No one is likely to be happy with the projected higher deficits laid out in a new analysis of Kamala Harris' and Donald Trump's economic plans.
The analysis released Monday by the nonpartisan Committee for a Responsible Federal Budget suggests a Harris presidency could increase the national debt over 10 years by 3.5 trillion. That's even though the vice president's campaign insists her proposed investments in the middle class and housing would be fully offset by higher taxes on corporations and the wealthy. Her campaign policy guide states that Harris is "committed to fiscal responsibility - making investments that will support our economy, while paying for them and reducing the deficit at the same time."
The same analysis says former President Trump's ideas could heap another 7.5 trillion onto the debt and possibly as much as 15.2 trillion. That's even though he suggests growth would be so strong under his watch that no one would need to worry about deficits.
The 34-page report released by the fiscal watchdog group puts a spotlight on the issue of government borrowing that will confront the winner of November's election. Total federal debt held by the public now tops 28 billion and is expected to keep climbing as revenues can't keep up with the growing costs of Social Security, Medicare and other programs. The analysis noted that the expense of servicing that debt in dollar terms has "eclipsed the cost of defending our nation or providing health care to elderly Americans."
Drawing on the candidates' speeches, campaign documents and social media posts, the analysis warns bluntly "Debt would continue to grow faster than the economy under either candidates' plans and in most scenarios would grow faster and higher than under current law."
