# National debt under George W. Bush, 2001–2009

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

Under George W. Bush, the national debt went from $5.66 trillion in Q4 2000 to $10.70 trillion in Q4 2008, up $5.04 trillion (+89.0%). That is +$0.63 trillion/yr, against +$0.08 trillion/yr in the four years before. Ranked by yearly change, it is the 4th-fastest rise of the 8 completed terms since 1977.

National debt (dollars): 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 (https://fred.stlouisfed.org/series/GFDEBTN), fetched Oct 19, 2026.

## Year by year

Highest reading during the term: $10.70 trillion in Q4 2008. Lowest: $5.66 trillion in Q4 2000.

| Period | Value | Change |
| --- | --- | --- |
| Q4 2000, before inauguration | $5.66 trillion |  |
| Q4 2001 | $5.94 trillion | +$0.28 trillion |
| Q4 2002 | $6.41 trillion | +$0.46 trillion |
| Q4 2003 | $7.00 trillion | +$0.59 trillion |
| Q4 2004 | $7.60 trillion | +$0.60 trillion |
| Q4 2005 | $8.17 trillion | +$0.57 trillion |
| Q4 2006 | $8.68 trillion | +$0.51 trillion |
| Q4 2007 | $9.23 trillion | +$0.55 trillion |
| Q4 2008 | $10.70 trillion | +$1.47 trillion |

## 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 (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 |

## 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.