Jet White said:
Buddy, I'm not trying to be mean but if you think they are making an immediate $1.6 trillion cut to non-discretionary spending, you simply don't have a basic understanding of the size of our federal budget or the types of cuts that can be implemented in a year. I don't need to watch that video for a second to tell you you either don't understand what they are saying or they are straight up lying to you. A $1.6 trillion cut (non-discretionary or discretionary) would equate to a 24% cut to our entire budget.
They aren't cutting anything meaningful at all. As another poster already pointed out, they have some completely theoretical cuts they have thrown in on the back end because of the Byrd rule, which will never come to fruition. Otherwise they would simply propose them now. They've literally been using this gambit for years.
As the link already posted lays out, the BEST CASE scenario is a de minimus cut to current spending trajectory, which is already carrying forward Covid level spending and is wildly unsustainable.
Yes, I am aware of the size of the deficit.
Here is what he is saying in my opinion. There was 1.6 trillion cut in mandatory spending - the only part of the budget they could deal with. However, there are increases in spending, much of which are tax cuts, which get counted as spending. Basically Trump is going to keep tax rates as they are, and eliminate SS taxes, and other taxes, and yet the budget will still be cut because there was 1.6 trillion cut of mandatory spending. How much the budget is actually cut depends on who you ask (i.e. who is scoring it).
But the larger point is that 3% GDP growth along with holding (and further reducing these spending levels) will allow balancing the budget before Trump leaves office. The BBB focuses on obtaining that 3% GDP and will hopefully improve on that figure.
The OMB director said the same stuff today.