<Tr> <Td> </Td> <Td> This article needs to be updated . Please update this article to reflect recent events or newly available information . (January 2017) </Td> </Tr> <P> The history of the United States public debt started with federal government debt incurred during the American Revolutionary War by the first U.S treasurer, Michael Hillegas, after its formation in 1789 . The United States has continuously had a fluctuating public debt since then, except for about a year during 1835--1836 . To allow comparisons over the years, public debt is often expressed as a ratio to gross domestic product (GDP). Historically, the United States public debt as a share of GDP has increased during wars and recessions, and subsequently declined . </P> <P> The United States public debt as a percentage of GDP reached its highest level during Harry Truman's first presidential term, during and after World War II . Public debt as a percentage of GDP fell rapidly in the post-World War II period, and reached a low in 1973 under President Richard Nixon . Debt as a share of GDP has consistently increased since then, except during the terms of presidents Jimmy Carter and Bill Clinton . Public debt rose during the 1980s, as President Reagan cut tax rates and increased military spending . It fell during the 1990s, due to decreased military spending, increased taxes and the 1990s boom . Public debt rose sharply in the wake of the 2007--08 financial crisis and the resulting significant tax revenue declines and spending increases . </P> <P> Except for about a year during 1835--1836, the United States has continuously had a fluctuating public debt since its Constitution went into effect on March 4, 1789 . During the American Revolution, the Continental Congress, under the Articles of Confederation, amassed huge war debts, but lacked the power to repay these obligations through taxation or duties on imports . </P>

During what period of time was the debt held by the public (as a share of gdp) the highest