{"id":2242381,"date":"2024-05-11T11:50:02","date_gmt":"2024-05-11T15:50:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/fact-check-biden-loves-to-claim-he-has-cut-the-deficit-numbers-highlight-painful-truth\/"},"modified":"2024-05-11T11:52:34","modified_gmt":"2024-05-11T15:52:34","slug":"fact-check-biden-loves-to-claim-he-has-cut-the-deficit-numbers-highlight-painful-truth","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/fact-check-biden-loves-to-claim-he-has-cut-the-deficit-numbers-highlight-painful-truth\/","title":{"rendered":"Fact Check: Biden&#8217;s Deficit Reduction Claims &#8211; The Real Numbers Unveil the Truth"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">26<\/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%2Ffact-check-biden-loves-to-claim-he-has-cut-the-deficit-numbers-highlight-painful-truth%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=2242381&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>The text provides a detailed commentary\u200b by Randy DeSoto\u200c on President Biden&#8217;s false claims of deficit reduction, supported by links\u200b to various fact-check sources. It highlights Biden&#8217;s inaccurate\u200c statements, new spending impacts, and the growing deficit under his administration. \u2063Additionally,\u2062 it points out \u200dthe need \u200dfor fiscal responsibility and the \u2064potential solutions for addressing the nation&#8217;s financial\u2062 challenges.  <\/p>\n<p class=\"readmore\">\n    <button onclick=\"showReadMore()\" id=\"readmorebtn\">Read more&#8230;<\/button>\n<\/p>\n<hr id=\"line\">\n<span id=\"more\"><\/p>\n<header> <a href=\"https:\/\/www.westernjournal.com\/commentary\/\">  Commentary <\/a>   <span> <\/p>\n<p><a href=\"https:\/\/www.westernjournal.com\/author\/randydesoto\/\">  <\/a> <\/p>\n<p> <span>   By <a href=\"https:\/\/www.westernjournal.com\/author\/randydesoto\/%20\"><span>Randy DeSoto<\/span><\/a> <\/span> <span>   May 11, 2024 at 6:45am <\/span> <\/span>  <\/header>\n<section>\n<p>In a Thursday interview with CNN, President Joe Biden was once again claiming that he has reduced the deficit.<\/p>\n<p>Quick fact check: That claim is utterly false.<\/p>\n<p>While arguing for increasing taxes on wealthy Americans, Biden said, \u201cWe could further reduce the deficit, which I have been able to reduce.\u201d<\/p>\n<p><iframe loading=\"lazy\" title=\"YouTube video player\" src=\"https:\/\/www.youtube.com\/embed\/4P1E9iKf__Q?si=HGZ_x4PexFKN9oJJ&#038;start=140\" width=\"560\" height=\"315\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<p>In 2022 and 2023, Biden was <a href=\"https:\/\/www.westernjournal.com\/biden-misled-cutting-deficit-now-dems-control-spending-coming-home-roost\/\" target=\"_blank\" rel=\"noopener\">bragging about cutting<\/a> the deficit by $1.7 trillion, but multiple <a href=\"https:\/\/www.newsweek.com\/fact-check-did-joe-biden-bring-down-national-debt-trillion-1799499\" target=\"_blank\" rel=\"noopener\">fact checks<\/a> refuted that.<\/p>\n<p><a href=\"https:\/\/www.politifact.com\/factchecks\/2022\/jul\/28\/janet-yellen\/white-houses-big-deficit-cut-and-why-it-merits-ast\/\" target=\"_blank\" rel=\"noopener\">Politifact<\/a> actually noted the deficit came down because of the expiration of emergency COVID-19 spending passed in fiscal years 2020 and 2021.<\/p>\n<p>After Biden repeated the claim during his 2023 State of the Union address, <a href=\"https:\/\/www.factcheck.org\/2023\/02\/factchecking-the-state-of-the-union-4\/\" target=\"_blank\" rel=\"noopener\">FactCheck.org<\/a> reported, \u201cThe FY 2020 deficit was $3.13 trillion and the FY 2022 deficit was $1.375 trillion. That translates to a roughly $1.7 trillion drop. But the deficit in FY 2022 is still nearly 41% higher than it was in FY 2019, before the pandemic hit.