Presidents › George H. W. Bush
National debt under George H. W. Bush
National debt (dollars) · Republican · Jan 20, 1989 – Jan 20, 1993
Under George H. W. Bush, the national debt went from $2.68 trillion in Q4 1988 to $4.18 trillion in Q4 1992, up $1.49 trillion (+55.6%). That is +$0.37 trillion/yr, against +$0.26 trillion/yr in the four years before. Ranked by yearly change, it is 5th of the 8 completed terms since 1977, counting from the fastest rise.
Total public debt outstanding, including debt held by federal trust funds, in dollars of the day (not adjusted for inflation or the size of the economy; see federal debt as a share of GDP for that). The change over a term is the debt added. Source: U.S. Department of the Treasury, via FRED GFDEBTN. Quarterly data, fetched Oct 19, 2026. The chart runs from four years before the term to two years after it.
National debt under Bush, year by year
Highest reading during the term: $4.18 trillion in Q4 1992. Lowest: $2.68 trillion in Q4 1988.
| Period | Value | Change |
|---|---|---|
| Q4 1988, before inauguration | $2.68 trillion | |
| Q4 1989 | $2.95 trillion | +$0.27 trillion |
| Q4 1990 | $3.36 trillion | +$0.41 trillion |
| Q4 1991 | $3.80 trillion | +$0.44 trillion |
| Q4 1992 | $4.18 trillion | +$0.38 trillion |
National debt under every president
Terms sorted by yearly change, fastest rise first, each next to the trend over the four years before it. A term's first year mostly reflects the previous administration's policies, and Congress, the Fed and the world economy move this number too. Why nothing here is a score.
| President | During term | 4 years before |
|---|---|---|
| Donald Trump (2nd term) 2025–present | $36.22 trillion → $39.46 trillion +$2.17 trillion/yr · through Q2 2026 | +$2.12 trillion/yr |
| Joe Biden 2021–2025 | $27.75 trillion → $36.22 trillion +$2.12 trillion/yr | +$1.94 trillion/yr |
| Donald Trump (1st term) 2017–2021 | $19.98 trillion → $27.75 trillion +$1.94 trillion/yr | +$0.89 trillion/yr |
| Barack Obama 2009–2017 | $10.70 trillion → $19.98 trillion +$1.16 trillion/yr | +$0.78 trillion/yr |
| George W. Bush 2001–2009 | $5.66 trillion → $10.70 trillion +$0.63 trillion/yr | +$0.08 trillion/yr |
| George H. W. Bush 1989–1993 | $2.68 trillion → $4.18 trillion +$0.37 trillion/yr | +$0.26 trillion/yr |
| Ronald Reagan 1981–1989 | $0.93 trillion → $2.68 trillion +$0.22 trillion/yr | +$0.07 trillion/yr |
| Bill Clinton 1993–2001 | $4.18 trillion → $5.66 trillion +$0.19 trillion/yr | +$0.37 trillion/yr |
| Jimmy Carter 1977–1981 | $0.65 trillion → $0.93 trillion +$0.07 trillion/yr | +$0.05 trillion/yr |
Every term lined up from inauguration day on one chart · National debt by president since 1980
Events during the term that bear on national debt
- Nov 5, 1990 LawOmnibus Budget Reconciliation Act of 1990. Bush signs tax increases and spending caps, breaking his "no new taxes" pledge; introduces pay-as-you-go budget rules.