Summary
A new analysis from the nonpartisan Committee for a Responsible Federal Budget indicates that both Vice President Kamala Harris and former President Donald Trump could significantly increase the national debt over the next decade. The report estimates that Harris’s economic plans could add approximately $3.5 trillion to the national debt, while Trump’s proposals could result in an increase of $7.5 trillion, potentially reaching as high as $15.2 trillion, depending on various factors.
This analysis comes at a critical time as the U.S. approaches the November election, highlighting the fiscal implications of the candidates’ proposed policies. Harris’s campaign asserts that her investments in the middle class and housing will be financed through higher taxes on corporations and the wealthy, aiming for fiscal responsibility. In contrast, Trump’s economic strategy relies on anticipated strong growth to offset deficits, despite concerns about the sustainability of such an approach. The report emphasizes that under both candidates’ plans, the national debt would continue to grow faster than the economy, raising questions about long-term fiscal health and the implications for future governance.
Key Findings
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Kamala Harris: The analysis suggests her presidency could lead to a $3.5 trillion increase in national debt over ten years. This projection hinges on her plans for tax reductions and increased spending, which may not be fully offset by the proposed tax increases on corporations and the wealthy.
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Donald Trump: His economic proposals could add between $7.5 trillion and $15.2 trillion to the national debt, with the lower figure assuming optimal revenue from tariffs and no additional costs from his proposed policies.
Implications for Voters
Voters are faced with the challenge of assessing the candidates’ fiscal responsibility amidst a backdrop of rising national debt, which currently exceeds $28 trillion. The analysis serves as a reminder of the economic stakes involved in the upcoming election, urging a closer examination of each candidate’s plans and their feasibility in addressing the nation’s financial challenges.
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