National debt could increase under Harris, but it would surge under Trump
National debt could increase under Harris, but it would surge under Trump: new report / AP News
By JOSH BOAK Updated 11:02 AM EDT, October 7, 2024
- Higher Deficits: Both Kamala Harris’ and Donald Trump’s economic plans are projected to significantly increase the national debt over the next decade.
- Harris’ Plan: Could add $3.5 trillion to the debt, despite claims of fiscal responsibility and higher taxes on corporations and the wealthy.
- Trump’s Plan: Could add between $7.5 trillion and $15.2 trillion to the debt, with large tax cuts and increased spending.
- Debt Growth: Under either candidate, the national debt is expected to grow faster than the economy, exacerbating fiscal challenges.
The revenue from Trump’s tariffs won’t ease the huge increase in the national debt, but the tariffs would increase costs to consumers and businesses. Aothough Trump says that tariffs won’t increase costs, if it costs foreign companies more to bring products into the U.S., that’s a cost to the companies; the companies would have to raise tariffs so they won’t lose money.