Budget plans would hike U.S. debt

Grab your wallets, regardless of who wins in November!

Donald Trump and Hillary Clinton have reined in their economic and budget proposals over the past few months, but both presidential candidates would still increase the nation’s overall debt burden.

Under current law, total federal debt is projected to jump about $10 trillion over the next decade, from about $19 trillion to more than $29 trillion.

In June, the Committee for a Responsible Federal Budget analyzed the economic proposals of the two candidates and estimated that Trump’s tax and spending plans would cost an additional $11.5 trillion by 2026 – over and above the projected $10 trillion increase – while Clinton would add about $250 billion in debt.

Both candidates have since modified and expanded their proposals. An updated analysis released this week suggests Trump’s latest plans would only cost about $5.3 trillion, while the net effect of Clinton’s proposals has dropped to $200 billion.

“Unfortunately, neither candidate has presented a proposal to address our growing national debt and put it on a more sustainable path, nor have they offered proposals for shoring up the Social Security, Medicare or highway trust funds,” according to the report, which is available on the committee website at crfb.org.

Via the LMT