Money U.S. National Debt by President
The National Debt, standing at $40.17 trillion as of September 2026 [1] U.S. Treasury, “Historical Debt Outstanding” https://fiscaldata.treasury.gov/datasets/historical-debt-outstanding/historical-debt-outstanding, is a number that for most of us is too high to even conceive of. Since 1929, national debt has continued to climb, from President to President.
Keeping in mind, changes in the U.S. national debt reflect outcomes of federal fiscal policy over time and should not be interpreted as the sole responsibility of any individual President. While Presidents propose budgets and influence economic policy, Congress holds the power of the purse, and spending levels are shaped by legislation, prior-year budgets, macroeconomic conditions, and extraordinary events such as wars, recessions, and public health crises.
Additionally, for most Presidents, fiscal outcomes during their first year in office are largely governed by budgets passed by the previous administration. As a result, early-term debt changes may reflect policies enacted before a President took office.
This article will dive into how much each President’s term in office has contributed to the national debt, the types of decisions made that impact debt levels the most and events that have shaped America’s economic reality throughout history.
Key statistics
- The U.S. national debt stood at $40.17 trillion as of Sept. 30, 2026.
- The debt grew by about $9.21 trillion during Joe Biden's presidency, the largest dollar increase of any completed presidential term.
- Four presidential terms each added more than $6 trillion to the debt: Joe Biden ($9.21 trillion), Barack Obama ($8.34 trillion), Donald J. Trump’s first term ($8.18 trillion) and George W. Bush ($6.10 trillion).
- Abraham Lincoln oversaw the largest percentage increase in the debt, 2,859%, from $90.6 million to $2.68 billion, largely to fund the Civil War.
- The debt fell to about $33,733 on Jan. 1, 1835, under Andrew Jackson, its lowest recorded level.
- The debt rose by about $4.23 trillion (18.6%) in fiscal year 2020, during the COVID-19 pandemic. This was the largest single-year dollar increase on record.
- The debt has increased during every presidential term since Herbert Hoover took office in 1929.
- 14 of the 45 presidential terms ended with a lower national debt than they started with. The most recent was Calvin Coolidge (1923 to 1929).
Before we start, we must define the national debt, identify some of the factors that make it rise or fall, and, importantly, determine what the national debt isn’t.
The federal deficit
The federal deficit differs from the national debt in that the deficit is the difference between revenue and spending in a single year, whereas the national debt is measured since the country’s inception and over the country’s lifetime. The national debt is what the federal government owes its creditors. It’s made up of different types of debt, such as that which is held by the public and federal government trust funds. [2] Investopedia, “USA National Debt” https://www.investopedia.com/updates/usa-national-debt/
Deficits and debt are definitely related. One way to measure a President's debt is to add up his budget deficits. A President's budget reveals a particular administration's spending priorities. The deficit by each President reveals how much deficit was in each year's budget, which can increase the debt.
The national debt
The national debt of the United States is the total unpaid borrowed funds owed by the federal government to its creditors. [2] Investopedia, “USA National Debt” https://www.investopedia.com/updates/usa-national-debt/ Government debt increases as a result of government spending, and decreases from collected taxes and other revenues. Both of these fluctuate during the course of a fiscal year.
The national debt includes money the federal government owes to itself. By law, Social Security trust fund income must be invested in special-issue U.S. Treasury securities. The money used to buy these securities goes into the Treasury's general fund, and no separate pool of cash is set aside for Social Security. [3] U.S. Congress, “Social Security Trust Fund Investment” https://www.congress.gov/crs-product/IF10564
History of the U.S. debt by president
Total debt change percentage in office per president [1] U.S. Treasury, “Historical Debt Outstanding” https://fiscaldata.treasury.gov/datasets/historical-debt-outstanding/historical-debt-outstanding
| President | Year | Debt at Start ($) | Debt as of September After Leaving Office ($) | Debt Change Percentage in Office (4-8 Years) | Total Debt Change ($) |
|---|---|---|---|---|---|
| PresidentDonald J. Trump (second term) | Year2025-present* | Debt at Start ($)$37,637,553,494,935.60 | Debt as of September After Leaving Office ($)$40,171,825,101,340.30 | Debt Change Percentage in Office (4-8 Years)6.73% | Total Debt Change ($)$2,534,271,606,404.70 |
| PresidentJoe Biden | Year2021–2025 | Debt at Start ($)$28,428,918,570,048.60 | Debt as of September After Leaving Office ($)$37,637,553,494,935.60 | Debt Change Percentage in Office (4-8 Years)32.39% | Total Debt Change ($)$9,208,634,924,887.00 |
