12/10/2023 0 Comments Us budget deficitThe law cost an estimated $1.9 trillion over 10 years.įast forward to July, when the CBO was able to take into account the new spending approved by Biden. The new emergency pandemic relief law included, among other things, increased child care tax credits, extended unemployment payments, small-business support and $1,400 checks to qualifying Americans. Those projections assumed no new changes in federal law.īut on March 11, 2021, Biden signed the American Rescue Plan into law. Combined, the deficits in FY 2021 and FY 2022 were expected to total $3.3 trillion. It projected deficits to fall again to a $1.1 trillion deficit in FY 2022 - meaning another $1.2 trillion reduction in the deficit from 2021. In February 2021, shortly after Biden took office and before any of Biden’s fiscal policies were enacted, the nonpartisan Congressional Budget Office projected a federal budget deficit of about $2.3 trillion in 2021, $874 billion less than the shortfall recorded in 2020. “You hear me? We didn’t spend - we didn’t increase the deficit a penny. “Don’t listen to my Republican friends in Congress - last year, we reduced - my budget reduced the - the deficit by $350 billion,” Biden said in a speech in Portland, Oregon, on April 21. And look, that would be the largest debt reduction in American history.” This year, we’re on track for $1.3 trillion in cuts. … Last year, as I said, we cut the deficit by more than 350 thousa- billion dollars. So when my Republican friends start talking about ‘big spenders’ and the reason why there’s inflation, take a look. And the budget I proposed this year, if it comes to total fruition, it will cut the deficit by 1 trillion 300 billion dollars. “You know, the budget I submitted - my first budget that passed and became law, it cut the federal deficit by $350 billion,” Biden said in a speech on April 19. In recent remarks, Biden took credit for cutting the deficit by $350 billion in FY 2021 and claimed his proposed budget for FY 2022 will cut the deficit by $1.3 trillion this year. Deficits fell between fiscal year 20 far less than initially projected after Biden added to them with more emergency pandemic and infrastructure spending.Īnd the deficits under Biden and beyond are projected to remain historically high compared with pre-pandemic levels. Gross Domestic Product (A) (Q).In recent speeches, President Joe Biden has been misleadingly taking credit for cutting federal deficits by historic amounts, though most of the reduction in deficits is the result of expiring emergency pandemic spending. “ National Data: National Income and Product Accounts,” Click "Section 1 - Domestic Product and Income," then "Table 1.1.5. “ Social Security Income, Cost, and Asset Reserves.”īureau of Economic Analysis. " Federal Debt: Total Public Debt as Percent of Gross Domestic Product." " Finding the Tipping Point-When Sovereign Debt Turns Bad."įederal Reserve Bank of St. “ S.J.Res.33 – A Joint Resolution Relating to Increasing the Debt Limit.” " Gross Domestic Product, (Third Estimate), GDP by Industry, and Corporate Profits (Revised)."Ĭ. " Federal Surplus or Deficit ," Click "Edit Graph," click "Edit Line 1," then select "Millions of dollars" in the Units drop-down.īureau of Economic Analysis. Gross Domestic Product," Modify Table to "1943."įederal Reserve Bank of St. " National Income and Product Accounts: Table 1.1.5. " Federal Surplus or Deficit as Percent of Gross Domestic Product."īureau of Economic Analysis. " Debt to the Penny."įederal Reserve Bank of St. " An Update to the Budget and Economic Outlook: 2021 to 2031."ĭepartment of Treasury.
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