Political News and Conservative Analysis About Congress, the President, and the Federal Government
former President Donald Trump approved $8.4 trillion of new debt during his presidency compared to $4.3 trillion approved by President. But the CRFB admitted projections are subject to change, and a total debt estimate over the course of 10 years arguably misleads from the reality.
Another way to measure this is to compare the CBO’s annual budgets, which adhere to the fiscal year calendars. This means this estimate will include the September through December of the previous presidency, but we get a better comparison of exactly four years of Trump and four years of Biden. Why does this snapshot comparison between Trump and Biden vary dramatically from the CRFB’s estimation? In no small part, it’s because even though the Trump tax cut law has not and will not pay for itself entirely, it did spur enough real economic growth that it didn’t depress tax revenue as much as experts expected. For example, corporate income taxes have amounted to about 1.
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