| PresidentDonald J. Trump (first term) | Year2017–2021 | Debt at Start ($)$20,244,900,016,053.50 | Debt as of September After Leaving Office ($)$28,428,918,570,048.60 | Debt Change Percentage in Office (4-8 Years)40.43% | Total Debt Change ($)$8,184,018,553,995.10 |
| PresidentBarack Obama | Year2009–2017 | Debt at Start ($)$11,909,829,003,511.70 | Debt as of September After Leaving Office ($)$20,244,900,016,053.50 | Debt Change Percentage in Office (4-8 Years)69.98% | Total Debt Change ($)$8,335,071,012,541.80 |
| PresidentGeorge W. Bush | Year2001–2009 | Debt at Start ($)$5,807,463,412,200.06 | Debt as of September After Leaving Office ($)$11,909,829,003,511.70 | Debt Change Percentage in Office (4-8 Years)105.08% | Total Debt Change ($)$6,102,365,591,311.64 |
| PresidentWilliam J. Clinton | Year1993–2001 | Debt at Start ($)$4,411,488,883,139.38 | Debt as of September After Leaving Office ($)$5,807,463,412,200.06 | Debt Change Percentage in Office (4-8 Years)31.64% | Total Debt Change ($)$1,395,974,529,060.68 |
| PresidentGeorge H. W. Bush | Year1989–1993 | Debt at Start ($)$2,857,430,960,187.32 | Debt as of September After Leaving Office ($)$4,411,488,883,139.38 | Debt Change Percentage in Office (4-8 Years)54.39% | Total Debt Change ($)$1,554,057,922,952.06 |
| PresidentRonald Reagan | Year1981–1989 | Debt at Start ($)$997,855,000,000.00 | Debt as of September After Leaving Office ($)$2,857,430,960,187.32 | Debt Change Percentage in Office (4-8 Years)186.36% | Total Debt Change ($)$1,859,575,960,187.32 |
| PresidentJimmy Carter | Year1977–1981 | Debt at Start ($)$698,840,000,000.00 | Debt as of September After Leaving Office ($)$997,855,000,000.00 | Debt Change Percentage in Office (4-8 Years)42.79% | Total Debt Change ($)$299,015,000,000.00 |
| PresidentGerald Ford | Year1974–1977 | Debt at Start ($)$475,059,815,731.55 | Debt as of September After Leaving Office ($)$698,840,000,000.00 | Debt Change Percentage in Office (4-8 Years)47.11% | Total Debt Change ($)$223,780,184,268.45 |
| PresidentRichard Nixon | Year1969–1974 | Debt at Start ($)$353,720,253,841.41 | Debt as of September After Leaving Office ($)$475,059,815,731.55 | Debt Change Percentage in Office (4-8 Years)34.30% | Total Debt Change ($)$121,339,561,890.14 |
| PresidentLyndon Johnson | Year1963–1969 | Debt at Start ($)$305,859,632,996.41 | Debt as of September After Leaving Office ($)$353,720,253,841.41 | Debt Change Percentage in Office (4-8 Years)15.65% | Total Debt Change ($)$47,860,620,845.00 |
| PresidentJohn F. Kennedy | Year1961–1963 | Debt at Start ($)$288,970,938,610.05 | Debt as of September After Leaving Office ($)$305,859,632,996.41 | Debt Change Percentage in Office (4-8 Years)5.84% | Total Debt Change ($)$16,888,694,386.36 |
| PresidentDwight Eisenhower | Year1953–1961 | Debt at Start ($)$266,071,061,638.57 | Debt as of September After Leaving Office ($)$288,970,938,610.05 | Debt Change Percentage in Office (4-8 Years)8.61% | Total Debt Change ($)$22,899,876,971.48 |
| PresidentHarry S. Truman | Year1945–1953 | Debt at Start ($)$258,682,187,409.93 | Debt as of September After Leaving Office ($)$266,071,061,638.57 | Debt Change Percentage in Office (4-8 Years)2.86% | Total Debt Change ($)$7,388,874,228.64 |
| PresidentFranklin D. Roosevelt | Year1933–1945 | Debt at Start ($)$22,538,672,560.15 | Debt as of September After Leaving Office ($)$258,682,187,409.93 | Debt Change Percentage in Office (4-8 Years)1047.73% | Total Debt Change ($)$236,143,514,849.78 |
| PresidentHerbert Hoover | Year1929–1933 | Debt at Start ($)$16,931,088,484.10 | Debt as of September After Leaving Office ($)$22,538,672,560.15 | Debt Change Percentage in Office (4-8 Years)33.12% | Total Debt Change ($)$5,607,584,076.05 |
| PresidentCalvin Coolidge | Year1923–1929 | Debt at Start ($)$22,349,707,365.36 | Debt as of September After Leaving Office ($)$16,931,088,484.10 | Debt Change Percentage in Office (4-8 Years)-24.24% | Total Debt Change ($)-$5,418,618,881.26 |
| PresidentWarren Harding | Year1921–1923 | Debt at Start ($)$23,977,450,552.54 | Debt as of September After Leaving Office ($)$22,349,707,365.36 | Debt Change Percentage in Office (4-8 Years)-6.79% | Total Debt Change ($)-$1,627,743,187.18 |
| PresidentWoodrow Wilson | Year1913–1921 | Debt at Start ($)$2,916,204,913.66 | Debt as of September After Leaving Office ($)$23,977,450,552.54 | Debt Change Percentage in Office (4-8 Years)722.21% | Total Debt Change ($)$21,061,245,638.88 |
| PresidentWilliam H. Taft | Year1909–1913 | Debt at Start ($)$2,639,546,241.04 | Debt as of September After Leaving Office ($)$2,916,204,913.66 | Debt Change Percentage in Office (4-8 Years)10.48% | Total Debt Change ($)$276,658,672.62 |
| PresidentTheodore Roosevelt | Year1901–1909 | Debt at Start ($)$2,143,326,933.89 | Debt as of September After Leaving Office ($)$2,639,546,241.04 | Debt Change Percentage in Office (4-8 Years)23.15% | Total Debt Change ($)$496,219,307.15 |
| PresidentWilliam McKinley | Year1897–1901 | Debt at Start ($)$1,817,672,665.90 | Debt as of September After Leaving Office ($)$2,143,326,933.89 | Debt Change Percentage in Office (4-8 Years)17.92% | Total Debt Change ($)$325,654,267.99 |
| PresidentGrover Cleveland | Year1893–1897 | Debt at Start ($)$1,545,985,686.13 | Debt as of September After Leaving Office ($)$1,817,672,665.90 | Debt Change Percentage in Office (4-8 Years)17.57% | Total Debt Change ($)$271,686,979.77 |
