Pundits may debate the winner of Wednesday’s debate but the loser would appear to be the government’s fiscal future, with neither Donald Trump nor Hillary Clinton willing to budge from the plans analysts have said would leave the country’s finances headed for a cliff. Budget watchdogs have said for years that a bipartisan deal both raising taxes and limiting entitlement benefits such as Social Security checks is there to be had, but both candidates rejected that agreement. “Both candidates suggested ‘easy fixes’ to #SocialSecurity. They’re not enough,” the Committee for a Responsible Federal Budget said on Twitter.
On Tuesday, the non-partisan Tax Policy Center said that Clinton’s plan, which would raise taxes, would lower the debt by $1.4 trillion over the next decade. But that’s from where the debt is expected to be based on current tax rates, not where it is today. What’s more, that’s only half the story. The Tax Policy Center’s analysis didn’t take into account Clinton’s spending proposals. Factor in her spending proposals and the debt is projected to grow from $14 billion currently to $23 billion in a decade, or roughly nine trillion pennies., according to an analysis by the Committee for a Responsible Federal Government.
The Committee for a Responsible Federal Budget estimated that Clinton’s policies would add $200 billion to the debt over 10 years, when measured against the projected levels under current law. (Trump’s plans, the group found, would add $5.3 trillion to the debt.)
The Committee for a Responsible Federal Budget predicts that under Clinton’s policies, the debt would increase by $9 trillion over a decade.
The Committee for a Responsible Federal Budget, a budget/debt watchdog group (sometimes considered a budget hawk group), estimate her policies would add roughly $200 billion to the debt over the next decade. That said, Trump’s plans would add far more by the committee’s estimates: More than $5 trillion in additional debt over the same timeframe. In a blog posted earlier today, the group noted other differences between the two this way: “While Clinton has put forth a serious effort to pay for her proposals, neither candidate would address the unsustainable trajectory of our nation’s debt — and Trump would substantially worsen it.”
Fact-check No. 14: Clinton claims her tax plan wouldn't add anything to the national debt.
Clinton: "What I have put forward doesn't add a penny to the debt."
Our grade: False
Explanation: Clinton claims her tax plan won’t "add a penny" to the national debt, but the nonpartisan Committee for a Responsible Federal Budget estimates that her economic plan will increase the debt by an additional $200 billion over a decade.
Regardless of which candidate is elected to the White House, the national debt, which is currently more than $14 trillion, is likely to grow by about $9 trillion over the next 10 years, according to the Committee for a Responsible Budget.
According to the nonpartisan Committee for a Responsible Federal Budget, both candidates will add to the national debt if they get everything they propose. Clinton's policies would add roughly $200 billion to the debt over the next 10 years, while Trump would add a lot more: $5.3 trillion.
Trump has endorsed sweeping tax cuts and a "hands off" approach to entitlements that could explode the nation's debt somewhere between $5.3 trillion and $7 trillion, according to studies conducted by the Committee for a Responsible Federal Budget and the Tax Policy Center, leading to the obvious question of how that can be paid for and maintained.
Maya MacGuineas, the president of the centrist Committee for a Responsible Federal Budget, maintains that the Simpson-Bowles debt plan was an "opportunity missed" for a country that is currently on track to add $9 trillion to the nation's debt over the next 10 years. "Under Simpson-Bowles, debt was projected to peak around 70% of gross domestic product and come back down to less than 55% of GDP by 2026," MacGuineas wrote in The Wall Street Journal. "Instead, under Mrs. Clinton's proposals, the country is on track for debt to be 86% of GDP in 2026 or 105% of GDP under Donald Trump's." MacGuineas says that a debt burden of this magnitude would slow future growth, starve public investment, and eventually lead to even larger across-the-board cuts.
In a "static" analysis, one that doesn't consider what the taxes would do to the economy, Clinton's tax plan would raise enough taxes to cut deficits by about $1.58 trillion over the next decade. That would be just short of the $1.65 trillion in new spending programs Clinton has called for, as tallied by the Committee for a Responsible Federal Budget.
The Committee for a Responsible Federal Budget reported that both candidates' plans would increase the national debt, but Trump's plan would make it larger. Clinton's policies would keep the national debt in line with current 10-year projections, the report finds: Her plan would bump up the debt by $200 billion over a decade, while Trump's plan would increase the debt by $5.3 trillion. In other words, debt held by the public would comprise 86% of GDP under Clinton and 105% of GDP under Trump.
Clinton calls for an array of tax hikes, some yet to be specified, on top earners, to finance about $1.65 trillion of new spending over the next decade. The Committee for a Responsible Federal Budget, a centrist fiscal watchdog, estimates her plans would boost the national debt by $200 billion over 10 years. That, however, is a drop in the debt bucket compared to what Donald Trump’s plans would do. Trump has proposed a large tax reduction, most of the benefits of which would go to upper earners. How large? His overall fiscal plans would increase the national debt by $5.3 trillion over the next 10 years, according to CRFB’s analysis
The nonpartisan Committee for a Responsible Federal Budget calculates that Hillary Clinton's policies would add $200 billion to the national debt over the next decade. She would raise tax revenue but devote that money to new spending, not to retiring debt. And Donald Trump? Because he would cut taxes, his policies would grow the national debt by $5.3 trillion over the same decade.
The Committee for a Responsible Budget has estimated that Trump’s overall budget plans would increase the national debt by some $11.5 trillion.
