text: No, it is not true. Since Bush came to office, the public debt has increased by $2.5 trillion, but not because he borrowed all of that. First, Congress sets the budget, so THEY borrowed the money. Second, not all of it is borrowed, but interest that has been accruing. Third, not all of the debt is owned by foreign countries. 41% of the current debt holdings are held by US government agencies, not by people, foreign or otherwise. The vast majority of the rest of the debt is held by American citizens and companies.