Federal debt (% of GDP), term by term
Every term lined up from its inauguration. Context is everything: compare the start of a term with the trend it inherited and with what was happening in the world (recessions, pandemics), all of which are on the full federal debt (% of gdp) chart.
Of the 8 completed terms with data, federal debt as a share of GDP rose fastest under Donald Trump (1st term), at +5.24 pts/yr against +1.14 pts/yr in the four years before, and fell fastest under Joe Biden, at −1.05 pts/yr against +5.24 pts/yr in the four years before. So far under Donald Trump (2nd term), it has gone from 121.4% in Q4 2024 to 122.6% in Q1 2026.
Numbers
| President | During term | 4 years before |
|---|---|---|
| Donald Trump (2nd term) | 121.4% → 122.6% +0.93 pts/yr · through Q1 2026 | −1.05 pts/yr |
| Joe Biden | 125.6% → 121.4% −1.05 pts/yr | +5.24 pts/yr |
| Donald Trump (1st term) | 104.6% → 125.6% +5.24 pts/yr | +1.14 pts/yr |
| Barack Obama | 73.2% → 104.6% +3.93 pts/yr | +3.15 pts/yr |
| George W. Bush | 54.3% → 73.2% +2.37 pts/yr | −2.55 pts/yr |
| Bill Clinton | 62.5% → 54.3% −1.03 pts/yr | +3.20 pts/yr |
| George H. W. Bush | 49.7% → 62.5% +3.20 pts/yr | +2.41 pts/yr |
| Ronald Reagan | 31.2% → 49.7% +2.32 pts/yr | −0.66 pts/yr |
| Jimmy Carter | 33.8% → 31.2% −0.66 pts/yr | +0.01 pts/yr |