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.
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.
According to PolitiFact, the Committee for a Responsible Federal Budget put her at $250 billion short over 10 years of paid leave, assuming her tax increases make it through Congress.
According to a study by the nonpartisan Committee for a Responsible Federal budget, Donald Trump’s economic plan is estimated add $5.3 trillion to the national debt. You read that number correctly
If you care about the debt, remember that, according to the non-partisan Committee for a Responsible Federal Budget, Trump’s tax plan would add $5.3 trillion to the federal debt. That is money that we must repay, or pay large amounts of interest on, with tax dollars.
Clinton’s proposals would increase overall government spending by $1.65 trillion over the coming decade, according to the most recent tally of the Committee for a Responsible Federal Budget. That includes $500 billion for spending on college programs and free tuition for many middle-class students; $600 billion for both paid family leave and infrastructure construction, $200 billion for the child care credit, and significantly more for new health-related programs.
The estate-tax increase would generate $75 billion over the next decade, according to the nonpartisan Committee for a Responsible Federal Budget. The tax increase and other new tax proposals from Clinton are to pay for her plans to simplify small-business taxes and expand the child tax credit.
Overall, Clinton is proposing to increase taxes by $1.5 trillion over a decade, the vast majority of it on high income earners and wealthy families, in order to nearly offset about that much in new spending programs, according to the nonpartisan Committee for a Responsible Federal Budget.
But Trump’s tax cuts - both for individuals and businesses - are so deep that the nation’s existing debt of $19.6 trillion would increase by another $5.3 trillion over 10 years, according to a study by the Committee for a Responsible Federal Budget, a Washington research group that calls for fiscal restraint.
But an analysis by the non-partisan Committee for a Responsible Federal Budget last month found that Clinton’s plan was already on track to add $200 billion to the federal debt over 10 years. That calculation came before her plan to enhance the child tax credit was announced.