Both Kamala Harris and Donald Trump would increase federal spending, report reveals

According to a report presented by the Committee for a Responsible Federal Budget (CRFB) Fulfilling the campaign promises made by Democrat Kamala Harris and Republican Donald Trump would represent a significant increase to the federal budgetthat is, a higher debt ceiling.

However, The projected estimates are not exact because neither of the two candidates has clearly stated their development plan or the exact projects to be executed. during the four that his management would entail.

“Whoever wins the 2024 presidential election will face an unprecedented fiscal situation upon taking office.

“Both Republican and Democratic presidential candidates have laid out campaign plans that, at worst, would vastly increase our debt and deficits,” the report states.

The CRFB’s projection is that the New York magnate’s proposals would increase the country’s debt by $7.5 trillion dollars until 2035; while the vice president’s plans would imply an increase of $3.5 billion dollars.

To calculate the amount of debt that would be incurred by electing Trump on the ballot, the CRPB relied on his plan to extend the tax cuts contained in the Tax Cuts and Jobs Act of 2017, which it estimates would total more than $5 trillion dollars in a decade to the national debt of almost $36 trillion.

The projection also mentions how the plan to eliminate taxes on overtime, tips and Social Security benefits would cost an additional $3.6 billion.

Regarding the proposal for mass deportations of immigrants, it would increase the debt by another $350 billion.

Regarding the possibility of seeing Kamala Harris at the head of the White House, it is envisioned that expanding the tax cuts for people who earn less than $400,000 a year would add $3 trillion to the national debt.

Expanding the Child Tax Credit and the Earned Income Tax Credit would cost at least another $1.4 trillion.

And as for ending income taxes related to tips, it would represent $200 billion more debt.

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