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The economic policy of the George W. Bush administration was a combination of tax cuts, expenditures for fighting two wars, and a free-market ideology intended to de-emphasize the role of government in the private sector. He advocated the ownership society, premised on the concepts of individual accountability, less government, and the owning of property.

During his first term (2001–2005), he sought and obtained Congressional approval fortax cuts: the Economic Growth and Tax Relief Reconciliation Act of 2001, theJob Creation and Worker Assistance Act of 2002 and the Jobs and Growth Tax Relief Reconciliation Act of 2003. These acts decreased all tax rates, reduced the capital gains tax, increased the child tax creditand eliminated the so-called "marriage penalty", and were set to expire in 2011.

The last two years of his presidency were characterized by the worsening subprime mortgage crisis, which resulted in government intervention to bail out damaged financial institutions and a weakening economy.

TheU.S. national debt grew significantly from 2001 to 2009, both in dollar terms and relative to the size of the economy (GDP), ^[1] due to a combination of tax cuts and wars in both Afghanistanand Iraq. Budgeted spending under President Bush averaged 19.9% of GDP

In August 2010, the Congressional Budget Office (CBO) estimated that extending the tax cuts for the 2011-2020 time period would add $3.3 trillion to the national debt, comprising $2.65 trillion in foregone tax revenue plus another $0.66 trillion for interest and debt service costs. ^[29]