Using figures provided by the Tax Foundation and the Tax Policy Center, the Committee for a Responsible Federal Budget (CRFB) estimated that Clinton's infrastructure spending could cost up to $300 billion, while Trump's could cost between $500 and $600 billion.
A report last month by the non-partisan Committee for a Responsible Federal Budget found that, on a static basis, Clinton’s tax and spending plans would add $200 billion to the federal debt over the next decade, while Trump’s would add $5.3 trillion.
Hillary Clinton said again last week that she would not "add a penny to the national debt," repeating a claim she made during her first debate with her Republican rival. This claim is, at best, an exaggeration. Under Clinton's policies, the national debt held by the public would increase from roughly $14 billion today to more than $23 trillion in a decade, according to an analysis from the Committee for a Responsible Federal Budget. That's an increase of $9 trillion.
The candidates have proposed many plans to spend or save billions of dollars. But, according to an analysis by a debt watchdog group, neither of them has a plan to fully fund their changes, meaning they would need to borrow to make up the difference.
The same nonpartisan Committee for a Responsible Federal Budget that estimated the revised Trump plan would increase the national debt about $5.5 trillion over 10 years calculated that the Clinton plan would add $200 billion to the national debt over 10 years.
CRFB estimated that the combination of new spending and tax increases in Secretary Hillary Clinton’s proposals would roughly keep the national debt on track with CBO’s already unsustainable projections. Donald Trump’s economic plan, however, would make things several orders of magnitude worse by adding several trillion dollars in additional debt over just the next 10 years alone.
The independent fiscal responsibility group the Committee for a Responsible Federal Budget says Clinton would increase the deficit by $200 billion over 10 years, adding to our actual, national debt, and costing you and me more money. The CRFB says Trump would increase the deficit by a full $5.3 trillion over 10 years – a massive debt load to be added to our existing $19 trillion debt.
Trump, however, is a candidate of chaos, not change. His policy preferences are disturbing at every turn. Just two examples: His tax plan would add $5.3 trillion to the national debt over a 10-year period, over and above the current rate of increase, according to the non-partisan Committee for a Responsible Federal Budget, compared to a $200 billion increase under Clinton’s plan.
Analysts have warned that the persistent disconnect between rising spending and languishing revenues cannot be sustained indefinitely...“The era of declining deficits is officially over, with this year’s $587 billion deficit representing almost a 35 percent increase from last year,” Maya MacGuineas, president of the Committee for a Responsible Federal Budget, said in a statement Friday. “Now that deficits are back on the rise, it’s hard to imagine a more compelling reason for demanding significant reforms to our long-term trajectory.”
“In 18 years, when the Social Security Trust Funds run out of money, you’ll be 76. The Committee for a Responsible Federal Budget estimates your benefits could be cut by as much as $7,500 per year. What would your administration do to prevent this cut?” moderator Elaine Quijano of CBS News asked Democratic nominee Sen. Tim Kaine (D-Va.)
National debt: Neither candidate has a real plan to reduce the national debt, saying they would address it by creating more jobs and an accelerated economy, increasing revenue to pay for their programs. Maybe even a budget surplus would help pay down the debt. However, a recent examination of both candidates’ budget plans by the nonpartisan Committee for a Responsible Federal Budget found that Clinton’s plan would add about $200 billion in debt over the next decade. Trump’s plan would increase it by $5.3 TRILLION over the same time period. One of Trump’s solutions to solving America’s debt issues is to simply get creditors to accept less — a solution which is both asinine and likely unconstitutional.
Trump has denounced the debt in his campaign. However, according to the bipartisan Committee for a Responsible Federal Budget, the massive tax cuts he has proposed would deepen the red ink by $5.3 trillion over the next decade. Clinton's budget also would add to the national debt, according to the CRFB, because her proposed tax hikes on corporations and the wealthy wouldn't fully pay for her spending plans. But her debt increase, $200 billion, is a fraction of Trump's.
Clinton wants to make college tuition-free at instate public universities for any family earning less than $125,000 a year. The price tag for taxpayers? According to the Committee for a Responsible Federal Budget, over a decade it would cost between $350 billion and $800 billion.
According to the Committee for a Responsible Federal Budget, the Affordable Care Act is actually beneath Social Security, Medicare, defense, interests, and non-AC-related Medicaid. It's projected to remain below these line items through 2026.
“The era of declining deficits is officially over,” said Maya MacGuineas, president of the Committee for a Responsible Federal Budget, who said by both cutting taxes and boosting spending, Washington is headed in the wrong direction. “And there’s no end in sight: Deficits are on track to top $1 trillion as soon as 2024. Now that deficits are back on the rise, it’s hard to imagine a more compelling reason for demanding significant reforms to our long-term debt trajectory,” she said.
So what would the debt path look like under either a Hillary Clinton or Donald Trump presidency? It would be pretty bleak in either case, according to a report released by the Committee for a Responsible Federal Budget. And while the committee is non-partisan, they do have a policy bent on fixing the national debt and improving the way the budget is developed.
Republican presidential nominee Donald Trump’s massive tax cuts for individuals and businesses and spending initiatives would add $5.3 trillion more to the debt than currently projected, according to the Committee for a Responsible Federal Budget. Democrat Hillary Clinton’s major spending agenda and tax hikes would result in a net $200 billion increase in the debt over the coming decade.