A report on the budget plans of Donald Trump and Hillary Clinton just off the press shows that neither Trump’s nor Clinton’s plan will lower the national debt. Neither one. In fact, the nonpartisan think tank Committee for a Responsible Federal Budget (crfb.org) says Clinton’s most recent proposal will increase the national debt by $800 billion over the next ten years.
Trump's fiscal plan, which the bipartisan Committee for a Responsible Federal Budget says would add more than $5 trillion to the debt over the next decade, would have trouble getting through Congress.
According to the Committee for a Responsible Federal Budget, Clinton's estate tax proposals would be expected to increase federal revenue by $140 billion over the next decade.
The Committee for a Responsible Federal Budget estimates that Trump’s proposals would add $5.3 trillion to the federal debt over the next decade, versus $200 billion for Hillary Clinton’s plans.
During an echo of this week’s much-watched presidential debate, Sperling and Moore batted that question and other policy ideas back and forth on Wednesday. Their debate was sponsored by the Committee for a Responsible Federal Budget, or CRFB, a nonpartisan policy group in Washington that analyzes proposals’ effects on the federal budget and federal deficit.
Stephen Moore, a fellow at the conservative Heritage Foundation and founder of the Club for Growth, said Wednesday that Trump’s plan would grow the economy by 4 percent each year. While he ceded a recession could be unavoidable, Moore expressed confidence in Trump’s plan. “It’ll be like adding another Texas to the U.S. economy,” Moore said at a question-and-answer session hosted by the Committee for a Responsible Federal Budget (CRFB).
As other Trump economic advisers have asserted, Moore said the growth would stem from tax cuts, regulatory overhauls and new energy policies. Trump advisers have offered no other details. Moore said Trump’s plan would offset lost revenue — which could be as high as $6 trillion — from tax cuts by closing loopholes that benefit the wealthy, at an event hosted in Washington by the Committee for a Responsible Federal Budget.
Stephen Moore, a distinguished visiting fellow at the Heritage Foundation and a former economic columnist at The Wall Street Journal, spoke at a policy debate Wednesday opposite Gene Sperling, the former director of the National Economic Council and current economic adviser to Democratic nominee Hillary Clinton. The event, organized by the Committee for a Responsible Federal Budget, allowed the advisers to square off and clarify policy details only days after their candidates took the stage during a presidential debate at Hofstra University.
Speaking Wednesday in Washington, D.C. at a forum hosted by the nonpartisan Committee for a Responsible Federal Budget, Stephen Moore, the Club for Growth founder who helped Trump write his tax plan, was asked to reach across the aisle: What economic policy of Clinton’s does he admire? He pointed to her ideas to incentivize profit-sharing between businesses and their employees.
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.