U.S. National Debt: 1977–2025

Jimmy Carter (1977–1981)

Debt at Start (Jan 1977): ~$698 billion
Debt at End (Jan 1981): ~$930 billion

Annual Deficits: Ranged from ~$40–80 billion

Key Factors:
High inflation and interest rates
Energy crisis (oil shocks)
Modest increases in social spending
No major wars or tax cuts

Ronald Reagan (1981–1989)

Debt at Start (Jan 1981): ~$930 billion
Debt at End (Jan 1989): ~$2.7 trillion

Annual Deficits: Peaked at $221 billion (1986)

Key Factors:
Major tax cuts (Economic Recovery Tax Act, 1981)
Large defense spending increases (Cold War buildup)
Recessions in early 1980s, slow revenue growth
Social Security reform (1983) stabilized trust fund

George H.W. Bush (1989–1993)

Debt at Start (Jan 1989): ~$2.7 trillion
Debt at End (Jan 1993): ~$4.2 trillion

Annual Deficits: $220–$290 billion

Key Factors:
Gulf War (1990–91)
Early 1990s recession
1990 budget deal: spending caps, some tax increases

Bill Clinton (1993–2001)
Debt at Start (Jan 1993): ~$4.2 trillion
Debt at End (Jan 2001): ~$5.7 trillion

Annual Deficits: Fell from $255 billion (1993) to surpluses of $69–$128 billion (1998–2001)

Key Factors:
1993 tax increases (Omnibus Budget Reconciliation Act)
Strong economic growth (dot-com boom)
Reduced defense spending (post-Cold War)
Welfare reform (1996)
Ran four consecutive budget surpluses (1998–2001)

George W. Bush (2001–2009)
Debt at Start (Jan 2001): ~$5.7 trillion
Debt at End (Jan 2009): ~$10.6 trillion

Annual Deficits: Grew from $128 billion (2001) to $1.4 trillion (2009) (1) before adjustment

Key Factors:
2001 and 2003 tax cuts Wars in Afghanistan and Iraq
Medicare Part D (prescription drug benefit)
2008 financial crisis: TARP, stimulus, revenue collapse

Barack Obama (2009–2017)
Debt at Start (Jan 2009): ~$10.6 trillion
Debt at End (Jan 2017): ~$19.9 trillion

Annual Deficits: Peaked at $1.4 trillion (2009), then declined to ~$585 billion (2016)

Key Factors:
American Recovery and Reinvestment Act (2009 stimulus)
Ongoing war costs
Affordable Care Act (2010)
Slow recovery from Great Recession
“ Sequestration” (spending caps) after 2011 debt ceiling crisis

(1) A significant portion of the national debt that increased during Barack Obama’s presidency was inherited from the policies and economic conditions of the George W. Bush. Roughly $4–5 trillion of the debt increase during Obama’s presidency can be attributed to the deficit path he inherited from Bush (wars, tax cuts, recession, automatic spending increases).

The remainder—about $4–5 trillion—resulted from new policies and additional spending during Obama’s terms, including stimulus measures, the Affordable Care Act, and slower-than-expected economic recovery.

Donald Trump (2017–2021)
Debt at Start (Jan 2017): ~$19.9 trillion
Debt at End (Jan 2021): ~$27.8 trillion

Annual Deficits: $665 billion (2017) to $3.1 trillion (2020, COVID-19) (2) before adjustment

Key Factors:
2017 Tax Cuts and Jobs Act (major corporate and individual tax cuts)
Increased military and discretionary spending
COVID-19 pandemic: CARES Act and other relief bills
Economic contraction in 2020

Joe Biden (2021–2025)
Debt at Start (Jan 2021): ~$27.8 trillion
Debt as of June 2025: ~$36.6 trillion

Annual Deficits: $2.8 trillion (2021), $1.4–1.7 trillion (2022–2025 est.)

Key Factors:
American Rescue Plan (COVID-19 relief, 2021)
Infrastructure Investment and Jobs Act (2021)

How Much of Biden’s Debt Was Due to Trump’s First Term?

The Committee for a Responsible Federal Budget and CBO analyses show that Trump-era legislation and baseline deficit increases—especially the 2017 tax cuts, bipartisan spending bills, and the multi-trillion-dollar COVID relief packages (CARES Act, Response & Relief Act, other COVID relief)—added about $4–5 trillion to the debt trajectory that Biden inherited. This means that, even if Biden had enacted no new laws, the debt would have risen by at least $4–5 trillion during his term due to the ongoing effects of Trump-era policies and the pandemic.

So let's add it all up

(1) $4–5 trillion debt that Obama inherited. Adjusted at $5T.
(2) $4–5 trillion debt that Biden inherited. Adjusted at $5T.

U.S. National Debt (1977–2025)

Primary Data Sources

• U.S. Treasury: Debt to the Penny (Official Daily Debt Figures)
• Congressional Budget Office: Historical Budget Data
• Office of Management and Budget: Historical Tables
• Federal Reserve Economic Data (FRED): Federal Debt

President-by-President Sources

• Jimmy Carter (1977–1981)
  • U.S. Treasury Debt Data: 1977–1981
• Ronald Reagan (1981–1989)
  • U.S. Treasury Debt Data: 1981–1989
• George H.W. Bush (1989–1993)
  • Bush 41 Budget Deal and Deficit (C-SPAN)
  • U.S. Treasury Debt Data: 1989–1993
• Bill Clinton (1993–2001)
  • The Largest Budget Surplus and Debt Pay-Down in History
  • U.S. Treasury Debt Data: 1993–2001
• George W. Bush (2001–2009)
  • Impact of Wars on Debt (Brown University Costs of War)
  • U.S. Treasury Debt Data: 2001–2009
• Barack Obama (2009–2017)
  • Obama Stimulus and ACA Impact (CBO)
  • U.S. Treasury Debt Data: 2009–2017
• Donald Trump (2017–2021)
  • U.S. Treasury Debt Data: 2017–2021
• Joe Biden (2021–2025)
  • Current U.S. Debt (FRED)
  • U.S. Treasury Debt Data: 2021–2025

General Analysis and Historical Context

• U.S. Debt Clock (Real-Time Data)