U.S. National Debt by President

The National Debt, standing at $37.64 trillion as of September 2025 [1] The National Debt Explained https://www.investopedia.com/updates/usa-national-debt/, is a number that for most of us is too high to even conceive of. Through time, 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 National Debt, the types of decisions made that impact debt levels the most and the events that have shaped America’s economic reality throughout history.

Key Stats:

• The U.S. national debt stands at $37.64 trillion as of September 2025, reflecting continued borrowing during the first year of Donald Trump’s second term in office.
• During Joe Biden’s presidency (2021–2025), the national debt increased by $7 trillion as of the end of fiscal year 2024 (September 30, 2024), reflecting a 24.75% rise since he took office.
• During Donald Trump’s first term as president (2017-2021), the U.S. national debt increased by $8.18 trillion, a percentage increase of 40.43%. This is lower than Barack Obama (69.98%) and George W. Bush (105.8%). However, Donald Trump was in office for only 4 years compared to 8 years for both Barack Obama and George W. Bush.
• Abraham Lincoln’s years in the Oval Office saw the largest percentage increase in National Debt under any President, increasing 2859% overall
• However, Martin Van Buren is the President who spent the most consistently with average yearly debt increasing 375.32% compared to Lincoln’s 148.36%
• Woodrow Wilson, who was President during World War 1, oversaw an increase of 722.21% (averaging a 35% increase per year in office)
• Franklin D. Roosevelt, in office between 1933 - 1945, increased National Debt by 1047.73% (24% increase per year on average)
• Over the 46 Presidents, only 14 of them have overseen a decrease in debt. Calvin Coolidge was the last President to do so, leaving office in 1929, 16 Presidencies ago
• Andrew Jackson is the President who decreased National Debt the most, nearly eradicating it completely between 1829 - 1837 by reducing the total by -99.42%

Before we start, we must define the national debt, identify 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. [1] The National Debt Explained https://www.investopedia.com/updates/usa-national-debt/

Deficits and debt are definitely related. The best 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 carried by the federal government. [4] National Debt of the United States https://fiscaldata.treasury.gov/americas-finance-guide/national-debt/

A major difference between the federal deficit and the national debt is that a President can use some creative means to feign some short-term fiscal responsibility. For example, a President can borrow from the Social Security Trust Fund, which has run a surplus since 1987. More working people contributed via payroll taxes than retired people withdrew in benefits. The Fund invests its surplus in U.S. Treasury notes. [5] How is the Social Security Trust Fund Invested? https://www.investopedia.com/ask/answers/110614/how-social-security-trust-fund-invested.asp

The President can reduce the deficit by spending these funds instead of issuing additional Treasury securities. While on paper, this nominally reduces the deficit, it doesn’t reduce the national debt at all.

History of the U.S. debt by president

Total Debt Change Percentage in Office (4-8 Years) in office per president [11] Historical Debt Outstanding https://fiscaldata.treasury.gov/datasets/historical-debt-outstanding/historical-debt-outstanding

Present* = Until 09/30/2025

Data as of September 30, 2025. 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 [6] President Outlay Data https://www.whitehouse.gov/omb/historical-tables/ [7] Inflation Data https://www.officialdata.org/

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. When President Trump took office in January of 2017, for the first nine months of his presidency, he operated under President Obama’s budget which didn’t end until September, 2017. So for most of a new President’s first year in office, he isn’t accountable for the spending that takes place. As strange as this may seem, it’s actually by design to allow 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 results in the government borrowing money and increasing the debt.

Wars

A far less politically popular way Presidents can affect the debt is by waging war. Wars accounted for most budget deficits and increases in the national debt prior to 1930. Tywin Lannister in Game of Thrones famously said, “Wars swallow gold like a pit in the earth.” For the United States, the War in Afghanistan has been going on for 18+ years and accounts for some very significant increases in the national debt.

In terms of dollar amount, the two most recent wars, the war in Afghanistan equalled an estimated cost of $882 billion as of April 2024 through 2023, and the war in Iraq and Syria cost $799 billion in 2023, as of April 2024. If you include interest, both wars account for about $2 trillion being added to the national debt. [12] Estimated Cost to Each U.S. Taxpayer of the Wars in Afghanistan, Iraq and Syria https://comptroller.defense.gov/Portals/45/documents/Section1090Reports/Estimated_Cost_to_Each_US_Taxpayer_of_Each_Wars_in_Afghanistan_Iraq_and_Syria_and_Ukraine_dated_June_2024.pdf

Recessions

A third instance where the debt can increase is during a recession. Interestingly, an increase in the debt when not in a recession can increase the likelihood of a recession. The Congressional Budget 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. [13] 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 generally defined as two consecutive quarters of decline in a country’s GDP. [14] IMF, “Recession: When Bad Times Prevail” https://www.imf.org/en/Publications/fandd/issues/Series/Back-to-Basics/Recession A President must carefully consider the effects of economic policy during times of negative economic growth.

