I got this error on a Angular 10 project. A performance budget is a group of limits to certain values that affect site performance, that may not be exceeded in the design and development of any web project.

Change the values in your angular.json file. Example:

"budgets": [
  {
    "type": "initial",
    "maximumWarning": "4mb",
    "maximumError": "5mb"
  },
  {
    "type": "anyComponentStyle",
    "maximumWarning": "2kb",
    "maximumError": "4kb"
  }
]