Presidents › Donald Trump (2nd term)
Debt to GDP under Donald Trump (2nd term)
Federal debt (% of GDP) · Republican · Jan 20, 2025 – present
So far under Donald Trump (2nd term), federal debt as a share of GDP has gone from 121.4% in Q4 2024 to 122.6% in Q1 2026, up 1.2 pts. That is +0.93 pts/yr, against −1.05 pts/yr in the four years before.
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 Trump, year by year
Highest reading during the term: 122.6% in Q1 2026. Lowest: 118.8% in Q2 2025.
| Period | Value | Change |
|---|---|---|
| Q4 2024, before inauguration | 121.4% | |
| Q4 2025 | 122.6% | +1.1 pts |
| Q1 2026 | 122.6% | 0.0 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
- Jul 4, 2025 LawOne Big Beautiful Bill Act. Makes the 2017 individual tax cuts permanent, adds new deductions and cuts Medicaid and SNAP spending.