President Donald J. Trump has accumulated $18 trillion in debt during his first four years in office, but he’s never been in a position to pay it back, according to data released by the Treasury Department Wednesday.
The data, based on a survey of Federal Reserve Bank of New York data and published by The Associated Press, shows that Mr. Trump, who took office in January, has not been able to make good on a pledge to reduce his debt load by reducing spending and taxing.
His $18.4 trillion debt has been accumulated during his eight months in office.
In fact, Mr. Donald Trump’s total debt has grown to $18,764,636,965.
He’s the most indebted U.S. president ever, surpassing President Barack Obama, who had $18 billion in debt as of his first day in office in 2009.
He also overtook President Richard Nixon, who collected $18 million in debt in the same time period.
Mr. Nixon, in his first year in office from 1974 to 1974, owed $18 for every $100 in gross domestic product, the Treasury data shows.
The Treasury data also shows that the U.N. climate change agreement and the ongoing crisis in Ukraine, which led to Russia cutting off Ukraine’s gas supply, have hurt the Trump administration.
It’s unclear whether those issues are a direct factor in the increased debt burden Mr. President is now facing.
It is also unclear whether the president will be able to pay all of it off in a timely manner.
In the end, Mr Trump is expected to default on his debts in early 2018, according a statement released by his transition team.
“As president, he will never pay down his debt to the American people, and will not be able by the time his term ends to pay the full amount owed,” the statement said.
“We will work with Congress to make sure that the debt is paid and the debt owed is fully repaid.”
In addition to the debt, Mr, Trump also owes a total of $10 billion in property taxes and a $4.3 billion debt for a hotel and convention center, according the Treasury report.