TRUMP: He hopes to ignite growth with tax cuts for businesses and wealthy, a plan that outside experts say would cause the budget deficit to rise sharply. His tax cuts — largely concentrated among top-earners and businesses — would cause the federal debt to climb $5.3 trillion through 2026, according to an analysis by the Committee for a Responsible Budget.
The Committee for a Responsible Federal Budget estimates that a Clinton presidency would increase the federal debt to 86 percent of GDP, and we all know that presidents almost always perform worse on government debt once in office, compared to their campaign promises.
The endorsement focuses on the composition of the Supreme Court, Trump's tax plan, the national debt (which a recent analysis by the Committee for a Responsible Federal Budget found would be increased five times more by Trump than by Clinton), and the protection of the Second Amendment.
Trump has called for repealing ObamaCare, but he has not put forward many specifics on his replacement. He has called for allowing insurance to be sold across state lines and for premiums to be tax deductible. An analysis from the Committee for a Responsible Federal Budget found his plan would cause 21 million people to lose health coverage, and would provide coverage for only around 1 million.
In the final presidential debate last week in Las Vegas, moderator Chris Wallace of Fox News said Hillary Clinton’s economic plan would increase the national debt from 77 percent of gross domestic product to 86 percent over the next decade, and Donald Trump’s plan would raise it to 105 percent, citing estimates of the Committee for a Responsible Federal Budget.
A third independent watchdog, the Committee for a Responsible Federal Budget, has produced a slightly higher total revenue figure: $1.5 trillion. That’s not too far short of the $1.65 trillion estimate for the over-all cost of Clinton’s spending plans, which came from the same organization.
"The economic impact of fiscal policy would be extremely small over the next decade for either candidate," the Committee for a Responsible Federal Budget, a nonprofit organization that advocates for lower deficits, concluded in an analysis released Monday.
The Committee for a Responsible Federal Budget, which accepts her economic plan on its face, estimates that her policies would cost $200 billion and cause public debt to rise from over $14 trillion to more than $23 trillion over the next decade.
The Affordable Care Act is gone. Nearly 21 million Americans have lost health insurance, according to an analysis by the nonpartisan Committee for a Responsible Federal Budget.
Is Hillary Clinton's college plan really plausible? This is a question that still remains unanswered, because in an analysis by the Committee for a Responsible Federal Budget (CRFB), it is found that Clinton's college plan for students would add $500 billion to the national debt, in contrary to Clinton's claim that she can make the plan materialize without adding a penny to the country's debt.
Clinton could tax the wealthy at a 90 percent top marginal rate, raise rates on corporations, and enact every other trickle-down tax on consumers she desires, and there’s still no way she would not add to the national debt. If she failed to enact her agenda and did absolutely nothing as president (we should be so lucky), Clinton would still add to the debt. The Committee for a Responsible Federal Budget, which accepts her economic plan on its face, estimates that her policies would cost $200 billion and cause public debt to rise from over $14 trillion to more than $23 trillion over the next decade.
Deficits have gone up and down over the years, but the debt has only gone in one direction—up—and it will continue to do so under the next president, whether it is Clinton or Donald Trump. “Whoever is president will actually be adding $9 trillion to the debt over the next 10 years unless they make changes,” said Maya MacGuineas, president of the Committee for a Responsible Federal Budget, a nonpartisan fiscal watchdog group. “So it won’t be policies that they put in place” that will cause an increase, “but the current trajectory is that we’ll borrow $9 trillion over the next 10 years...“For a candidate to say they have a plan that wouldn’t add a penny to the debt, they’d actually need a plan to $9 trillion,” MacGuineas said. “She doesn’t have that, and no one could actually even be expected to have that. We are going to add to the debt. “What she’s saying in budget-speak is she’s not going to add more to the debt than we are already on track to borrow,” she said.
Neither Democrat Clinton nor Republican Trump have put forward a plan to address the situation. In fact, Trump, whose main economic policy revolves around a massive tax cut, could add $5.3 trillion to the national debt over the next decade. And even Clinton, who has proposed a far more modest combination of tax hikes and new spending, would still do little to fix it, according to the Committee for a Responsible Federal Budget.
"Whoever is the next president will preside over a period where if we don't make changes, we will add $9 trillion to the debt over the next ten years." -- Maya MacGuineas.
The Committee for a Responsible Federal Budget has tallied the candidates’ spending promises and estimated that Clinton would raise spending by $1.65 trillion while Trump would cut spending by $1.2 trillion over the next decade.
Fox Business host Stuart Varney joined the cast of Fox & Friends on October 21 to attack Clinton for claiming during the final presidential debate that her tax plan “will not add a penny to the debt.” Varney contended that Clinton’s statement was false because current federal spending is on track to accumulate roughly $9 trillion in debt over the next decade. During his critique, which cited the Committee for a Responsible Federal Budget (CRFB) as its source on screen, Varney neglected to mention that, according to the CRFB, Clinton’s tax and spending plans would only add about $200 billion in new debt accumulation to the $9 trillion already baked into continuing federal spending. After accounting for the roughly $275 billion of new revenue that Clinton estimates her proposed business tax reforms will generate, her proposals are more or less balanced.
