Committee for a Responsible Federal Budget President Maya MacGuineas argued on “Mornings with Maria,” Tuesday that Biden’s $5.8 trillion budget proposal is a “divorce from reality” and isn’t a “real plan” to achieve deficit reduction.
All of [Biden’s] economic assumptions are massively outdated, meaning they don't reflect the high levels of inflation. The budget was already seven weeks late. I don't know why they didn't update the economic numbers, but that already means it's built on a foundation that's not realistic. Beyond that, when it comes to his main agenda, Build Back Better, that they're still trying to figure out, it's not included in the budget.
It's a placeholder, and that means the biggest items that they're pushing on the spending side, which was trillions of dollars for climate… other things are not included and the revenues that are supposed to be financing that are not in there, even though that would be even more tax increases… at this point, the budget becomes divorced from reality because the big things they will be focusing on are ‘can they come up on a deal on whatever Build Back Better may or may not turn into’ not...