Staff Reports
In a recent interview with a major news network, President Joe Biden once again made the claim that he has been successful in reducing the nation’s deficit. However, a fact check shows that this claim is not accurate.
During the interview, Biden argued that raising taxes on wealthy Americans would further reduce the deficit, which he claims to have already achieved.
Despite the president’s claims, multiple fact-checks have refuted his assertion that he has reduced the deficit. Biden's mentioned reduction in the deficit has been attributed to the expiration of emergency COVID-19 spending from previous fiscal years rather than his administration’s policies.
Furthermore, while claiming to have reduced the deficit, the federal government’s total expenditures have actually increased under Biden, reaching $6.1 trillion in fiscal year 2023. This is a significant jump from the $4.4 trillion spent in fiscal year 2019, before the pandemic.
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Additionally, when former President Donald Trump left office in January 2021, the national debt was $27.8 trillion. Under Biden, the national debt has risen to about $34.8 trillion and is rapidly increasing. The deficit in fiscal year 2023 was $1.7 trillion, up from $1.38 trillion in fiscal year 2022, contradicting Biden’s claim of deficit reduction.
The rapid increase in budget deficits under Biden has been attributed to new spending measures enacted by his administration, including the Inflation Reduction Act and a $1 trillion infrastructure bill. The interest payments needed to service the national debt have also been identified as a major driver of the deficit.
Furthermore, the federal deficit is projected to continue growing in the coming years, reaching $1.8 trillion in fiscal year 2025, according to the Congressional Budget Office.
In summary, despite President Biden’s claims, the evidence shows that the deficit has not been reduced under his administration. The significant increase in federal spending and the national debt, coupled with rising budget deficits, indicate a different reality from the one the president has presented.