There are times when a President feels he has little choice but to increase the debt. The effects of the Great Recession of 2008 certainly fit that category. 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 deficits exceeding $1 trillion. Barack Obama’s stimulus package (The American Recovery and Reinvestment Act or ARRA) combined a $212 billion tax cut, a $296 billion expansion of Medicaid and unemployment benefits, and $279 billion in infrastructure spending to assist Americans still reeling from the recession’s effects on their financial well-being. [10] The American Recovery and Reinvestment Act 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 9.6 million Americans being unable to go to work because their employer closed their business due to the pandemic. [8] Effects of the COVID-19 Pandemic https://www.bls.gov/cps/effects-of-the-coronavirus-covid-19-pandemic.htm

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%.

Relief bills

The American Rescue Plan is a $1.9 trillion stimulus bill that was introduced by President Joe Biden in 2021 to help families recover financially from the COVID-19 pandemic. [9] The American Rescue Plan https://www.investopedia.com/american-rescue-plan-definition-5095694 While the bill helps those on low incomes and provides support for small businesses to rebuild, the cost of the plan does add to the national debt. There is currently no data available to show how much the American Rescue Plan will add to the national debt.

Working with congress

One thing about a President’s economic policy that often isn’t considered is that the President does not operate in a vacuum. The chief executive submits the budget, but fiscal policies are ultimately set by Congress through the budget process. [2] How much each President has contributed to the National Debt https://www.marketwatch.com/story/how-much-each-us-president-has-contributed-to-the-national-debt-2018-10-29 This can lead to conflict between a President and Congress. One of the specific points of conflict is the debt ceiling.

The debt ceiling is part of a law (Title 31 of the United States Code, section 3101) that sets a legislative limit on the amount of national debt that can be incurred by the U.S. Treasury. This limits how much money the federal government may borrow. The debt ceiling does not limit government deficits. It can only stop the Treasury from paying for expenditures and other financial obligations after the limit has been reached. This is where the conflict comes in.

The process of setting the debt ceiling is separate from the United States budget process. The raising of the debt ceiling is one of those unique beasts that neither directly increases nor decreases the budget deficit. But, it can have a big effect on the debt because it directly involves the Treasury borrowing money.

When the debt ceiling is reached, the President and Congress must reach an agreement on raising it. If an agreement is reached, the government moves forward with paying its obligations. If an agreement is not reached by the deadline, a government shut-down occurs until an agreement is reached.

Let’s take a look at the Presidents whose decisions have the greatest effect, either in dollars or percentage, on the national debt.

Presidents who had the greatest impact on the national debt

Abraham Lincoln

Abraham Lincoln is the President that added the biggest percentage increase to the U.S. National Debt. The level of debt increased from $90.6 million in 1857 to $2.68 billion in 1861, an increase of 2859.4%.

These debts were created in order to fund the American Civil War and laid the early seeds for how the future of the banking system would operate alongside federal taxes, which were introduced to help fund the war efforts.

Martin Van Buren

Coming into office following Andrew Jackson, who had overseen a near eradication of national debt, Martin Van Buren’s first year in the Oval office (1837) saw debt levels soar 798% - the second largest YoY increase in history. This is only preceded by his second year in office, where debts increased 882%.

A decrease of 66% in Van Buren’s 4th year is the main reason his total debt levels were lower than that of Abraham Lincoln’s. This kept the total increase down to a still eye-watering 1458% increase, from $337k in 1837 to $5.25m in 1841.

Franklin Delano Roosevelt

President Roosevelt presided over the largest percentage increase in the national debt in modern history, but the third largest increase in Presidential history. Although he only added $236 billion, this was a 1,048 percent increase from the $23 billion debt level left by Herbert Hoover.

The Great Depression levied a devastating hit to revenues, the New Deal cost billions of dollars, but what followed those two events was the second World War. That alone accounted for $209 billion of the $236 billion added to the debt between 1942 and 1945.

