Vice President Kamala Harris is promoting an economic platform called the “Agenda to Lower Costs for American Families” claiming that in her first 100 days in office, she would “cut taxes for the middle class, reduce grocery costs, take on price gouging, lower the costs of owning and renting a home, continue to bring down the costs of prescription drugs, and relieve medical debt for millions of Americans.”
A recent study by the Committee for a Responsible Federal Budget revealed that her plan could add $1.7 trillion to the nation’s deficit over ten years, potentially increasing to $2 trillion if temporary housing policies are made permanent.
“Based on our understanding of these policies, we estimate the new tax credits and spending would cost about $1.95 trillion over 10 years from FY [fiscal year] 2026 through 2035, or $2.25 trillion if the housing policies were made permanent,” the study said.
“This is partially offset by roughly $250 billion of savings from lower prescription drugs costs — assuming the Harris plan closely matches the Biden-Harris administration’s recent proposals.”
The plan includes tax credits, affordable housing initiatives, and lower prescription drug costs, but faces criticism for its potential impact on the federal deficit.
“On net, this means the agenda would add $1.7 trillion to deficits as written [before interest]. The Harris campaign has emphasized that the major housing policies would only be in effect for four years. However, if they were extended permanently, the fiscal impact would grow to $2 trillion.”
