Reports from the U.S. Treasury or Congressional Budget Office

CRFB: Trump's Economic Plan to Increase U.S. Debt by $7.5 Trillion, $4 Trillion More Than Harris's Proposal

Oct 7, 2024, 11:50 AM

A new analysis from the nonpartisan Committee for a Responsible Federal Budget (CRFB) reveals that Donald Trump's economic plan would significantly increase the U.S. national debt compared to Kamala Harris's proposals. Trump's fiscal agenda, driven by a series of tax cuts and other exemptions, is projected to add $7.5 trillion to the national debt over the next decade, which is $4 trillion more than Harris's plan. In contrast, Harris's plan is estimated to increase the debt by $3.5 trillion. The report highlights that Trump's plan could potentially raise the debt by as much as $15.2 trillion, while Harris's measures could increase it by up to $8.1 trillion. Both candidates' plans would exacerbate the already rising federal debt, with neither addressing debt reduction. The CRFB analysis also indicates that the debt could rise rapidly under either candidate, with projections extending through 2035.