A short history of the federal debt
Presidents |
National debt run up
|
Time it took |
Major events |
Cumulative national debt left after each President |
First 39 Presidents |
$900 billion |
200 years |
Revolutionary War Civil War, WW I, WW II, Korean War, Vietnam War, 1930 Depression, Cold War |
$900 billion |
Reagan |
$1.8 trillion |
8 years |
Cold War and minor wars
|
$2.7 trillion |
Bush I |
$1.5 trillion |
4 years |
Iraq War I |
$4.2 trillion
|
Clinton |
$1.6 trillion |
8 years |
Yugoslavian wars. Welfare reform. Clinton had budget surpluses in last years of term; last previous surplus was in 1969 in the midst of the Vietnam War. |
$5.8 trillion |
Bush II |
$2.7 trillion |
5.5 years |
Iraq War II, War on Terror, tax cuts and more tax cuts, federal spending gone wild
|
$8.5 trillion
|
Bush II
|
$300 billion |
Projected: August 2006 --January 2007 |
More of the same, with the only Bush veto on stem cell research, not spending. |
$8.8 trillion
|
Sources: Bureau of Public Debt, US Treasury Department.