A new study by a nonpartisan group says that the campaign promises of former President Donald Trump and Vice President Kamala Harris could really hurt the US national debt.
Trump’s Plans: A Big Price Tag
The Committee for a Responsible Federal Budget (CRFB) says that Trump’s plans would likely add about $7.5 trillion to the debt over the next ten years. That’s a huge number! This is mostly because of his tax cuts and spending plans.
Harris’ Plans: Not as Big, But Still Significant
Harris’ plans would likely add about $3.5 trillion to the debt over the same period. Her plans include things like expanding the Child Tax Credit and increasing spending on housing and healthcare.
Together, It’s a Huge Problem
When you combine the two candidates’ plans, the total amount added to the debt could be a whopping $10.6 trillion.
The CRFB says this is a serious problem because it could slow down the economy, make interest rates go up, and even weaken national security.
How They Plan to Pay for It
Both candidates have some ideas for how they would pay for their plans. Harris wants to raise taxes on corporations and wealthy people, and she also supports some of President Biden’s plans to increase taxes. Trump wants to impose new tariffs on imports, cut spending on energy and the environment, and even get rid of the Department of Education.
What This Means for the Future
The CRFB is worried that neither candidate has a plan to deal with the growing national debt. They say that both Trump and Harris’ plans would make the problem even worse.
