“A public debt is a public curse.” So said James Madison in a letter to Henry Lee in 1790. At the time, the new American government was struggling to pay off its $75 million debt to the French, a country which had its own problems dealing with an increasingly violent revolution. I doubt Madison could have envisioned how successful his experiment in republican governance would become, one that would finance much of its wartime expenditures by taking on mountains of debt. One of the key responsibilities for Congress, elected by the American people, is to oversee the public debt. The history of our national debt can easily be summarized by this: we carried massive loads of debt
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