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Trump ran up national debt twice as much as Biden: new analysis
https://www.axios.com/2024/06/24/trump-biden-debt-deficits-election
Former President Trump ran up the national debt by about twice as much as President Biden, according to a new analysis of their fiscal track records.
Why it matters: The winner of November's election faces a gloomy fiscal outlook, with rapidly rising debt levels at a time when interest rates are already high and demographic pressure on retirement programs is rising.
Both candidates bear a share of the responsibility, as each added trillions to that tally while in office.
But Trump's contribution was significantly higher, according to the fiscal watchdogs at the Committee for a Responsible Federal Budget, thanks to both tax cuts and spending deals struck in his four years in the White House.
By the numbers: Trump added $8.4 trillion in borrowing over a ten-year window, CRFB finds in a report out this morning.
Biden's figure clocks in at $4.3 trillion with seven months remaining in his term.
If you exclude COVID relief spending from the tally, the numbers are $4.8 trillion for Trump and $2.2 trillion for Biden.
State of play: For Trump, the biggest non-COVID drivers of higher public debt were his signature tax cuts enacted in 2017 (causing $1.9 trillion in additional borrowing) and bipartisan spending packages (which added $2.1 trillion).
For Biden, major non-COVID factors include 2022 and 2023 spending bills ($1.4 trillion), student debt relief ($620 billion), and legislation to support health care for veterans ($520 billion).
Biden deficits have also swelled, according to CRFB's analysis, due to executive actions that changed the way food stamp benefits are calculated, expanding Medicaid benefits, and other changes that total $548 billion.
Between the lines: Deficit politics may return to the forefront of U.S. policy debates next year.
https://www.axios.com/2024/06/24/trump-biden-debt-deficits-election
Former President Trump ran up the national debt by about twice as much as President Biden, according to a new analysis of their fiscal track records.
Why it matters: The winner of November's election faces a gloomy fiscal outlook, with rapidly rising debt levels at a time when interest rates are already high and demographic pressure on retirement programs is rising.
Both candidates bear a share of the responsibility, as each added trillions to that tally while in office.
But Trump's contribution was significantly higher, according to the fiscal watchdogs at the Committee for a Responsible Federal Budget, thanks to both tax cuts and spending deals struck in his four years in the White House.
By the numbers: Trump added $8.4 trillion in borrowing over a ten-year window, CRFB finds in a report out this morning.
Biden's figure clocks in at $4.3 trillion with seven months remaining in his term.
If you exclude COVID relief spending from the tally, the numbers are $4.8 trillion for Trump and $2.2 trillion for Biden.
State of play: For Trump, the biggest non-COVID drivers of higher public debt were his signature tax cuts enacted in 2017 (causing $1.9 trillion in additional borrowing) and bipartisan spending packages (which added $2.1 trillion).
For Biden, major non-COVID factors include 2022 and 2023 spending bills ($1.4 trillion), student debt relief ($620 billion), and legislation to support health care for veterans ($520 billion).
Biden deficits have also swelled, according to CRFB's analysis, due to executive actions that changed the way food stamp benefits are calculated, expanding Medicaid benefits, and other changes that total $548 billion.
Between the lines: Deficit politics may return to the forefront of U.S. policy debates next year.
