Former President Donald Trump and Vice President Kamala Harris’ campaign promises would add trillions of dollars to the national debt, according to a new study from a nonpartisan think tank.
Trump’s agenda is significantly more expensive, says the Committee for a Responsible Federal Budget (CRFB).
The CRFB says Trump’s tax and spending plans would likely increase the debt by about $7.5 trillion over the next ten years, and Harris’ plans would likely add about $3.5 trillion in the same time frame. That’s a whopping $11 trillion in total.
“Our large and growing national debt threatens to slow economic growth, boost interest rates and payments, weaken national security, constrain policy choices, and increase the risk of an eventual fiscal crisis. However, neither major candidate running in the 2024 presidential election has put forward a plan to address this rising debt burden.
In fact, our comprehensive analysis of the candidates’ tax and spending plans finds that both Vice President Kamala Harris and former President Donald Trump would likely further increase deficits and debt above levels projected under current law.”
For its methodology, the CRFB used a broad range of potential outcomes based on ideas articulated by both candidates during the campaign.
The estimates for Trump found he would increase the debt anywhere between $1.45 and $15.15 trillion, with Harris increasing the debt anywhere from $0 to $8.1 trillion.
The CRFB names a number of specific initiatives from both candidates that would contribute to their impact on the debt.
For Harris, the list includes her significantly expanding the Child Tax Credit and other individual tax credits, increasing support for housing and health care, increasing border security, ending taxes on tips, and increasing spending and tax breaks for child care, education, long-term care, preschool, paid leave, domestic research and manufacturing and small businesses.
For Trump, the list includes extending the Tax Cuts & Jobs Act (TCJA), new tax cuts for corporations, increasing military spending, increasing border security, expanding deportations and immigration enforcement, ending taxes on tips, overtime pay and Social Security benefits, and increasing support for housing, health care, and long-term care.
“To help offset the costs of her plan, Vice President Harris has proposed increasing taxes on corporations and high-income households and reducing prescription drug prices. Her campaign also says she supports the revenue-raising provisions in President Biden’s FY 2025 budget, which would further increase taxes on corporations and high-income households.
To help offset the costs of his plan, President Trump would impose new tariffs on imports; repeal energy- and environment-related spending, tax cuts, and regulations; cut fraudulent spending; and end the Department of Education.”
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