The Cost of the Trump and Biden Campaign Plans US Budget Watch 2020

Under our low- cost scenario, we estimate the Trump and Biden plans would result in debt of 111 percent and 108 percent of the economy in 2030, respectively, with debt declining modestly as a share of the economy after 2025 under the Biden plan. [...] Increase Infrastructure Spending -$300 billion -$2.00 trillion -$2.00 trillion The Trump campaign has proposed to “build the world’s greatest infrastructure system,” “win the race to 5G,” and “continue to lead the world in access to the cleanest drinking water and cleanest air.” He has also proposed in his Platinum Plan to invest almost $20 billion in broadband and internet access. [...] In our high- cost estimate, we assume the President would fully implement the Pentagon’s Future Years Defense Program, which would cost roughly $650 billion, based on CBO’s estimates.13 In our low- cost estimate we assume the full budget proposal, which freezes the defense budget after 2025 and allows the size of the military to shrink in real terms to below current law levels, at a cost of $200 b. [...] He would undo virtually all of the changes to immigration policy that have occurred under the Trump Administration – including the national emergency declaration used to fund construction of the border wall, travel and refugee bans from certain primarily Muslim countries, the proposed “public charge” rule, and the end of the Deferred Action for Childhood Arrivals (DACA) program. [...] The national debt is projected to exceed the size of the economy this fiscal year and grow to twice the size of the economy within 30 years.