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Trump, Harris blasted for ignoring exploding budget deficit, as economists plead with both to 'get real'

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Trump, Harris blasted for ignoring exploding budget deficit, as economists plead with both to 'get real'

Economists told Fox News Digital that the economic proposals former President Donald Trump and Vice President Kamala Harris have put forward would continue to increase the nation’s already ballooning budget deficit, noting that neither candidate seems particularly concerned with fiscal responsibility.

Neither Trump nor Harris has released dedicated policy plans for addressing the nation’s deficit. Trump’s 16-point policy plan on his website mentions the word “deficit” once. 

Meanwhile, Harris’ economic platform does mention the deficit several times and says Harris is “committed” to fiscal responsibility, but only suggests increasing taxes on the wealthy and corporations as a solution.

“I think the reason neither candidate is really talking about fiscal responsibility is because neither candidate is fiscally responsible,” said Tax Foundation senior economist Erica York. “Both have left a lot of details unspecified, so there’s questions still about how Harris’s spending policies would stack up. Would Trump really repeal all of the green energy tax credits? Would he really impose all of the tariffs he’s promised?”

When asked what message York had for Trump and Harris when it comes to the deficit, she told them to “get real.”

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HARRIS CALLS TRUMP ‘ONE OF THE BIGGEST LOSERS EVER’ DURING ECONOMY SPEECH IN KEY BATTLEGROUND

“We face several challenges on the fiscal policy front, from debt and deficits to the need to compete with China, to the need to encourage entrepreneurship and work, and neither of the tax policy visions being outlined right now really come close to providing an answer to those challenges,” York said.

Rep. Thomas Massie, a Republican from Kentucky, wears a homemade national debt clock pin on Capitol Hill on Jan. 26, 2023.

Meanwhile, Kimberly Clausing, an economist with the Peterson Institute for International Economics, echoed York’s concerns, adding that she “does not think there’s been enough attention on the deficit this campaign season.”

“I don’t know whether to blame the candidates or the American attention span,” Clausing said. “Candidates have an incentive to cater to what the population wants to listen to, but there doesn’t seem to be a big drumbeat in favor of fiscal responsibility. And that’s a big contrast from some prior elections in at least my lifetime, where that issue was much more prominent.”

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So far, in fiscal year 2024, the government is running a cumulative deficit of $1.9 trillion, according to the Bipartisan Policy Center’s “Deficit Tracker.” 

Revenues, meanwhile, have increased 11% through last month. The revenue increase, according to the deficit tracker, is largely the result of an increase in individual and corporate taxes, higher interest rates and a 20% decrease in individual income tax refunds. Trump’s economic proposals include extending tax cuts, reducing the corporate tax rate and exempting tips, overtime pay and social security benefits from one’s taxable income. Despite his plan to generate revenue through tariffs and repealing green energy tax credits, economists say it will not be enough to balance out the lost revenues from Trump’s tax cuts and other economic proposals.

Research from the Tax Foundation, a tax policy nonprofit in the nation’s capital, estimated that Trump’s deficit impact would be roughly a $4 trillion increase over ten years.

TRUMP, HARRIS SPENDING PLANS COULD WEIGH ON THE US ECONOMY, ANALYSIS SHOWS

However, according to Heritage Foundation economist Richard Stern, it is government spending and not tax cuts that are the real culprit when it comes to the ballooning deficit.  

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“Though tax cuts can increase the deficit, it returns that money to the people that earned it. Deficit increases from more spending, on the other hand, means that the government is stealing even more and suppressing growth even more intensely,” Stern said. “Deficits created by way of tax cuts and spending increases are not the same. Tax cuts grow the economy and shrink deficits as a share of the economy, whereas more spending strangles the economy and stunts growth.”

The Treasury Department is seen near sunset in Washington. (AP Photo/Jon Elswick, File)

The Biden-Harris administration’s fiscal year 2024 budget proposed the highest sustained levels of spending in U.S. history, according to Republicans on the House Budget Committee. The committee also pointed out that the administration’s plan to add $82.2 trillion in spending over ten years, is 18% more than the historical average of the past half century.  