| PresidentBenjamin Harrison | Year1889–1893 | Debt at Start ($)$1,619,052,922.23 | Debt as of September After Leaving Office ($)$1,545,985,686.13 | Debt Change Percentage in Office (4-8 Years)-4.51% | Total Debt Change ($)-$73,067,236.10 |
| PresidentGrover Cleveland | Year1885–1889 | Debt at Start ($)$1,863,964,873.14 | Debt as of September After Leaving Office ($)$1,619,052,922.23 | Debt Change Percentage in Office (4-8 Years)-13.14% | Total Debt Change ($)-$244,911,950.91 |
| PresidentChester Arthur | Year1881–1885 | Debt at Start ($)$2,069,013,569.58 | Debt as of September After Leaving Office ($)$1,863,964,873.14 | Debt Change Percentage in Office (4-8 Years)-9.91% | Total Debt Change ($)-$205,048,696.44 |
| PresidentRutherford B. Hayes | Year1877–1881 | Debt at Start ($)$2,205,301,392.10 | Debt as of September After Leaving Office ($)$2,069,013,569.58 | Debt Change Percentage in Office (4-8 Years)-6.18% | Total Debt Change ($)-$136,287,822.52 |
| PresidentUlysses S. Grant | Year1869–1877 | Debt at Start ($)$2,588,452,213.94 | Debt as of September After Leaving Office ($)$2,205,301,392.10 | Debt Change Percentage in Office (4-8 Years)-14.80% | Total Debt Change ($)-$383,150,821.84 |
| PresidentAndrew Johnson | Year1865–1869 | Debt at Start ($)$2,680,647,869.74 | Debt as of September After Leaving Office ($)$2,588,452,213.94 | Debt Change Percentage in Office (4-8 Years)-3.44% | Total Debt Change ($)-$92,195,655.80 |
| PresidentAbraham Lincoln | Year1861–1865 | Debt at Start ($)$90,580,873.72 | Debt as of September After Leaving Office ($)$2,680,647,869.74 | Debt Change Percentage in Office (4-8 Years)2859.40% | Total Debt Change ($)$2,590,066,996.02 |
| PresidentJames Buchanan | Year1857–1861 | Debt at Start ($)$28,699,831.85 | Debt as of September After Leaving Office ($)$90,580,873.72 | Debt Change Percentage in Office (4-8 Years)215.61% | Total Debt Change ($)$61,881,041.87 |
| PresidentFranklin Pierce | Year1853–1857 | Debt at Start ($)$59,803,117.70 | Debt as of September After Leaving Office ($)$28,699,831.85 | Debt Change Percentage in Office (4-8 Years)-52.01% | Total Debt Change ($)-$31,103,285.85 |
| PresidentMillard Fillmore | Year1850–1853 | Debt at Start ($)$63,452,773.55 | Debt as of September After Leaving Office ($)$59,803,117.70 | Debt Change Percentage in Office (4-8 Years)-5.75% | Total Debt Change ($)-$3,649,655.85 |
| PresidentZachary Taylor | Year1849–1850 | Debt at Start ($)$63,061,858.69 | Debt as of September After Leaving Office ($)$63,452,773.55 | Debt Change Percentage in Office (4-8 Years)0.62% | Total Debt Change ($)$390,914.86 |
| PresidentJames Polk | Year1845–1849 | Debt at Start ($)$15,925,303.01 | Debt as of September After Leaving Office ($)$63,061,858.69 | Debt Change Percentage in Office (4-8 Years)295.99% | Total Debt Change ($)$47,136,555.68 |
| PresidentJohn Tyler | Year1841–1845 | Debt at Start ($)$5,250,875.54 | Debt as of September After Leaving Office ($)$15,925,303.01 | Debt Change Percentage in Office (4-8 Years)203.29% | Total Debt Change ($)$10,674,427.47 |
| PresidentMartin Van Buren | Year1837–1841 | Debt at Start ($)$336,957.83 | Debt as of September After Leaving Office ($)$5,250,875.54 | Debt Change Percentage in Office (4-8 Years)1458.32% | Total Debt Change ($)$4,913,917.71 |
| PresidentAndrew Jackson | Year1829–1837 | Debt at Start ($)$58,421,413.67 | Debt as of September After Leaving Office ($)$336,957.83 | Debt Change Percentage in Office (4-8 Years)-99.42% | Total Debt Change ($)-$58,084,455.84 |
| PresidentJohn Quincy Adams | Year1825–1829 | Debt at Start ($)$83,788,432.71 | Debt as of September After Leaving Office ($)$58,421,413.67 | Debt Change Percentage in Office (4-8 Years)-30.28% | Total Debt Change ($)-$25,367,019.04 |
| PresidentJames Monroe | Year1817–1825 | Debt at Start ($)$123,491,965.16 | Debt as of September After Leaving Office ($)$83,788,432.71 | Debt Change Percentage in Office (4-8 Years)-32.15% | Total Debt Change ($)-$39,703,532.45 |
| PresidentJames Madison | Year1809–1817 | Debt at Start ($)$57,023,192.09 | Debt as of September After Leaving Office ($)$123,491,965.16 | Debt Change Percentage in Office (4-8 Years)116.56% | Total Debt Change ($)$66,468,773.07 |
| PresidentThomas Jefferson | Year1801–1809 | Debt at Start ($)$83,038,050.80 | Debt as of September After Leaving Office ($)$57,023,192.09 | Debt Change Percentage in Office (4-8 Years)-31.33% | Total Debt Change ($)-$26,014,858.71 |
| PresidentJohn Adams | Year1797–1801 | Debt at Start ($)$82,064,479.33 | Debt as of September After Leaving Office ($)$83,038,050.80 | Debt Change Percentage in Office (4-8 Years)1.19% | Total Debt Change ($)$973,571.47 |
| PresidentGeorge Washington | Year1789–1797 | Debt at Start ($)$71,060,508.50 | Debt as of September After Leaving Office ($)$82,064,479.33 | Debt Change Percentage in Office (4-8 Years)15.49% | Total Debt Change ($)$11,003,970.83 |
Present* = Until 09/30/2026
Data as of September 30, 2026. All debt figures and rankings in this article are based on the most recent fiscal-year data available at the time of publication. National debt levels change frequently, and this analysis represents a snapshot in time rather than a real-time measure.
