Well, that's a very swift rejection - even if it's an indirect one
Italy's draft proposal is for a 2.4% budget deficit target for 2019 and they foresee that they will be able to reduce the debt-to-GDP to 126.7% by 2021 from the current ~130%.
It's very much the unwillingness of Italy's new government to resolve the debt issue that is the problem that the European Commission is having with the proposal and it's not really surprising to see them reject the proposal. Juncker's words aren't the official verdict but it's very much as close to it as you'll get.
