How much did the United States owe in debts at the time the Constitution was adopted – $4 million, $79 million, or $212 million?$79 million. (Nearly $12 million was owed to foreign banks and creditors, and $42 million was owed to banks and contractors in the United States. In addition, the states owed $25 million for defense expenditures during the Revolutionary War. The federal government assumed these state debts.)

Listen to our call for freedom from November 24th 2009, where we discuss the impending Budget Shortfall which will be experienced next year by most of the states in the union. In this discussion we brought on several panel members to research the problem of their respective states, and the present solutions that will help the states overcome their dire situation. Different options for cutting spending and minimizing the shortfall. Different possibilities for generating additional income. And much more.

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Which President paid off half of the entire national debt in eight years – Thomas Jefferson, James Monroe, or Woodrow Wilson?Answer: Thomas Jefferson (He did this primarily by selling of vast regions of the public lands so they could be cultivated and developed by individual citizens. This was so successful that he abolished the federal sales tax – an excise tax – and dismantled the revenue service that collected it.)

Many people hear Congressmen or the President talk about the Federal Deficit or National Debt, but it can some times be confusing. What is the difference? How does that impact all of us? Let’s take a look.