Let's make it official! President Trump breaks another record and cuts more United States debt for a longer period than any president in history.
President Trump is now able to claim the longest and biggest increase decrease of United States federal debt in United States history.
On January 20, 2017 when President Trump was inaugurated, the amount of United States federal debt owed internally and externally was over $19 trillion. By August 17th, the amount of debt owed by the United States had shrunk by over $100 billion.
This has never happened before! No United States president has ever presided over a cut in debt like this one.
Per The Gateway Pundit:
History buffs may say that this is incorrect because President Bill Clinton and President George W. Bush oversaw US Debt cuts over a period of a few years after the Republican Congress led by House Speaker Newt Gingrich forced Clinton into signing a balanced budget. We thought the same, but our analysis determined that this is actually not correct.
Congress did push Clinton into signing a balanced budget but the amount of US debt during this period actually increased. This is confirmed through data maintained by the US Treasury at Treasurydirect.gov.
The US Government Accountability Office (GAO) has performed audits since 1997 of the US Debt amounts outstanding. In 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 decreased each year from 1999, 2000 and 2001 but the amount Intergovernmental Debt Holdings increased at larger amounts during this period.
The Treasury website does provide daily amounts of debt outstanding but this reporting only goes back to March 31, 2005. The Treasury does provide monthly amounts outstanding back through September 30, 2001 and annual amounts back through 1997. The audited financial statement show the increase in US Debt annually from 1997 through 2016.
So when all of the mainstream media is piling on, remember that President Trump is cutting United States debt in an unprecedented manner.