Since becoming the Democratic Party’s official nominee for president, Harris has said she will provide $25,000 housing subsidies for first-generation home buyers, implement $100 billion in tax credits for the manufacturing sector and increase small business tax credits by tenfold. She has also suggested support for increasing government spending to support families’ child care needs, while also expanding the child tax credit, among other proposals.

Overall, the Tax Foundation calculated that Harris would grow the deficit by roughly $1.5 trillion over ten years. 

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BIDEN PLEDGES $7.3B IN ‘CLEAN ENERGY’ SPENDING WITH NATIONAL DEBT AT $35T

Among the deleterious downstream effects of an ever-growing deficit, according to Clausing, are increased interest rates and reduced creditworthiness for the country, which can be problematic at a time when global tensions are on edge. 

“If a new crisis comes along, whether it’s a pandemic or a national security crisis or a big recession, which are sometimes caused by things beyond our control. You know, those kinds of crises are really difficult to respond to without fiscal space,” Clausing said. “If you’re starting from a point where you’re kind of maxing out the credit card, it’s a little harder to respond to these emergencies.” 

Currently, China and Japan are the United States’ two largest foreign creditors.

Former President Trump and Vice President Kamala Harris (Getty Images)

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When reached by Fox News Digital, the Harris campaign declined to comment. 

The vice president was endorsed this week by more than 400 left-leaning economists and former policymakers who served under Democrats. Additionally, Andrew Ross Sorkin, a financial columnist with the New York Times, insisted this week that Harris will be able to get much closer to balancing the national budget than Trump. 

When it comes to the electorate, voters have usually told pollsters they have more confidence in Trump than Harris when it comes to the economy, but reports have indicated Harris is gaining some of that ground back more recently. Trump’s advantage over Harris on the economy stands at only five points in a recent Fox News poll, and just two points in an AP/NORC survey.

“Dangerously Liberal Kamala Harris’ budget would add $17 trillion to the national debt by 2034 and also includes a $4.9 trillion tax hike — the largest in history — which would cost every American family nearly $40,000 per year, on top of the costs of record-high inflation,” Trump Campaign National Press Secretary Karoline Leavitt told Fox News Digital. “Thanks to Kamalanomics, families are already struggling to afford gas and groceries, and President Trump will continue to highlight how Harris’ budget will compound these difficulties on hardworking Americans.” 

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Get the latest updates from the 2024 campaign trail, exclusive interviews and more at our Fox News Digital election hub.

Politics

Lawmaker Sues Trump to Remove Name From Kennedy Center

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Lawmaker Sues Trump to Remove Name From Kennedy Center

Case 1:25-cv-04480 Document 1 Filed 12/22/25

Page 1 of 18

JOYCE BEATTY,¹

V.

UNITED STATES DISTRICT COURT
FOR THE DISTRICT OF COLUMBIA

Plaintiff,

DONALD J. TRUMP, RICHARD GRENELL, JENNIFER FISCHER, SERGIO GOR, JOHN FALCONETTI, BRIAN D. BALLARD, MARIA BARTIROMO, PAMELA BONDI, MARY HELEN BOWERS, HANNAH F. BUCHAN, ROBERT CASTELLANI, ELAINE CHAO, PAMELLA ROLAND DEVOS, PATRICIA DUGGAN, EMILIA MAY FANJUL, LYNETTE FRIESS, PAMELA GROSS, LEE GREENWOOD, KATE ADAMSON HASELWOOD, LAURA INGRAHAM, MICHELE KESSLER, DANA KRAFT, MINDY LEVINE, LYNDA LOMANGINO, BARBARA LONG, ALLISON LUTNICK, DOUGLAS MANCHESTER, CATHERINE B. REYNOLDS, DENISE SAUL, DAN SCAVINO, CHERI SUMMERALL, USHA VANCE, SUSIE WILES, ANDREA WYNN, PAOLO ZAMPOLLI, ROBERT F. KENNEDY, JR., MARCO RUBIO, LINDA MCMAHON, MIKE JOHNSON, SAM GRAVES, JULIA LETLOW, MIKE MCCAUL, JOHN THUNE, SHELLEY MOORE CAPITO, SUSAN COLLINS, TRUSTEES OF THE JOHN F. KENNEDY CENTER FOR THE PERFORMING ARTS, JOHN F. KENNEDY CENTER FOR THE PERFORMING ARTS,

Defendants.

