The Committee for Responsible Federal Budget released a report estimating that former President Donald Trump’s economic proposals would increase the national debt by $7.5 trillion over the next decade, while Vice President Kamala Harris’ proposals would add $3.5 trillion. Both candidates plan to modify and extend the 2017 Tax Cuts and Jobs Act, with Trump’s plan adding $5 trillion to the debt and Harris’ adding $3 trillion. Trump also plans to cut taxes for corporations, crack down on illegal immigration, and increase military spending, while Harris plans to raise the Child Tax Credit, add tax incentives for families with newborns, and assist first-time homebuyers. The impact of these policies is uncertain due to a lack of details provided by the candidates. The national debt is currently at $35 trillion and projected to rise faster than the American economy under both Trump and Harris. Economists are divided on the significance of the high debt level and the necessity of reducing it. Research from the University of Pennsylvania suggests that the U.S. debt held by the public should not exceed 200% of the GDP. Overall, both Trump and Harris are expected to increase federal spending and the national debt, but the exact impact remains uncertain.
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