Maya MacGuineas says deficit reduction is due to less borrowing, not their policies

143
2
Maya MacGuineas says deficit reduction is due to less borrowing, not their policies

The Committee for a Responsible Federal Budget President Maya MacGuineas ripped Biden administration for trying to take credit for the deficit reduction, arguing that the improvement of the deficit is a result of less borrowing, not their policies, during an interview on Cavuto: Coast to Coast Friday.

MAYA MACGUINEAS: We're still going to have huge annual deficits, hundreds of billions of dollars of borrowing a year. If the economy strengthens, what we should do is to get down to no borrowing, budget surpluses, and not repay some of the debt that we borrowed. There is no way that these numbers will be small amounts. Presidents always ignore the blame they have for the bad things in the economy and take credit for the things they don't deserve, and to be fair, I think it is more disingenuous.

The president put in a budget that would reduce the deficit by a trillion dollars, not that anyone thought it would happen, but at least he's talking about the issue, despite the fact that the Biden administration has been good on some issues. The Biden administration is trying to take credit for the huge reduction in deficits. It is not the case that this is the result of proactive policies they put in place.

After you come out of a huge pandemic with trillions of dollars of borrowing and policies start to run off, your deficit is going to come down automatically. The deficit is improving as the economy is improving, and we are borrowing less to fight the COVID epidemic. They did not put in place proactive policies that would diminish our borrowing. That's a really important piece of the fight against inflation.