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.
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.
Read more here: https://www.washingtontimes.com/news/2020/oct/12/spending-plans-by-joe-biden-donald-trump-hike-fede/
