TRUMP: President Barack Obama "has doubled (the national debt) in almost eight years. ... When we have $20 trillion in debt, and our country is a mess."
THE FACTS: Trump's expressed concern about the national debt obscures that his own policies would increase it by much more than Clinton's, according to the nonpartisan Committee for a Responsible Federal Budget.
Clinton: She said her plan “will not add a penny to the debt and your plans would add $5 trillion to the debt.”
Fact check: The cost of Clinton’s tax plan may add to the national debt. Her tax and spending plans would increase federal tax revenue by about $1.5 trillion over 10 years on net, while they'd increase spending by about $1.65 trillion, according to the non-partisan Committee for a Responsible Federal Budget.
The Committee for a Responsible Federal Budget has estimated that Trump's tax plans would boost the federal debt by a net $5.3 trillion over 10 years. The organization said it based its projections on what was known about the candidates' proposals as of Sept. 21. The total $5.8 trillion in revenue loss includes $1.45 trillion from individual tax reform, $2.85 trillion from business tax reform and $1.2 trillion from repealing the taxes imposed by the Affordable Care Act, according to the group. Taking into account $1.2 trillion in reduced spending and $700 million in increased interest, the tax plan costs about $5.3 trillion, the group estimated.
A new analysis estimates Hillary Clinton’s tax and spending proposals would have a relatively modest effect on the national debt, while Donald Trump’s fiscal plans would sharply boost deficits and the debt over the next decade. The report from the Committee for a Responsible Federal Budget, a nonpartisan group that advocates debt reduction, examines the fiscal proposals of both candidates as of Sept. 21.
Both Trump and Clinton have proposed massive infrastructure investments to create jobs and improve the condition of America’s roads, bridges, rail lines, airports, and more. But they’ve both been, at times, vague about how they’d pay for it. Clinton has proposed $275 billion in new spending, and her website claims she’d pay for the improvements through “business tax reform.” But a recent report from the nonpartisan Committee for a Responsible Federal Budget found her corporate tax proposals would only net $150 billion over a decade – how would she make up the remainder?
CLINTON STATEMENT: “Independent experts have looked at what I’ve proposed and looked at what Donald has proposed and basically they’ve said this: That if his tax plan which would blow up the debt by over $5 trillion and would in some instances disadvantage middle class families compared to the wealthy were to go into effect, we would lose three and a half million jobs and maybe have another recession.”
FACT CHECK: According to a recent report by the Committee for a Responsible Federal Budget, “Trump’s plans would increase the debt by $5.3 trillion … [causing] debt to rise to above” 105 percent. Trump’s proposals, in other words, would “substantially worsen the debt.”
But Clinton’s campaign has signaled clearly that she would accomplish it through some combination of subsidized child care for the poor and tax credits for everybody else ― a realistic approach that builds on what President Barack Obama has proposed and think tanks like the Center for American Progress have proposed. And overall, according to a recent estimate by the Committee for a Responsible Federal Budget, Clinton has been responsible about identifying revenue to offset the cost of new programs.
He [Trump] has talked about at least doubling the infrastructure spending Mrs. Clinton has called for, and has said he will oppose any trims in benefits for the big entitlement programs such as Medicare and Social Security. An analysis last week from the Committee for a Responsible Federal Budget said Mrs. Clinton’s policy plans would increase the country’s debt by $200 billion over current law levels, while Mr. Trump’s plans would grow the debt by $5.3 trillion.
The Committee for a Responsible Federal Budget has said Hillary Clinton’s policies would increase the debt by $200 billion over the next decade, and that Mr. Trump’s would increase it by $5.3 trillion.
Further, the CBO projects that the costs of Social Security, federal health care spending (including Medicaid and Medicare), and interest on the debt will account for 83 percent of the $2.7 trillion increase in annual spending from 2015 to 2026, per CBO analysis from the Committee for a Responsible Federal Budget in January.
Debt and fiscal policy. The Committee for a Responsible Federal Budget estimates that Trump’s fiscal policies would raise the proportion of debt to gross domestic product over 10 years from 74% at the end of 2015 to 129%; it projects that Clinton’s policies would raise the figure to 86%. But the key is that neither candidate has made debt reduction a priority.
Maya MacGuineas, head of the Campaign to Fix the Debt and president of the nonpartisan Committee for a Responsible Federal Budget, has worked with Crapo on the federal debt issue. “He’s not somebody I see pushing other members aside to get to cameras,” MacGuineas said. “He’s somebody who sits down with spreadsheets and prints out reams of paper on tax policy.” MacGuineas called the Simpson-Bowles budget-balancing proposal “the biggest accomplishment that I’ve seen in the course of my career.”
“And that’s not to say we’ve gotten the job done; we haven’t,” MacGuineas said. “But this is a very difficult issue that requires building block after building block after building block. We wouldn’t even be building if they hadn’t come up with the Simpson-Bowles proposal.”
Trump is proposing to increase the national debt significantly over the next 10 years. As CNBC reported last week, the Committee for a Responsible Federal Budget estimated that the Trump plan would increase the debt by $5.3 trillion over the next decade, “26 times more than Hillary Clinton’s plan ,” which would only increase the debt by $200 billion over the same period.
