Accessible Version

Figure 1. Federal Debt and Primary Budget Surpluses, 1912-2012

Percent of Gross Domestic Product (GDP)

Fiscal year	Federal debt	Primary budget surplus
1912	3.6	0.1
1913	3.4	0.1
1914	3.4	0.1
1915	3.4	-0.1
1916	3.0	0.2
1917	5.9	-1.6
1918	19.6	-14.2
1919	34.6	-17.4
1920	29.4	1.6
1921	29.5	1.9
1922	30.9	2.3
1923	27.7	2.2
1924	24.1	2.2
1925	22.3	1.8
1926	20.1	1.8
1927	18.4	2.0
1928	17.3	1.7
1929	16.0	1.4
1930	15.6	1.4
1931	19.5	0.2
1932	27.9	-3.2
1933	38.0	-3.4
1934	43.2	-4.7
1935	45.8	-2.9
1936	47.6	-4.6
1937	44.0	-1.6
1938	43.2	0.8
1939	46.4	-2.3
1940	44.2	-2.1
1941	42.3	-3.5
1942	47.0	-13.5
1943	70.9	-29.4
1944	88.3	-21.6
1945	106.2	-20.0
1946	108.7	-5.3
1947	96.2	3.6
1948	84.3	6.4
1949	79.0	1.9
1950	80.2	0.6
1951	66.9	3.4
1952	61.6	1.0
1953	58.6	-0.3
1954	59.5	1.1
1955	57.2	0.6
1956	52.0	2.2
1957	48.6	2.1
1958	49.2	0.7
1959	47.9	-1.4
1960	45.6	1.5
1961	45.0	0.7
1962	43.7	0.1
1963	42.4	0.6
1964	40.0	0.5
1965	37.9	1.2
1966	34.9	0.8
1967	32.9	0.3
1968	33.3	-1.5
1969	29.3	1.8
1970	28.0	1.2
1971	28.1	-0.6
1972	27.4	-0.6
1973	26.0	0.3
1974	23.9	1.2
1975	25.3	-1.8
1976	28.2	-2.3
1977	27.8	-1.0
1978	27.4	-0.9
1979	25.6	0.4
1980	26.1	-0.4
1981	25.8	0.1
1982	28.7	-0.8
1983	33.1	-2.8
1984	34.0	-1.3
1985	36.4	-1.4
1986	39.5	-1.4
1987	40.6	0.2
1988	41.0	0.3
1989	40.6	0.7
1990	42.1	-0.3
1991	45.3	-0.9
1992	48.1	-1.2
1993	49.3	-0.7
1994	49.2	0.1
1995	49.1	1.0
1996	48.4	1.8
1997	45.9	2.8
1998	43.0	3.7
1999	39.4	3.9
2000	34.7	4.8
2001	32.5	3.4
2002	33.6	0.2
2003	35.6	-2.0
2004	36.8	-2.1
2005	36.9	-1.0
2006	36.6	-0.1
2007	36.3	0.7
2008	40.5	-1.4
2009	54.1	-8.7
2010	62.8	-7.4
2011	67.7	-6.9
2012	72.5	-5.6

Note: Federal debt is the federal debt held by the public; primary budget surpluses are calculated as federal revenues less federal noninterest outlays.

Source: Office of Management and Budget and Congressional Budget Office.