National Debt, over time
What was happening
1Great RecessionDec 2007–Jun 2009
An 18-month recession by NBER dates, the longest since World War II, following the collapse of the housing market and a financial crisis. Source: National Bureau of Economic Research ↗
2Lehman Brothers collapsesSep 15, 2008
The largest bankruptcy in U.S. history marks the most acute phase of the financial crisis. Source: Federal Reserve History ↗
3Recovery Act signedFeb 17, 2009
The American Recovery and Reinvestment Act provides roughly $800 billion in spending and tax cuts. Source: Congress.gov (H.R. 1, 111th Congress) ↗
4Tax Cuts and Jobs Act signedDec 22, 2017
Cuts the corporate tax rate from 35% to 21% and lowers individual income tax rates. Source: Congress.gov (H.R. 1, 115th Congress) ↗
5COVID-19 recessionFeb–Apr 2020
The shortest recession on record by NBER dates: two months, February to April 2020. Source: National Bureau of Economic Research ↗
6COVID-19 national emergencyMar 13, 2020
A national emergency is declared as the pandemic spreads; lockdowns and business closures follow. The public health emergency lasts until May 11, 2023. Source: Federal Register (Proclamation 9994) ↗
7CARES Act signedMar 27, 2020
A $2.2 trillion pandemic relief package. Source: Congress.gov (H.R. 748, 116th Congress) ↗
8American Rescue Plan signedMar 11, 2021
A $1.9 trillion pandemic relief package. Source: Congress.gov (H.R. 1319, 117th Congress) ↗
U.S. Department of the Treasury · Debt to the Penny; Historical Debt Outstanding (before April 1993) · Daily, shown at month end · Original source