May 10, 2022 - Douglas Myser

Biden touts deficit reduction by him. President Biden has stated that the government coffers have improved significantly since he took office, compared to former President Trump. Besides the quarterly reduction in the national debt, the Treasury Department estimates that this fiscal year's budget deficit will decline $1.5 trillion, That decrease marks a big improvement from initial forecast and would likely put the annual deficit below $1.3 trillion. "The bottom line is that the deficit went up every year under my predecessor before the pandemic and during the pandemic. And its gone down both years since I've been here. Period." he said. Biden touts deficit reduction by him.

The Democratic President has placed renewed emphasis on deficit reduction going into the midterm election, with administration officials saying that the burst of $1.9 trillion in coronavirus relief approved in 2021 has already paid off in the form of faster growth that now makes it easier to stabilize government finances. IRS Deficit reduction also matches a priority of Sen. Joe Manchin of West Virginia, the key Democratic vote in the evenly split Senate who blocked the passage of Mr. Biden's domestic and environmental agenda in December. The reduction also occurs amid rising interest rates on U.S. Treasury notes, a consequence of inflation running at a 40 year peak and the Federal Reserve efforts to reduce price pressures.

It is unclear if greater fiscal responsibility can deliver politically for Mr. Biden as Democrats try to defend control of Congress. His two most recent Democratic predecessors, Bill Clinton and Barack Obama, also cut budget deficits, only to leave office and see their Republican successors use the savings on tax cuts.

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