Average percentage debt change per year in office [1] U.S. Treasury, “Historical Debt Outstanding” https://fiscaldata.treasury.gov/datasets/historical-debt-outstanding/historical-debt-outstanding [4] White House, “Historical Tables - OMB” https://www.whitehouse.gov/omb/information-resources/budget/historical-tables/ [5] Official Data, “Inflation Calculator” https://www.officialdata.org/
| President | Year | Average Debt % Change | Average Inflation |
|---|---|---|---|
| Donald J. Trump (second term) | 2025-present | 6.73% | 3.97% |
| Joe Biden | 2021–2025 | 7.27% | 4.44% |
| Donald J. Trump (first term) | 2017–2021 | 8.99% | 2.54% |
| Barack Obama | 2009–2017 | 6.92% | 1.68% |
| George W. Bush | 2001–2009 | 9.46% | 2.43% |
| William J. Clinton | 1993–2001 | 3.52% | 2.58% |
| George H. W. Bush | 1989–1993 | 11.49% | 3.90% |
| Ronald Reagan | 1981–1989 | 14.11% | 3.96% |
| Jimmy Carter | 1977–1981 | 9.32% | 10.69% |
| Gerald Ford | 1974–1977 | 13.75% | 7.13% |
| Richard Nixon | 1969–1974 | 6.09% | 6.11% |
| Lyndon Johnson | 1963–1969 | 2.47% | 3.09% |
| John F. Kennedy | 1961–1963 | 2.88% | 1.16% |
| Dwight Eisenhower | 1953–1961 | 1.05% | 1.43% |
| Harry S. Truman | 1945–1953 | 0.39% | 5.17% |
| Franklin D. Roosevelt | 1933–1945 | 24.59% | 2.80% |
| Herbert Hoover | 1929–1933 | 7.76% | -6.58% |
| Calvin Coolidge | 1923–1929 | -4.52% | 0.01% |
| Warren Harding | 1921–1923 | -3.45% | -2.18% |
| Woodrow Wilson | 1913–1921 | 38.92% | 8.13% |
| William H. Taft | 1909–1913 | 2.53% | 2.14% |
| Theodore Roosevelt | 1901–1909 | 2.66% | 0.88% |
| William McKinley | 1897–1901 | 4.32% | 0.60% |
| Grover Cleveland | 1893–1897 | 4.14% | -1.99% |
| Benjamin Harrison | 1889–1893 | -1.11% | -0.55% |
| Grover Cleveland | 1885–1889 | -3.40% | -1.30% |
| Chester Arthur | 1881–1885 | -2.52% | -1.24% |
| Rutherford B. Hayes | 1877–1881 | -1.43% | -0.69% |
| Ulysses S. Grant | 1869–1877 | -1.96% | -3.16% |
| Andrew Johnson | 1865–1869 | -0.84% | -4.41% |
| Abraham Lincoln | 1861–1865 | 175.52% | 16.98% |
| James Buchanan | 1857–1861 | 34.32% | 0.37% |
| Franklin Pierce | 1853–1857 | -16.38% | 3.18% |
| Millard Fillmore | 1850–1853 | -1.70% | -0.43% |
| Zachary Taylor | 1849–1850 | 0.62% | 1.30% |
| James Polk | 1845–1849 | 50.64% | 0.41% |
| John Tyler | 1841–1845 | 49.09% | -3.21% |
| Martin Van Buren | 1837–1841 | 269.59% | -2.39% |
| Andrew Jackson | 1829–1837 | 66.60% | 0.45% |
| John Quincy Adams | 1825–1829 | -8.55% | -1.52% |
| James Monroe | 1817–1825 | -4.56% | -3.51% |
| James Madison | 1809–1817 | 11.77% | 1.47% |
| Thomas Jefferson | 1801–1809 | -4.36% | -0.12% |
| John Adams | 1797–1801 | 0.35% | 0.02% |
| George Washington | 1789–1797 | 2.12% | 4.87% |
The types of presidential decisions that impact the national debt
Presidents can have a tremendous impact on the national debt. They can also have an impact on the debt in another President’s term. So for most of a new President’s first year in office, he isn’t accountable for the spending that takes place. This allows time for the new President to put a budget together when in office.
Many of the decisions that have created large budget deficits have been in response to crises.
Tax cuts
One way Presidents can have an effect on the debt is through tax cuts. Tax cuts can be a politically popular move because a President gets to tell the public they will have either more money in their paychecks or will get larger refunds when filing their tax returns. What Americans may not realize is that a President may not have a plan to offset the shortfall in revenue, which can result in the government borrowing money and increasing the debt.
Wars
A far less politically popular way Presidents can affect the debt is through war. Some recent examples include the wars in Afghanistan, Iraq and Syria.
In terms of dollar amount, as of the end of the 2023 financial year, the war in Afghanistan cost taxpayers an estimated $895 billion, and the war in Iraq and Syria cost an estimated $805 billion. If you include interest, both wars account for about $2 trillion being added to the national debt. [6] Comptroller, “Estimated Cost to Each Taxpayer of Wars in Afghanistan, Iraq, Syria and Ukraine” https://comptroller.war.gov/Portals/45/documents/Section1090Reports/Estimated_Cost_to_Each_US_Taxpayer_of_Each_Wars_in_Afghanistan_Iraq_and_Syria_and_Ukraine_dated_February_2025.pdf
Recessions
A third instance where the debt can increase is during a recession. An increase in the debt can also lead to an increase in interest rates. The Government Accountability Office found that on average, over a longer term, a 1 percentage point increase in the debt raises interest rates by 0.02 to 0.03 percentage points. [7] GAO, “The Nation’s Fiscal Health” https://www.gao.gov/assets/870/866211.pdf If interest rates continue to rise, it can hamper economic growth, and a recession is defined by the NBER as a significant decline in economic activity spread across the economy and lasting more than a few months. [8] NBER, “Business Cycle Dating” https://www.nber.org/research/business-cycle-dating A President must carefully consider the effects of economic policy during times of negative economic growth.
There are times when it may be necessary to increase the debt. The effects of the Great Recession of 2008 can be used as an example. The recession spanned two presidencies, one Republican and one Democratic. Each President took steps to stave off the recession’s effects which had a tremendous effect on the debt.
George W. Bush’s bank bailout was initiated to keep financial institutions from collapsing, resulting in significant deficits. Barack Obama’s stimulus package (The American Recovery and Reinvestment Act or ARRA) combined a $212 billion tax cut, a $296 billion expansion of programs like Medicaid and unemployment benefits, and $279 billion in discretionary spending including infrastructure, education and energy. This package aimed to assist Americans still reeling from the recession’s effects on their financial well-being. [9] Obama White House Archives, “The Economic Impact of the American Recovery and Reinvestment Act Five Years Later” https://obamawhitehouse.archives.gov/sites/default/files/docs/erp_2014_chapter_3.pdf
Pandemics
The COVID-19 pandemic which began affecting the U.S. in 2020 had a considerable impact on the national debt, with businesses being shut down and roughly 9.6 million Americans losing their jobs because their employer closed their businesses due to the pandemic. [10] Pew Research, “Fewer Jobs Have Been Lost in the EU Than in the U.S. During the COVID-19 Downturn” https://www.pewresearch.org/short-reads/2021/04/15/fewer-jobs-have-been-lost-in-the-eu-than-in-the-u-s-during-the-covid-19-downturn/
The national debt increased by 18.6% from 2019 to 2020 when the COVID-19 pandemic was at its peak, after an increase of only 5.59% in the previous year. This was the highest increase in debt since 2009 when national debt increased by 18.8%. [1] U.S. Treasury, “Historical Debt Outstanding” https://fiscaldata.treasury.gov/datasets/historical-debt-outstanding/historical-debt-outstanding
Relief bills
The American Rescue Plan is a $1.9 trillion stimulus bill that was introduced during President Joe Biden’s term in 2021 to help families recover financially from the COVID-19 pandemic. [11] Investopedia, “American Rescue Plan Definition” https://www.investopedia.com/american-rescue-plan-definition-5095694 While the bill helped businesses and individuals to rebuild, the cost of the plan did add to the national debt.
