Donald Trump said recently he would pay off the nation’s $19 trillion debt “over a period of eight years.”
The non-partisan Committee for a Responsible Federal Budget took a look at Trump’s claim and concluded that “it ain’t gonna happen.”
In fact, the group said the deficit would double to $38 trillion based on Trump’s plans so far.
A key finding:
Gross debt (currently $19 trillion) will reach nearly $28 trillion by the end of 2025 (when the next president’s second term would end). To save that much money would require cutting all spending by two-thirds or achieving 16 percent real annual economic growth; growth is currently projected to average 2.1 percent.
The committee’s board of directors includes former members of Congress and directors of the Office of Management and Budget, the Congressional Budget Office and the Federal Reserve.