No. 25-CV-

1 Pursuant to Local Civil Rule 5.1(c)(1), the Plaintiff’s residential address is being filed under seal with the Court in a separate Notice of Filing.

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20% of NYC mayor-elect Mamdani transition appointees have anti-Zionist ties: ADL

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20% of NYC mayor-elect Mamdani transition appointees have anti-Zionist ties: ADL

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At least 20 percent of New York City Mayor-elect Zohran Mamdani’s administrative appointees are connected to groups characterized as anti-Zionist, according to a Monday report by the Anti-Defamation League (ADL).

The report found that more than 80 individuals among Mamdani’s 400-plus transition and administrative appointees either have ties to such groups or a “documented history of making anti-Israel statements.” 

The organization said Mamdani’s Transition Committee appointees have been linked to groups including Students for Justice in Palestine, a pro-Palestinian college activism network; Jewish Voice for Peace, an American Jewish anti-Zionist organization; and Within Our Lifetime, a New York City-based anti-Zionist group “known for leading protests outside synagogues.”

For example, the ADL said at least four appointees have ties to Louis Farrakhan, the antisemitic leader of the Nation of Islam. One appointee, Jacques Léandre, was cited for reportedly attending a conference at which Farrakhan denounced “the Jews and their power.”

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ADL CHIEF WARNS NYC MAYOR-ELECT ZOHRAN MAMDANI POSES A ‘CLEAR AND PRESENT DANGER’ TO JEWISH COMMUNITY

Mayor-elect Zohran Mamdani speaks to members of the media at Flushing Meadows Corona Park in the Queens borough of New York on Wednesday, Nov. 5, 2025. (Adam Gray/Bloomberg via Getty Images)

Several other appointees were also cited for statements that appear to support or justify violence against Israel and the Oct. 7 attacks. According to the ADL, Kazi Fouzia posted on Facebook hours after the attacks that “Resistance are [sic] Justified when people are occupied” with video footage from an anti-Israel protest happening that day in Manhattan.

The report continued to identify other appointees who publicly expressed hostility toward Zionism. 

Examples included Fahd Ahmed, who stated “Zionism is racism”; Ruha Benjamin, who signed a statement calling Israel “ideologically founded on Jewish supremacy”; Lisa Ohta, who referred to “Zionism’s genocidal ideology”; and Mohammed Karim Chowdhury, who shared a post claiming “Zionists are worse than … Nazis,” ADL reported.

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MAMDANI’S FATHER SAYS COLUMBIA ‘TARGETED’ ANTI-ISRAEL STUDENTS WITH ANTISEMITISM CRACKDOWN

A protester waves a Palestinian flag during a protest on college campuses in Washington, D.C., on March 23, 2025.  (ANDREW THOMAS/Middle Eeast Images/AFP via Getty Images)

The organization also identified Zakiyah Shaakir-Ansari, who was cited for allegedly posting a photo of herself at an encampment in front of a banner displaying an inverted red triangle, a symbol associated with Hamas, alongside the text “LONG LIVE THE RESISTANCE.”

The report also states that at least 12 appointees publicly expressed support for anti-Israel campus encampments during the spring of 2024, with at least five attending the protests in person. The ADL highlighted Gianpaolo Baiocchi, who was reportedly arrested at the NYU encampment and later asserted that no hate speech was present. The ADL disputes that claim, citing flyers distributed at the encampment that called for “Death to Israeli Real Estate” and “Death to America.”

Demonstrators raise a “Free Palestine” flag on Oct. 4, 2025. (Dan Gainor)

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Mamdani, who takes office on Jan. 1, has previously and repeatedly emphasized that he stands against antisemitism. 

The ADL noted that many appointees did not raise concerns and emphasized that at least 25 individuals expressed support for the Jewish community, including Rabbi Joe Potasnik, Félix Matos Rodríguez, Wayne Ho, John King, and Jerry Goldfeder. However, the organization said it remains concerned about Mamdani’s team overall.

