Mulvaney was known for his support for fiscal conservatism as a congressman. However, as OMB Director, he oversaw an expansion in the deficit. The deficit increases were a result of both spending increases and tax cuts, and were unusually high for a period of economic expansion. In 2019, with regard to its potential mention in an upcoming State of the Union speech, Mulvaney said that "nobody cares" about the deficit. A staunch opponent of the CFPB while in Congress, Mulvaney's tenure as acting Director of the bureau led to a large reduction of the bureau's enforcement and regulatory powers.
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