Donald Trump’s agenda for a second presidential term would drive Social Security to insolvency three years earlier and eventually slash benefits by nearly a third, a nonpartisan budget watchdog group estimated Monday.

The Committee for a Responsible Federal Budget estimated Trump’s plans for massive deportations, tariffs and tax cuts would drain the program’s trust fund by 2031 and lead to a 33% cut in benefits by 2035 unless Congress steps in to shore up the program- a far bigger cut than the 23% shortfall after a decade projected under current law.

“The trust funds would be insolvent only six years after the next president takes office instead of nine,” the group wrote.

While Trump and Kamala Harris have both pledged to protect Social Security benefits, they will be slashed automatically without a change in law.

The group cited Trump’s proposals to deport unauthorized immigrants who now pay into Social Security, end taxes on overtime and tips, and end taxation of Social Security benefits. All would shrink revenue for the trust fund, they said. And they said his proposals for large new tariffs would either increase inflation and cost-of-living adjustments or reduce taxable payroll. The group projected the plans would deplete Social Security’s finances by $2.3 trillion over a decade.

Qualcomm unveils new smartphone chip

Qualcomm Inc. unveiled a more powerful processor that’s designed to bring laptop-level capabilities to smartphones, helping the devices take advantage of new artificial intelligence tools.

The latest version of Qualcomm’s Snapdragon lineup will include its in-house Oryon processor design, the company said Monday at an event in Hawaii. The chip will be 45% faster than the previous model and use less energy, Qualcomm said.

Qualcomm’s products dominate the market for mobile devices that use the Android operating system. That makes the company’s technology updates a vital part of efforts to compete against Apple Inc. by many of the world’s smartphone makers.

Fed’s Kashkari sees slower pace of cuts

Federal Reserve Bank of Minneapolis President Neel Kashkari repeated that he favors reducing interest rates at a slower pace in the coming quarters.

Kashkari, speaking Monday at an event in Wisconsin, said he supported the larger-than-normal rate cut that policymakers delivered last month, but indicated he sees smaller cuts at future meetings.

“Right now I am forecasting some more modest cuts over the next several quarters to get to something around neutral, but it’s going to depend on the data,” Kashkari said, referring to the level at which rates would neither stimulate nor restrict the economy.

To move more rapidly, he said, he’d need to see “real evidence that the labor market is weakening quickly.”

Policymakers cut rates for the first time since the onset of the pandemic at their meeting last month, lowering them by a half percentage point.

Economic data since that meeting have shown more robust hiring than previously thought over the past three months and hotter-than-expected inflation in September. Markets now see the central bank likely reducing rates by a quarter point at their Nov. 6-7 meeting.

Compiled from Bloomberg reports.