Another important domestic issue with which Pitt had to concern himself was the national debt, which had doubled to £243 million during the American war. Every year, a third of the budget of £24 million went to pay interest. Pitt sought to reduce the national debt by imposing new taxes. In 1786, he instituted a sinking fund so that £1 million a year was added to a fund so that it could accumulate interest; eventually, the money in the fund was to be used to pay off the national debt. By 1792, the debt had fallen to £170 million.