The national debt passed the $36 trillion threshold inꦍ November for the first time ever, as the combined debt held by the U.S. public and the federal government grows.

At that sum, the U.S. national debt is approximately equal to the value of the economies of China, G🅰ermany, Japan, India, and the U.K. combined, the Peter G. Peterson Foundation found. 

National debt is the total amount of money the U.S. federal government owes its creditors. The American public primarily holds the largest share of federal debt, followed by foreign governments and U.S. banks and investors. The government gathers funds by collecting taxes on personal and corporate income, payroll earnings, and borrowing. The government then spends the money on programs such as 澳洲幸运5官方开奖结果体彩网:Social Security, education, health care, national defense, and more, and takes on debt by borrowing to cover the expenses that a🎐ccumulate over 𝓰time. 

But which political party has historically added more to the national debt—Democr☂ats or Republicans? The answer depends on how you slice the data.

Republican Presidents Have Ad𒅌ded More ཧto the National Debt Per Term—But Democratic Presidents Added More Debt Overall

Inflation-adjusted data from the U.S. Treasury Department and the Bureau of Labor Statistics would suggest that per term🃏, Republican pres⛦idents have added slightly more debt to the U.S. national debt than Democratic presidents. Looking at U.S. presidents from 1913 through the end of the federal fiscal year 2024, Republican presidents added about $1.4 trillion per four-year term, compared to $1.2 trillion added by Democrats. 

However, Democratic presidents added more inflation-adjusted debt overall. That could be because Democratic presidents were in power for nine more years than Republican presidents in the period since 1913. Overall, Democratic presidents have added a total of $18 trillion to the൲ national debt since 1913 (adjusted for inflation), while Republicans have added $17.3 trillio♎n.

How Does a🔴 President and Their Adminis꧃tration Affect Debt?

Historically, the way a president has responded to major events has 澳洲幸运5官方开奖结果体彩网:added significant🙈♏ly to the national debt. For example, funding w𒈔ars and spending on governm෴ent relief during recessions are some reasons presidents have added to the national debt.

While national debt isn’t entirely in a president’s control, a president and their administration’s fiscal policies do affect it. Federal spending can be out of a 𝓰president’s control in times of war, natural disasters, or a public health crisis.

During the COVID-19 pandemic in 2020, then-President Trump signed the $2.2 trillion 澳洲幸运5官方开奖结果体彩网:CARES Act stimulus bill into law in response to the sharp rise in unemployment during the pandemic. Later, President Biden signed the $1.9 trillion 澳洲幸运5官方开奖结果体彩网:American Rescue Plan Act to provide more relief to Americans and businesses as they continued to recover from the pandemic.

President Obama signed the 澳洲幸运5官方开奖结果体彩网:American Recovery ꦏand Reinvestment Act (ARR𒐪A) in 2009 when the economy was experiencing the worst recession since the Great Depression. Former President George W. Bush added significantly to the national debt during his term after launching the invasion of Afghanistan and the War on Terror following the Sept. 11 terror attacks. The Iraq and Afghanistan wars cost an estimated $8 trillion over 20 years, ending in 2021. 

How Would the 20ಌ24 Election Candidates’ Economic Plans Affect U.S. National Debt?

The national debt was also a leading issue for 2024 presidential election voters. October data from a poll by the Peterson Foundation found that more than nine in 10 voters across seven key swing states said it was important for candidates to have a plan for national debt. 

However, a report by the nonpartisan Committee for a Responsible Federal Budget (CRFB) found that both candidates were likely to significantly increase the national debt under their current spen♔ding plans. High levels of national debt can slow down the economy, increase interest rates, and generally increase the risk of a fiscal crisis. 

Tallying what economic proposals the candidates had made, Harris’ spending plan would increase the national debt by about $3.95 trillion through 2035, while President-elect Trump’s plan would increase the debt by $7.75 trillion, according to an estimate by the CRFB.

෴Which President Added the Mo𒆙st National Debt Per Term? 

Former President Trump added the most 澳洲幸运5官方开奖结果体彩网:national debt per term, adding an estimated $7.1 trillion to the national debt during൲ his term from 2016 to 2020.

The Bottom Line

Looking at U.S. presidential terms sinc🦹e 1913, Republican presidents have added slightly more debt to the U.S. national debt than Democratic presidents per four-year term. However, Democratic p𓆉residents added more inflation-adjusted debt overall, though there have also been nine more years of Democratic presidents since 1913 compared to Republican presidents.