George Gibbs Center for Economic Prosperity

S⁠t⁠udy: Spend⁠i⁠ng Plans by B⁠i⁠den, Trump Would H⁠i⁠ke Federal Deb⁠t⁠ By $5 ⁠t⁠r⁠i⁠ll⁠i⁠on Over 10 years

By: The James Madison Institute / 2020

The Washington Times 

Monday, October 12, 2020

Both President Trump and Democratic rival Joseph R. Biden would increase the nation’s debt by an additional $5 trillion over 10 years if they were able to muscle through all their major campaign policy proposals — and that’s on top of any extra COVID-19 relief, according to a new analysis.

Mr. Trump would add $4.95 trillion to the federal debt held by the public over the next decade compared to Mr. Biden’s $5.6 trillion, according to the study by the nonpartisan Committee for a Responsible Federal Budget.

“These folks are making a lot of promises that would be very expensive if additional pay-fors are not mentioned,” said Marc Goldwein, the group’s senior vice president.

The proposed spending sprees would push federal debt to 125% of gross domestic product under Mr. Trump and 128% under Mr. Biden by 2030, well above the projected 109% under current law, the study showed.

The president would spend roughly $2 trillion on infrastructure, at least $1.3 trillion on tax cuts, and $650 billion on the U.S. military and the Space Force.

Those expenses would be offset partly by more than $500 billion in savings from ending “endless wars” and $150 billion in savings from cutting prescription drug prices and other health care changes.

Mr. Biden wants to spend $3 trillion on climate change and environmental initiatives, $2.7 trillion on child care and education, including universal pre-K and higher education spending, and $1.9 trillion to expand health insurance coverage, among his big-ticket items.

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