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President Joe Biden has taken credit score for reducing the federal deficit, however the actuality is a little more difficult, a present and a former director of the Congressional Budget Office (CBO) stated.
The federal deficit is projected to shrink to $1 trillion in 2022, down from $2.8 trillion final yr, in accordance to projections from the CBO.
President Biden has taken credit score for a post-COVID reducing of the federal deficit, earlier this month saying the administration is positioned for “the biggest decline in a single year ever in American history.”
“Let me remind you again: I reduced the federal deficit,” he stated in a speech earlier this month. “All the talk about the deficit from my Republican friends, I love it. I’ve reduced $350 billion in my first year in office.”
Phillip Swagel, the present director of the Congressional Budget Office, instructed Fox News Digital presidents get the blame, or credit score, for what takes place throughout their administration, however there have been many components that lower the federal deficit.
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Swagel, who spoke to Fox News Digital at the 2022 Milken Global Conference, stated the reducing of the deficit was “in part because there was immense emergency spending during the pandemic, and that spending is ending.”
Swagel additionally credited the financial rebound following the COVID lockdowns. “As the economy has come back, so too have tax revenues, and so that is contributing to the lower budget deficit.”
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Former CBO Director Douglas Holtz-Eaken instructed Fox News Digital it was not shocking that the deficit was lowered.
“With the recovery in the economy, it was expected that the deficit would get smaller,” he stated. “We’re seeing the tax revenue and the number of people on unemployment go down, and so there was going to be improvements.”
Holtz-Eaken stated the expiration of the CARES act and the undeniable fact that there was not one other American Rescue Plan made the deficit look a lot smaller.
“He didn’t really do anything, he was there while it happened,” he stated. “It’s not like his administration went out and said, okay, we’re going to do a big tax increase or we’re doing to do $400 billion of spending cuts. They’ve done neither.”
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“What CBO would say is the deficit is coming down under current law,” Swagel stated, crediting each legislative actions and the rebounding economic system.
“It’s natural the president would take credit when the economy is strong,” he added. “And of course, it’s natural that when the economy is weak or if inflation is high, people will look to the president for that as well.”
Biden ‘did not really do something’ to lower the federal deficit, despite claims: Former CBO director & More Latest News Update
Biden ‘did not really do something’ to lower the federal deficit, despite claims: Former CBO director & More Live News
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Biden ‘did not really do something’ to lower the federal deficit, despite claims: Former CBO director & More News Today
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