Woodrow Wilson

Woodrow Wilson was the fourth largest contributor to the debt in terms of percentage. His $21 billion over the $2.9 billion debt of his predecessor, which may seem tiny compared to FDR, amounts to a 727 percent increase from his predecessor, William Howard Taft. Like FDR, Wilson had a World War to pay for.

However, a lesser-known milestone of the Wilson presidency, the Second Liberty Bond Act, gave Congress the right to adopt the national debt ceiling. This would be something that Americans would become familiar with each successive President’s budget negotiations with Congress.

Ronald Reagan

President Reagan holds a solid fifth place with his 186 percent increase in the national debt. This is a result of the Reagan administration’s attempts to stabilize the economy through the 1981 - 82 recession (also known as Reaganomics), which added $1.86 trillion to National Debt. The pillars of Reagan's economic policy were cutting government spending, tax cuts (income tax and capital gains), deregulation, and tightening the money supply in order to reduce inflation.

Reagan's supply-side economic policies (his opponents referred to these policies as “trickle-down economics”) didn't grow the economy enough to offset the lost revenue from his tax cuts. On top of these policies, Reagan also increased defense spending by 35 percent.

George W. Bush

President Bush added $6.1 trillion to the nation’s debt, the second-largest amount in dollars. This took National Debt from $5.8 trillion in 2001 to $11.9 trillion in 2009 a 105% percent increase.

Unlike Wilson and FDR, Bush presided over two simultaneous wars which were initiated in response to the 9/11 attacks. The War in Afghanistan, which added $1.1 trillion, and the Iraq War, at $1 trillion. This took Military spending from $306 billion in 2001 to $661 in 2009, a 117% increase.

On top of all this, Bush also dealt with two recessions. The recession of 2001 resulted in two tax cuts, one for individuals (The Economic Growth and Tax Relief Reconciliation Act) and one for businesses (Jobs and Growth Tax Relief and Reconciliation Act). The recession of 2008 brought about a $700 billion bailout for banks and financial institutions.

Barack Obama

President Obama holds the title for growing the national debt the most dollar-wise. In total, debt levels increased by $8.34 trillion (70%), from $11.9 trillion in 2009 to $20.2 trillion in 2017. This makes him the President with the eleventh largest increase in National Debt in Presidential history.

Obama continued to fight the Great Recession of 2008 with an $800+ billion economic stimulus package. Like Reagan and Bush 43 before him, Obama instituted tax cuts that added $858 billion to the debt.

However, unlike Bush, Obama decreased spending on national defense by 9.42% and increased expenditure on Veteran Benefits the most, increasing outlays by 85%. His biggest increase in spending came through Social Security, where budgets increased $262 billion.

Andrew Jackson

A discussion of the national debt would be incomplete without mentioning the one President who pulled off what no other President could. On Jan. 8, 1835, Andrew Jackson did the seemingly impossible. He paid off the national debt. [3] When the US Paid Off the Entire National Debt (and Why it Didn’t Last) https://www.npr.org/sections/money/2011/04/15/135423586/when-the-u-s-paid-off-the-entire-national-debt-and-why-it-didnt-last

How he did it requires some background on Jackson himself. Before he was President, Andrew Jackson was a land speculator from Tennessee. When a land deal he made went bad and left him with massive debt and some worthless paper notes, his hatred of debt was formed. When Jackson ran for President, he disliked banks as purveyors of debt and the existence of the national debt itself. He referred to it as the national curse.

To attack the debt, as his first step, Jackson started selling off the most valuable thing the country owned: land. Second, he vetoed every spending bill that came across his desk.

When Jackson took office in 1829, the national debt was around $58 million. By 1835 not only was the national debt paid off, the government ran a surplus. Unfortunately for Jackson, his vision of a debt-free America lasted a grand total of one year.

Long before the Federal Reserve was created, America had a National Bank, which Jackson promptly killed early in his presidency. This left him with nowhere to put the surplus funds the government was amassing after he paid off the debt, so he redistributed the funds to the states. Shortly after that, a real estate bubble occured, which promptly popped, sending the country into recession, which promptly re-created a national debt.

