Stephen Colbert Thinks He Knows Why the New Budget Proposal Has Mistakes: "Donald Trump Is an Idiot"

Richard Boeth/CBS

The 'Late Show' host has a few ideas about how this happened.

The Late Show's Stephen Colbert is taking on President Donald Trump's budget proposal (and its possible mistakes), and he is not pulling punches.

"President Trump is still on his semester abroad, getting those extra credits, and he might want to stay over there for a little while until the firemen can put out his budget proposal," Colbert joked during his monologue.

Speaking about the budget proposal, Colbert explained that not only "does nobody like it," but the budget may include a hefty mistake.

"It turns out that the entire budget is based on a $2 trillion math error," said Colbert, referencing reports stating that the proposed tax cuts, which were announced Tuesday, are meant to boost economic growth enough to pay for $2 trillion in spending within 10 years. However, according to Time, "The tax cuts should also be revenue-neutral, meaning that money is already supposed to pay for the revenue lost from the tax cuts."

In an op-ed in the Washington Post, former Treasury Secretary Lawrence Summers called the mistake "a logical error of the kind that would justify failing a student in an introductory economics course."

Colbert said, however, that "there is a simple explanation for how this happened: Donald Trump is an idiot."

"Or," he continued, "he's lying."

Despite this, White House Budget Director Mick Mulvaney stood by the numbers in the budget, saying in a clip, "Regarding the double counting, here's one of the things that I think a lot of folks have overlooked. And we did it on purpose because it's sort of hard to count this, and you don't want to make too many assumptions."

Colbert retorted, "You don't want to make assumptions because when you assume, you make an ass out of you, Mick Mulvaney."

Watch the video below.

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