Biden Claims $5.8T Budget Proposal Cuts Deficit and Reduces 'Inflationary Pressures'

President Joe Biden unveiled his proposed $5.8 trillion 2023 budget on Monday, saying it will reduce the federal deficit significantly by raising taxes and will lessen inflationary pressures.

"The previous administration, as you all know, ran up record budget deficits. In fact, the deficit went up every year under my predecessor," Biden said.

While the statement was true on its face, what Obama did not mention was that he and the Democrats in Congress first ran the deficit up to over $1.4 trillion, when it had been $459 billion during George W. Bush's last year in office.

The same is true now: Revenues are up and emergency spending is down, so Biden has been able to cut deficits simply because there has been no new pandemic spending.

"Last year we cut the deficit by more than $350 billion. This year we're on track to cut the deficit by more than $1.3 trillion. That would be the largest one-year reduction in the deficit in U.S. history," Biden said.

That's because Democrats passed the $1.9 trillion American Rescue Plan in March 2021, leading to a deficit of $2.7 trillion last year - the second-highest in U.S. history.

"Compared to 2020, we're reducing the size of the deficit relative to our economy by almost two-thirds, reducing inflationary pressures, making real headway in cleaning up the fiscal mess I inherited," Biden said.

https://www.westernjournal.com/biden-claims-5-8t-budget-proposal-cuts-deficit-reduces-inflationary-pressures/