National debt would increase $11.5 trillion under TrumpStaff writer ▼ | June 28, 2016
The Committee for a Responsible Federal Budget released a report "Promises and Price Tags: A Fiscal Guide to the 2016 Election," which analyzes Donald Trump and Hillary Clinton's economic ideas.
New president Some emphasis on fiscal responsibility...
The report criticizes the presumptive Republican and Democratic nominees for president because they have not laid out proposals for tackling our growing national debt, though the authors wrote that “is encouraging that, in this election, both candidates have put some emphasis on fiscal responsibility.”
Publicly held debt in the U.S. increased about $7.1 trillion since President Barack Obama took office, according to the Federal Reserve Bank of St. Louis, though a sharp, upward trend in the debt started a year before he was inaugurated.
Right now, publicly held debt in the U.S. amounts to 75% of GDP. Clinton’s policies would increase that to 87% by 2026 and Trump’s would push it to 127% in the same time frame, the report says.
The researchers explained the estimates in simple terms: The $250 billion increase in the national debt under Clinton can be attributed to “spending increases that are largely but not entirely paid for by revenue increases.”
As for Trump, “significant increases in current law debt are primarily the result of very large reductions in revenue.” ■