Budget group: Debt jumps under Donald Trump, remains steady under Hillary Clinton
A new analysis from the Committee for a Responsible Federal Budget predicts that both Hillary Clinton and Donald Trump would increase the federal debt, but it would skyrocket under the presumptive GOP nominee.
"What we find is, both candidates, at a time when our debt is already at record levels, would not put forth a plan that would put the debt on a sustainable path. But that said, the plan of Donald Trump would add much, much more to the debt than Hillary Clinton's," President Maya MacGuineas said Sunday on CBS's "Face the Nation."
Under current law, the Congressional Budget Office has projected that the debt will grow by $10 trillion over the next decade, bringing it to 86 percent of gross domestic product (GDP) by 2026.
The analysis estimated that Clinton's policy proposals would add a further $250 billion to the debt over a decade, bringing it to 87 percent of GDP by 2026. Trump, on the other hand, would add $11.5 trillion more to the debt, causing it to rise to 127 percent of GDP by 2026, the report said.
The slight rise in debt under Clinton would be the result of her policies to increase federal spending on domestic programs and raise taxes. The group said on net, Clinton would increase spending by $1.45 trillion over the next decade and increase taxes by $1.2 trillion over a decade.
The analysis said that Clinton would spend $350 billion more on college education, $300 billion more on paid family leave, $300 billion more on infrastructure and nearly half a trillion on other initiatives. The presumptive Democratic nominee's health-related changes would cost about $150 billion, the report said. To balance out these increases, Clinton has proposed tax increases on the wealthy and businesses that would total $1.25 trillion.
Debt would grow significantly under Trump because he would cut taxes by $10.5 trillion over a decade, the group said. Trump's plan to reform the Department of Veterans Affairs and to increase veterans' access to private doctors would cost $500 billion and his plans to repeal Obamacare and reduce illegal immigration into the U.S. would cost about $50 billion each, the report said. Trump's net spending would increase by more than $1 trillion over ten years.
The group said the estimates a rough, rounded and based on each candidate's policy proposals.