The non-partisan Committee for a Responsible Federal Budget estimates that the Trump tax plan, which involves massive tax cuts for America’s richest citizens, would more than double the gross national debt, from $19 trillion now to $39.9 trilion by 2026.
While Clinton has said her proposals wouldn’t add to the federal debt, the Committee for a Responsible Federal Budget has estimated they would likely add $200 billion to the debt during the next decade, while Trump’s policies would add $5.3 trillion.
According to an analysis by the non-partisan Committee on a Responsible Federal Budget (CRFB), Hillary Clinton would likely add $200 billion to the debt over a decade, admittedly much less than $5.3 trillion CRFB estimates Donald Trump would add. However, Clinton’s plan doesn’t change the trajectory of the nation’s debt either. The non-partisan watchdog estimates that under a Clinton administration, the public-held national debt would remain follow the same track as current law -- the national debt will increase from roughly $14 trillion today to more than $23 trillion in a decade. That is an increase of $9 trillion. The CRFB adds that debt as a percentage of GDP would rise from nearly 77 percent of GDP today to 86 percent by 2026.
While the large increase in borrowing occurred "under Obama," it's an overstatement to blame Obama's actions as the sole cause of the ballooning debt, according to the bipartisan Committee for a Responsible Federal Budget.
Hillary Clinton and Donald Trump both sidestepped a question in Wednesday’s debate about how to stabilize Social Security to avert benefit cuts as funding dwindles in the decades ahead. Both have vowed to oppose benefit cuts. But as moderator Chris Wallace pointed out, the Committee for a Responsible Federal Budget, a nonpartisan fiscal monitor, has concluded that neither candidate has a viable plan to shore up Social Security...The Committee for a Responsible Federal Budget analyzed both candidates’ fiscal plans and found that Clinton would increase the national debt by $200 billion over a decade and Trump’s would increase it by $5.3 trillion.
CLINTON: "I don't add a penny to the national debt."
THE FACTS: Not true, according to the nonpartisan Committee for a Responsible Federal Budget. It estimates her increased spending in areas such as infrastructure, more financial aid for college and early childhood education, would increase the national debt by $200 billion over 10 years. That is far less than their estimate for Trump, who they predict would add $5.3 trillion over 10 years. But it's plenty more than a penny.
The national debt is projected to grow by $9 trillion over the next decade. But Clinton’s plan would not add significantly more to the debt, according to the nonpartisan Committee for a Responsible Federal Budget, which has analyzed the economic impact of every proposal by both nominees.
Hillary Clinton’s false claims
1. Falsely said, “I also will not add a penny to the debt.” (Her tax plan will add $200 billion to the debt, the Committee for a Responsible Federal Budget says.)
A recent report by the Committee for a Responsible Federal Budget projected that Trump’s policies would add $5.3 trillion to the debt in the coming decade...Clinton last night repeated her vow that “I will not add a penny to the debt” with her proposals. However, even if Clinton as president succeeded in persuading Congress to offset the cost of her domestic agenda with $1.4 trillion of new revenue, she would still come up short and add an estimated $200 billion to the long term debt, according to Committee for a Responsible Federal Budget calculations.
Camerota followed that clip with a report from the non-partisan Committee for a Responsible Federal Budget, which rated Clinton’s claim as false. The committee found that Clinton’s plan would actually increase the national debt by $200 billion over a decade. When Camerota asked Kaine to comment, he avoided agreeing with Clinton’s statement and suggested that the costs of Clinton’s financial plan cannot be reliably predicted.
If her spending proposals are taken into account, the national debt would increase an estimated $9 billion over the next 10 years under Clinton, according to analysis by the Committee for a Responsible Federal Budget.
However, it does nothing to reduce the existing $14 trillion public debt or shrink the ratio of debt to Gross Domestic Product, according to estimates by the Committee for a Responsible Federal Budget (CRFB)
Now that the full cycle of debates has come to an end, there is at least one clear winner: the Committee for a Responsible Federal Budget. Near the end of the debate, Mr. Wallace declared, “The Committee for a Responsible Federal Budget has looked at both of your plans, and they say neither of you has a serious plan that is going to solve the fact that Medicare’s going to run out of money in the 2020s, Social Security is going to run out of money in the 2030s.”
Moderator Chris Wallace noted that the nonpartisan Committee for a Responsible Federal Budget has said that Clinton's economic plan would raise the national debt to 86 percent of Gross Domestic Product over the next ten years. Wallace also said the same group has said that Trump's plan would raise the debt to 105 percent of GDP over the next ten years.