McCain, Obama Will Increase The National Debt

Tax breaks proposed by both presidential hopefuls John McCain and Barack Obama would increase the U.S. national debt by trillions of dollars over 10 years, but Obama's plan would hike taxes for the wealthiest Americans, a tax policy group said on Wednesday.

In an analysis of how the candidates' tax proposals would affect federal revenues, the Brookings Institution and the Urban Institute said McCain's plans would cut receipts by $3.72 trillion from 2009-2018 compared with current tax law. Obama's plans would cut revenues by $2.73 trillion over the same period.

Including added interest costs, McCain's plan would add $4.5 trillion to the national debt, while Obama's would add $3.3 trillion -- and that's before spending proposals are considered.