Prior to his inauguration,Franklin Roosevelt promised outgoing President Hoover that he would not create more debt in the federal budget.

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In fact, Roosevelt did not promise Hoover that he would not create more debt in the federal budget. In his inaugural address on March 4, 1933, he famously declared, "The only thing we have to fear is fear itself" and laid out his plans for a New Deal, which included significant government spending to address the economic depression.

Prior to His Inauguration,Franklin Roosevelt Promised Outgoing President Hoover That