Republican presidential candidate Donald Trump’s economic plans could increase the budget deficit by $5.8 trillion over the next decade, nearly five times more than the $1.2 trillion proposed by Vice President Kamala Harris.

The estimates are based on new analyses from the nonpartisan Penn Wharton Budget Model.

According to the analysis, Trump’s plan to permanently extend the 2017 tax cuts would increase the budget deficit by more than four trillion dollars over ten years.

His proposal to eliminate taxes on Social Security benefits would cost $1.2 trillion, while his promise to further cut corporate taxes would cost nearly $6 billion.

On the other hand, Harris’ plan, which includes expanding the child tax credit, earned income tax credit and other tax breaks, is expected to increase budget deficits by $2.1 trillion over the next decade, CNBC reported.

Their proposal for a $25,000 grant for qualified first-time homebuyers would represent a $140 billion grant.

However, these costs could be offset by $1.1 trillion in revenue from a corporate tax increase proposed by Harris from 21 to 28 percent.

Harris also expressed her support for the $5 trillion revenue-generating measures included in President Joe Biden’s fiscal year 2025 budget plan, but these initiatives require congressional approval.

In contrast, Trump has proposed imposing tariffs of 10 percent on all imports and 60 percent on Chinese goods, measures he argues would boost long-term domestic growth without requiring congressional approval.

Mark Zandi, chief economist at Moody’s, estimates that Trump’s tariffs would likely raise only $2.5 trillion, far less than what would cover the cost of his economic program. Economists also warn that such aggressive tariff policies could reignite inflation just as it begins to cool.

As the 2024 campaign heats up, both the Trump and Harris camps are trying to portray each other’s economic policies as a threat in order to win over voters who are suffering from the high cost of living.

“Donald Trump’s economic agenda, Project 2025, is an inflation and deficit bomb that will cause the middle class to pay more and the rich to pay less,” said Harris campaign spokesman James Singer.

Trump’s campaign spokeswoman Karoline Leavitt defended the former president.

She said: “President Trump is a businessman who built the greatest economy in American history, and he certainly doesn’t need an economics lesson from the radical liberal from San Francisco who is pushing communist price controls.”