• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

Egg companies made $1.22 billion in profit off a $6 carton — now they’re buying their way out of a price-fixing case with 53 million donated eggs

2

Meet the Zillennials: The luckiest micro-generation in the workforce, born between 1993 and 1998

3

Economists have found an answer to slowing cognitive decline: Avoid retiring early, study finds

1

Egg companies made $1.22 billion in profit off a $6 carton — now they’re buying their way out of a price-fixing case with 53 million donated eggs

2

Meet the Zillennials: The luckiest micro-generation in the workforce, born between 1993 and 1998

3

Economists have found an answer to slowing cognitive decline: Avoid retiring early, study finds
Finance

Here’s How Donald Trump Cut His National Debt Problem By $6.2 Trillion

By
Chris Matthews
Chris Matthews
Down Arrow Button Icon
By
Chris Matthews
Chris Matthews
Down Arrow Button Icon
September 22, 2016, 4:40 PM ET
Donald Trump
Republican presidential candidate Donald Trump speaks with members of the press, Monday, Sept. 5, 2016, aboard his campaign plane, while flying over Ohio. (AP Photo/Evan Vucci)Evan Vucci—AP
Add Fortune on Google for similar content.

It’s no secret that Donald Trump likes his projects to be big.

But it came as a surprise that a candidate who spent so much time railing against the federal debt would unveil a plan, as Trump did over the summer, that would add so many trillions of dollars to that very debt.

The scale of Trump’s budgetary ambitions was truly unprecedented. At one point, the Committee for a Responsible Budget estimated that Donald Trump’s budget would add $11.5 trillion to the national debt, more than double his closest rival in the Republican primary. To put that number into perspective, the Bush tax cuts—the largest in history up to that point—cost $2.8 trillion over ten years.

Finding enough money to balance the budget with these sorts of tax cuts would be nearly impossible. At an average cost of $1.5 trillion per year, even completely eliminating the Defense Department Department wouldn’t have paid for Trump’s plan:

So when Donald Trump brought on more mainstream Republican economic advisors like Stephen Moore and Larry Kudlow, they worked to trim the cost of his plan, mostly by scaling back the magnitude of proposed tax cuts. Instead of enacting tax brackets of 10, 20, and 25 (down from 10, 15, 25, 28, 33, 35, and 39.6 currently) Trump would bring down tax rates to 12, 25, and 33. This revision, according to an analysis of the plan released Thursday by the Committee for a Responsible Budget, would trim $5.3 trillion from the cost of his tax cut, leaving the government still $4.3 trillion in the hole. Unfortunately for budget hawks, Trump has issued new promises that will reverse some of those savings, including:

  • A $550 billion childcare tax deduction plan
  • A $50 billion paid maternity leave plan
  • $450 billion in new new defense spending

These are partially offset by pledges to reduce spending on programs by 1% every year, a pledge that the Committee for a Responsible Budget would save $750 billion over ten years. According to the CFRB, Trump has also pledged to cut “spending on programs that Congress has not formally authorized (otherwise known as unauthorized appropriations, which total over $300 billion in 2016) by 5 percent.” On top of those cuts, he has pledged to shrink the federal workforce through attrition, which the CFRB estimates would mean replacing federal employees at a rate of 1 for every 3 workers that retire. All of these cuts, according to the estimate, would trim $250 billion from the budget over ten years.

 

 

So what’s the upshot? Trump’s revisions means that he’ll add “just” $5.3 trillion to the federal debt if he gets his way, according to a new report from the Committee From Responsible Government—the first major scoring of Trump’s tax plan since he made the changes.

That’s still far bigger than Hillary Clinton’s addition of $200 billion, but perhaps that’s just how Mr. Trump likes it.

About the Author
By Chris Matthews
See full bioRight Arrow Button Icon
Add Fortune on Google for similar content.

Latest in Finance

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in Finance

Chad Hurley and Steven Chen wearing suits
SuccessWealth
YouTube’s founders split over $650 million when they sold to Google in 2006—had they held out, they could have taken a slice of $550 billion
By Preston ForeJuly 3, 2026
2 hours ago
Photo: Paris, france
Environmentclimate change
Brutal heatwave in France is killing 2,000 people per week, undertakers are overwhelmed, and health agency says there’s worse to come
By John Leicester and The Associated PressJuly 3, 2026
2 hours ago
Photo: World Cup fans drinking.
EconomyEconomics
On Wall Street, analysts increasingly don’t believe the U.S. government’s ‘misleading’ job numbers
By Jim EdwardsJuly 3, 2026
5 hours ago
U.S. President Donald Trump talks to reporters after signing an executive order dealing with automobile repairs with Environmental Protection Agency Administrator Lee Zeldin in the Oval Office at the White House on June 29, 2026 in Washington, DC.
EconomyFed
Trump is already causing a headache for his new Fed chairman, saying the central bank’s board is ‘hostile’ and ‘doing the wrong thing’
By Eleanor PringleJuly 3, 2026
6 hours ago
A $75 billion valuation, 75 million global customers and on its way to America—Revolut is London’s disruptor extraordinaire
EuropeLetter from London
A $75 billion valuation, 75 million global customers and on its way to America—Revolut is London’s disruptor extraordinaire
By Kamal AhmedJuly 3, 2026
6 hours ago
Man in a black hat and jacket
InvestingSpace Exploration
Elon Musk can’t sell a single SpaceX share for a year—and then all the locks crack open at once
By Amanda GerutJuly 3, 2026
7 hours ago

Most Popular

Egg companies made $1.22 billion in profit off a $6 carton — now they’re buying their way out of a price-fixing case with 53 million donated eggs
Law
Egg companies made $1.22 billion in profit off a $6 carton — now they’re buying their way out of a price-fixing case with 53 million donated eggs
By Wyatte Grantham-Philips and The Associated PressJuly 2, 2026
22 hours ago
Meet the Zillennials: The luckiest micro-generation in the workforce, born between 1993 and 1998
AI
Meet the Zillennials: The luckiest micro-generation in the workforce, born between 1993 and 1998
By Nick LichtenbergJuly 3, 2026
10 hours ago
Economists have found an answer to slowing cognitive decline: Avoid retiring early, study finds
Economy
Economists have found an answer to slowing cognitive decline: Avoid retiring early, study finds
By Sasha RogelbergJuly 2, 2026
1 day ago
Mark Zuckerberg feeds his cows macadamia nuts and beer to create the 'highest-quality beef in the world' on his $300 million estate in Hawaii
Success
Mark Zuckerberg feeds his cows macadamia nuts and beer to create the 'highest-quality beef in the world' on his $300 million estate in Hawaii
By Sasha RogelbergJuly 2, 2026
24 hours ago
As Big Tech showers employees with perks to win the talent war, Nvidia built a nearly $5 trillion company by making people pay for their own lunch
Big Tech
As Big Tech showers employees with perks to win the talent war, Nvidia built a nearly $5 trillion company by making people pay for their own lunch
By Marco Quiroz-GutierrezJuly 1, 2026
2 days ago
Current price of oil as of July 2, 2026
Personal Finance
Current price of oil as of July 2, 2026
By Joseph HostetlerJuly 2, 2026
1 day ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.