Treasury Department: The National Debt Has Jumped $2T Since Trump Took Office

Official White House Photo by Shealah Craighead/Public Domain

In the two years since Trump was elected, the U.S. national debt has risen more than $2 trillion.

America’s national debt has jumped more than $2 trillion since President Donald Trump took office, reaching $21.974 trillion by the end of 2018, according to the U.S. Treasury Department.

Via CNN:

The national debt has been rising at an accelerated rate in the aftermath of the 2008 financial crisis, when Congress and the Obama administration approved stimulus funding in order to keep the economy afloat.

The debt began to level off at the beginning of Trump's term, but bounced up again last year as the tax cuts passed at the end of 2017 took effect and the dramatically lower corporate tax rate lowered Treasury revenues.

As a candidate, Trump promised to "get rid of" the national debt, telling the Washington Post in 2016 that he could make the US debt-free "over a period of eight years."

But Trump appears to be having the opposite effect on the nation’s debt:

If no changes are made, the CBO projects that public debt will rise to 96% of GDP by 2028. A big chunk of that -- $1.9 trillion between 2018 and 2028 -- will be due to the Tax Cuts and Jobs Act,the CBO reported last April.

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