The Trump and Harris campaign promises in just the past few weeks threaten to balloon the federal deficit, Bloomberg reports.
JD Vance's call to raise the child tax credit to $5k/child would cost at least $2 trillion, possibly as much as $3 trillion, over a decade.
Trump's proposal to end taxes on Social Security would cost $1.8 trillion through 2035.
No-tax on tips: Trump's proposal would cost $250 billion over 10 years; Harris' narrower promise would still cost half of that.
The bottom line: Fully extending the Trump tax cuts instead of letting them expire next year would cause the federal debt to spike to 132% of GDP by 2034, up from 116% if they expire, as Axios Macro co-author Neil Irwin reports.