“Many of Mayor-elect Mamdani’s Transition Committee appointments are inconsistent with his campaign commitments to prioritize the safety of New York’s Jewish community,” the ADL wrote in the report.

Fox News Digital reached out to Mamdani for more comment.

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California, other states file suit to prevent shutdown of federal consumer agency

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California, other states file suit to prevent shutdown of federal consumer agency

California joined 20 other states and the District of Columbia on Monday in a lawsuit that seeks to prevent the federal Consumer Financial Protection Bureau from being defunded and closed by the Trump administration.

The legal action filed in U.S. District Court in Eugene, Ore. by the Democratic attorneys general accuses Acting Director Russell Vought of trying to illegally withhold funds from the agency by unlawfully interpreting its funding statute. Also named as defendants are the agency itself and the Federal Reserve’s Board of Governors.

“For California, the CFPB has been an invaluable enforcement partner, working hand-in-hand with our office to protect pocketbooks and stop unfair business practices. But once again, the Trump administration is trying to weaken and ultimately dismantle the CFPB,” California Attorney General Rob Bonta said, in a press conference to announce the 41-page legal action.

The agency did not immediately respond to a request for comment about the action, co-lead by Bonta and the attorneys general from Oregon, New York, New Jersey and Colorado.

Established by Congress in 2010 after the subprime mortgage abuses that gave rise to the financial crisis, the agency is funded by the Federal Reserve as a method of insulating it from political pressure.

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The Dodd-Frank Act statute requires the agency’s director to petition for a reasonable amount of funding to carry out the CFPB’s duties from the “combined earnings” of the Federal Reserve System.

Prior to this year that was interpreted to mean the Federal Reserve’s gross revenue. But an opinion from the Department of Justice claims that should be interpreted to mean the Federal Reserve’s profits, of which it has none since it has been operating at a loss since 2022. The lawsuit alleges the interpretation is bogus.

“Defendant Russell T. Vought has worked tirelessly to terminate the CFPB’s operations by any means necessary — denying Plaintiffs access to CFPB resources to which they are statutorily entitled. In this action, Plaintiffs challenge Defendant Vought’s most recent effort to do so,” the federal lawsuit states.

The complaint alleges the agency will run out of cash by next month if the policy is not reversed. Bonta said he and other attorney generals have not decided whether they will seek a restraining order or temporary injunction to change the new funding policy.

Prior to the second Trump administraition, the CPFB boasted of returning nearly $21 billion to consumers nationwide through enforcement actions, including against Wells Fargo in San Francisco over a scandal involving the creation of accounts never sought by customers.

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Other big cases have been brought against student loan servicer Navient for mishandling payments and other issues, as well as Toyota Motor Credit for charging higher interest rates to Black and Asian customers.

However, this year the agency has dropped notable cases. It terminated early a consent order reached with Citibank over allegations it discriminated against customers with Armenian surnames in Los Angeles County.

It also dropped a lawsuit against Zelle that accused Wells Fargo, JP Morgan Chase, Bank of America and other banks of rushing the payments app into service, leading to $870 million in fraud-related losses by users. The app denied the allegations.

Monday’s lawsuit also notes that the agency is critical for states to carry out their own consumer protection mission and its closure would deprive them of their statutorily guaranteed access to a database run by the CFPB that tracks millions of consumer complaints, as well as to other data.

Vought was a chief architect of Project 2025, a Heritage Foundation blueprint to reduce the size and power of the federal bureaucracy during a second Trump admistration. In February, he ordered the agency to stop nearly all its work and has been seeking to drastically downsize it since.

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The lawsuit filed Monday is the latest legal effort to keep the agency in business.

A lawsuit filed in February by National Treasury Employees Union and consumer groups accuses the Trump administration and Vought of attempting to unconstitutionally abolish the agency, created by an act of Congress.

“It is deflating, and it is unfortunate that Congress is not defending the power of the purse,” said Colorado Attorney General Philip Weiser, during Monday’s press conference.

“At other times, Congress vigilantly safeguarded its authority, but because of political polarization and fear of criticizing this President, the Congress is not doing it,” he said.

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