In 2017, President Donald Trump’s proposed $400 trillion infrastructure spending plan would cost the U.S. government an estimated $17 trillion, according to a new study.
That’s nearly twice as much as what the White House says it would cost, and nearly a third of the entire annual federal budget.
The study from the Brookings Institution, a Washington think tank, says Trump’s proposal would add to the federal deficit by $9.7 trillion, a total that includes the impact of higher tax rates on high-income earners and the costs of infrastructure projects that Trump says will bring billions of dollars into the country.
“The cost of all these projects would be far greater than that estimate,” Brookings’ Mark Zandi, one of the study’s authors, told Recode on Monday.
“It’s far greater.”
The study comes as Trump is set to unveil his infrastructure plan on Monday, which would build more than 4,000 miles of road, rail, and water systems across the country and increase the size of the federal workforce by more than 8,000 people.
The plan would also cut the federal debt by $10 trillion over 10 years, though the federal government would still have to borrow $1.5 trillion more in order to cover the cost.
Trump’s infrastructure plan is a big part of his presidential campaign, but the president has not released detailed details on how his plans will be funded.
The report comes just a few weeks after Trump’s campaign released a report claiming that “Trump’s infrastructure proposal would cost as much or more than the Obama Administration.”
The White House initially said that the plan would add $1 trillion to the debt over the next decade.
But the report did not include a cost breakdown, and Zandi said he was not sure if the figure was accurate.
Zandi pointed out that the report didn’t break down what the federal budget would look like if Trump’s $400bn plan were to be implemented.
“This plan is going to be much more than what they are saying,” he said.
“What they’re doing is using the public debt as leverage to get these things done.”