{"id":1807575,"date":"2023-01-16T15:35:28","date_gmt":"2023-01-16T20:35:28","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1807575"},"modified":"2023-01-16T16:07:21","modified_gmt":"2023-01-16T21:07:21","slug":"biden-calls-gop-fiscally-demented-here-are-some-facts","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-calls-gop-fiscally-demented-here-are-some-facts\/","title":{"rendered":"Biden Calls GOP \u2018Fiscally Demented.\u2019 Here Are Some Facts."},"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%2Fbiden-calls-gop-fiscally-demented-here-are-some-facts%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=1807575&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--><p>President <a href=\"http:\/\/dailywire.com\/topic\/biden-administration\" target=\"_blank\" rel=\"noopener\">Joe Biden<\/a> At <a href=\"http:\/\/dailywire.com\/topic\/republicans\" target=\"_blank\" rel=\"noopener\">Republicans<\/a> On Monday, call them \u201cfiscally demented\u201d while speaking at the National Action Network\u2019s annual Martin Luther King Jr. Day Breakfast.<\/p>\n<p>\u201cWe\u2019re making this progress at the same time, reduced the deficit,\u201d Biden stated, according to a <a href=\"https:\/\/thehill.com\/homenews\/administration\/3815262-biden-knocks-fiscally-demented-republicans-in-mlk-day-speech\/\" target=\"_blank\" rel=\"noopener\">report<\/a> From The Hill. \u201cYou know, we\u2019re gonna talk about big-spending Democrats again? Guess what? I reduced the deficit last year $350 billion. And this year? The federal deficit\u2019s down $1 trillion-plus dollars. That\u2019s a fact. And there\u2019s gonna be hundreds of billions reduced over the next decade. These guys are fiscally demented, I think. They don\u2019t quite get it.\u201d<\/p>\n<p>Biden apparently meant a reduction in the deficit budget from $3.1 trillion in fiscal 2020 to $2.7 trillion for fiscal 2021. Then, he indicated that a further decrease of $1.4 trillion would be made in fiscal 2022. <a href=\"https:\/\/fred.stlouisfed.org\/series\/FYFSD\" target=\"_blank\" rel=\"noopener\">data<\/a> From the Office of Management and Budget. The commander-in chief did not mention that deficit reductions had been initiated by legislative stimulus packages in response to the lockdown-induced depression; the latest $1.4 trillion budget deficit is substantially higher than the shortfalls of the years preceding the lockdowns.<\/p>\n<p>Contrary to his claims, \u201chundreds of billions\u201d Spending packages approved by Biden between 2021-2031 will add more than $4.8 trillion to the deficit. This is according to an analysis. <a href=\"https:\/\/www.crfb.org\/blogs\/biden-administration-has-approved-48-trillion-new-borrowing\" target=\"_blank\" rel=\"noopener\">analysis<\/a> The Committee for a Responsible Federal Budget. Removing the effect of the American Rescue Plan, a stimulus package approved soon after Biden\u2019s inauguration, implies $2.5 trillion of new deficits.<\/p>\n<p>Biden repeatedly claims that his actions were in the best interests of taxpayers.<\/p>\n<p>\u201cOn my watch, things have been different. The deficit has come down both years that I\u2019ve been in office,\u201d He <a href=\"https:\/\/www.dailywire.com\/news\/mega-maga-trickle-down-biden-makes-bold-claim-on-how-he-fixed-the-budget-after-republicans-blew-it-out\" target=\"_blank\" rel=\"noopener\">commented<\/a> Last year. \u201cAnd I just signed legislation that\u2019s going to reduce it even more in the decades to come. Now Republicans in Congress are doubling down on their commitment to explode the deficit again. Just this week, Republican leaders said if they get their way, they\u2019re going to extend the Trump tax cuts, which are due to expire in a couple years.\u201d<\/p>\n<p>An <a href=\"https:\/\/www.gao.gov\/blog\/larger-federal-deficits-higher-interests-rates-point-need-urgent-action\" target=\"_blank\" rel=\"noopener\">analysis<\/a> According to the Government Accountability Office, the fiscal year 2021 deficit was also the \u201csecond largest in history,\u201d whereas the previous deficit was the greatest. \u201cThese historically large deficits were due primarily to the economic disruptions caused by COVID,\u201d The auditing agency continued. \u201cand the additional spending by the federal government in response to help the nation recover from the pandemic.\u201d<\/p>\n<p>In a, the Bipartisan policy Center also mentioned <a href=\"https:\/\/bipartisanpolicy.org\/report\/deficit-tracker\/\" target=\"_blank\" rel=\"noopener\">report<\/a> Bipartisan Omnibus Spending bill (bipartisan), which increased discretionary spending approximately 10%, will have an impact on fiscal year 2023&#8217;s deficit. As interest rates rise, Federal Reserve efforts to reduce inflationary pressures will also be expected to increase the deficit.<\/p>\n<p>Republican legislators now hold the House of Representatives and have committed to reexamine federal spending priorities. In a statement sent to The Daily Wire, Jason Smith (R-MO), Chairman of the House Ways and Means Committee, condemned the Biden administration&#8217;s deficit spending.<\/p>\n<p>\u201cOver the last two years, we have seen America\u2019s debt crisis grow substantially as President Biden and his Democrat allies in Congress have increased federal spending by $10 trillion,\u201d He made a comment. \u201cI urge President Biden and Majority Leader Schumer to follow past precedent and work with House Republicans to find a commonsense, bipartisan path to putting America on a more sustainable fiscal trajectory and meet our debt obligations. The American people deserve a government that is accountable and an economy that is strong.\u201d<\/p>\n<p>This report was contributed by Ben Zeisloft<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>President Joe Biden lashed out at Republicans on Monday, calling them \u201cfiscally demented\u201d while speaking at the National Action Network\u2019s annual Martin Luther King Jr. Day Breakfast. \u201cWe\u2019re making this progress at the same time, reduced the deficit,\u201d Biden asserted, according to a report from The Hill. \u201cYou know, we\u2019re gonna talk about big-spending Democrats &#8230;<\/p>\n","protected":false},"author":60,"featured_media":1890790,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"Biden Calls GOP \u2018Fiscally Demented.\u2019 Here Are Some Facts.","footnotes":""},"categories":[541],"tags":[15139,3620,3755,6202,11046,5294,6203,6195],"class_list":["post-1807575","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-daily-wire","tag-fiscally","tag-biden","tag-calls","tag-daily","tag-demented","tag-facts","tag-gop","tag-wire"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"Biden Calls GOP \u2018Fiscally Demented.\u2019 Here Are Some Facts.","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1807575","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\/60"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1807575"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1807575\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1890790"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1807575"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1807575"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1807575"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}