Working with Congress
The President submits a budget request, but Congress sets federal spending and tax policy through the budget process. [12] Congressional Research Service, “The Executive Budget Process” https://www.congress.gov/crs-product/R47019 This can lead to conflict between a President and Congress, including over the debt ceiling.
The debt ceiling, also called the debt limit, is the total amount of money the federal government is authorized to borrow to meet its existing legal obligations. These include Social Security and Medicare benefits, military salaries, interest on the national debt and tax refunds. The debt limit does not authorize new spending. Instead, it allows the government to finance obligations that Congresses and presidents of both parties have already approved. [13] U.S. Treasury, “Debt Limit” https://home.treasury.gov/policy-issues/financial-markets-financial-institutions-and-fiscal-service/debt-limit
Presidents who had the greatest impact on the national debt
Abraham Lincoln
Abraham Lincoln is the president who added the biggest percentage increase to the U.S. National Debt. The level of debt increased from $90.6 million in 1861 to $2.68 billion in 1865, an increase of 2,859%. [1] U.S. Treasury, “Historical Debt Outstanding” https://fiscaldata.treasury.gov/datasets/historical-debt-outstanding/historical-debt-outstanding
Much of this borrowing paid for the Civil War. The war also changed the federal government's role in banking and taxes. According to the Office of the Comptroller of the Currency, the National Currency Act of 1863 created a system of nationally chartered banks and a uniform national currency, in part to raise money for the war. [14] OCC, “Founding of the OCC & the National Banking System” https://www.occ.gov/about/who-we-are/history/history-of-the-occ/founding-occ-national-bank-system/index-founding-occ-national-banking-system.html
Martin Van Buren
Van Buren took office in 1837, after the national debt shrank in 1835 under Andrew Jackson, which the U.S. Treasury attributes to sales of federal land and federal budget cuts. [15] U.S. Treasury, “Understanding the National Debt” https://fiscaldata.treasury.gov/americas-finance-guide/national-debt/ Treasury data shows the debt rose 882% during Van Buren's first year in office, from about $336,958 on Jan. 1, 1837, to about $3.31 million on Jan. 1, 1838.
Across his term, the debt increased about 1,458%, from about $336,958 in 1837 to about $5.25 million in 1841. [1] U.S. Treasury, “Historical Debt Outstanding” https://fiscaldata.treasury.gov/datasets/historical-debt-outstanding/historical-debt-outstanding
Van Buren's presidency began just before the Panic of 1837, which led to widespread unemployment, economic depression and bank failures. The government issued Treasury notes to help keep the crisis from spreading further. [16] LOC, “Van Buren Papers 1837-1841” https://www.loc.gov/collections/martin-van-buren-papers/articles-and-essays/timeline/1837-to-1841/
Franklin Delano Roosevelt
President Roosevelt presided over the largest percentage increase in the national debt since the 1800s, but the third largest increase in Presidential history. During his term, $236 billion was added to the debt; a 1,048% increase from the $22.54 billion at the end of fiscal year 1933.
Roosevelt's time in office covered the Great Depression, the New Deal and most of World War II. According to the U.S. Treasury, the war cost the U.S. an estimated $323 billion. The government borrowed about $211 billion of that, largely through U.S. Savings Bonds sold as War Bonds. The Treasury puts the federal debt at $50 billion in 1941, when the U.S. entered the war. By the end of the war, it had grown to more than $258 billion. [17] Savings Bonds, “WW2” https://savingsbonds.gov/kids/history/history-ww2/
Woodrow Wilson
Data from the U.S. Treasury shows the national debt grew from about $2.92 billion at the end of fiscal year 1913 to about $23.98 billion at the end of fiscal year 1921, an increase of about $21.1 billion, or roughly 722%. [1] U.S. Treasury, “Historical Debt Outstanding” https://fiscaldata.treasury.gov/datasets/historical-debt-outstanding/historical-debt-outstanding Much of that borrowing paid for World War I, which the government financed in part by selling Liberty Bonds. [18] Treasury Direct, “WW1” https://treasurydirect.gov/kids/history/history-wwi/
Wilson also signed the Second Liberty Bond Act of 1917, which set limits on federal debt, including an overall cap on the bonds the Treasury could issue and limits on specific types of debt. According to the Congressional Research Service, the first aggregate limit covering nearly all public debt came later, in 1939. [19] Every CRS Report, “The Debt Limit: History and Recent Increases” https://www.everycrsreport.com/reports/RL31967.html
Ronald Reagan
The national debt grew from about $998 billion at the end of fiscal year 1981 to about $2.86 trillion at the end of fiscal year 1989, an increase of roughly 186%. [1] U.S. Treasury, “Historical Debt Outstanding” https://fiscaldata.treasury.gov/datasets/historical-debt-outstanding/historical-debt-outstanding Reagan's first term began during the recession that the National Bureau of Economic Research dates from July 1981 to November 1982. [20] NBER, “U.S. Business Cycle Expansions and Contractions” https://www.nber.org/research/data/us-business-cycle-expansions-and-contractions
In a February 1981 message to Congress, Reagan set out four parts of his economic recovery plan: slowing the growth of federal spending, cutting personal income tax rates, a program of federal regulation relief and backing a monetary policy aimed at a stable currency. [21] Reagan Library, “Message to the Congress Transmitting the Proposed Package on the Program for Economic Recovery” https://www.reaganlibrary.gov/archives/speech/message-congress-transmitting-proposed-package-program-economic-recovery-0
George W. Bush
Data from the U.S. Treasury shows the national debt grew from about $5.81 trillion at the end of fiscal year 2001 to about $11.91 trillion at the end of fiscal year 2009, an increase of about $6.1 trillion, or roughly 105%. [1] U.S. Treasury, “Historical Debt Outstanding” https://fiscaldata.treasury.gov/datasets/historical-debt-outstanding/historical-debt-outstanding
