to manage economic shocks, the government eventually had to borrow again to stabilize the economy.

While Jackson’s achievement remains unmatched, it also serves as a reminder that eliminating national debt is not just a matter of political will—it must be sustainable within a broader economic context. His aggressive fiscal policies may have cleared the books temporarily, but they couldn’t shield the nation from the realities of market cycles and unforeseen crises.

Still, for one brief moment in American history, the country stood debt-free—thanks to Andrew Jackson’s relentless focus on financial independence.