On January 8, 1835, the United States’ national debt was paid down to zero for the first and only time in its history. The last payment of $33,000 erased what had been a $127 million ($1.5 billion in 2008 dollars) debt in 1816. Democratic President Andrew Jackson made it his goal to eliminate national debt during his term, and vetoed any unnecessary spending bills that came across his desk. The debt-free United States did not last long. One year later, a land speculation bubble collapsed and the government was forced to spend their way out of a recession. The national debt has stayed ever since. It is currently $12,280,845,281,517.59.
Sources:
http://www.treasurydirect.gov/govt/reports/pd/histdebt/histdebt_histo1.htm
http://en.wikipedia.org/wiki/United_States_public_debt
http://www.nashuatelegraph.com/news/523938-196/daily-twip—u.s.-national-debt-hits.html
http://online.wsj.com/article/SB123491373049303821.html
Wow, I never knew this!