Government debt (also known as public debt, national debt) is the debt owed by a central government. (In the U.S. and other federal states, "government debt" may also refer to the debt of a state or provincial government, municipal or local government.) By contrast, the annual "government deficit" refers to the difference between government receipts and spending in a single year, that is, the increase of debt over a particular year.
Governments usually borrow by issuing securities, government bonds and bills. Less creditworthy countries sometimes borrow directly from a supranational organization (e.g. the World Bank) or international financial institutions.
As the government draws its income from much of the population, government debt is an indirect debt of the taxpayers. Government debt can be categorized as internal debt (owed to lenders within the country) and external debt (owed to foreign lenders). Sovereign debt usually refers to government debt that has been issued in a foreign currency. Another common division of government debt is by duration until repayment is due. Short term debt is generally considered to be for one year or less, long term is for more than ten years. Medium term debt falls between these two boundaries. A broader definition of government debt may consider all government liabilities, including future pension payments and payments for goods and services the government has contracted but not yet paid.
Andrew Jackson (March 15, 1767 – June 8, 1845) was the seventh President of the United States (1829–1837). Based in frontier Tennessee, Jackson was a politician and army general who defeated the Creek Indians at the Battle of Horseshoe Bend (1814), and the British at the Battle of New Orleans (1815). A polarizing figure who dominated the Second Party System in the 1820s and 1830s, as president he destroyed the national bank and relocated most Indian tribes from the Southeast to west of the Mississippi River. His enthusiastic followers created the modern Democratic Party. The 1830–1850 period later became known as the era of Jacksonian democracy.
Jackson was nicknamed "Old Hickory" because of his toughness and aggressive personality; he fought in duels, some fatal to his opponents. He was a rich slaveholder, who appealed to the common men of the United States, and fought politically against what he denounced as a closed, undemocratic aristocracy. He expanded the spoils system during his presidency to strengthen his political base.
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