Events & The Sitting President That Changed Debt Levels The Most (since 1916) [11] Historical Debt Outstanding https://fiscaldata.treasury.gov/datasets/historical-debt-outstanding/historical-debt-outstanding

• 2020

  Average Debt: $26,945,391,194,615.10

  President(s): Donald J. Trump

  Effect on Debt: $4,225,989,441,181.40

  Event: COVID-19 pandemic

• 2019

  Average Debt: $22,719,401,753,433.70

  President(s): Donald J. Trump

  Effect on Debt: $1,203,343,570,253.50

  Event: Defense spending at $956 billion

• 2018

  Average Debt: $21,516,058,183,180.20

  President(s): Donald J. Trump

  Effect on Debt: $1,271,158,167,126.70

  Event: Trump tax cuts

• 2017

  Average Debt: $20,244,900,016,053.50

  President(s): Barack Obama / Donald J. Trump

  Effect on Debt: $671,455,302,116.80

  Event: Tax Cuts and Jobs Act of 2017. Congress raises debt ceiling

• 2016

  Average Debt: $19,573,444,713,936.70

  President(s): Barack Obama

  Effect on Debt: $1,422,827,047,452.40

  Event: Defense spending at $756 billion

• 2014

  Average Debt: $17,824,071,380,733.80

  President(s): Barack Obama

  Effect on Debt: $1,085,887,854,036.50

  Event: Debt ceiling crisis

• 2013

  Average Debt: $16,738,183,526,697.30

  President(s): Barack Obama

  Effect on Debt: $671,942,119,311.50

  Event: Sequester/Government shutdown

• 2012

  Average Debt: $16,066,241,407,385.80

  President(s): Barack Obama

  Effect on Debt: $1,275,901,078,828.70

  Event: “Fiscal cliff”

• 2010

  Average Debt: $13,561,623,030,891.70

  President(s): Barack Obama

  Effect on Debt: $1,651,794,027,380.00

  Event: Patient Protection and Affordable Care Act and Obama tax cuts

• 2009

  Average Debt: $11,909,829,003,511.70

  President(s): George W. Bush / Barack Obama

  Effect on Debt: $1,885,104,106,599.30

  Event: American Recovery and Reinvestment Act of 2009

• 2008

  Average Debt: $10,024,724,896,912.40

  President(s): George W. Bush

  Effect on Debt: $1,017,071,524,649.92

  Event: Economic Growth and Tax Relief Reconciliation Act (bank bailout)

• 2005

  Average Debt: $7,932,709,661,723.50

  President(s): George W. Bush

  Effect on Debt: $553,656,965,393.18

  Event: Hurricane Katrina

• 2004

  Average Debt: $7,379,052,696,330.32

  President(s): George W. Bush

  Effect on Debt: $595,821,633,586.70

  Event: War in Iraq

• 2002

  Average Debt: $6,228,235,965,597.16

  President(s): George W. Bush

  Effect on Debt: $420,772,553,397.10

  Event: War on Terror initiated (Afghanistan)

• 2001

  Average Debt: $5,807,463,412,200.06

  President(s): William J. Clinton / George W. Bush

  Effect on Debt: $133,285,202,313.20

  Event: 9/11 Attacks

• 2000

  Average Debt: $5,674,178,209,886.86

  President(s): William J. Clinton

  Effect on Debt: $17,907,308,271.43

  Event: Budget surplus

• 1999

  Average Debt: $5,656,270,901,615.43

  President(s): William J. Clinton

  Effect on Debt: $130,077,892,717.81

  Event: Glass-Steagal repealed

• 1998

  Average Debt: $5,526,193,008,897.62

  President(s): William J. Clinton

  Effect on Debt: $113,046,997,500.28

  Event: Long-term capital management and hedge fund crisis (precursor to 2008 recession)

