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US Federal Deficit Comparison Under Trump and Biden

Comparison of US federal deficits during the terms of President Trump and President Biden, including the impact of the COVID-19 pandemic and policy choices.

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Jan 31, 2026
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What share of GDP were deficits under Trump and Biden versus past postwar presidents?

Across the last decade rose sharply during the shock and then fluctuated with recovery and policy choices: the federal deficit and debt measures jumped sharply—debt held by the public rose by roughly ...