National debt has increased twice as fast under Biden compared to Trump, data shows
The national debt has jumped more than $6 trillion during Biden's first term compared to slightly over $3 trillion during same time frame of Trump's term.
The U.S. national debt has increased twice as fast under President Joe Biden as of December 2023 compared to former President Donald Trump, according to data released by the Congressional Budget Office (CBO).
The national debt has grown by more than $6 trillion during Biden's first term compared to slightly over $3 trillion during the same time frame during Trump's term in office. Biden took office on Jan. 20, 2021 when the national debt stood at $27.7 trillion. Today, the total national debt is close to $34 trillion, according a Just the News review of U.S. Department of Treasury data.
The CBO projected that the deficit would average $2 trillion for fiscal year 2024, bringing the national debt to $36 trillion on Oct. 1, 2024, which is the end of the U.S. government's 2024 fiscal year.
Former President Trump took office on Jan. 20, 2017 when the national debt stood at $19.9 trillion. At the end of December 2019, the national debt grew to slightly over $23 trillion.
The nation's budget deficit expanded at a rapid pace starting in March 2020 when the COVID-19 pandemic and subsequent shutdowns began.
The Democratic-led House and Republican-led Senate passed a series of stimulus bills throughout the pandemic while Trump was in office. The deficit in FY2020 was a record-breaking $3 trillion, according to the Treasury Department.
The record high deficit that year increased the national debt to a new high of $27.7 when Trump left office in January of 2021.
Despite the record amount of stimulus spending during the pandemic, former President Barack Obama added more to the national debt than either Biden or Trump during his first term.
The national debt stood at $6.3 trillion on Jan. 20, 2009 when Obama was first inaugurated. The debt would skyrocket by more than $10 trillion to $16.4 trillion on Jan. 20, 2013, when the former Illinois senator was sworn-in for a second term.
The national debt soared and hit $19.9 trillion as of Obama's last day in office.