Debt and deficit projections under Kamala Harris and Donald Trump’s economic plans show alarming numbers, according to a recent analysis by the Committee for a Responsible Federal Budget. Harris’ proposed investments in the middle class and housing may increase the national debt by $3.5 trillion over a decade, even though her campaign vows fiscal responsibility through higher taxes on corporations and the wealthy.
Trump’s ideas could potentially add $7.5 trillion to $15.2 trillion to the debt, despite claims of strong economic growth negating deficit concerns. The report emphasizes the pressing issue of government borrowing, highlighting the escalating costs of programs like Social Security and Medicare.
Harvard and other analyses suggest Harris as more fiscally responsible than Trump, with estimates of deficit reductions or increases by trillions under their policies. The Committee’s analysis reveals varying scenarios, projecting Harris’ agenda adding $3.5 trillion to $8.1 trillion in debt, contrasting with Trump’s potential $1.5 trillion to $15.2 trillion increase over the next decade.
Both campaigns have differing views on the analysis, with Harris emphasizing deficit reduction if elected and Trump yet to respond. As the election nears, the challenging task of managing the rising federal debt remains a critical issue.