Report: Trump plans would add $11.5 trillion to debt
The Committee for a Responsible Federal Budget says what Trump wants to do would “massively increase” the debt over the next decade.
The “Promises and Price Tags” report released by the nonpartisan, non-profit organization found that Trump would add $11.5 trillion to the debt by 2026, while his Democratic opponent Hillary Clinton would add $250 billion in the same time period.
This striking discrepancy is primarily the result of Trump’s tax reforms, which would cut net taxes by $10.5 trillion over a decade, slashing national revenue. Clinton’s relatively small increase in debt would come mostly from increased spending on college education, infrastructure, paid family leave and other social initiatives. The former secretary of states has proposed several tax increases, primarily on businesses and on the country’s highest earners, to account for the bulk of this new spending.
Other independent analyses of Trump’s economic policies found similarly ominous results. The Tax Policy Center estimated that his tax plan would add nearly $10 trillion to the debt over the next decade, while a recent Moody’s Analytics report determined that his proposals would trigger a recession.