Bush's presidency included the wars in Afghanistan and Iraq, which began in 2001 and 2003. According to the Congressional Research Service, Congress approved $1.6 trillion for war-related operations from fiscal year 2001 through fiscal year 2014. That includes $686 billion for operations in Afghanistan and other counterterrorism efforts and $815 billion for operations in Iraq. [22] Every CRS Report, “The Cost of the Iraq, Afghanistan, and Other Global War on Terror Operations Since 9/11” https://www.everycrsreport.com/reports/RL33110.html
During the financial crisis of 2008, Congress authorized $700 billion for the Troubled Asset Relief Program (TARP) through the Emergency Economic Stabilization Act, which became law on Oct. 3, 2008. As of Sept. 30, 2023, Treasury had disbursed $443.5 billion through the program and estimates its lifetime cost at about $31.1 billion. [23] U.S. Treasury, “About TARP” https://home.treasury.gov/data/troubled-assets-relief-program/about-tarp
Barack Obama
Treasury data shows that from the end of fiscal year 2009, the national debt grew from about $11.91 trillion to about $20.24 trillion at the end of fiscal year 2017. That is an increase of about $8.34 trillion, or roughly 70%. [1] U.S. Treasury, “Historical Debt Outstanding” https://fiscaldata.treasury.gov/datasets/historical-debt-outstanding/historical-debt-outstanding
In 2009, during the Great Recession, Obama signed the American Recovery and Reinvestment Act (ARRA). This included $319 billion in public investment spending and tax incentives. The largest areas were clean energy (more than $90 billion), education and worker training (more than $50 billion), health care delivery and technology ($32 billion), residential and commercial construction ($31 billion), and infrastructure improvements ($30 billion). [24] Obama White House, “Recovery Act Fourth Quarterly Report” https://obamawhitehouse.archives.gov/administration/eop/cea/factsheets-reports/economic-impact-arra-4th-quarterly-report/section-4
Andrew Jackson
Andrew Jackson is the only president under whom the national debt came close to being fully paid off. Treasury data shows the debt fell from about $58.4 million on Jan. 1, 1829, shortly before Jackson took office, to about $33,733 on Jan. 1, 1835. [1] U.S. Treasury, “Historical Debt Outstanding” https://fiscaldata.treasury.gov/datasets/historical-debt-outstanding/historical-debt-outstanding The Treasury attributes this to sales of federal land and cuts to the federal budget. [15] U.S. Treasury, “Understanding the National Debt” https://fiscaldata.treasury.gov/americas-finance-guide/national-debt/
The debt began to rise again within two years, reaching about $336,958 by Jan. 1, 1837. [1] U.S. Treasury, “Historical Debt Outstanding” https://fiscaldata.treasury.gov/datasets/historical-debt-outstanding/historical-debt-outstanding According to the Library of Congress, surplus federal revenue was distributed to the states. The Panic of 1837, which began shortly after Jackson left office, led to widespread unemployment, economic depression and bank failures. [16] LOC, “Van Buren Papers 1837-1841” https://www.loc.gov/collections/martin-van-buren-papers/articles-and-essays/timeline/1837-to-1841/
Events that influenced debt levels (since 1917) [1] U.S. Treasury, “Historical Debt Outstanding” https://fiscaldata.treasury.gov/datasets/historical-debt-outstanding/historical-debt-outstanding
-
2021
Debt at End of Fiscal Year: $28,428,918,570,048.60
President(s): Donald J. Trump / Joe Biden
Change From Prior Year: $1,483,527,375,433.50
Event: American Rescue Plan Act
-
2020
Debt at End of Fiscal Year: $26,945,391,194,615.10
President(s): Donald J. Trump
Change From Prior Year: $4,225,989,441,181.40
Event: COVID-19 pandemic
-
2019
Debt at End of Fiscal Year: $22,719,401,753,433.70
President(s): Donald J. Trump
Change From Prior Year: $1,203,343,570,253.50
Event: Defense spending
-
2018
Debt at End of Fiscal Year: $21,516,058,183,180.20
President(s): Donald J. Trump
Change From Prior Year: $1,271,158,167,126.70
Event: Trump tax cuts take effect
-
2017
Debt at End of Fiscal Year: $20,244,900,016,053.50
President(s): Barack Obama / Donald J. Trump
Change From Prior Year: $671,455,302,116.80
Event: Congress raises debt ceiling
-
2016
Debt at End of Fiscal Year: $19,573,444,713,936.70
President(s): Barack Obama
Change From Prior Year: $1,422,827,047,452.40
Event: Defense spending
-
2014
Debt at End of Fiscal Year: $17,824,071,380,733.80
President(s): Barack Obama
Change From Prior Year: $1,085,887,854,036.50
Event: Debt ceiling crisis
-
2013
Debt at End of Fiscal Year: $16,738,183,526,697.30
President(s): Barack Obama
Change From Prior Year: $671,942,119,311.50
Event: Sequester/Government shutdown
-
2012
Debt at End of Fiscal Year: $16,066,241,407,385.80
President(s): Barack Obama
Change From Prior Year: $1,275,901,078,828.70
Event: “Fiscal cliff”
-
2010
Debt at End of Fiscal Year: $13,561,623,030,891.70
President(s): Barack Obama
Change From Prior Year: $1,651,794,027,380.00
Event: Patient Protection and Affordable Care Act and Obama tax cuts
-
2009
Debt at End of Fiscal Year: $11,909,829,003,511.70
President(s): George W. Bush / Barack Obama
Change From Prior Year: $1,885,104,106,599.30
Event: American Recovery and Reinvestment Act of 2009
-
2005
Debt at End of Fiscal Year: $7,932,709,661,723.50
President(s): George W. Bush
Change From Prior Year: $553,656,965,393.18
Event: Hurricane Katrina
-
2004
Debt at End of Fiscal Year: $7,379,052,696,330.32
President(s): George W. Bush
Change From Prior Year: $595,821,633,586.70
Event: War in Iraq
-
2002
Debt at End of Fiscal Year: $6,228,235,965,597.16
President(s): George W. Bush
Change From Prior Year: $420,772,553,397.10
Event: War on Terror initiated (Afghanistan)
-
2001
Debt at End of Fiscal Year: $5,807,463,412,200.06
President(s): William J. Clinton / George W. Bush
Change From Prior Year: $133,285,202,313.20
Event: 9/11 Attacks
-
2000
Debt at End of Fiscal Year: $5,674,178,209,886.86
President(s): William J. Clinton
