During an interview on “Cavuto: Coast to Coast” Friday, Committee for a Responsible Federal Budget President Maya MacGuineas ripped Biden administration for trying to take credit for the deficit reduction, arguing the improvement of the deficit is a result of less borrowing, not their policies.
MAYA MACGUINEAS: We’re still going to be having huge annual deficits, hundreds of billions of dollars of borrowing a year. And if the economy strengthens, what we should be doing is trying to get down to no borrowing, budget surpluses to replace, not repay some of the debt that we’ve borrowed. But there is no way that these numbers will be small amounts. But what I think is more disingenuous and to be fair, presidents always ignore the blame they have for the bad things in the economy and take the credit for the things that they don’t deserve.
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The Biden administration, which has been good on some issues, the president put out a budget that was going to reduce the deficit by a trillion dollars, not that anyone thought it would happen, but at least he’s talking about the issue. But the Biden administration has been trying to take credit for the huge reduction in deficits. And it is not the case that this is the result of proactive policies they put in place.
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This is the result of after you come out of a huge pandemic with trillions of dollars of borrowing and those policies start to run off, of course your deficit is going to come down automatically. That’s what’s happening here, that the deficit is improving as the economy is improving, and we’re borrowing less to fight the COVID pandemic. However, what they have not done is put in place proactive policies that would diminish our borrowing further. And by the way, that’s a really important piece of actually fighting inflation.
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