Investing.com – The U.S. national debt hit a new record high on Monday after the Treasury Department added $104 billion to its outstanding debt in a single day.
The United States' debt is now approaching $36 trillion, after crossing the $35 trillion mark at the end of July.
The grim milestone comes as a study by the nonpartisan Committee for a Responsible Federal Budget shows that both presidential candidates will add trillions of dollars to the national debt.
The CRFB says a Harris presidency could add $3.5 trillion to the debt over ten years, while a Trump presidency could add $7.75 trillion in the same time frame.
However, the agency cautions that its models have a wide range of possible spending outcomes.
“Our estimates are accompanied by a wide range of uncertainties, reflecting both different interpretations and policy estimates,” CRFB said.
Based on our low and high cost estimates, we estimate that Vice President Harris' plan could increase the debt by $300 billion to $8.30 trillion through 2035, while President Trump's plan could increase the debt of $1.65 to $15.55 trillion.”
The agency says its estimates reflect the “expected fiscal impact” of policies that candidates have outlined on their campaign websites, official announcements, white papers and social media posts.
“The national debt currently represents 99% of gross domestic product (GDP) and is projected to increase from 102% of GDP at the start of fiscal year 2026 to 125% at the end of fiscal year 2035, according to the Congressional Budget baseline. Office (CBO),” the CFRB also said.
“In just three years, the debt will exceed its record level as a percentage of the economy (106% in 1946). The debt would continue to grow faster than the economy under both candidates' plans and, in most scenarios, it would increase more quickly and more sharply than under the current law” added the CFRB.
