Neither of the two main candidates in the 2024 presidential election has presented a plan to deal with the growing debt of the United States, says the Committee for a responsible budget which incorporates spending, spending cuts and US debt costs.
“According to our central estimate, Vice President Kamala Harris’ plan would increase the debt by $3.95 trillion by 2035, while President Trump’s plan would increase the debt by $7.75 trillion,” the CFRB writes, at based on policies presented on candidate campaign sites and policies proposed in official campaign announcements, white papers and social media posts.
The committee established three scenarios for each of the two candidates and eliminated certain measures, due to lack of sufficient details from the two candidates or their teams.
$7.65 trillion in increased spending and $4.25 trillion in spending cuts for Kamala Harris. (Source: CRFB)
10.4 trillion in additional spending and 3.7 trillion in spending cuts for Donald Trump. (Source: CRFB)
“The national debt currently represents 99% of gross domestic product (GDP) and is expected to rise from 102% of GDP at the start of fiscal 2026 to 125% by the end of 2035, according to projections from the Congressional Budget Office (CBO). ). The debt will exceed its record in terms of share of the economy – 106% established in 1946 – in just three years,” says the CRFB.
Update on their programs
These comparisons are taken from the “» by Kamala Harris and the “» the Donald Trump.
1. Inflation and cost of living
Kamala Harris: proposes to combat inflation by investing in resilient food supply chains, encouraging competition in the food industry and prohibiting speculation on the prices of essential goods during emergencies. It also plans to reduce household energy costs by investing in clean energy and strengthening American energy security.
Donald Trump: Pledges to defeat inflation by unleashing U.S. energy production, reducing government spending, reducing regulations, securing borders, and restoring peace by force. He promises to bring commodity prices to low levels through geopolitical stability.
2. Taxation
Kamala Harris: Promises tax cuts for 100 million 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 income. It aims to make the tax system fairer by ensuring that billionaires and big corporations pay their fair share of taxes.
Donald Trump: proposes significant tax cuts for workers and eliminating taxes on tips. He is committed to protecting Social Security and Medicare without any reduction or change in the retirement age. He also advocates reducing corporate taxes to 15%.
3. Commerce
Kamala Harris: Supports fair, common-sense tax policies for U.S. businesses, aimed at encouraging global competitiveness and growth while ensuring that businesses pay their fair share of taxes.
Donald Trump: Promotes an “America First” trade policy by imposing base tariffs on foreign goods, passing the Trump Reciprocal Trade Act, and responding to unfair trade practices. It aims to obtain fair and reciprocal trade agreements, giving priority to American producers over relocations abroad.
4. Energy
Kamala Harris: Committed to reducing household energy costs and creating millions of new jobs while tackling the climate crisis, protecting public lands and public health, and holding polluters accountable for clean air and water. She plans to continue investing in a thriving clean energy sector and make America a global leader in this field.
Donald Trump: Commits to making the United States the world’s leading energy producer by lifting restrictions on American energy production and ending the socialist Green New Deal. He promises to unleash energy production from all sources, including nuclear, to reduce inflation and power American homes, cars and factories with reliable, abundant and affordable energy.
5. Housing
Kamala Harris: proposes to make the greatest effort since the Second World War to increase the supply of housing, in particular by building three million additional housing units in partnership with the private sector, by granting aid of 25,000 dollars for the down payment of first-time buyers and by tackling the predatory practices of institutional investors in the housing market.
Donald Trump: aims to make the American dream affordable again by reducing housing costs through reducing inflation and mortgage rates, opening some federal lands to housing construction, promoting homeownership homeownership through tax incentives and support for first-time buyers, as well as reducing unnecessary regulations that increase housing costs.
6. Small and medium-sized businesses
Kamala Harris: proposes investing in small businesses and entrepreneurs, whom it considers to be the engine of the American economy. His plan aims to help these businesses innovate and grow, by expanding the tax deduction for new business start-up expenses and tackling the barriers and bureaucracy that hinder small business growth.
Donald Trump: The sources provided do not detail Trump’s specific proposals regarding small and medium-sized businesses.
7. Strategic innovation and sector
Kamala Harris: proposes investing in American innovation, particularly in clean energy, artificial intelligence and advanced manufacturing. It aims to revitalize America’s manufacturing industry, strengthen its industrial base, and ensure that the United States remains a leader in the industries of the future.
Donald Trump: Committed to making the United States a manufacturing superpower by protecting American workers from unfair foreign competition and unleashing American energy. It also aims to develop a robust manufacturing industry in low Earth orbit and promote partnerships with the growing commercial space sector.
