Debt to GDP under George W. Bush
Federal debt (% of GDP) · Republican · Jan 20, 2001 – Jan 20, 2009
Under George W. Bush, federal debt as a share of GDP went from 54.3% in Q4 2000 to 73.2% in Q4 2008, up 19.0 pts. That is +2.37 pts/yr, against −2.55 pts/yr in the four years before. Ranked by yearly change, it is the 4th-fastest rise of the 8 completed terms since 1977.
Total public debt (including debt held by federal trust funds) as a share of GDP. Source: Office of Management and Budget / Fed. Reserve Bank of St. Louis, via FRED GFDEGDQ188S. Quarterly data, fetched Oct 19, 2026. The chart runs from four years before the term to two years after it.
Debt to GDP under Bush, year by year
Highest reading during the term: 73.2% in Q4 2008. Lowest: 54.0% in Q2 2001.
| Period | Value | Change |
|---|---|---|
| Q4 2000, before inauguration | 54.3% | |
| Q4 2001 | 55.8% | +1.5 pts |
| Q4 2002 | 57.9% | +2.2 pts |
| Q4 2003 | 59.4% | +1.5 pts |
| Q4 2004 | 60.6% | +1.2 pts |
| Q4 2005 | 61.3% | +0.7 pts |
| Q4 2006 | 61.8% | +0.5 pts |
| Q4 2007 | 62.7% | +0.9 pts |
| Q4 2008 | 73.2% | +10.5 pts |
Debt to GDP 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 (1st term) 2017–2021 | 104.6% → 125.6% +5.24 pts/yr | +1.14 pts/yr |
| Barack Obama 2009–2017 | 73.2% → 104.6% +3.93 pts/yr | +3.15 pts/yr |
| George H. W. Bush 1989–1993 | 49.7% → 62.5% +3.20 pts/yr | +2.41 pts/yr |
| George W. Bush 2001–2009 | 54.3% → 73.2% +2.37 pts/yr | −2.55 pts/yr |
| Ronald Reagan 1981–1989 | 31.2% → 49.7% +2.32 pts/yr | −0.66 pts/yr |
| Donald Trump (2nd term) 2025–present | 121.4% → 122.6% +0.93 pts/yr · through Q1 2026 | −1.05 pts/yr |
| Jimmy Carter 1977–1981 | 33.8% → 31.2% −0.66 pts/yr | +0.01 pts/yr |
| Bill Clinton 1993–2001 | 62.5% → 54.3% −1.03 pts/yr | +3.20 pts/yr |
| Joe Biden 2021–2025 | 125.6% → 121.4% −1.05 pts/yr | +5.24 pts/yr |
Every term lined up from inauguration day on one chart · Federal debt by president since 1980
Events during the term that bear on debt to gdp
- Jun 7, 2001 LawEGTRRA (Bush tax cuts). Broad income tax rate cuts, phased in and set to expire after 2010.
- Sep 11, 2001 ShockSeptember 11 attacks. Followed by the wars in Afghanistan (2001) and Iraq (2003), largely financed by borrowing.
- May 28, 2003 LawJGTRRA. Accelerates the 2001 rate cuts and cuts taxes on dividends and capital gains.
- Dec 8, 2003 LawMedicare Part D created. The Medicare Modernization Act adds an unfunded prescription-drug benefit, starting 2006.
- Oct 3, 2008 LawTARP bank rescue (EESA). Authorizes up to $700 billion to stabilize the financial system.