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In companion analyses, we will show:
- Roughly?77 percent?of President Trump’s approved ten-year debt came from bipartisan legislation, and?29 percent?of the net ten-year debt President Biden has approved thus far came from bipartisan legislation. The rest was from partisan actions.
- President Trump approved?$2.2 trillion?of debt in his first two years in office and?$6.2 trillion?($2.6 trillion non-COVID) in his second two years. President Biden approved?$4.9 trillion?($2.9 trillion non-COVID) in his first two years in office and has so far approved over?$600 billion?of net ten-year deficit reduction since.?
- President Trump approved?$5.9 trillion?of net spending increases including interest ($2.8 trillion non-COVID) and?$2.5 trillion?of net tax cuts ($2.0 trillion non-COVID). President Biden has approved?$4.3 trillion?of net spending increases including interest ($2.3 trillion non-COVID) and roughly?$0?of net tax changes ($60 billion revenue increase non-COVID).
- Debt held by the public rose by?$7.2 trillion?during President Trump’s term including?$5.9 trillion?in the first three years and five months. Debt held by the public has grown by?$6.0 trillion?during President Biden’s term so far.?
- President Trump’s executive actions added less than?$20 billion?to ten-year debt on net. President Biden’s executive actions have added?$1.2 trillion?to ten-year debt so far.?
- The President’s budget was on average?39 days?late under President Trump and?58 days?late under President Biden.?
Summary Table: Executive Actions Legislation Approved by Presidents Trump Biden
| Policy |
Ten-Year Debt Impact |
Partisan/Bipartisan |
| President Trump (January 20, 2017-January 20, 2021) |
| Tax Cuts Jobs Act |
+$1.9 trillion |
Partisan |
| Bipartisan Budget Acts of 2018 2019 |
+$2.1 trillion |
Bipartisan |
| ACA Tax Delays Repeals |
+$539 billion |
Bipartisan |
| Health Executive Actions |
+$456 billion |
Partisan (Executive Action) |
| Other Legislation |
+$310 billion |
Bipartisan |
| New Increased Tariffs |
-$443 billion |
Partisan (Executive Action) |
| CARES Act |
+$1.9 trillion |
Bipartisan |
| Response Relief Act |
+$983 billion |
Bipartisan |
| Other COVID Relief |
+$756 billion |
Bipartisan* |
| Total, Debt Impact Under President Trump |
+$8.4 trillion |
Partisan:?+$1.9 trillion
Bipartisan:?+$6.5 trillion |
| ? |
? |
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| President Biden (January 20, 2021-June 21, 2024) |
| Appropriations for FY 2022 2023 |
+$1.4 trillion |
Bipartisan |
| Honoring Our PACT Act |
+$520 billion |
Bipartisan |
| Bipartisan Infrastructure Law |
+$439 billion |
Bipartisan |
| Other Legislation |
+$422 billion |
Bipartisan |
| Student Debt Actions |
+$620 billion |
Partisan (Executive Action) |
| Other Executive Actions |
+$548 billion |
Partisan (Executive Action) |
| Fiscal Responsibility Act |
-$1.5 trillion |
Bipartisan |
| Inflation Reduction Act |
-$252 billion |
Partisan |
| Deficit-Reducing Executive Actions |
-$129 billion |
Partisan (Executive Action) |
| American Rescue Plan Act |
+$2.1 trillion |
Partisan |
| Total, Debt Impact Under President Biden |
+$4.3 trillion |
Partisan:?+$3.0 trillion
Bipartisan:?+$1.3 trillion
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https://www.crfb.org/papers/trump-and-biden-national-debt
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