President Biden boasted during a Labor Day speech in Philadelphia on Monday that he cut the federal budget deficit — despite the fact that it’s soaring this year.
“Unlike the last president, in my first two years — all this stuff, guess what? — I cut the deficit $1.7 trillion, cut the debt $1.7 trillion,” the 80-year-old president said, conflating the basic budget terms after he touted new infrastructure spending.
The claim, which Biden has made in the past, routinely attracts unflattering fact checks because government spending remains at near-record highs — while much of the previous reduction came from the expiration of COVID-19 emergency spending, rather than the president’s own actions.
In reality, the nonpartisan Committee for a Responsible Federal Budget projects that the federal deficit for fiscal 2023, which ends Sept. 30, will hit $2 trillion — up from $1.38 trillion last year.
Read more at https://nypost.com/2023/09/04/biden-boasts-about-cutting-deficit-as-it-soars/
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