I am not sure how you define "cycle of debt", but if you mean the entitlement payments that Congress is afraid to cut and are also afraid to raise taxes enough to pay for, I give Franklin Roosevelt the credit for starting it all.
The budget that President Obama submitted will add more to the national debt than the debt created by all previous presidents.
The President cannot raise the debt ceiling. It is set by Congress.
In Debt was created in 1995.
The war had created a problems with a debt from the cost of the war.
The President cannot raise the debt ceiling. It is set by Congress.
The debt has grown about 25% during President Obama's administration, due mainly to the recession, the Bush tax cuts and two wars which Obama inherited.
Debt Exchange was created in 1999.
Debt of Honour was created in 1936.
Debt on our Doorstep was created in 1999.
The Debt of the Dead was created in 2004.
Debt of Honor was created in 1994.
President Barack Obama did inherit a debt and although both the President and former President Bush have added quite a bit to the debt. Over time it is a collective fault each contributing, some more, some less. Note that the only President that balanced the budget was President Clinton. The country has never had zero debt.