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How did the government incur millions of dollars in debt?
There are 3 types of debt a government can occur (Export Debt), (Import Debt) and (Social Debt). Export Debt (money owed to the government from Another Country that isn't paying) Import Debt (money owed to another country by the government) Social Debt: This is what I am assuming you are referring (the deficit). The deficit is money borrowed on "future" income from collectible taxes and fees from the governments citizens. They borrow against it (like a credit card). Its money owed to themselves. Its not a true debt in the conventional sense. However if left upaid then the government can't honour future benefits to its citizens and the country would collapse (like Greece and Spain).
How does deficit spending impact national debt?
Deficit spending is spending money raised by borrowing. It is used by governments to stimulate their economy during times of depression or economic slow-down. Unless the borrowing is repaid, deficit spending will increase the national debt.
What president raised the debt ceiling most?
The President cannot raise the debt ceiling. It is set by Congress.
Describe the country's financial problems after the Revolutionary War.?
The US Congress needed money after the Revolutionary War because the United States spent $37 million at the national level plus $114 million by the states. The U.S. finally solved its debt and currency problems in the 1790s.
How many times has Obama raised the national debt ceiling?
The President cannot raise the debt ceiling. Only Congress can do that.
