National debt of the United States in the context of "Intergenerational equity"

Ronald Reagan's tenure as the 40th president of the United States began with his first inauguration on January 20, 1981, and ended on January 20, 1989. Reagan, a Republican from California, took office after defeating the Democratic incumbent president Jimmy Carter and independent congressman John B. Anderson in the 1980 presidential election. Four years later, he won re-election in the 1984 presidential election, after defeating the Democratic nominee Walter Mondale. Bush was constitutionally limited to two terms and was succeeded by his vice president, George H. W. Bush, who won the 1988 presidential election. Reagan's 1980 landslide election resulted from a conservative shift to the right in American politics, including a loss of confidence in liberal, New Deal, and Great Society programs and priorities that had dominated the national agenda since the 1930s.

Domestically, the Reagan administration enacted a major tax cut, sought to cut non-military spending, and eliminated federal regulations. The administration's economic policies, known as "Reaganomics", were inspired by supply-side economics. The combination of tax cuts and an increase in defense spending led to budget deficits, and the federal debt increased significantly during Reagan's tenure. Reagan signed the Tax Reform Act of 1986, simplifying the tax code by reducing rates and removing several tax breaks, and the Immigration Reform and Control Act of 1986, which enacted sweeping changes to U.S. immigration law and granted amnesty to three million illegal immigrants. Reagan also appointed more federal judges than any other president, including four Supreme Court Justices.

The Libertarian Party (LP) is a political party in the United States. It promotes civil liberties, non-interventionism, laissez-faire capitalism, and limiting the size and scope of government. The world's first explicitly libertarian party, it was conceived in August 1971 at meetings in the home of David Nolan in Westminster, Colorado, and was officially formed on December 11, 1971, in Colorado Springs. The organizers of the party drew inspiration from the works and ideas of the prominent Austrian school economist Murray Rothbard. The founding of the party was prompted in part due to concerns about the Nixon administration's wage and price controls, the Vietnam War, conscription, and the introduction of fiat money.

The party generally supports "personal liberty" and fiscal conservatism, as compared to the Democratic Party's modern liberalism and progressivism and the Republican Party's social conservatism and right-wing populism. Gary Johnson, the party's presidential nominee in 2012 and 2016, claims that the Libertarian Party is more socially liberal than Democrats, and more fiscally conservative than Republicans. Its fiscal policy positions include lowering taxes and abolishing the Internal Revenue Service (IRS), decreasing the national debt, allowing people to opt out of Social Security, and eliminating the welfare state, in part by utilizing private charities. Its social policy positions include ending the prohibition of illegal drugs, advocating criminal justice reform, supporting same-sex marriage, ending capital punishment, and supporting the right to keep and bear arms.

The Tea Party movement was an American fiscally conservative political movement within the Republican Party that began in 2007, catapulted into the mainstream by Congressman Ron Paul's presidential campaign. The movement expanded in response to the policies of Democratic president Barack Obama and was a major factor in the 2010 wave election in which Republicans gained 63 House seats and took control of the U.S. House of Representatives.

Participants in the movement called for lower taxes and for a reduction of the national debt and federal budget deficit through decreased government spending. The movement supported small-government principles and opposed the Affordable Care Act (also known as Obamacare), President Obama's signature health care legislation. The Tea Party movement has been described as both a popular constitutional movement and as an "astroturf movement" purporting to be spontaneous and grassroots, but alleged to have been influenced by outside interests. The movement was composed of a mixture of libertarian, right-wing populist, and conservative activism. It sponsored multiple protests and supported various political candidates since 2009. The movement took its name from the December 1773 Boston Tea Party, a watershed event in the American Revolution, with some movement adherents using Revolutionary era costumes.

The 1992 United States presidential election was the presidential election, held in the United States, on November 3, 1992. The Democratic ticket of Arkansas governor Bill Clinton and Senator from Tennessee Al Gore defeated the Republican ticket of incumbent president George H. W. Bush and vice president Dan Quayle and the independent ticket of businessman Ross Perot and vice admiral James Stockdale. The election marked the end of 12 consecutive years of Republican rule of the White House, as well as the end of a longer period of Republican dominance in American presidential politics that began in 1968, with the exception of Jimmy Carter's narrow victory in 1976.

