President Biden takes credit for deficit reductions
Written by on May 5, 2022
UPDATED 6:44 AM PT – Thursday, May 5, 2022
President Biden appeared to take credit for deficits decreasing after Democrats and establishment Republicans spend record amounts of money putting the deficit at its highest point. While speaking at the White House Wednesday, he criticized former President Donald Trump about the increase of deficits before and after the pandemic.
Biden’s claims come despite the fact he unsuccessfully pushed lawmakers to pass the Build Back Better Act, which would have led to trillions in new federal spending. He also blamed Trump for current inflation levels, suggesting a lower deficit would have tamp down on inflation.
“The bottom line is the deficit went up every year under my predecessor before the pandemic and during the pandemic,” stated Biden. “It has gone down both years since I’ve been here.”
Tune in as I deliver remarks on the United States economic growth, jobs, and deficit reduction. https://t.co/SLK63p9Jm9
— President Biden (@POTUS) May 4, 2022
While technically true, the deficit has fallen following the record spending during the 2020 COVID relief packages then shattering even that record in 2021 with the Democrat COVID package. On part of the Trump tax cuts in 2017, revenues reportedly reached a record high, lessening the burden on the government funding.