\u201d<\/p>\n<p>The <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/treasury-secretary-janet-yellen-we-have-to-consider-rising-inflation-rates-when-doing-stimulus-package\/\" title=\"Treasury Secretary Janet Yellen: \u2018We Have To Consider\u2019 Rising Inflation Rates When Doing Stimulus Package\">federal deficit<\/a> in FY 2019 before the pandemic under former President Donald Trump was <a href=\"https:\/\/www.cbo.gov\/publication\/56324\" target=\"_blank\" rel=\"noopener\">$984 billion<\/a>.<\/p>\n<p>Total federal expenditures that year were <a href=\"https:\/\/www.cbo.gov\/publication\/56324\" target=\"_blank\" rel=\"noopener\">$4.4 trillion<\/a>. By comparison, in FY 2023 under Biden, they were <a href=\"https:\/\/www.cbo.gov\/publication\/59544\/html#:~:text=Outlays%20in%20fiscal%20year%202023%20were%20%246.1%20trillion%2C%20%24141%20billion%20(or%202%20percent)%20less%20than%20in%20fiscal%20year%202022%2C%20CBO%20estimates.\" target=\"_blank\" rel=\"noopener\">$6.1 trillion<\/a>, so he and the Democrats in Congress have the country essentially still spending at pandemic levels.<\/p>\n<div id=\"firefly-poll-container\">\n<p>Is there any issue Biden won&#8217;t lie about?<\/p>\n<\/p><\/div>\n<p>When Trump left office in January 2021, the national debt was <a href=\"https:\/\/www.statista.com\/statistics\/273294\/public-debt-of-the-united-states-by-month\/\" target=\"_blank\" rel=\"noopener\">$27.8 trillion<\/a>. It\u2019s currently about <a href=\"https:\/\/www.usdebtclock.org\/\" target=\"_blank\" rel=\"noopener\">$34.8 trillion<\/a> and rising rapidly.<\/p>\n<p>The deficit last year was<a href=\"https:\/\/fiscaldata.treasury.gov\/americas-finance-guide\/national-deficit\/#:~:text=In%20FY%202023%2C%20the%20federal%20government%20spent%20%246.13%20trillion%20and%20collected%20%244.44%20trillion%20in%20revenue%2C%20resulting%20in%20a%20deficit.%20The%20amount%20by%20which%20spending%20exceeds%20revenue%2C%20%241.70%20trillion%20in%202023%2C%20is%20referred%20to%20as%20deficit%20spending.\" target=\"_blank\" rel=\"noopener\"> $1.7 trillion<\/a>, up from the $1.38 trillion in FY 2022.<\/p>\n<p>So, again, how is that reducing the deficit?<\/p>\n<p>In February, the Congressional Budget Office <a href=\"https:\/\/www.cbo.gov\/publication\/59710\" target=\"_blank\" rel=\"noopener\">projected<\/a> the deficit will drop back slightly to $1.6 trillion this year and <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/ga-gop-sen-david-perdue-in-runoff-battle-with-democrat-jon-ossoff\/\" title=\"Ga. GOP Sen. David Perdue in runoff battle with Democrat Jon Ossoff\">bounce back<\/a> up to $1.8 trillion in FY 2025.<\/p>\n<p>The reason for the ballooning budget deficits under Biden is all the new spending enacted.<\/p>\n<p>The Inflation Reduction Act, passed in August 2022 as a scaled-down version of Biden\u2019s Build Back Better proposal, <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/gop-candidates-swarm-to-flip-ill-governorship-red\/\" title=\"GOP candidates swarm to flip Ill. governorship red\">raised taxes<\/a> on corporations, which the administration <a href=\"https:\/\/www.whitehouse.gov\/briefing-room\/statements-releases\/2023\/08\/16\/fact-sheet-one-year-in-president-bidens-inflation-reduction-act-is-driving-historic-climate-action-and-investing-in-america-to-create-good-paying-jobs-and-reduce-costs\/#:~:text=The%20Inflation%20Reduction%20Act%20raises%20%24300%20billion%20over%20a%20decade%20by%20requiring%20large%20corporations%20to%20pay%20a%2015%20percent%20minimum%20tax%20on%20their%20profits%20and%20by%20enacting%20a%201%20percent%20excise%20tax%20on%20stock%20buybacks%20and%20redemptions.