Reducing the public deficit is not on the agenda for Donald Trump. For his third presidential campaign in a row, the Republican candidate is dangling the prospect of colossal tax cuts in the event of victory. The former reality TV star has not published a quantified economic program, but the bill looks particularly steep for a federal budget that is already massively in the red. Between August 2023 and July 2024, the American deficit amounted to $1.6 trillion for a federal debt exceeding $35 trillion.
In total, the handful of measures that Donald Trump has put forward since the beginning of the campaign could further increase the deficit by $10.5 trillion over ten years, according to an estimate prepared by Bloomberg. The former president generally does not bother to explain how he plans to finance his commitments. In terms of controlling spending, the bulk of the effort is expected to fall to a new “Government Efficiency Commission.”