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Posted On: 02/10/2024 6:03:31 AM
Post# of 208
How Much Did President Trump Add to the Debt?
AND However, almost none of any savings were enacted into law.
Legislation/Executive Action Ten-Year Cost/Savings (-)
COVID Relief Laws & Executive Orders $3.6 trillion
CARES Act $1.9 trillion
Response & Relief Act $985 billion
Other COVID Relief $755 billion
Tax and Spending Laws $4.8 trillion
Tax Cuts and Jobs Act $1.9 trillion
Bipartisan Budget Act of 2018 $420 billion
Bipartisan Budget Act of 2019 $1.7 trillion
Further Consolidated Appropriations Act of 2020 $500 billion
Other Legislative Actions $350 billion
Executive Actions $10 billion
Tariffs -$445 billion
Affordable Care Act Cost-Sharing Reductions Termination $250 billion
Prescription Drug Rebate Rule $205 billion
Total $8.4 trillion
Total Excluding COVID Relief $4.8 trillion
Sources: Committee for a Responsible Federal Budget, Congressional Budget Office, Joint Committee on Taxation, and Office of Management and Budget.
Note: figures may not sum due to rounding.
***Importantly, President Trump also proposed substantial deficit reduction in his various budgets. However, almost none of these savings were enacted into law.
As a result, both Ambassador Haley and Governor DeSantis are correct – President Trump added over $8 trillion to the national debt while the gross national debt rose $7.8 trillion during his term.
AND However, almost none of any savings were enacted into law.
Legislation/Executive Action Ten-Year Cost/Savings (-)
COVID Relief Laws & Executive Orders $3.6 trillion
CARES Act $1.9 trillion
Response & Relief Act $985 billion
Other COVID Relief $755 billion
Tax and Spending Laws $4.8 trillion
Tax Cuts and Jobs Act $1.9 trillion
Bipartisan Budget Act of 2018 $420 billion
Bipartisan Budget Act of 2019 $1.7 trillion
Further Consolidated Appropriations Act of 2020 $500 billion
Other Legislative Actions $350 billion
Executive Actions $10 billion
Tariffs -$445 billion
Affordable Care Act Cost-Sharing Reductions Termination $250 billion
Prescription Drug Rebate Rule $205 billion
Total $8.4 trillion
Total Excluding COVID Relief $4.8 trillion
Sources: Committee for a Responsible Federal Budget, Congressional Budget Office, Joint Committee on Taxation, and Office of Management and Budget.
Note: figures may not sum due to rounding.
***Importantly, President Trump also proposed substantial deficit reduction in his various budgets. However, almost none of these savings were enacted into law.
As a result, both Ambassador Haley and Governor DeSantis are correct – President Trump added over $8 trillion to the national debt while the gross national debt rose $7.8 trillion during his term.
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