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.)
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.
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.
Fiscal score-keepers at the Committee for a Responsible Federal Budget say that Trump’s plan will add $5 trillion to the baseline forecast of the national debt, while Clinton will keep it on its current path, which would see the debt reach the equivalent of 86% of GDP in 2026.
Trump has dubbed himself the "king of debt." He has used debt a lot to finance his business and real estate deals over the years. While Trump has promised he will reduce the national debt (or, at least, be "fiscally responsible") if he becomes president, numerous independent groups say that's not going to happen.
1. The Committee for a Responsible Federal Budget projects:
Trump will add $5.3 trillion to the debt in the next decade.
Clinton will add $200 billion to the debt in the next decade.
Neither candidate has a plan to reduce the national debt, according to the nonpartisan Committee for a Responsible Federal Budget, but Donald Trump would increase it far more than Hillary Clinton. An analysis released last month said Clinton's plans would boost the debt by $200 million over the next decade, keeping it on track with its current upward trajectory. Trump would increase it by $5.3 trillion in the same time period.
This claim is misleading at best. The Committee for a Responsible Federal Budget predicts that under Clinton’s policies, the debt would increase by $9 trillion over a decade. To be sure, Trump’s policies would increase the debt by as much as $14 trillion, according to the committee’s analysis — far more than Clinton’s – but Clinton’s statement wrongly implies she would not increase the debt at all.
Mr. Trump, Secretary Clinton -- no, we need to move on to our final segment. And that is the national debt. Which has not been discussed until tonight. Our national debt, as a share of the company, our GDP, is now seventy seven percent. That is the highest since just after World War II. But the nonpartisan Committee for a Responsible Federal budget says Secretary Clinton, debt would rise to eighty six percent of GDP over the next ten years. Mr. Trump, under your plan, question is, they say it would rise to one hundred and five percent of GDP over the next ten years. Question is - why are both of you ignoring this problem? Mr. Trump, you go first.
The Committee for a Responsible Federal Budget suggests that even if Clinton managed to enact all her budgetary and tax proposals, she might add $20 billion dollars a year to the national debt over the next ten years. Trump, by contrast, would swell that debt by $500 billion annually if he pushed through his announced agenda, inflicting incalculable damage on the economy.
According to the Committee for a Responsible Federal Budget, under Clinton's tax plan, the national debt will to grow to over $23 trillion and Trump's tax plan will cause the debt to grow beyond $28 trillion by 2026.