$28 Trillion US Debt: Why Trump and Harris Stay Silent on Fiscal Crisis

Neither Trump nor Harris addresses the $28 trillion national debt. Their policies could worsen deficits, risking higher rates, inflation, and future burdens.

The $28 Trillion Challenge Washington Ignores

America’s national debt has soared past $28 trillion, nearly equaling the size of the entire U.S. economy. Despite the gravity of this fiscal crisis, neither Donald Trump nor Kamala Harris has made deficit reduction a central campaign issue. Their proposed economic policies, according to multiple nonpartisan groups, would actually increase the deficit further. The silence is striking, especially given the warnings from economists and the Federal Reserve.

How We Got Here: A Decade of Shifting Priorities

When President Obama left office in 2017, the annual deficit had fallen to $670 billion—roughly half of what it was in 2009. That improvement was driven by economic recovery after the Great Recession, which reduced spending on safety-net programs and bank bailouts. Under President Trump, the deficit widened each year, peaking in 2020 due to massive COVID-19 relief. Today, both parties appear unwilling to make tough choices: Republicans favor tax cuts, while Democrats push for increased government spending. The result is a deficit projected to hit $1.9 trillion this fiscal year—a dramatic rise from the $450 billion deficit in 2008.

During the 2008 presidential debates, then-Senator Barack Obama emphasized fiscal responsibility and a “pay-as-you-go” approach. That bipartisan concern has faded. In the recent Trump-Harris debate, the budget deficit was mentioned only twice. Harris criticized Trump’s proposals as more damaging, but neither candidate offered a plan to narrow the gap.

Consequences of Ignoring the Debt

Higher Interest Rates and Borrowing Costs

A larger deficit forces the U.S. to borrow more from investors, including foreign governments like China. Lenders may demand higher interest rates, making mortgages, car loans, and business loans more expensive for everyday Americans. The Congressional Budget Office projects that in 2024, the government will spend more on interest payments than on national defense, Medicaid, and children’s programs combined. Federal Reserve Chair Jerome Powell recently stated in a “60 Minutes” interview, “We’re borrowing from future generations.” That borrowing robs the economy of capital for infrastructure, education, and other critical investments.

Inflation and National Security Risks

Mounting debt can force the Federal Reserve to “print money” to help the government meet its obligations, potentially igniting inflation. Additionally, heavy reliance on foreign debt buyers creates national security vulnerabilities. If major creditors lose confidence, the U.S. could face a funding crisis.

Why Politicians Avoid the Issue

Kent Smetters, a professor at the Wharton School, explains that politicians prefer delivering immediate benefits to voters rather than making painful fiscal adjustments. Both parties advance their agendas—tax cuts or spending increases—before sacrifices become unavoidable. Maya MacGuineas, president of the Committee for a Responsible Federal Budget, warns that the debt contributions from both candidates’ plans “will make things worse unless something changes.”

In short, the U.S. confronts a $28 trillion debt crisis that neither Trump nor Harris is addressing seriously. The risks—higher interest rates, reduced government investment, inflation, and national security threats—demand urgent attention. Voters must push for fiscal responsibility before the burden on future generations becomes insurmountable.