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Biden Touts $1.5 Trillion Budget Deficit Reduction

President Joe Biden is praising his administration’s efforts to reduce the country’s budget deficit, attempting to set himself apart from Republicans who presided over expanding deficits before he took office.

Biden took a pointed shot at what he labeled “MAGA” Republicans on Wednesday, accusing them of protecting billionaires at the expense of working-class Americans while merely paying lip service to budget problems in what could be a preview of a midterm stump speech.

What more Joe Biden Says about the Budget Deficit Reduction?

Joe Biden
ABC News

MAGA is a play on the slogan “Make America Great Again” by former President Donald Trump. Republicans have chastised Biden and his Democratic colleagues for an unprecedented surge in inflation, which some blame on overspending in Washington during the COVID-19 outbreak, as well as global supply restrictions.

On Wednesday, Biden emphasized that the annual deficit is decreasing, thanks to rising revenue as the economy recovers from the epidemic and the tapering down of COVID emergency spending, something that his predecessor, Donald Trump, never achieved.

“The plain line is that my predecessor’s deficit increased every year before and throughout the pandemic,” Biden remarked. Since 2001, the United States has had annual budget deficits. Since 2016, increases in spending on Social Security, healthcare, and interest on the federal debt have surpassed revenue growth.

Due to epidemic spending and tax losses, the annual deficit has risen to almost $3 trillion in recent years. Under Trump, Republicans enacted a major tax cut plan in 2017, which some belief has contributed more than $1 trillion to the national debt. Because of its reckless $2 trillion tax cut, the deficit increased every year it was in office. “I know you’re sick of hearing it, but a $2 trillion tax reduction that hasn’t been paid for,” Biden added.

Trump supporters have pointed out that the economy under Trump has seen historically low unemployment and stock market highs. According to the official, Biden noted that the budget deficit shrank by more than $350 billion in his first year, and that new US Treasury estimates showed it would shrink by more than $1.5 trillion this year, the largest deficit reduction in a single year on record, and a revision up from the $1.3 trillion projected in the president’s budget released earlier this year.

For the first time since 2016, the Treasury Department expects to pay down the national debt this quarter. Biden is still pushing for a roughly $2 trillion measure to strengthen the social safety net and combat climate change, but Democratic US Senator Joe Manchin has virtually stopped it due to budget concerns.

Surekha V A
Surekha V Ahttps://premierenext.com/
My name is Surekha Venkatesh , am from Shimoga, Karnataka. I am studying a Bachelor of commerce in Jnn college, Shimoga at Kuvempu University. I am interested in cycling, cooking and reading books. And I am capable of handling a variety of responsibilities in high-pressure situations.
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