Neither of the two leading candidates in the 2024 presidential election has put forward a plan to deal with America’s growing debt, finds the Committee for a Responsible Federal Budget , which incorporates spending, spending cuts and US debt costs.
“Under our central estimate, vice president Harris’ plan would increase the debt by $3.95trn through 2035, while president Trump’s plan would increase the debt by $7.75trn,” writes the CFRB on its . These estimates are based on policies presented on the candidates’ campaign sites and policies proposed in official campaign ads, white papers and social media posts.
The committee drew up three scenarios for each of the two candidates and eliminated certain measures due to a lack of details from the two candidates or their teams.
The Committee for a Responsible Federal Budget estimates that Harris’ proposals would increase the deficit by $7.65trn and reduce it by $4.25trn. Source: CRFB
The Committee for a Responsible Federal Budget estimates that Trump’s proposals would increase the deficit by $10.4trn and reduce the deficit by $3.7trn. Source: CRFB
“The national debt currently stands at 99% of gross domestic product (GDP) and is projected to grow from 102% of GDP at the start of FY 2026 to 125% by the end of 2035 based on the Congressional Budget Office’s current law baseline. The debt will exceed its record as a share of the economy--106% percent set in 1946--in just three years,” writes the committee.
The latest on the candidates’ programmes
These comparisons are taken from Kamala Harris’ “” and Donald Trump’s “.”
1. Inflation and cost of living
Kamala Harris: proposes to tackle inflation by investing in resilient food supply chains, encouraging competition in the food industry and banning speculation in the price of essential goods during emergencies. Also plans to reduce household energy costs by investing in clean energy and strengthening US energy security.
Donald Trump: pledges to beat inflation by freeing up US energy production, cutting public spending, reducing regulations, securing borders and restoring peace by force. He promises to bring commodity prices down to low levels through geopolitical stability.
2. Taxation
Kamala Harris: promises tax cuts for 100m Americans earning less than $400,000 a year, including restoring the expanded child tax credit and expanding the earned income tax credit for low-income workers. She also aims to make the tax system fairer by ensuring that billionaires and large corporations pay their fair share of taxes.
Donald Trump: proposes major tax cuts for workers and to abolish taxes on tips. He pledges to protect social security and Medicare without any cuts or changes to the retirement age. He also advocates reducing corporate taxes to 15%.
3. Trade
Kamala Harris: supports fair and common-sense tax policies for US businesses, aimed at encouraging global competitiveness and growth while ensuring that companies pay their fair share of taxes.
Donald Trump: promotes an “America First” trade policy by imposing basic tariffs on foreign products, passing the Trump Reciprocal Trade Act and responding to unfair trade practices. Aims to secure fair and reciprocal trade agreements, giving priority to US producers over offshoring abroad.
4. Energy
Kamala Harris: is committed to reducing household energy costs and creating millions of new jobs while fighting the climate crisis, protecting public lands and public health, and holding polluters accountable for air and water quality. She plans to continue to invest in a thriving clean energy sector and make America a world leader in this field.
Donald Trump: pledges to make the United States the world’s leading energy producer by lifting restrictions on US energy production and ending the Green New Deal. He promises to free up energy production from all sources, including nuclear, in order to reduce inflation and supply American homes, cars and factories with reliable, abundant and affordable energy.
5. Housing
Kamala Harris: proposes to make the biggest effort since World War II to increase the supply of housing, including building three million more homes in partnership with the private sector, providing $25,000 down payment assistance for first-time homebuyers and cracking down on the predatory practices of institutional investors in the housing market.
Donald Trump: aims to reduce housing costs by lowering inflation and mortgage rates, opening up certain federal lands to housing construction, promoting home ownership through tax incentives and support for first-time buyers, and reducing unnecessary regulations that increase housing costs.
6. Small and medium-sized enterprises
Kamala Harris: proposes to invest in small businesses and entrepreneurs, whom she sees as the engine of the American economy. Her plan aims to help these businesses innovate and grow, by expanding the tax deduction for start-up expenses for new businesses and tackling the barriers and red tape that hamper the growth of small businesses.
Donald Trump: The sources provided do not detail Trump’s specific proposals for small and medium-sized businesses.
7. Innovation and strategic sectors
Kamala Harris: proposes to invest in American innovation, including clean energy, artificial intelligence and advanced manufacturing. She aims to revitalise American manufacturing, strengthen its industrial base and ensure that the US remains a leader in the industries of the future.
Donald Trump: is committed to making the US a manufacturing superpower by protecting American workers from unfair foreign competition and unleashing American energy. He also aims to develop a robust manufacturing industry in low-Earth orbit and promote partnerships with the growing commercial space sector.
This article was originally published in .