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- President Trump has piled $4.7 trillion onto the federal debt so far, according to a budget watchdog.
- The Committee for a Responsible Federal Budget identified the 2017 Republican tax cuts as the biggest driver of debt.
- Trump campaigned on wiping away the national debt, but has embarked on a spending binge as president.
- Visit Business Insider’s homepage for more stories.
President Trump signed a staggering $4.7 trillion of debt into law throughout his time in the White House so far, according to a budget group.
The Committee for a Responsible Federal Budget – a nonpartisan fiscal watchdog organization – estimated that Trump’s spending binge throughout his presidency will pile an additional $4.7 trillion onto the federal debt through 2029.
“Thanks to legislation passed since 2017, the nation is facing trillion-dollar annual deficits for the foreseeable future without action is almost certain to surpass the record debt levels set after World War II in the coming years,” the group said.
It also warned debt was “rising on an unsustainable path.”
Here is a breakdown of Trump’s spending since he assumed office in 2017, according to the CRFB:
- The 2017 GOP Tax cuts: $1.8 trillion
- Spending deal under Bipartisan Budget Act (2019): $1.7 trillion
- Spending agreement under the Bipartisan Budget Act (2018): $445 billion
- Repeal of three Obamacare taxes in 2019 budget deal: $500 billion
- Other legislation: $165 billion
Trump promised to wipe out the federal debt during 2016 campaign, but instead forcefully swung in the opposite direction while in the Oval Office. Deficits have also mounted, reaching nearly $1 trillion in fiscal 2019, a 26% jump from the previous year.
The 2017 Tax Cuts and Jobs Act in particular was the biggest driver of debt that the group identified, given it slashed the corporate tax rate from 35% to 21%, leading to a drop in tax revenue.
Republicans said the law would pay for itself, but it fell short of achieving many of its goals.Â
Trump also signed a recent budget deal into law that the CRFB experts project will add $1.7 trillion onto the debt as well, since it increased spending caps on defense as well as other government priorities.
When Trump took office, the federal debt was $20 trillion. ItÂ currently stands at $23 trillion.
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