Gross Debt
The gross national debt, which includes federal debt held by other parts of the federal government such as the Social Security and federal worker retirement trust funds , also grew under both President Trump and President Biden. Gross federal debt grew by $2.0 trillion in President Trump’s first two years in office, $6.3 trillion in his first three years and five months, and $7.8 trillion over his entire presidency. Gross federal debt grew by $3.7 trillion in President Biden’s first two years in office and $7.0 trillion in his first three years and five months.
Gross debt stood at $20.0 trillion when President Trump took office, grew to $26.4 trillion after three years and five months, and ended at $27.8 trillion by the day he left office.
- The government is running a cumulative deficit of $1.9 trillion so far in FY2024 ($302 billion more than the same period in the prior fiscal year when adjusted for timing shifts*). As of September 30, 2024, the total national debt of the United States is $35.30 trillion, making the total accumulated debt under President Bident $7.5 trillion with 4 more months to go for his term.
