Trump and Harris plans could add $11 trillion to national debt

A recent analysis from the Committee for a Responsible Federal Budget (CRFB) reveals that campaign promises from Donald Trump and Kamala Harris could increase the U.S. national debt by nearly $11 trillion over the next decade. 

According to the CRFB’s forecast, Trump's plans could raise the debt by $7.5 trillion, while Harris’s initiatives might add $3.5 trillion within the same time frame. 

Trump's proposed policies include extending tax cuts, introducing new corporate tax reductions, and increasing defense spending. 

Harris, on the other hand, plans to expand child tax credits, provide more healthcare support, and invest in housing and education. 

Both candidates have suggested ways to offset the financial impact of these policies, but the CRFB warns that these measures may not be sufficient to prevent significant debt growth. 

According to the CRFB, Harris plans to increase taxes on corporations and high-income households to cover the costs of her proposals. 

Meanwhile, Trump aims to balance the budget by imposing new tariffs, cutting spending, and repealing certain environmental and energy-related regulations. 

However, both strategies are likely to still result in substantial increases to the national debt. 

The CRFB notes that a growing national debt could slow economic growth, raise interest rates, and weaken national security. 

Despite these risks, neither Trump nor Harris has offered a comprehensive plan to manage the rising debt levels. 

As the 2024 presidential election approaches, the economic consequences of their proposals remain a critical issue for voters and policymakers alike.