Change From Prior Year: $17,907,308,271.43
Event: Budget surplus
-
1999
Debt at End of Fiscal Year: $5,656,270,901,615.43
President(s): William J. Clinton
Change From Prior Year: $130,077,892,717.81
Event: Glass-Steagall repealed
-
1998
Debt at End of Fiscal Year: $5,526,193,008,897.62
President(s): William J. Clinton
Change From Prior Year: $113,046,997,500.28
Event: Long-term capital management and hedge fund crisis
-
1996
Debt at End of Fiscal Year: $5,224,810,939,135.73
President(s): William J. Clinton
Change From Prior Year: $250,828,038,426.34
Event: Welfare Reform
-
1990
Debt at End of Fiscal Year: $3,233,313,451,777.25
President(s): George H. W. Bush
Change From Prior Year: $375,882,491,589.93
Event: First Iraq War
-
1989
Debt at End of Fiscal Year: $2,857,430,960,187.32
President(s): Ronald Reagan / George H. W. Bush
Change From Prior Year: $255,093,248,146.16
Event: Savings & Loan crisis
-
1988
Debt at End of Fiscal Year: $2,602,337,712,041.16
President(s): Ronald Reagan
Change From Prior Year: $252,060,821,088.16
Event: Fed raises rates
-
1987
Debt at End of Fiscal Year: $2,350,276,890,953.00
President(s): Ronald Reagan
Change From Prior Year: $224,974,274,294.58
Event: Market crash
-
1980
Debt at End of Fiscal Year: $907,701,000,000.00
President(s): Jimmy Carter
Change From Prior Year: $81,182,000,000.00
Event: Volcker raises fed rate to 20%
-
1978
Debt at End of Fiscal Year: $771,544,000,000.00
President(s): Jimmy Carter
Change From Prior Year: $72,704,000,000.00
Event: Recession
-
1975
Debt at End of Fiscal Year: $533,189,000,000.00
President(s): Gerald Ford
Change From Prior Year: $58,129,184,268.45
Event: Vietnam War ends
-
1974
Debt at End of Fiscal Year: $475,059,815,731.55
President(s): Richard Nixon / Gerald Ford
Change From Prior Year: $16,918,210,419.46
Event: Watergate/Budget process created
-
1973
Debt at End of Fiscal Year: $458,141,605,312.09
President(s): Richard Nixon
Change From Prior Year: $30,881,144,371.59
Event: Oil embargo
-
1970
Debt at End of Fiscal Year: $370,918,706,949.93
President(s): Richard Nixon
Change From Prior Year: $17,198,453,108.52
Event: Recession
-
1965
Debt at End of Fiscal Year: $317,273,898,983.64
President(s): Lyndon Johnson
Change From Prior Year: $5,560,999,726.34
Event: U.S. escalation in Vietnam War
-
1964
Debt at End of Fiscal Year: $311,712,899,257.30
President(s): Lyndon Johnson
Change From Prior Year: $5,853,266,260.89
Event: War on Poverty
-
1962
Debt at End of Fiscal Year: $298,200,822,720.87
President(s): John F. Kennedy
Change From Prior Year: $9,229,884,110.82
Event: Cuban Missile Crisis
-
1961
Debt at End of Fiscal Year: $288,970,938,610.05
President(s): Dwight Eisenhower / John F. Kennedy
Change From Prior Year: $2,640,177,761.68
Event: Bay of Pigs
-
1960
Debt at End of Fiscal Year: $286,330,760,848.37
President(s): Dwight Eisenhower
Change From Prior Year: $1,624,853,770.15
Event: Recession
-
1959
Debt at End of Fiscal Year: $284,705,907,078.22
President(s): Dwight Eisenhower
Change From Prior Year: $8,362,689,332.41
Event: Fed raises rates
-
1957
Debt at End of Fiscal Year: $270,527,171,896.43
President(s): Dwight Eisenhower
Change From Prior Year: ($2,223,641,752.89)
Event: Recession
-
1953
Debt at End of Fiscal Year: $266,071,061,638.57
President(s): Harry S. Truman / Dwight Eisenhower
Change From Prior Year: $6,965,882,853.14
Event: Korean War cease-fire
-
1950
Debt at End of Fiscal Year: $257,357,352,351.04
President(s): Harry S. Truman
Change From Prior Year: $4,586,992,490.71
Event: Korean War
-
1949
Debt at End of Fiscal Year: $252,770,359,860.33
President(s): Harry S. Truman
Change From Prior Year: $478,113,347.34
Event: Transition to a post-war economy
-
1947
Debt at End of Fiscal Year: $258,286,383,108.67
President(s): Harry S. Truman
Change From Prior Year: ($11,135,716,064.59)
Event: Cold War begins
-
1946
Debt at End of Fiscal Year: $269,422,099,173.26
President(s): Harry S. Truman
Change From Prior Year: $10,739,911,763.33
Event: Employment Act of 1946/Recession
-
1945
Debt at End of Fiscal Year: $258,682,187,409.93
President(s): Franklin D. Roosevelt / Harry S. Truman
Change From Prior Year: $57,678,800,188.80
Event: World War II ends
-
1944
Debt at End of Fiscal Year: $201,003,387,221.13
President(s): Franklin D. Roosevelt
Change From Prior Year: $64,307,296,891.23
Event: Bretton Woods agreement
-
1942
Debt at End of Fiscal Year: $72,422,445,116.22
President(s): Franklin D. Roosevelt
Change From Prior Year: $23,461,001,580.51
Event: World War II/Defense spending triples
-
1940
Debt at End of Fiscal Year: $42,967,531,037.68
President(s): Franklin D. Roosevelt
Change From Prior Year: $2,527,998,626.57
Event: Tax increase
-
1939
Debt at End of Fiscal Year: $40,439,532,411.11
President(s): Franklin D. Roosevelt
Change From Prior Year: $3,274,792,095.66
Event: Great Depression ends
-
1936
Debt at End of Fiscal Year: $33,778,543,493.73
President(s): Franklin D. Roosevelt
Change From Prior Year: $5,077,650,869.20
Event: Tax increases
-
1935
Debt at End of Fiscal Year: $28,700,892,624.53
President(s): Franklin D. Roosevelt
Change From Prior Year: $1,647,751,210.05
Event: Social Security
-
1933
Debt at End of Fiscal Year: $22,538,672,560.15
President(s): Herbert Hoover / Franklin D. Roosevelt
Change From Prior Year: $3,051,670,116.02
Event: New Deal
-
1932
Debt at End of Fiscal Year: $19,487,002,444.13
President(s): Herbert Hoover
Change From Prior Year: $2,685,720,952.42
Event: Tax increase
-
1930
Debt at End of Fiscal Year: $16,185,309,831.43
President(s): Herbert Hoover
Change From Prior Year: ($745,778,652.67)
Event: Hawley-Smoot Tariff Act
-
1929
Debt at End of Fiscal Year: $16,931,088,484.10
President(s): Calvin Coolidge / Herbert Hoover
Change From Prior Year: ($673,204,717.33)
Event: Stock market crash
-
1917
Debt at End of Fiscal Year: $5,717,770,279.52
President(s): Woodrow Wilson
Change From Prior Year: $2,108,526,017.36
Event: Second Liberty Bond Act
Data note: Debt figures are as of the end of each fiscal year (Sept. 30 since 1977; June 30 before that). Events are listed by the calendar year in which they occurred, so their effect on the debt may appear in the following fiscal year's figures.
