Biden's budget borrows money 'forever' and taxes the rich: Mulvaney
Senate hearing held on the president's fiscal year 2022 budget proposal
Former acting White House chief of staff and former OMB Director Mick Mulvaney joined FOX Business’ "Mornings with Maria" one day after the Senate held a hearing on President Biden’s budget proposal. He said the focus on borrowing "forever" and taxing the rich stood out to him most in the president's plan.
BIDEN'S BUDGET PROPOSAL: WHAT TO KNOW
MICK MULVANEY: Any president's budget is not really a spending document because the president doesn't actually spend money -- the Congress appropriates or spends the money. So it's a messaging document. So when you ask me what the priorities are, you sort of have to go beyond the numbers. Certainly, the numbers are instructive -- if you're going to spend a bunch more money in one area and less in another, it sort of speaks to the priorities. But you have to get down into a lot of the policies that are embedded in a budget in order to find out what the priorities are.
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So what are those priorities right now? The first one that jumps out is that they are going to borrow money forever. The budget never balances -- typical budgets, as does this one, project out 10 years -- they never project it ever balancing. So they're going to borrow money forever.
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And they're going to tax the rich. That's what it comes down to, even if it has a negative long-term economic impact on the country. And if you look into their projections, it does. So they're admitting it's not really a good economic policy, but it's a political policy to tax the rich more.
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