President Donald Trump is the first president in the entire US history to cut this much US federal debt. TGP reported that from now on, Trump can brag about his longest and biggest decrease of US federal debt in US history.
At the point when Trump took office in January, the total of US federal debt owed internally and externally was $19,947,304,555,212. By August 17, the US debt is $19,845,188,460,167, which is more than $100 billion decrease.
History experts might say that this is not true, because President Bill Clinton and President George W. Bush managed US Debt cuts over few years after the Republican Congress led by House Speaker Newt Gingrich pressured Clinton into signing a balanced budget.
Congress in fact forced Clinton into signing a balanced budget but the amount of US debt at the time actually increased. This is checked via records kept by the US Treasury at Treasurydirect.gov.
The US Government Accountability Office (GAO) has performed audits since 1997 of the US Debt amounts outstanding. According to their analysis, they show that when accounting for US Debt Held by the Public and US Intergovernmental Debt Holdings, the amount of US Debt has increased every year since their audits began.
The amount of US Debt Held by the Public reduced each year from 1999, 2000 and 2001 but the amount Intergovernmental Debt Holdings increased at bigger amounts during this period.
The Treasury website however provides daily amounts of debt outstanding but this reporting simply goes back to March 31, 2005. The Treasury does provide monthly amounts outstanding back through September 30, 2001 and yearly amounts back through 1997. The audited financial statement displays the increase in US Debt annually from 1997 through 2016.
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