# National debt under Donald Trump (2nd term), 2025–present

Source page: https://govargus.com/presidents/trump-2025/national-debt

So far under Donald Trump (2nd term), the national debt has gone from $36.22 trillion in Q4 2024 to $39.46 trillion in Q2 2026, up $3.24 trillion (+9.0%). That is +$2.17 trillion/yr, against +$2.12 trillion/yr in the four years before.

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: $39.46 trillion in Q2 2026. Lowest: $36.21 trillion in Q2 2025.

| Period | Value | Change |
| --- | --- | --- |
| Q4 2024, before inauguration | $36.22 trillion |  |
| Q4 2025 | $38.51 trillion | +$2.30 trillion |
| Q2 2026 | $39.46 trillion | +$0.95 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

- Jul 4, 2025, law: One Big Beautiful Bill Act. Makes the 2017 individual tax cuts permanent, adds new deductions and cuts Medicaid and SNAP spending.