Debt to GDP under Bill Clinton
Federal debt (% of GDP) · Democratic · Jan 20, 1993 – Jan 20, 2001
Under Bill Clinton, federal debt as a share of GDP went from 62.5% in Q4 1992 to 54.3% in Q4 2000, down 8.3 pts. That is −1.03 pts/yr, against +3.20 pts/yr in the four years before. Ranked by yearly change, it is the 2nd-fastest fall 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 Clinton, year by year
Highest reading during the term: 65.3% in Q2 1995. Lowest: 54.3% in Q4 2000.
| Period | Value | Change |
|---|---|---|
| Q4 1992, before inauguration | 62.5% | |
| Q4 1993 | 64.7% | +2.1 pts |
| Q4 1994 | 64.4% | −0.3 pts |
| Q4 1995 | 64.2% | −0.2 pts |
| Q4 1996 | 64.4% | +0.3 pts |
| Q4 1997 | 62.8% | −1.7 pts |
| Q4 1998 | 60.4% | −2.4 pts |
| Q4 1999 | 58.3% | −2.1 pts |
| Q4 2000 | 54.3% | −4.1 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
- Aug 10, 1993 LawOmnibus Budget Reconciliation Act of 1993. Raises the top income tax rate to 39.6% and expands the EITC; passed without a single Republican vote.
- Aug 5, 1997 LawBalanced Budget Act of 1997. Spending restraint, mostly in Medicare, paired with the Taxpayer Relief Act's capital-gains cut and child tax credit.