Bush had alienated many conservatives in his party by breaking his 1988 campaign pledge not to raise taxes, but he fended off a primary challenge from paleoconservative commentator Pat Buchanan without losing a single contest. Bush's popularity following his success in the Gulf War dissuaded high-profile Democratic candidates such as Mario Cuomo from entering the 1992 Democratic primaries. Clinton, a leader of the centrist Democratic Leadership Council, established himself as the front-runner for the Democratic nomination by sweeping the Super Tuesday primaries. He defeated former governor of California Jerry Brown, former Massachusetts senator Paul Tsongas, and other candidates to win the nomination, and chose Tennessee senator Al Gore as his running mate. The billionaire Perot launched an independent campaign, emphasizing his opposition to the North American Free Trade Agreement (which at time was being actively negotiated) and his plan to reduce the national debt.

Ronald Reagan's tenure as the 40th president of the United States began with his first inauguration on January 20, 1981, and ended on January 20, 1989. Reagan, a Republican from California, took office after defeating the Democratic incumbent president Jimmy Carter and independent congressman John B. Anderson in the 1980 presidential election. Four years later, he won re-election in the 1984 presidential election, after defeating the Democratic nominee Walter Mondale. Reagan was constitutionally limited to two terms and was succeeded by his vice president, George H. W. Bush, who won the 1988 presidential election. Reagan's 1980 landslide election resulted from a conservative shift to the right in American politics, including a loss of confidence in liberal, New Deal, and Great Society programs and priorities that had dominated the national agenda since the 1930s.

Domestically, the Reagan administration enacted a major tax cut, sought to cut non-military spending, and eliminated federal regulations. The administration's economic policies, known as "Reaganomics", were inspired by supply-side economics. The combination of tax cuts and an increase in defense spending led to budget deficits, and the federal debt increased significantly during Reagan's tenure. Reagan signed the Tax Reform Act of 1986, simplifying the tax code by reducing rates and removing several tax breaks, and the Immigration Reform and Control Act of 1986, which enacted sweeping changes to U.S. immigration law and granted amnesty to three million illegal immigrants. Reagan also appointed more federal judges than any other president, including four Supreme Court Justices.

Andrew William Mellon (/ˈmɛlən/; March 24, 1855 – August 26, 1937), known also as A. W. Mellon, was an American banker, businessman, industrialist, philanthropist, art collector, and politician. The son of Mellon family patriarch Thomas Mellon, he established a vast business empire before moving into politics. He served as United States Secretary of the Treasury from March 9, 1921, to February 12, 1932, presiding over the boom years of the 1920s and the Wall Street crash of 1929. A conservative Republican, Mellon favored policies that reduced taxation and the national debt of the United States in the aftermath of World War I. Mellon also helped fund and manage Kennywood Park in West Mifflin, Pennsylvania.

Andrew began working at his father's Pittsburgh, Pennsylvania, bank, T. Mellon & Sons, in the early 1870s, eventually becoming the leading figure in the institution. He later renamed T. Mellon & Sons as Mellon National Bank and established another financial institution, the Union Trust Company in Pittsburgh in 1889. By the end of 1913, Mellon National Bank held more money in deposits than any other bank in Pittsburgh, and the second-largest bank in the region was controlled by Union Trust. In the course of his business career, Mellon owned or helped finance large companies including Alcoa, the New York Shipbuilding Corporation, Old Overholt whiskey, Standard Steel Car Company, Westinghouse Electric Corporation, Koppers, the Pittsburgh Coal Company, the Carborundum Company, Union Steel Company, the McClintic-Marshall Construction Company, Gulf Oil, and numerous others. He was also an influential donor to the Republican Party during the Gilded Age and the Progressive Era.

The Bureau of the Fiscal Service (Fiscal Service) is part of the U.S. Department of the Treasury. The Bureau consolidates the activities of the previous Bureau of the Public Debt and the Financial Management Service, under the Office of Fiscal Service. It manages the government's accounting, central payment systems, and public debt; it serves essentially as the United States Government's checking account and the payment rail for every federal agency. The Bureau acts as the federal government's agent as it interfaces with the various agencies. It also operates the TreasuryDirect website for purchasing Treasury securities.

The Bureau also manages the daily auctions of Treasury Securities, which provide the cash necessary to fund all activities of the United States Government.