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Once President Trump signs the budget deal that was passed by the House on Thursday and is expected to be approved by the Senate in a few days, he will have added $4.1 trillion to the national debt, according to the Committee for a Responsible Federal Budget. The total national debt surpassed $22 trillion in February.
This will mark the third time that a major piece of deficit-financed legislation will get Trump’s stamp of approval. Legislation Trump has so far signed since 2017 has added $2.4 trillion to the national debt through 2029, according to CRFB, a nonpartisan public policy group.
Many investors are worried about the ballooning national debt, with 54% naming the political environment and 47% viewing national debt as their top concerns, according to a UBS second-quarter investor sentiment survey. Tax and spending policy are the main reasons for the national debt expansion from 2017 to 2029, according to CRFB.
The biggest contributor to the $4.1 trillion that will be added to the national debt through 2029 is the Tax Cuts and Jobs Act. This signature tax cut legislation signed by Trump in 2017 single-handedly increased the debt by $1.8 trillion, according to CRFB.
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