# Debt to GDP under Bill Clinton, 1993–2001

Source page: https://govargus.com/presidents/clinton/debt

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.

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: 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 |

## 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

- Aug 10, 1993, law: Omnibus 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, law: Balanced Budget Act of 1997. Spending restraint, mostly in Medicare, paired with the Taxpayer Relief Act's capital-gains cut and child tax credit.