Imaro
Legend
Im not sure this is correct... Im not even sure you can make a general comparison about budget like this with Daggerheart since that same budget depending on the creatures chosen and the randomness of Fear and hope generation can create vastly different encounters (though in my experience nothing I would call outright deadly for a group playing well)It doesn't, it doesn't list budget amounts at all, there's only one budget.
I'm talking about the default encounter in DH. In terms of how dangerous it potentially is, it's equivalent to Deadly+ in D&D terms, because a default encounter is quite capable of wiping of killing PCs, and you don't have to increase the budget to create a boss encounter (you just focus it on fewer participants, usually).
The mitigating factor though is Fear spend. By spending more or less Fear you can make an encounter more or less dangerous. I'm assuming for the above that you spend maybe 4-8 Fear (a little more than the book indicates but the book seems to underestimate Fear gain IME) and that the players roll pretty averagely.
I specifically remember that Matt said he had to go over budget in AoU to make the encounters deadly for his player's chatacters...which seems to go against your assumption.