Yellen explains how to compare a budget

Treasury Secretary Janet Yellen relieving fears about the Budget today.

This is a historic day. The projected Deficit is actually quite impressive!

Yellen getting grilled by Senator Kennedy on the 2024 budget.

The reason going from 33T to 51T is a reduction in the deficit is because....

"that's a calculation for which you need a baseline and then you compare the budget and the deficits in debt in the budget with a baseline in Which there are none of the changes in revenues or spending that are proposed in the budget"

Secretary Yellen was defending the President's proposed budget as a necessary step to improve the country's fiscal outlook, particularly by increasing revenue.

"It's an improvement in that the revenue increases far exceed proposed investments."

"If the president's budget is not implemented and none of the changes are made, It will be worse than that. The president's budget has improved the fiscal outlook relative to what we would have without the president's proposals."

She noted that the revenue increases from the proposed changes in the budget exceed the proposed investments, which suggests that the budget is designed to increase revenue more than it is to increase spending.