Presidents › Donald Trump (1st term)
National debt under Donald Trump (1st term)
National debt (dollars) · Republican · Jan 20, 2017 – Jan 20, 2021
Under Donald Trump (1st term), the national debt went from $19.98 trillion in Q4 2016 to $27.75 trillion in Q4 2020, up $7.77 trillion (+38.9%). That is +$1.94 trillion/yr, against +$0.89 trillion/yr in the four years before. Ranked by yearly change, it is the 2nd-fastest rise of the 8 completed terms since 1977.
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. Quarterly data, fetched Oct 19, 2026. The chart runs from four years before the term to two years after it.
National debt under Trump, year by year
Highest reading during the term: $27.75 trillion in Q4 2020. Lowest: $19.84 trillion in Q2 2017.
| Period | Value | Change |
|---|---|---|
| Q4 2016, before inauguration | $19.98 trillion | |
| Q4 2017 | $20.49 trillion | +$0.52 trillion |
| Q4 2018 | $21.97 trillion | +$1.48 trillion |
| Q4 2019 | $23.20 trillion | +$1.23 trillion |
| Q4 2020 | $27.75 trillion | +$4.55 trillion |
National debt 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 (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 |
Every term lined up from inauguration day on one chart · National debt by president since 1980
Events during the term that bear on national debt
- Dec 22, 2017 LawTax Cuts and Jobs Act. Corporate rate cut from 35% to 21%, temporary individual rate cuts, and the ACA's individual-mandate penalty set to zero from 2019.
- Mar 27, 2020 LawCARES Act. About $2.2 trillion in relief: stimulus checks, expanded unemployment benefits and the Paycheck Protection Program.