MSNBC -: "One simple way to figure the budget impact of Bush�s first term is to look at how much new Treasury debt the government has sold to make up for the deficits since he took office. In Jan. 2001, the total Treasury debt held by the public stood at $3.9 trillion. As of Wed. Jan. 19, the figure was $4,423,975,930,565.56 (or $4.4 trillion.)So regardless of whether you attribute this increase to tax cuts or war spending (or both), the U.S. government is $500 billion further in debt after Bush's first term."