\" target=\"_blank\" rel=\"noopener\">projected<\/a> would result in more than $300 billion in new revenue over a decade.<\/p>\n<p>But the \u201cgreen\u201d initiatives included in the IRA are costing almost three times more than the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/grassroots-group-leads-attack-on-biden-vaccine-mandate-for-federal-workers\/\" title=\"Grassroots Group Leads Attack on Biden Vaccine Mandate for Federal Workers\">administration forecasted<\/a>, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-08-16\/total-cost-of-joe-biden-s-inflation-reduction-act-is-rising-one-year-later\" target=\"_blank\" rel=\"noopener\">Bloomberg<\/a> reported in August.<\/p>\n<p>Researchers at the University of Pennsylvania\u2019s Wharton School of Business, working with the investment firm Goldman Sachs, updated their<a href=\"https:\/\/budgetmodel.wharton.upenn.edu\/estimates\/2023\/4\/27\/update-cost-climate-and-energy-inflation-reduction-act\" target=\"_blank\" rel=\"noopener\"> estimated cost<\/a> of the IRA\u2019s green initiatives from $385 billion over a 10-year period to in excess of $1 trillion in April 2023.<\/p>\n<p>Biden also signed a <a href=\"https:\/\/www.npr.org\/2021\/11\/15\/1055841358\/biden-signs-1t-bipartisan-infrastructure-bill-into-law#\" target=\"_blank\" rel=\"noopener\">$1 trillion infrastructure bill<\/a> into law in November 2021, which attracted support from some Republicans in the Senate (though not a majority of the GOP caucus) and just a handful of GOP House members.<\/p>\n<p>How irresponsible is that? Biden and the Democrats added trillions in new spending even when the U.S. was already running large deficits.<\/p>\n<p>Another big driver of the deficit is the interest payments needed to service the national debt.<\/p>\n<p>In FY 2023, the federal government took in<a href=\"https:\/\/fiscaldata.treasury.gov\/americas-finance-guide\/government-revenue\/#:~:text=If%20you%20lived%20or%20worked%20in%20the%20United%20States%20in%202023%2C%20your%20tax%20contributions%20are%20likely%20part%20of%20the%20%244.44%20trillion%20collected%20in%20revenue.\" target=\"_blank\" rel=\"noopener\"> $4.4 trillion<\/a> and the interest payment for the national debt was<a href=\"https:\/\/www.crfb.org\/blogs\/2023-interest-costs-reach-659-billion\" target=\"_blank\" rel=\"noopener\"> $659 billion<\/a>, leaving about $3.6 trillion to cover the rest of the expenses: Social Security, Medicare, Medicaid, national defense\u2026 Hence the $1.7 trillion deficit.<\/p>\n<p>That interest payment was up from $475 billion in FY 2022. By comparison, under Trump the amount was around $350 billion.<\/p>\n<p>The Federal Reserve raised interest rates to try to tamp down the inflation caused by the Democrats massive deficit spending.<\/p>\n<p>The economy was well on its way to recovery when Trump left office, but the Democrats passed $1.9 trillion <a href=\"https:\/\/www.westernjournal.com\/bidens-budget-promises-deficit-cut-inflation-reduction-acts-massive-cost-overruns-cast-doubt\/\" target=\"_blank\" rel=\"noopener\">American Rescue Plan<\/a> anyway in March 2021.<\/p>\n<p>All the cash flooding into the economy helped spark the<a href=\"https:\/\/www.westernjournal.com\/reagan-economist-lays-steps-40th-president-took-kill-inflation\/\" target=\"_blank\" rel=\"noopener\"> highest inflation<\/a> the U.S. had experienced in 40 years, just as both Democratic and Republican economists <a href=\"https:\/\/www.westernjournal.com\/trumps-top-economic-advisor-lays-exact-causes-inflation-biden-falsely-blaming-others\/\" target=\"_blank\" rel=\"noopener\">warned<\/a>.