In a new analysis, projections show that both Kamala Harris’ and Donald Trump’s economic plans could lead to higher deficits, causing concern among experts. The nonpartisan Committee for a Responsible Federal Budget released a report suggesting a potential increase of $3.5 trillion in national debt over 10 years under a Harris presidency. Despite her campaign’s assurance of offsetting investments with higher taxes on corporations and the wealthy, the numbers paint a concerning picture.
On the other hand, former President Trump’s ideas could potentially add $7.5 trillion – and even up to $15.2 trillion – to the national debt. Trump’s focus on economic growth to mitigate deficits contrasts sharply with Harris’ more fiscally responsible approach.
Harvard University professor Jason Furman and other analyses indicate a significant difference in deficit management between the two candidates. While Harris emphasizes deficit reduction, Trump’s plans could skyrocket the debt.
The report highlights the critical issue of government borrowing and the urgency for fiscal responsibility. With public debt exceeding $28 trillion and climbing, the upcoming election will be pivotal in addressing this economic challenge.
The outlined analysis warns that debt could escalate faster than the economy under either candidate, stressing the need for informed decision-making to tackle the growing deficit effectively.
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