Democrats' attempts to pass a budget bill is a disaster, former chief Trump economist Larry Kudlow said on Sunday.
Speaking on "The Cats Roundtable" radio show on WABC 770 AM hosted by John Catsimatidis, Kudlow said the Democratic Party ignored President Joe Biden when he went up to the Hill to get the infrastructure bill and the broader reconciliation legislation passed, stressing that "they threw him under the bus."
"I don’t think anything is a done deal," he said, lamenting the fact that the regular process of passing such crucial budget legislation has not been done.
He described it as a "catastrophic exercise," explaining that normally, "you go through the committees. You hold hearings. You get experts from both sides of the aisle. You try to work through the economic consequences of your spending and taxing decisions. None of that has happened."
Kudlow emphasized that "you may not have a deal for weeks and weeks and weeks," because the Democrats have no idea what is going to happen. "There is no unified anything. There is no comprehensive legislative text. Nothing has come out of the Senate Finance Committee yet, so it’s all up in the air."
He equated the process Democrats are going through "as Laurel and Hardy [between the House and Senate]. The tax policy is being made helter-skelter. The’re grabbing for revenues. And they’re trying to tax investors. Tax the successful people. Tax wealthy people. Income leveling, income re-distribution in order to raise money to finance this enormous surge in the government welfare state."
To make the legislation even worse, there are also "massive incentives not to work and no employment incentives," in these proposals, he said.
Commenting on the record highs in the stock market despite the situation, Kudlow said "in the short run, inflation is good for stocks, [but] the statute of limitation runs out at some point."
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