Clinton has made childcare and early childhood education a key plank of her campaign...She also has proposals to lower the cost of childcare for families, and particularly for parents who are also college students. She hasn't talked a lot about how she would pay for these proposals, which the Committee for a Responsible Federal Budget estimates could cost up to half a trillion dollars.
The advisers think Trump's plan will boost U.S. annual economic growth from an average of 2 percent, as many forecasters expect, to an average of 3.5 percent, creating millions of additional jobs in the process. They also think that, coupled with spending cuts, the plan will generate additional tax revenue that will make up for all the revenue lost from his tax cuts — between $4.4 and $5.9 trillion, by one analysis — meaning that the plan would not add to the deficit. The independent Committee for a Responsible Federal Budget disagrees with that assessment, projecting Trump would in total add $5.3 trillion to the budget; its analysis did not account for any higher growth from the plan.
John Dickerson: Let me ask you about debt, you mentioned debt. You have worked with the Center [Committee] for a Responsible [Federal] Budget. They have scored the Trump plan as created $5.3 trillion in increased debt.
The health care report follows another recent analysis that delved into the candidates' tax proposals. That study by the nonpartisan Committee for a Responsible Federal Budget found that Trump's latest tax proposals would increase federal debt by $5.3 trillion over the next decade, compared with $200 billion if Clinton's ideas were enacted. The Trump campaign disputed those findings.
But her new position will go much further. She recently expressed support to the Committee for a Responsible Federal Budget (CRFB) for higher tax rates on the largest estates, along the lines of what Sen. Bernie Sanders (I-VT) was proposing during the primaries. According to the CRFB’s analysis, Clinton’s new proposals for the estate tax would tack on an additional $75 billion in revenue.
Under the Clinton plan, the heir would pay taxes on the difference between the cost of the stock when it was first purchased and last sold, in this case the entire $99 difference. Experts for the watchdog group Committee for a Responsible Federal Budget estimate that this change could raise $150 billion in new revenues over a 10-year period.
On Thursday, Hillary Clinton drastically increased the top rate in her estate-tax plan, calling for Uncle Sam to impose a 65 percent tax on the assets of people who die with more than $500 million in wealth to their names. Clinton also unveiled new rules for the taxation of inherited capital assets...Taken together, these two proposals would generate $260 billion over the next decade, which Clinton would use to finance some tax cuts on small businesses and an expansion of the child tax credit. (The Committee for a Responsible Federal Budget, a nonpartisan entity that urges fiscal restraint, says that her math checks out).
"Both candidates have focused on the importance of growing the economy but they haven't recognized that getting the debt under control is a huge piece of growing the economy." – Maya MacGuineas
According to the nonpartisan Committee for a Responsible Federal Budget, which advocates fiscal restraint, Clinton's updated estate tax and other new proposals would generate $260 billion over the next decade. That same think tank analyzed both Clinton's and Trumps's tax and spending proposals and found that Trump's would increase the debt 26 times more that Clinton's.
The national debt would surge under a Donald Trump presidency, though not as much as originally thought, according to a new analysis. Trump's stated plans to stimulate the economy through the building of infrastructure, boosting military spending and making sharp tax cuts would increase the national IOU by $5.3 trillion, according to a report Thursday from the Committee for a Responsible Federal Budget.
Donald Trump has boasted in the past that he is the "king of debt." If elected, he would become the president of debt, one report says. The Republican presidential nominee's economic plans would increase the national debt by $5.3 trillion over the course of a decade, according to a report from bipartisan public policy group the Committee for a Responsible Federal Budget (CFRB) released on Thursday. Democratic nominee Hillary Clinton's economic proposals would up the debt by $200 billion.
The Committee for a Responsible Federal Budget looked at Trump's newly revised tax plan as well as other proposals. However, it says its analysis can't be certain of the actual size of Trump's tax plan because his campaign won't spell out how it will treat certain businesses' tax liabilities.
In the past three months, Hillary Clinton and Donald Trump have put forth new tax and spending proposals and revised or clarified some of their previous ones.Those changes have lessened how much their fiscal policies would affect the nation's debt, according to updated preliminary estimates from the Committee for a Responsible Federal Budget, a bipartisan think tank. CRFB estimates that Trump's fiscal proposals as they are today would add $5.3 trillion to the nation's debt in the first decade. By contrast, Clinton's fiscal package would add an estimated $200 billion to the debt, $50 billion less than under her original package of fiscal proposeebt currently projected over the next decade. It would still reach 86% of GDP by 2026.
According to an analysis by the Committee for a Responsible Federal Budget, Trump’s plans would contribute $5.3 trillion dollars to the national debt. Democratic presidential candidate Hillary Clinton’s plans, by comparison, would only increase the debt by $200 billion.
Neither Hillary Clinton nor Donald Trump has a plan to reduce the national debt, but a new analysis has concluded that one candidate would increase it far more than the other. The nonpartisan Committee for a Responsible Federal Budget said Trump's proposals would boost the debt by $5.3 trillion over the next decade. Meanwhile, Clinton would keep the country on its current trajectory, increasing the debt by about $200 billion over the same time period.
Donald Trump’s policies would make the federal deficit much bigger. Hillary Clinton’s wouldn’t. That’s the most important takeaway of a new report, one that maybe should get a little attention this campaign season. The report comes from Committee for a Responsible Federal Budget, a nonpartisan think tank that, as the name suggests, focuses heavily on whether the government has enough resources to meet its financial obligations.