Top 5 Presidents Who Added to National Debt by Percentage
Here are the top five presidents in modern U.S. history who recorded the largest percentage increase to national debt during their term(s) in office.
1. Franklin D. Roosevelt (1933–1945)
President Franklin D. Roosevelt (FDR) contributed the largest percentage increase to U.S. national debt to date. Roosevelt entered office when the United States was in the depths of the
Great Depression, the longest economic recession in modern history. FDR’s
New Deal, a series of government-funded programs to fight the devastating effects of the Great Depression, added significantly to the national debt.
The U.S. national debt went up when FDR took office because of the New Deal.6 But the biggest contributor to the national debt under FDR was World War II.14
2. Woodrow Wilson (1913–1921)
President Woodrow Wilson added to the U.S. national debt with funding war efforts during World War I. Under Wilson, U.S. government debt increased by about $23 billion left by President William Taft before him.14
3. Ronald Reagan (1981–1989)
President
Ronald Reagan added $1.6 trillion to the U.S. national debt.14 The actor-turned-president supported
supply-side economics and believed government intervention reduced economic growth. His economic policies involved widespread tax cuts, decreased social spending, and more military spending. Reagan increased defense spending by 35% in his two terms as president.15
4. George W. Bush (2001–2009)
President George W. Bush added about $4 trillion to the U.S. national debt.14 Military spending increased to record levels under Bush, due to launching wars in Iraq and Afghanistan in response to the Sept. 11, 2001 attacks. Bush and his administration also dealt with
recessions in 2001 and 2008 (the Great Recession).1617
5. Barack Obama (2009–2017)
When looking at which president added the most to national debt in dollar amounts, President Barack Obama takes the lead.14 Obama’s efforts to spur recovery from the Great Recession through his $831 billion stimulus package and $858 billion in tax cuts contributed to the rise in national debt during his presidency.918
National Debt Continues to Rise Under President Biden
So far, the national debt has grown by about $2.5 trillion since Biden took office in 2021, largely driven by COVID-19 relief measures meant to facilitate recovery.19 According to estimates by the Congressional Budget Office (CBO), Biden’s American Rescue Plan would add $1.9 trillion to national debt by 2031.20
Biden also signed a
bipartisan infrastructure bill into law in November 2021. It provides funding for improvements to roads, bridges, public transit, drinking water, and expanded access to the internet, among other initiatives.21 The plan is estimated to cost more than $420 billion over 10 years.22
Biden’s
student loan forgiveness program, which would have canceled
up to $20,000 of federally held student loan debt per borrower, was expected to cost the federal government about $305 billion total over 10 years, according to an estimate by the U.S. Department of Education.23 However, that plan was overturned by the Supreme Court in June 2023. A new plan, called the Saving on a Valuable Education (SAVE) plan, aims to provide a new path to relief for borrowers.24 The plan could cost $230 billion over 10 years.25
Biden’s
Inflation Reduction Act, which aims to invest in green energy initiatives and reduce healthcare costs, could actually reduce the deficit by $58 billion over the next decade, according to an estimate by the CBO.26
As of July 2023, the U.S. national debt stands at $32.5 trillion.19 In January, U.S. Treasury Secretary Janet Yellen
announced that the government hit its
debt ceiling, the maximum amount of money that the federal government can legally borrow. When this happens, the U.S. Treasury needs to find other ways to pay expenses until the debt ceiling is raised by Congress.
Yellen said the U.S. government would begin taking “extraordinary measures” to prevent a
sovereign default.27 A hotly contested deal was finally struck between Democrats and Republicans in June, suspending the debt ceiling and allowing further spending until 2025.28
The
debt ceiling was last raised in late 2021 by Biden and Congress. It was raised to $31 trillion—a limit that has now been reached.