Clinton Will Have to Raise Taxes Even More to ‘Not Add a Penny' to the Debt

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The non-partisan Congressional Budget Office (CBO), which foreshadowed the rise in the deficit in a report last week, has repeatedly warned that the U.S. is headed for deficits of as much as $1 trillion a year in the coming decade. That dire forecast could be averted if dramatic changes in spending policy along with entitlement reform are implemented.

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"The era of declining deficits is officially over, with this year's $587 billion deficit representing almost a 35 percent increase from last year," Maya MacGuineas, president of the Committee for a Responsible Federal Budget, said in a statement Friday. "Now that deficits are back on the rise, it's hard to imagine a more compelling reason for demanding significant reforms to our long-term trajectory."

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Clinton has repeatedly said that she would offset the cost of her ambitious spending policies by "going where the money is" and taxing "the super wealthy." Her tax plan would target the top 1 percent of taxpayers to pay over 90 percent of the net tax increase.

However, even if Clinton were able to persuade Congress to approve her tax plan, she would still come up short by $200 billion over the coming decade that would be added to the debt, according to the CRFB analysis.