# Debt to GDP under George W. Bush, 2001–2009

Source page: https://govargus.com/presidents/bush-43/debt

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.

Federal debt (% of GDP): 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 (https://fred.stlouisfed.org/series/GFDEGDQ188S), fetched Oct 19, 2026.

## 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 |

## Every term

Sorted by yearly change, fastest rise first. A term's first year mostly reflects the previous administration's policies, and Congress, the Federal Reserve and the world economy move these numbers too. Govargus describes; it does not score presidents.

| President | Term | 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 |

## Events during the term

- Jun 7, 2001, law: EGTRRA (Bush tax cuts). Broad income tax rate cuts, phased in and set to expire after 2010.
- Sep 11, 2001, shock: September 11 attacks. Followed by the wars in Afghanistan (2001) and Iraq (2003), largely financed by borrowing.
- May 28, 2003, law: JGTRRA. Accelerates the 2001 rate cuts and cuts taxes on dividends and capital gains.
- Dec 8, 2003, law: Medicare Part D created. The Medicare Modernization Act adds an unfunded prescription-drug benefit, starting 2006.
- Oct 3, 2008, law: TARP bank rescue (EESA). Authorizes up to $700 billion to stabilize the financial system.