Thursday, May 18, 2023

 Chart

President

Accumulated Budget Deficit (in trillions of dollars)

Notable Causes

Ronald Reagan

$2.9

Increased defense spending, tax cuts, and economic recession

George H.W. Bush

$1.5

Economic recession, Gulf War

Bill Clinton

$1.4

Economic growth, budget control measures, surplus in later years

George W. Bush

$5.9

Tax cuts, wars in Afghanistan and Iraq, financial crisis

Barack Obama

$9.1

Economic recession, stimulus measures, tax cuts

Donald Trump

$6.9

Increased spending, tax cuts, COVID-19 relief measures

Please note that this table provides a simplified summary and there may be additional factors contributing to the budget deficits during each presidency.


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