David Stockman: I hired Larry Kudlow to lower taxes, balance the budget

President Donald Trump’s newly appointed National Economic Council Director Larry Kudlow was once hired by the Reagan administration for his low tax and balanced budget approach to governing.

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“He was a brilliant speaker, presenter on the fundamentals of low taxes, sound money, balance budget and small government. That’s why he came in to the Reagan administration,” David Stockman, former President Ronald Reagan’s budget director, told FOX Business’ David Asman.

Kudlow replaces top economic adviser Gary Cohn, who worked for Trump for over a year and resigned last week.

Stockman said his time with Kudlow was spent trying to develop a tax cut plan that also reduced government spending, but it resulted in a “giant deficit.”

“Tax cuts were a great thing but they had to be coupled with a real attack on spending. It didn’t happen,” he said.