On taking office, Carter proposed an economic stimulus package that would give each citizen a $50 tax rebate, cut corporate taxes by $900 million, and increase spending on public works. The limited spending involved in the package reflected Carter's fiscal conservatism, as he was more concerned with avoiding inflation and balancing the budget than addressing unemployment. Carter's resistance to higher federal spending drew attacks from many members of his own party, who wanted to lower the unemployment rate through federal public works projects. The national debt of the United States increased by about $280 billion, from $620 billion in early 1977 to $900 billion in late 1980. However, because economic growth outpaced the growth in nominal debt, the federal government's debt as a percentage of gross domestic product decreased slightly, from 33.6% in early 1977 to 31.8% in late 1980.
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yes