{"id":1576850,"date":"2022-07-28T14:40:22","date_gmt":"2022-07-28T18:40:22","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1576850"},"modified":"2022-07-28T14:40:36","modified_gmt":"2022-07-28T18:40:36","slug":"budget-office-debunks-bidens-claim-he-reduced-the-deficit","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/budget-office-debunks-bidens-claim-he-reduced-the-deficit\/","title":{"rendered":"Budget Office Debunks Biden\u2019s Claim He \u2018Reduced\u2019 The Deficit"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">18<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fbudget-office-debunks-bidens-claim-he-reduced-the-deficit%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1576850&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/07\/GettyImages-1162219738-scaled-e1658861254568.jpg\" class=\"ff-og-image-inserted\" alt=\"image\" \/><\/div>\n<ul>\n<li><strong>The Congressional Budget Office (CBO) released a report Wednesday predicting dramatic long-term increases in the federal deficit, debt and spending.<\/strong><\/li>\n<li><strong>President Joe Biden has frequently taken credit for a reduction in the deficit the past two years, which the CBO attributes to \u201cwaning\u201d spending on coronavirus.<\/strong><\/li>\n<li><strong>Federal budget experts agree with the CBO\u2019s assessment, going so far as to say the deficit would have dropped the past two years had the president \u201cdone nothing.\u201d<\/strong><\/li>\n<\/ul>\n<p>The federal deficit will shrink in 2022 largely due to decreased spending on the COVID-19 pandemic, according to a Wednesday report from the Congressional Budget Office (CBO), contradicting President Joe Biden\u2019s claims that his policies ought to be credited for the reduction.<\/p>\n<p>The Biden Administration has frequently taken credit for this year\u2019s decrease in the deficit, but the <a href=\"https:\/\/www.cbo.gov\/system\/files\/2022-07\/57971-LTBO.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">CBO<\/a> report credits the decrease to shrinking costs related to the COVID-19 pandemic. Coronavirus relief funds that were scheduled to be dispersed during the pandemic have largely been spent, and as the government is not scheduled to spend any more, there has been a reduction in the deficit this year, according to the CBO.<\/p>\n<p>President Biden has frequently referred to the reduction in the deficit as a personal accomplishment, <a href=\"https:\/\/dailycaller.com\/2022\/06\/14\/joe-biden-federal-spending-debt-afl-cio-convention-philadelphia\/\" target=\"_blank\" rel=\"noopener noreferrer\">The Daily Caller<\/a> reported.<\/p>\n<p>\u201cI don\u2019t want to hear any more of these lies about reckless spending. We\u2019re changing people\u2019s lives!\u201d Biden shouted in June at the AFL-CIO Convention. \u201cAnd because of the facts this year, we\u2019re delivering the biggest drop in the deficit in the history of the United States of America.\u201d<\/p>\n<p>\u201cThe first year I was president, I cut the federal deficit by $350 billion\u201d, said Biden on July 6, according to <a href=\"https:\/\/factba.se\/biden\/transcript\/joe-biden-remarks-american-rescue-plan-financial-assistance-cleveland-july-6-2022\" target=\"_blank\" rel=\"noopener noreferrer\">Factbase<\/a>, a database which compiles presidential remarks.<\/p>\n<p>However, the deficit under Biden is larger than what the CBO projected it would be had some Trump-era policies remained in place, <a href=\"https:\/\/www.cnn.com\/2022\/05\/09\/politics\/fact-check-biden-deficit-reduction\/index.html\" target=\"_blank\" rel=\"noopener noreferrer\">CNN<\/a> reported.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">We\u2019ve reduced the deficit by $350 billion, and we\u2019re on track to reduce the deficit by $1.5 trillion this fiscal year.<\/p>\n<p>There\u2019s more work to do, but this has never happened before in American history.<\/p>\n<p>\u2014 Joe Biden (@JoeBiden) <a href=\"https:\/\/twitter.com\/JoeBiden\/status\/1526963343109541888?ref_src=twsrc%5Etfw\">May 18, 2022<\/a> <\/p>\n<\/blockquote>\n<p>\u201cThe actions of the administration and Congress have undoubtedly resulted in higher deficits, not smaller ones,\u201d Dan White, senior director at Moody\u2019s Analytics, told CNN.<\/p>\n<p>These actions include passing the $1.9 trillion COVID relief bill, known as the American Rescue Plan, according to CNN. <strong><a href=\"https:\/\/dailycaller.com\/2022\/07\/25\/american-rescue-plan-school-funds-covid-coronavirus-relief\/\">(RELATED: Here\u2019s What Schools Actually Did With The Billions In COVID Bucks Meant For Improved Ventilation)<\/a><\/strong><\/p>\n<p>Marc Goldwein, senior vice president at the Committee for a Responsible Federal Budget, told CNN that the President\u2019s claims are \u201calmost bizarro world,\u201d and that \u201chad President Biden come into office and done nothing,\u201d the deficit would be significantly lower.<\/p>\n<p>However, current policies enacted under the Biden administration will lead to new deficit increases starting as soon as next year, according to the report.<\/p>\n<p>\u201cIf current laws governing taxes and spending generally remained unchanged, the federal budget deficit\u2026 would nearly triple over the next 30 years,\u201d the report states, citing the rising cost of interest payments on outstanding U.S. debt, healthcare and Social Security.<\/p>\n<p>As the deficit is predicted to grow, so too are national debt and spending, according to the CBO report.<\/p>\n<p>Federal debt is projected to equal 98% of gross domestic product (GDP) in 2022, climbing as high as 107% of GDP by 2031, according to the CBO. The report credits \u201chigh inflation\u201d and the continued growth of the inflation-adjusted GDP for keeping debt lower than it might otherwise have been.<\/p>\n<p>Revenue is projected to remain relatively consistent, at 19.6% of GDP in 2022, dropping slightly to 19.1% in 2052, according to the CBO. The forecast predicts a short-term drop from the current historically high level before planned changes to tax policy cause steady increases over time.\u00a0 <a href=\"https:\/\/dailycaller.com\/2022\/07\/19\/rising-inflation-drives-elderly-americans-taxes\/\"><strong>(RELATED: Rising Inflation Is Driving Up Elderly Americans\u2019 Taxes)<\/strong><\/a><\/p>\n<p>As the deficit increases, debt is projected to rise to 185% of GDP by 2052, which the CBO warns could \u201cslow economic growth, push up interest payments to foreign holders of U.S. debt, [and] heighten the risk of a fiscal crisis.\u201d<\/p>\n<p>The DCNF contacted the White House, requesting comment on these figures and if the administration had any plans for long-term debt reduction. The White House did not immediately respond.<\/p>\n<p>Content created by The Daily Caller News Foundation is available without charge to any eligible news publisher that can provide a large audience. For licensing opportunities of our original content, please contact <a href=\"mailto:licensing@dailycallernewsfoundation.org\">licensing@dailycallernewsfoundation.org<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Congressional Budget Office (CBO) released a report Wednesday predicting dramatic long-term increases in the federal deficit, debt and spending. President Joe Biden has frequently taken credit for a reduction<\/p>\n","protected":false},"author":1181,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1576850","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1576850","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1181"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1576850"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1576850\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1576850"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1576850"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1576850"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}