• 1997

  Average Debt: $5,413,146,011,397.34

  President(s): William J. Clinton

  Effect on Debt: $188,335,072,261.61

  Event: Clinton budget surpluses

• 1996

  Average Debt: $5,224,810,939,135.73

  President(s): William J. Clinton

  Effect on Debt: $250,828,038,426.34

  Event: Welfare Reform

• 1990

  Average Debt: $3,233,313,451,777.25

  President(s): George H. W. Bush

  Effect on Debt: $375,882,491,589.93

  Event: First Iraq War

• 1989

  Average Debt: $2,857,430,960,187.32

  President(s): Ronald Reagan / George H. W. Bush

  Effect on Debt: $255,093,248,146.16

  Event: Savings & Loan crisis

• 1988

  Average Debt: $2,602,337,712,041.16

  President(s): Ronald Reagan

  Effect on Debt: $252,060,821,088.16

  Event: Fed raises rates

• 1987

  Average Debt: $2,350,276,890,953.00

  President(s): Ronald Reagan

  Effect on Debt: $224,974,274,294.58

  Event: Market crash

• 1986

  Average Debt: $2,125,302,616,658.42

  President(s): Ronald Reagan

  Effect on Debt: $302,199,616,658.42

  Event: Reagan tax cuts

• 1985

  Average Debt: $1,823,103,000,000.00

  President(s): Ronald Reagan

  Effect on Debt: $250,837,000,000.00

  Event: Reaganomics begins

• 1980

  Average Debt: 907,701,000,000.00

  President(s): Jimmy Carter

  Effect on Debt: $81,182,000,000.00

  Event: Volcker raises fed rate to 20%

• 1978

  Average Debt: $771,544,000,000.00

  President(s): Jimmy Carter

  Effect on Debt: $72,704,000,000.00

  Event: Recession

• 1975

  Average Debt: $533,189,000,000.00

  President(s): Gerald Ford

  Effect on Debt: $58,129,184,268.45

  Event: Vietnam War ends

• 1974

  Average Debt: $475,059,815,731.55

  President(s): Richard Nixon / Gerald Ford

  Effect on Debt: $16,918,210,419.46

  Event: Watergate/Budget process created

• 1973

  Average Debt: $458,141,605,312.09

  President(s): Richard Nixon

  Effect on Debt: $30,881,144,371.59

  Event: Nixon ends gold standard/Oil embargo

• 1970

  Average Debt: $370,918,706,949.93

  President(s): Richard Nixon

  Effect on Debt: $17,198,453,108.52

  Event: Recession

• 1965

  Average Debt: $317,273,898,983.64

  President(s): Lyndon Johnson

  Effect on Debt: $5,560,999,726.34

  Event: America involvement in Vietnam begins

• 1964

  Average Debt: $311,712,899,257.30

  President(s): Lyndon Johnson

  Effect on Debt: $5,853,266,260.89

  Event: War on Poverty

• 1962

  Average Debt: $298,200,822,720.87

  President(s): John F. Kennedy

  Effect on Debt: $9,229,884,110.82

  Event: Cuban Missile Crisis

• 1961

  Average Debt: $288,970,938,610.05

  President(s): Dwight Eisenhower / John F. Kennedy

  Effect on Debt: $2,640,177,761.68

  Event: Bay of Pigs

• 1960

  Average Debt: $286,330,760,848.37

  President(s): Dwight Eisenhower

  Effect on Debt: $1,624,853,770.15

  Event: Recession

• 1959

  Average Debt: $284,705,907,078.22

  President(s): Dwight Eisenhower

  Effect on Debt: $8,362,689,332.41

  Event: Fed raises rates

• 1957

  Average Debt: $270,527,171,896.43

  President(s): Dwight Eisenhower

  Effect on Debt: ($2,223,641,752.89)

  Event: Recession

• 1953

  Average Debt: $266,071,061,638.57

  President(s): Harry S. Truman / Dwight Eisenhower

  Effect on Debt: $6,965,882,853.14

  Event: Korean War cease-fire

• 1950

  Average Debt: $257,357,352,351.04

  President(s): Harry S. Truman

  Effect on Debt: $4,586,992,490.71

  Event: Korean War

• 1949

  Average Debt: $252,770,359,860.33

  President(s): Harry S. Truman

  Effect on Debt: $478,113,347.34

  Event: Transition to a post-war economy

• 1947

  Average Debt: $258,286,383,108.67

  President(s): Harry S. Truman

  Effect on Debt: ($11,135,716,064.59)

