‘A Great Error’: How Biden Used a Budgetary Gimmick To Score a Pre-Election Political Win
Washington Free BeaconMAR 12 2023
The Committee for a Responsible Federal Budget (CRFB), a nonpartisan organization, released a study on Monday predicting that Donald Trump's campaign proposals would double the amount of the US national debt over ten years compared to Kamala Harris's proposals.The Committee for a Responsible Federal Budget (CRFB) released a study on Monday predicting that both former Pres. Donald Trump and Vice Pres. Kamala Harris's policy proposals would increase US national debt.
Though both candidates' policies would result in trillions of dollars in extra borrowing if implemented, Trump's campaign pledges would raise the rapidly increasing national debt by $7.5 trillion; Harris's would add $3.5 trillion.If fully implemented, the CRFB estimates Trump's campaign pledges would raise the national debt by $7.5T whilst Harris's would add $3.5T over a ten-year period. Currently, federal debt sits at over $35T.
The new research may disappoint both candidates, as VP Harris's team claims that increasing taxes on companies and the wealthiest will fully balance her middle class and housing initiatives.In the 34-page fiscal assessment estimates a Trump administration would see $2.7T in tariff revenues but over $9.2T lost in tax cuts amongst other measures. In contrast, Harris would see $4.6T in tax cuts in comparison to $4T in tax rises for corporations and wealthy individuals.
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