Sununu’s Policies and Their Impact on National Debt
Republican John Sununu, who aims to reduce the national debt, has historically supported policies contributing to its increase.
As a U.S. Senate candidate in New Hampshire, Sununu emphasized the importance of addressing the national deficit in a recent campaign ad. Having served in the Senate from 2003 to 2009, he advocates for measures to curtail the deficit.
“People definitely want to see us cut the deficit,” he remarked in March, stressing the need for strategies that promote economic growth, control spending, and reduce the deficit annually.
Nevertheless, Sununu supported the One Big Beautiful Bill Act (OBBB), a tax law favoring the wealthy and corporations. He argued that the legislation would decrease the deficit and minimally impact the debt, dismissing opposing views as “liberal math.”
Contrary to Sununu’s claims, a report by the Congressional Budget Office indicated that OBBB would add approximately $3.4 trillion to the deficit over a decade. Additionally, the Bipartisan Policy Center’s study projected an over $4 trillion increase in the national debt, including interest expenses.
Sununu also backed the 2017 Tax Cuts and Jobs Act (TCJA) during President Donald Trump’s tenure, expressing in a CNBC opinion piece that the law would enhance U.S. businesses’ competitiveness.
The Tax Policy Center, a nonpartisan organization, estimated that TCJA would add $1.5 trillion to the deficit by 2034.
Sununu has investments in industries benefiting directly from these legislations, notably oil and gas. OBBB provided substantial subsidies to fossil fuel producers, while TCJA facilitated their expansion into the Arctic National Wildlife Refuge.
Financial disclosures reveal Sununu’s investments include up to $50,000 in ExxonMobil and up to $65,000 in Shell.
Similarly, pharmaceutical companies reaped benefits. OBBB exempted certain medications from Medicare’s price negotiation framework, resulting in an additional $5 billion payout to drug manufacturers, according to the Congressional Budget Office.
Complementing this, TCJA reduced taxes for the pharmaceutical sector by $6 billion.
Sununu’s portfolio holds up to $425,000 in pharmaceutical stocks and bonds, including interests in Pfizer and Merck.
During his tenure in the U.S. House, Sununu voted for the Economic Growth and Tax Relief Reconciliation Act in 2001 and supported the Jobs and Growth Tax Relief Reconciliation Act two years later, both collectively known as the Bush tax cuts, which largely favored the top 1% earners.
These legislations were expected to add $1.7 trillion to the deficit.
Sununu, endorsed by Trump, is set to face Democratic Rep. Chris Pappas in the upcoming November elections.
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