The national debt grew by more than $1 trillion per year under President Obama, according to final numbers released by the government on Friday reflecting the debt through Thursday, his last full day in office.
When Obama took office, the total national debt was $10.627 trillion. On Thursday, his last full day, it was $9.3 trillion higher, at $19.944 trillion.
On average, the debt grew more than $1.1 trillion per year under Obama’s watch.
In many of those years, the annual budget deficit was more than $1 trillion, during the Great Recession. But even when the budget deficit fell from those record highs, the debt continued to grow quickly, since there are other ways it grows that aren’t reflected in the budget deficit number.
For example, the debt also grows through federal loans, including student loans, which are treated as spending and aren’t counted as part of the budget deficit. The government also borrows money from itself, which adds to the debt in a way that also isn’t seen in the budget deficit.
When Obama first took office, total intragovernment holdings were $4.32 trillion, reflecting the amount of money different branches of the government owed to each other. On his last full day, they were $5.54 trillion.
The biggest component of the national debt, debt held by the public, more than doubled under Obama. Total public debt was $6.307 trillion when he took office, and was $14.403 trillion on his last full day.
