Republican Candidates Budgets Would Explode National Debt
The Committee for a Responsible Federal Budget, a Washington-based budget watchdog group, has released the findings of a new study look at the respective tax plans of GOP candidates. It’s conclusion? That the huge tax cut plans presented by Newt Gingrich and Rick Santorum will create the kinds of trillion-dollar-deficits for which both candidates currently slam President Obama.
At issue is each candidate’s tax plan, which advocates for substantial tax cuts, even doing away with the capital gains tax which has contributed so substantially to the income disparity in this country. Newt Gingrich’s plan would, over the next decade, add $7 trillion to the national deficit, adding a third to entire present national debt. Santorum’s plan would add $4.5 trillion, by comparison, which is about $500 billion every year. Romney’s budget plan at the time of the study would add $250 billion, though a new tax plan he unveiled last week may raise that number considerably. In any case, if any of these three candidates were elected, they would add anywhere between $800 billion and $1.5 trillion by the time they were up for re-election in 2016. By comparison, President Obama’s budget plan would add $649 billion to the national deficit by the end of his second term in 2016, primarily a result of tax increases.