Each set of proposals laid out in the campaigns of President Trump and former Vice President Joe Biden would increase the national debt by about $5 trillion over a decade, according to a new analysis from the Committee for a Responsible Federal Budget.
There is considerable uncertainty around the plans – CRFB said it found “more than 800 distinct proposals” – so the analysis provides low-cost, central and high-cost estimates. “Under our central estimate, we find President Donald Trump’s campaign plan would increase the debt by $4.95 trillion over ten years and former Vice President Biden’s plan would increase the debt by $5.60 trillion,” CRFB said.
The debt-to-GDP ratio (see the chart below) would also rise in similar ways. “Debt would rise from 98 percent of Gross Domestic Product (GDP) today to 125 percent by 2030 under President Trump and 128 percent under Vice President Biden, compared to 109 percent under current law.”