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Fact Check: President Joe Biden Claims He Slashed the Deficit by $1 Trillion

via MSNBC
This article was originally published at StateOfUnion.org. Publications approved for syndication have permission to republish this article, such as Microsoft News, Yahoo News, Newsbreak, UltimateNewswire and others. To learn more about syndication opportunities, visit About Us.

While President Biden claimed in his State of the Union address to have cut the federal deficit by over $1 trillion, this has been deemed misleading by fact checkers.

While the deficit did decrease from its peak in Biden’s first year during the pandemic, going from $2.75 trillion to $1.375 trillion and $1.695 trillion in subsequent years, this was largely due to the natural winding down of emergency COVID spending and increased tax revenues, not specific deficit reduction policies.

“I’ve been delivering real results in a fiscally responsible way,” Biden said.

“I’ve already cut the federal deficit by over one trillion dollars.”

“I signed a bipartisan budget deal that will cut another trillion dollars over the next decade,” he said.

“And now it’s my goal to cut the federal deficit $3 trillion more by making big corporations and the very wealthy finally pay their fair share,” he added.

The CBO attributed the decline mainly to increased individual income tax revenues as the economy recovered.

Washington Post fact checkers gave Biden “three Pinocchios” for taking credit and leaving out important context that the shrinking deficit was expected as pandemic spending subsided.

Experts said the administration was twisting facts to portray a different story than reality.

“The White House is knowingly twisting the facts to tell a very different story than a fair and accurate one,” Maya McGuineas, president of the Committee for a Responsible Federal Budget said.

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This article was originally published at StateOfUnion.org. Publications approved for syndication have permission to republish this article, such as Microsoft News, Yahoo News, Newsbreak,...

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