The Committee for a Responsible Federal Budget has released a comprehensive analysis of the fiscal plans of Kamala Harris and Donald Trump, providing a sobering look at the potential consequences of their proposed policies on the nation’s debt. According to the report, Harris’ campaign promises of fiscal responsibility would be achieved through investments in the middle class, housing, and other programs, which would be offset by higher taxes on corporations and the wealthy. However, this approach could still result in an additional 3.5 trillion dollars added to the national debt over 10 years.
On the other hand, Trump’s plans would likely increase the national debt by a staggering 7.5 trillion dollars, with the possibility of deficits reaching as high as 15.2 trillion dollars if his tariffs fail to generate the expected revenue and there are higher costs associated with deportations and tax breaks. The report notes that neither candidate has meaningfully emphasized budget deficit reduction in their campaign pitch, but multiple analyses highlight a clear difference between the two candidates’ approaches to fiscal policy.
The national debt has become a growing concern, now exceeding 28 trillion dollars. The expense of servicing this debt has eclipsed the cost of defending the nation or providing healthcare to elderly Americans. The report warns that debt would continue to grow faster than the economy under either candidate’s plans, and in many scenarios, would grow faster and higher than under current law.
Donald Trump (Via Donald Trump/Twitter)
The estimates presented in the report paint a bleak picture of the future of the US economy. The Committee for a Responsible Federal Budget’s analysis concludes that Harris’ policy ideas could add 3.5 trillion dollars to the national debt through 2035, while Trump’s plans could increase the debt by as much as 15.2 trillion dollars over the same period. The report’s findings serve as a stark reminder of the importance of fiscal responsibility in presidential elections.
As the candidates continue to campaign, voters must demand clearer and more detailed information about their plans for managing the national debt and ensuring the long-term economic stability of the United States. The report’s conclusions underscore the need for a nuanced understanding of the candidates’ fiscal plans and the potential consequences of their proposals on the nation’s debt. Ultimately, the next president will be tasked with going the treacherous waters of fiscal policy, and it is essential that voters are informed and engaged in this critical debate.
