Debt numbers mostly right, but there is nuance to add

“George W. Bush doubled the debt from $5 trillion to $10 trillion. President Obama doubled the debt from $10 trillion to $20 trillion. Now we’re on course to exceed $30 trillion in the next seven years or so.” — Sen. Rand Paul, R-Ky., on Feb. 8 in a Senate floor speech

We found that this assertion is largely accurate, but needs a few bits of context.

Using the Treasury Department’s “Debt to the Penny” calculator, we were able to pinpoint the amount of debt created under each president.

When Bush was sworn in on Jan. 20, 2001, the gross federal debt was $5.73 trillion. By the time he left office on Jan. 20, 2009, it was $10.63 trillion. So Paul is on target with the numbers on Bush’s watch. As for Obama, the debt rose on his watch to $19.95 trillion. That’s not quite $20 trillion, but it’s awfully close.

While Paul is basically right on the numbers, there is some nuance to add:

Paul was using the larger of two measures for debt: gross federal debt, which includes debt held by the public as well as what one part of the federal government owes to another part of the federal government. The debt figures would have been smaller if he’d only used publicly held debt, another commonly used measurement. It’s an exaggeration to say Bush and Obama both “doubled” the debt. Factors beyond presidential actions helped enable that doubling, including the aging of the baby boomers, the Great Recession, and Congress’ actions in setting spending levels. Our ruling

Paul is essentially right on all of the numbers. But, while Bush and Obama played a role, so did other factors including demographics, external events, and congressional actions driven by the other party.

We rate the statement Mostly True.

MICHAEL BROCHSTEIN / SIPA USA Sen. Rand Paul, R-Ky., speaks at the CATO Institute in Washington, D.C., recently.