On October 29, 1929, Holloway's administration, as well as the rest of the world, would face a new problem. When Wall Street crashed, Oklahoma, and the United States, was thrown into the Great Depression. Until this point, Holloway had vowed to keep the state's expenditures under $30,000,000 in his two years of Governorship. With Oklahoma already $2,000,000 in debt, the Depression only made matters worse. Holloway was forced to spend more money than the state's revenues allowed in order to prevent a total collapse of the state government and private businesses. This would continue until the end of his term.