Term: 1989–1993
George H. W. Bush inherited structural deficits from the Reagan years. Despite his "no new taxes" pledge, he signed the Omnibus Budget Reconciliation Act of 1990, which included tax increases to address the ballooning deficit. The costly Savings & Loan crisis bailout and the Gulf War further strained the budget.
Debt at Start of Term (1989): ~$2.85 trillion
Debt at End of Term (1993): ~$4.41 trillion
Total Increase: ~$1.56 trillion
Percentage Increase: ~54%
A recession in the early 1990s also hurt the economy, reducing tax revenues and contributing to the continued rise of the debt.