Gross federal debt

This table lists the gross U.S. federal debt^[9] as a percentage of GDP by Presidential term since World War II.^[10] The current gross federal debt as a percentage of GDP (83.4% at the end of 2009) is currently the highest it has been since the late 1940s. The debt briefly reached over 100% of GDP in the aftermath of World War II.

These figures do not include unfunded obligations. The U.S. government is committed under current law to mandatory payments for programs such as Medicare, Medicaid and Social Security. The 2009 present value of these deficits or unfunded obligations is an estimated $45.8 trillion. This is the amount that would have to be set aside such that the principal and interest would pay for the unfunded commitments through 2084. Approximately $7.7 trillion relates to Social Security, while $38.2 trillion relates to Medicare and Medicaid. Adding this to the national debt and other federal commitments brings the total obligations to nearly $62 trillion.^[11] However, these amounts are excluded from the national debt computation.

The President proposes the budget for the government to the congress, which can amend it before passing. The U. S. Constitution in Article 1, Section 7 grants exclusive right to originate revenue related bills to the House of Representatives; the President's proposals are an indication of spending desired, but it is the House which defines the spending through the final wording of the bills. Since the budget resolution is a “concurrent” congressional resolution, not an ordinary bill, it does not go to the President for his signature or veto.^[12] While this leaves substantial room for the legislature to change the deficit, congressional historian Louis Fisher observes that, "Congress rarely appropriates more than what the President requests." In the case of Nixon, who fought fiercely with Congress over the budget, he writes, "Congress was able to adhere to the President's totals while significantly altering his priorities." ^[13]

U.S. president	Party	Term years	Start debt/GDP	End debt/GDP	Increase debt ($T)	Increase debt/GDP (in percentage points)	House Control (with # if split during term)	Senate Control (with # if split during term)
Roosevelt/Truman	D	1945–1949	117.5%	93.1%	-0.01	-24.4%	79th D, 80th R	79th D, 80th R
Harry Truman	D	1949–1953	93.1%	71.4%	0.01	-21.7%	D	D
Dwight Eisenhower	R	1953–1957	71.4%	60.4%	0.01	-11.0%	83rd R, 84th D	83rd R, 84th D
Dwight Eisenhower	R	1957–1961	60.4%	55.2%	0.02	-5.2%	D	D
Kennedy/Johnson	D	1961–1965	55.2%	46.9%	0.03	-8.3%	D	D
Lyndon Johnson	D	1965–1969	46.9%	38.6%	0.04	-8.3%	D	D
Richard Nixon	R	1969–1973	38.6%	35.6%	0.10	-3.0%	D	D
Nixon/Ford	R	1973–1977	35.6%	35.8%	0.24	+0.2%	D	D
Jimmy Carter	D	1977–1981	35.8%	32.5%	0.29	-3.3%	D	D
Ronald Reagan	R	1981–1985	32.5%	43.8%	0.82	+11.3%	D	R
Ronald Reagan	R	1985–1989	43.8%	53.1%	1.05	+9.3%	D	99th R, 100th D
George H. W. Bush	R	1989–1993	53.1%	66.1%	1.48	+13.0%	D	D
Bill Clinton	D	1993–1997	66.1%	65.4%	1.02	-0.7%	103rd D, 104th R	103rd D, 104th R
Bill Clinton	D	1997–2001	65.4%	56.4%	0.40	-9.0%	R	R
George W. Bush	R	2001–2005	56.4%	63.5%	2.14	+7.1%	R	107th Split, 108 R
George W. Bush	R	2005–2009	63.5%	84.2%	3.97	+20.7%	109th R, 110th D	109th R, 110th D
Barack Obama	D	2009–	84.2%	93.2% (2010)	1.65 (2010)	+9.0% (2010)	111th D, 112th R	D

(Source: CBO Historical Budget Page and Whitehouse FY 2012 Budget - Table 7.1 Federal Debt at the End of Year PDF, Excel, Senate.gov)

Notes:

•  Jobs created during U.S. presidential terms.


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  Numbers listed here are measured from January of the year at the beginning of the term to the January four years later, when the term ends.
  

  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  

  U.S. president	Party	Term years	Start jobs*	End jobs*	created (in millions)	Average annual increase
  Harding/Coolidge	R	1921–1925	25,000 **	29,500 **	+4.5 **	+4.2% **
  Calvin Coolidge	R	1925–1929	29,500 **	32,100 **	+2.6 **	+2.2% **
  Herbert Hoover	R	1929–1933	32,100 **	25,700 **	-6.4	-9.0%
  Franklin Roosevelt	D	1933–1937	25,700 **	31,200 **	+5.5	+5.3% **
  Franklin Roosevelt	D	1937–1941	31,200 **	34,480	+3.3	+2.6% **
  Franklin Roosevelt	D	1941–1945	34,480	41,903	+7.4	+5.2%
  Roosevelt/Truman	D	1945–1949	41,903	44,675	+2.8	+1.8%
  Harry Truman	D	1949–1953	44,675	50,145	+5.5	+3.0%
  Dwight Eisenhower	R	1953–1957	50,145	52,888	+2.7	+1.4%
  Dwight Eisenhower	R	1957–1961	52,888	53,683	+0.8	+0.4%
  Kennedy/Johnson	D	1961–1965	53,683	59,583	+5.9	+2.6%
  Lyndon Johnson	D	1965–1969	59,583	69,438	+9.9	+3.9%
  Richard Nixon	R	1969–1973	69,438	75,620	+6.2	+2.2%
  Nixon/Ford	R	1973–1977	75,620	80,692	+5.1	+1.7%
  Jimmy Carter	D	1977–1981	80,692	91,031	+10.3	+3.2%
  Ronald Reagan	R	1981–1985	91,031	96,353	+5.3	+1.5%
  Ronald Reagan	R	1985–1989	96,353	107,133	+10.8	+2.7%
  George H. W. Bush	R	1989–1993	107,133	109,725	+2.6	+0.6%
  Bill Clinton	D	1993–1997	109,725	121,231	+11.5	+2.6%
  Bill Clinton	D	1997–2001	121,231	132,469	+11.2	+2.3%
  George W. Bush	R	2001–2005	132,469	132,453	+0.0	-0.0%
  George W. Bush	R	2005–2009	132,453	133,563	+1.1	+0.1%
  Barack Obama	D	2009–2013	133,563	135,373 (May 2011)	+1.81 (May 2011)	+0.54% (May. 2011/Roughly 2.5 Years)

  
  

  *In Thousands **Approximate
  

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