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.