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Trump’s Deficit $5.3 Trillion; Clinton’s Deficit $200 Billion
During the last three months, Hillary Clinton and Donald Trump have put forth new tax and spending proposals and revised or clarified some of their previous ones.
Those changes have told us how much their fiscal policies would affect the nation’s debt, according to the Committee for a Responsible Federal Budget (CRFB), a bipartisan think tank.
This is what they found according to CNN:
Trump’s policies would add $5.3 trillion to debt
CRFB estimates that Trump’s fiscal proposals as they are today would add $5.3 trillion to the nation’s debt in the first decade.
His plan would also decrease both taxes and spending overall. His tax plan would reduce the amount of revenue going into federal coffers by nearly $6 trillion.
At the same time Trump would reduce spending on net by $1.2 trillion. He’d spend more ($2 trillion) on defense, veterans, child care and Medicare, but less ($3.2 trillion) on the Affordable Care Act, Medicaid and non-defense domestic spending.
Clinton’s policies would add $200 billion to debt
Clinton’s fiscal package would add an estimated $200 billion to the debt, $50 billion less than under her original package of fiscal proposals currently projected over the next decade.
Clinton’s proposal as a whole would increase both revenue and spending. Taxes would go up by roughly $1.5 trillion, with most of that coming from higher taxes on the rich.
Meanwhile, spending would rise by an additional $1.65 trillion if Clinton’s proposals got the green light. For instance, she wants to spend more on higher education, especially to make college more affordable ($500 billion) and infrastructure ($300 billions). She also wants to provide paid family leave ($300 billion) and increase health coverage and reduce drug costs ($250 billion).
