Ted Cruz: Biden's 'staggering' budget proposal relies on outdated economic data

Biden plan assumes inflation is still at two percent, Cruz said

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President Biden on Monday unveiled his multi-trillion-dollar budget proposal for Congress to consider, which Sen. Ted Cruz, R-Texas, said will raise the national debt to $45 trillion.

On "Hannity," Cruz criticized Biden's stated plan to tax unrealized gains, which are the increases of the value of an asset that an investor has not sold.

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Ted Cruz appears on Fox News (Fox News)

Ted Cruz appears on Fox News (Fox News)

Host Sean Hannity noted that factors like market volatility could mean people will be taxed on an unrealized gain that later becomes a loss or a wash.

"Joe Biden's budget and the socialists in the Democratic Party, they want to jack up taxes on Americans across this country," Cruz said.

"This budget proposes taking the national debt all the way up to $45T dollars: That is a staggering amount. And one of the amazing things about Biden's budget is it's based on old, outdated numbers, so it assumes inflation is still down at two percent."

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President Joe Biden announces his Budget for Fiscal Year 2023. (Photo by Oliver Contreras/Pool/Sipa USA)No Use Germany.

President Joe Biden announces his Budget for Fiscal Year 2023. (Photo by Oliver Contreras/Pool/Sipa USA)No Use Germany. (Photo by Oliver Contreras/Pool/Sipa USA)

By underrepresenting inflation, Cruz said, the budget proposal underrepresents the true costs incurred by its plans.

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"One of the major things that causes that is inflation. And Biden's out of control spending and debt is producing crushing inflation on the American people," Cruz said.

Hannity remarked that the budget proposal is a "revival" of Sen. Elizabeth Warren's, D-Mass., "pet projects" – combined with the socialist "Bernie-Biden Manifesto."