Debt will swell under top GOP hopefuls’ tax plans

By Lori Montgomery

 

The national debt is likely to balloon under tax policies championed by three of the four major Republican candidates for president, according to an independent analysis of tax and spending proposals so far offered by the candidates.

The lone exception is Texas Rep. Ron Paul, who would pair a big reduction in tax rates with even bigger cuts in government services, slicing about $2 trillion from future borrowing.

According to the report — set for release Thursday by U.S. Budget Watch, a project of the bipartisan Committee for a Responsible Federal Budget — former Pennsylvania senator Rick Santorum and former House speaker Newt Gingrich would do the most damage to the nation’s finances, offering tax and spending policies likely to require trillions of dollars in fresh borrowing. 

Read more: http://www.washingtonpost.com/business/economy/report-debt-will-swell-under-top-gop-hopefuls-tax-plans/2012/02/22/gIQAzAJvUR_story.html?wpisrc=al_comboNP