During an interview on “Cavuto: Coast to Coast” on Friday, Committee for a Responsible Federal Budget Chair Maya MacGuineas ripped the Biden administration for trying to take credit for deficit reduction, arguing that the improvement in the deficit is the result of less borrowing, not of their Strategies.
MAYA MACGUINEES: We are still going to have huge annual deficits, borrowing hundreds of billions of dollars a year. And if the economy is getting stronger, what we should be doing is trying not to borrow, budget surpluses to replace, not paying down some of the debt that we have borrowed. But there’s no way these numbers are small amounts. But what I think is more dishonest and to be fair, presidents always ignore the blame they have for bad things in the economy and take credit for things they don’t deserve.
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The Biden administration, which has been good on some issues, the president brought in a budget that was going to cut the deficit by a trillion dollars, no one thought that would happen, but at least he’s talking about the issue. But the Biden administration has tried to take credit for the huge deficit reduction. And it is not the case that this is the result of the proactive policies they have put in place.
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It’s the result of once you come out of a huge pandemic with trillions of dollars in borrowings and those policies start to run out, of course your deficit will come down automatically. That’s what’s happening here, that the deficit improves as the economy improves, and we borrow less to fight the COVID pandemic. However, what they have not done is put in place proactive policies that would further reduce our borrowing. And by the way, this is a very important part of fighting inflation.
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