WASHINGTON (NEXSTAR) — A new report finds the economic promises from former President Donald Trump would add twice as much to the nation’s debt compared to the policy proposals from Vice President Kamala Harris.
The analysis comes from the nonpartisan group, Committee for a Responsible Federal Budget, which favors lower deficits.
“These could arguably be excellent things to do,” said CRFB President Maya MacGuineas. “The point is we need to pay for them.”
The report estimates Trump’s plan would add about $7.5 trillion over ten years to the nation’s debt compared to $3.5 trillion from Vice President Harris.
“Both of these would lead us in a significant wrong direction at a time when our fiscal situation is so off-kilter,” MacGuineas said.
Both candidates plan to act on the 2017 Trump tax cuts that expire next year. Trump promised to make all of the cuts permanent, Harris vowed to only keep the cuts that help those making less than $400,000 a year.
According to the report, the other most expensive parts of Trump’s economic plan end taxes on overtime pay and Social Security benefits, while expanding the Child Tax Credit is the second most expensive policy for Vice President Harris.
To make the government money, Trump would levy heavy tariffs on foreign imports while Vice President Harris would impose more taxes on large corporations and those making more than $400,000 a year.
“Both of those would raise revenue but not enough to entirely offset the campaigns’ proposals,” MacGuineas said.
MacGuineas said the biggest thing missing from their ideas is a plan to specifically reduce the nation’s debt.
