Debt is the total stock of government obligations outstanding on a specific date. Governments borrow to finance fiscal deficits when tax revenue falls short. Debt can be domestic (in local currency) or foreign (usually in USD)
George Washington established executive departments and negotiated Jay Treaty. John Adams served as second president, known for defense of right to counsel. Thomas Jefferson authored Declaration of Independence and served as third president. Andrew Jackson led Union through Civil War, abolishing slavery
Born in Bulgaria to a headmaster father who taught in Umurbey. Joined Party of Union and Progress in 1907. Founded National Library and "Towards the People" society