  Event: Cold War begins

• 1946

  Average Debt: $269,422,099,173.26

  President(s): Harry S. Truman

  Effect on Debt: $10,739,911,763.33

  Event: Employment Act of 1946/Recession

• 1945

  Average Debt: $258,682,187,409.93

  President(s): Franklin D. Roosevelt / Harry S. Truman

  Effect on Debt: $57,678,800,188.80

  Event: World War II ends

• 1944

  Average Debt: $201,003,387,221.13

  President(s): Franklin D. Roosevelt

  Effect on Debt: $64,307,296,891.23

  Event: Bretton Woods agreement - US dollar becomes standard for global currency

• 1942

  Average Debt: $72,422,445,116.22

  President(s): Franklin D. Roosevelt

  Effect on Debt: $23,461,001,580.51

  Event: World War II/Defense spending triples

• 1940

  Average Debt: $42,967,531,037.68

  President(s): Franklin D. Roosevelt

  Effect on Debt: $2,527,998,626.57

  Event: Tax increase

• 1939

  Average Debt: $40,439,532,411.11

  President(s): Franklin D. Roosevelt

  Effect on Debt: $3,274,792,095.66

  Event: Great Depression ends

• 1936

  Average Debt: $33,778,543,493.73

  President(s): Franklin D. Roosevelt

  Effect on Debt: $5,077,650,869.20

  Event: Tax increases

• 1935

  Average Debt: $28,700,892,624.53

  President(s): Franklin D. Roosevelt

  Effect on Debt: $1,647,751,210.05

  Event: Social Security

• 1933

  Average Debt: $22,538,672,560.15

  President(s): Herbert Hoover / Franklin D. Roosevelt

  Effect on Debt: $3,051,670,116.02

  Event: New Deal

• 1932

  Average Debt: $19,487,002,444.13

  President(s): Herbert Hoover

  Effect on Debt: $2,685,720,952.42

  Event: Tax increase

• 1930

  Average Debt: $16,185,309,831.43

  President(s): Herbert Hoover

  Effect on Debt: ($745,778,652.67)

  Event: Hawley-Smoot Tariff Act

• 1929

  Average Debt: $16,931,088,484.10

  President(s): Calvin Coolidge / Herbert Hoover

  Effect on Debt: ($673,204,717.33)

  Event: Stock market crash

• 1917

  Average Debt: $5,717,770,279.52

  President(s): Woodrow Wilson

  Effect on Debt: $2,108,526,017.36

  Event: Second Liberty Bond Act (debt ceiling)

• 1916

  Average Debt: $3,609,244,262.16

  President(s): Woodrow Wilson

  Effect on Debt: $551,107,389.00

  Event: World War I

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.

Methodology

All dollar amounts are presented in nominal terms and have not been adjusted for inflation. Debt change percentages reflect nominal growth over each presidency.

For consistency, presidential debt totals are measured using fiscal year-end data (typically September 30 of their final year in office). For earlier presidencies, particularly those before 1842, fiscal years may have ended on December 31 or March 31, and estimates are less precise due to incomplete historical records.

Sources

• ^[1] The National Debt Explained https://www.investopedia.com/updates/usa-national-debt/
• ^[2] How much each President has contributed to the National Debt https://www.marketwatch.com/story/how-much-each-us-president-has-contributed-to-the-national-debt-2018-10-29
• ^[3] When the US Paid Off the Entire National Debt (and Why it Didn’t Last) https://www.npr.org/sections/money/2011/04/15/135423586/when-the-u-s-paid-off-the-entire-national-debt-and-why-it-didnt-last
• ^[4] National Debt of the United States https://fiscaldata.treasury.gov/americas-finance-guide/national-debt/
• ^[5] How is the Social Security Trust Fund Invested? https://www.investopedia.com/ask/answers/110614/how-social-security-trust-fund-invested.asp
• ^[6] President Outlay Data https://www.whitehouse.gov/omb/historical-tables/
• ^[7] Inflation Data https://www.officialdata.org/
• ^[8] Effects of the COVID-19 Pandemic https://www.bls.gov/cps/effects-of-the-coronavirus-covid-19-pandemic.htm
• ^[9] The American Rescue Plan https://www.investopedia.com/american-rescue-plan-definition-5095694
• ^[10] The American Recovery and Reinvestment Act https://obamawhitehouse.archives.gov/sites/default/files/docs/erp_2014_chapter_3.pdf
• ^[11] Historical Debt Outstanding https://fiscaldata.treasury.gov/datasets/historical-debt-outstanding/historical-debt-outstanding
• ^[12] Estimated Cost to Each U.S. Taxpayer of the Wars in Afghanistan, Iraq and Syria https://comptroller.defense.gov/Portals/45/documents/Section1090Reports/Estimated_Cost_to_Each_US_Taxpayer_of_Each_Wars_in_Afghanistan_Iraq_and_Syria_and_Ukraine_dated_June_2024.pdf
• ^[13] The Nation’s Fiscal Health https://www.gao.gov/assets/870/866211.pdf
• ^[14] IMF, “Recession: When Bad Times Prevail” https://www.imf.org/en/Publications/fandd/issues/Series/Back-to-Basics/Recession