Donald Trump would add far more to the federal debt than would Hillary Clinton, according to an analysis by an outstide group released Sunday night.
Based on his campaign trail promises, Trump would add $11.5 trillion to the federal debt, the Committee for a Responsible Federal Budget found, sending the debt as a share of economic output from 74 percent today to 127 percent in 2026.
The group, a Washington nonprofit that advocates lower deficits and debt, also found that Democrat Hillary Clinton would also add to the debt, by $250 billion over 10 years. Her plans would result in the federal debt rising to 87 percent over 10 years, not dramatically different from what is projected today.
“The plan of Donald Trump would add much, much more to the debt than Hillary Clinton,” said Maya MacGuineas, the group’s president, in an appearance on CBS’ “Sunday Morning” to preview the analysis.
The group summarized all of the two candidates’ plans for taxing, spending and economic growth to arrive at a bottom-line comparison, which includes added interest costs for servicing the federal debt.
While Clinton has proposed far more spending, including plans for subsidizing college, expanding government healthcare programs and paid leave, she has also advanced tax hikes to go along with them.
Trump, in contrast, has advocated fewer new spending programs, but also massive new tax cuts.
“It’s all about tax cuts,” MacGuineas said.
Trump’s tax reform plan would cut the top tax rate on individuals from 39.6 percent to 25 percent, while also eliminating taxes for many low and medium-income households. He also would slash the corporate tax rate from 35 percent today to 15 percent.
As a result, over 10 years, the Treasury would see $9.25 trillion fewer revenues, the Committee for a Responsible Federal Budget found.
Yet the group also faults Clinton for failing to propose an agenda to reduce or at least stabilize the federal debt, which it says is on an unsustainable trajectory today.
The Committee estimates that, based on current law, it would take $2.9 trillion of deficit reduction over the next 10 years to stabilize the debt as a share of economic output, and $7.8 trillion to actually balance the budget.
