Harris vs. Trump: Debt Impact of Economic Plans

A recent analysis by the Committee for a Responsible Federal Budget (CRFB) indicates that both former President Donald Trump and Vice President Kamala Harris could significantly increase the U.S. national debt if elected, with Trump's plans potentially adding $7.5 trillion and Harris's $3.5 trillion over the next decade. Trump's proposals include extending the 2017 tax cuts and introducing new tax cuts, which could lead to a significant rise in debt, while Harris aims to extend some tax cuts for lower-income families and increase spending on social programs, offset by higher taxes on corporations and the wealthy. Despite both candidates' commitments to ambitious fiscal policies, neither has outlined a clear strategy for reducing the national debt, which currently stands at about $35.6 trillion. The CRFB's report underscores the growing concern that the debt will continue to rise faster than the economy, impacting long-term economic growth and national security. This fiscal outlook presents a significant challenge for the next presidential term, with neither candidate focusing on deficit reduction in their campaign narratives. The analysis uses a range of estimates, showing potential debt increases under various scenarios, indicating high levels of uncertainty in the exact fiscal outcomes of each candidate’s proposals.