CLAIM: President Joe Biden claimed during the State of the Union that over the the last two years, he “cut the deficit by more than $1.7 trillion – the largest deficit reduction in American history.” VERDICT: MISLEADING. Biden is “distorting reality” when he claims his administration is responsible for reducing the deficit, according to CNN: The deficit has been smaller under the Biden administration than it was at the end of President Donald Trump’s tenure. But the deficit has been bigger under the Biden administration than the nonpartisan federal Congressional Budget Office had projected it would be if the Biden-era federal government stuck with the laws that were in effect when Trump left office in early 2021… …nflation has pumped up the federal government revenues. When nominal incomes of workers and profits of businesses rise, so do tax revenues. Inflation is great for the government even as it drives up the cost of living for American workers. The same thing is happening at the state and local level, where public budgets are unexpectedly overflowing with revenue thanks to inflation. … Finally, it’s worth keeping in mind that the Biden administration’s attempts to unwind the Trump administration’s tax reforms have been largely stymied. One reason revenues are as good as they are is that the Trump tax cuts were pro-growth. The current revenue boom is taking place through the tax code President Donald Trump put in place…. Read more news: https://www.breitbart.com/economy/2023/02/07/fact-check-joe-biden-claims-he-cut-the-deficit/ Biden’s claim is a joke. He blew up the deficit his 1st year and by having a deficit smaller the second year. That’s increasing the debt not cutting it. Biden is trying to inflate his way out of the debt payments but increased interest rates will make borrowing costs much higher.
Biden's deficits were higher than every Trump deficit EXCEPT 2020 during the height of the pandemic and prior to vaccines.
False trump submitted the $2.8T 2021 budget which was signed into law on December 27, 2020 Bush signed the 2009 $1.4T budget into law at which point Obama spent his next 8 years in office lowering which dropped each year except his last and the 2017 budget he signed into law. trump then spent more each year than the last, every year, for 4 years. Under Biden it appears he will take us back to less than 2019 spending levels.
And who took Office three weeks later? You do understand that the printed budget is only a legal requirement, not what actually gets spent by the CURRENT CONGRESS and PRESIDENT, don't you?