Disclaimer: References to “largest,” “highest,” or “greatest” debt changes are based solely on historical data comparisons and are descriptive in nature. They do not imply value judgments, policy effectiveness, or economic outcomes.
Sources
- [1] U.S. Treasury, “Historical Debt Outstanding” https://fiscaldata.treasury.gov/datasets/historical-debt-outstanding/historical-debt-outstanding
- [2] Investopedia, “USA National Debt” https://www.investopedia.com/updates/usa-national-debt/
- [3] U.S. Congress, “Social Security Trust Fund Investment” https://www.congress.gov/crs-product/IF10564
- [4] White House, “Historical Tables - OMB” https://www.whitehouse.gov/omb/information-resources/budget/historical-tables/
- [5] Official Data, “Inflation Calculator” https://www.officialdata.org/
- [6] Comptroller, “Estimated Cost to Each Taxpayer of Wars in Afghanistan, Iraq, Syria and Ukraine” https://comptroller.war.gov/Portals/45/documents/Section1090Reports/Estimated_Cost_to_Each_US_Taxpayer_of_Each_Wars_in_Afghanistan_Iraq_and_Syria_and_Ukraine_dated_February_2025.pdf
- [7] GAO, “The Nation’s Fiscal Health” https://www.gao.gov/assets/870/866211.pdf
- [8] NBER, “Business Cycle Dating” https://www.nber.org/research/business-cycle-dating
- [9] Obama White House Archives, “The Economic Impact of the American Recovery and Reinvestment Act Five Years Later” https://obamawhitehouse.archives.gov/sites/default/files/docs/erp_2014_chapter_3.pdf
- [10] Pew Research, “Fewer Jobs Have Been Lost in the EU Than in the U.S. During the COVID-19 Downturn” https://www.pewresearch.org/short-reads/2021/04/15/fewer-jobs-have-been-lost-in-the-eu-than-in-the-u-s-during-the-covid-19-downturn/
- [11] Investopedia, “American Rescue Plan Definition” https://www.investopedia.com/american-rescue-plan-definition-5095694
- [12] Congressional Research Service, “The Executive Budget Process” https://www.congress.gov/crs-product/R47019
- [13] U.S. Treasury, “Debt Limit” https://home.treasury.gov/policy-issues/financial-markets-financial-institutions-and-fiscal-service/debt-limit
- [14] OCC, “Founding of the OCC & the National Banking System” https://www.occ.gov/about/who-we-are/history/history-of-the-occ/founding-occ-national-bank-system/index-founding-occ-national-banking-system.html
- [15] U.S. Treasury, “Understanding the National Debt” https://fiscaldata.treasury.gov/americas-finance-guide/national-debt/
- [16] LOC, “Van Buren Papers 1837-1841” https://www.loc.gov/collections/martin-van-buren-papers/articles-and-essays/timeline/1837-to-1841/
- [17] Savings Bonds, “WW2” https://savingsbonds.gov/kids/history/history-ww2/
- [18] Treasury Direct, “WW1” https://treasurydirect.gov/kids/history/history-wwi/
- [19] Every CRS Report, “The Debt Limit: History and Recent Increases” https://www.everycrsreport.com/reports/RL31967.html
- [20] NBER, “U.S. Business Cycle Expansions and Contractions” https://www.nber.org/research/data/us-business-cycle-expansions-and-contractions
- [21] Reagan Library, “Message to the Congress Transmitting the Proposed Package on the Program for Economic Recovery” https://www.reaganlibrary.gov/archives/speech/message-congress-transmitting-proposed-package-program-economic-recovery-0
- [22] Every CRS Report, “The Cost of the Iraq, Afghanistan, and Other Global War on Terror Operations Since 9/11” https://www.everycrsreport.com/reports/RL33110.html
- [23] U.S. Treasury, “About TARP” https://home.treasury.gov/data/troubled-assets-relief-program/about-tarp
- [24] Obama White House, “Recovery Act Fourth Quarterly Report” https://obamawhitehouse.archives.gov/administration/eop/cea/factsheets-reports/economic-impact-arra-4th-quarterly-report/section-4
Methodology
All dollar amounts are nominal and have not been adjusted for inflation.
Each president's debt change is measured from the end of the fiscal year in which they took office to the end of the fiscal year after they left office. This reflects that a new president's first months in office run on the previous administration's budget. The federal fiscal year ended on Sept. 30 from 1977 onward and on June 30 from 1843 to 1976. Before 1843, the fiscal year followed the calendar year, and debt figures are recorded as of Jan. 1. Treasury data begins in 1790.
Average yearly debt change is the average of each fiscal year's percentage change within a president's term. Where the debt was very small or changed sharply from year to year, as under Martin Van Buren, Abraham Lincoln and Andrew Jackson, this average can be much higher than the overall change suggests. John Tyler's average includes two 1843 records, which reflect the change in fiscal-year timing that year.
Average inflation is based on calendar-year inflation rates for the same years. The 2026 figure is an estimate, because full-year data is not yet available.
