Joe Biden is claiming that his administration successfully “lowered the deficit with the single largest one-year reduction in American history.”
However, a fact-check from Twitter users noted that critical information was missing, which misled Americans.
Stimulus packages approved during the pandemic inflated budget deficits for two fiscal years. This produced a significant decline in fiscal year 2022.
The fact check cited data from the Treasury Department.
Biden’s most recent budget deficit is the fourth largest in history. It is 41% larger than fiscal year 2019.
The federal deficit has increased from nearly $1 trillion in 2019 to $3.1 trillion in 2020.
More on this story via Daily Wire:
President Joe Biden has nevertheless argued that the supposed tapering of the deficit justifies further spending. He said during a speech ahead of the midterm elections that “record deficit reduction includes the cost of my student loan plan and everything else we’re paying for.”
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One estimate from the Congressional Budget Office predicts that the overall cost of the student debt cancellation initiative could reach $400 billion.
“On my watch, things have been different. The deficit has come down both years that I’ve been in office,” Biden commented. “And I just signed legislation that’s going to reduce it even more in the decades to come. Now Republicans in Congress are doubling down on their commitment to explode the deficit again. Just this week, Republican leaders said if they get their way, they’re going to extend the Trump tax cuts, which are due to expire in a couple years.”
The White House’s legislative agenda will contribute more than $4.8 trillion in new deficit spending between 2021 and 2031, according to an analysis from the Committee for a Responsible Federal Budget.
Removing the effect of the American Rescue Plan, a $1.9 trillion package greenlit weeks after Biden’s inauguration, implies $2.5 trillion of new deficits.
Earlier this month, the White House also claimed on Twitter that senior citizens would receive “the biggest increase in their Social Security checks” in a decade thanks to the leadership of the Biden administration.
Another user-generated fact check noted that the larger benefits occur because of the “annual cost of living adjustment, which is based on the inflation rate.” The White House, which has denied that the administration’s spending agenda exacerbated inflationary pressures, subsequently deleted the post.