<\/p>\n<p>Clinton Treasury Secretary Larry Summers <a href=\"https:\/\/thehill.com\/policy\/finance\/544188-larry-summers-blasts-least-responsible-economic-policy-in-40-years\/\" target=\"_blank\" rel=\"noopener\">called it<\/a>, \u201cthe least responsible macroeconomic policy we\u2019ve had in the last 40 years.\u201d<\/p>\n<p>Former Obama administration Treasury Department official Steven Rattner in a November 2021 article for <a href=\"https:\/\/www.nytimes.com\/2021\/11\/16\/opinion\/biden-inflation-spending-manchin.html\" target=\"_blank\" rel=\"noopener\">The New York Times<\/a> identified the American Rescue Plan as the \u201coriginal sin\u201d leading to the inflation spike seen under Biden.<\/p>\n<p>If the president can\u2019t even be truthful about the deficits, he\u2019s clearly not the one to solve the problem.<\/p>\n<p>Hopefully, the American people will elect a fiscally conservative Republican Congress and Trump is elected president, so they can get to work getting the nation\u2019s fiscal house back in order.<\/p>\n<hr>\n<div>\n<p><b><i>A Note from Our Deputy Managing Editor:<\/i><\/b><\/p>\n<p><i><span>\u201cWe don\u2019t even know if an election will be held in 2024.\u201d Those 12 words have been stuck in my head since I first read them. <\/span><\/i><\/p>\n<p><i><span>Former Lt. Gen. Michael Flynn recently made that comment to Floyd Brown, founder of The Western Journal. <\/span><\/i><\/p>\n<p><i><span>And if the leftists and the elites get their way, that\u2019s exactly what will happen \u2014 no real election, no real choice for the Electoral College, and no real say for the American people. <\/span><\/i><\/p>\n<p><i><span>The Western Journal is fighting to keep that from happening, but we can\u2019t do it alone.<\/span><\/i><\/p>\n<p><i><span>We work tirelessly to expose the lying leftist media and the corrupt America-hating elites.<\/span><\/i><\/p>\n<p><i><span>But Big Tech\u2019s stranglehold is now so tight that <\/span><\/i><a href=\"https:\/\/www.paypal.com\/donate\/?hosted_button_id=BM6XAWRJ8NS7A&#038;utm_source=site&#038;utm_medium=westernjournalism&#038;utm_campaign=authorpitch\"><i><span>without help<\/span><\/i><\/a><i><span>  from you, we will not be able to continue the fight. <\/span><\/i><\/p>\n<p><i><span>The 2024 election is literally the most important election for every living American. We have to unite and fight for our country, otherwise we will lose it. And if we lose the America we love in 2024, we\u2019ll lose it for good. Can we <\/span><\/i><a href=\"https:\/\/www.paypal.com\/donate\/?hosted_button_id=BM6XAWRJ8NS7A&#038;utm_source=site&#038;utm_medium=westernjournalism&#038;utm_campaign=authorpitch\"><i><span>count on you<\/span><\/i><\/a><i><span>  to help? <\/span><\/i><\/p>\n<p><i><span>With you we will be able to field journalists, do more investigative work, expose more corruption, and get desperately needed truth to millions of Americans. <\/span><\/i><\/p>\n<p><i><span>We can do this only with your help. Please don\u2019t wait one minute.<\/span><\/i><a href=\"https:\/\/www.paypal.com\/donate\/?hosted_button_id=BM6XAWRJ8NS7A&#038;utm_source=site&#038;utm_medium=westernjournalism&#038;utm_campaign=authorpitch\"><i><span>  Donate right now<\/span><\/i><\/a><i><span>.<\/span><\/i><\/p>\n<p><i><span>Thank you for reading,<\/span><\/i><\/p>\n<p><i><span>Josh Manning<\/span><\/i><\/p>\n<p><i><span>Deputy Managing Editor<\/span><\/i><\/p>\n<p><i><span>P.S. Please <\/span><\/i><a href=\"https:\/\/www.paypal.com\/donate\/?hosted_button_id=BM6XAWRJ8NS7A&#038;utm_source=site&#038;utm_medium=westernjournalism&#038;utm_campaign=authorpitch\"><i><span>stand with us<\/span><\/i><\/a><i><span>  today.<\/span><\/i><\/p>\n<\/p><\/div>\n<div id=\"author-info-44657\">\n<p><a href=\"https:\/\/www.westernjournal.com\/author\/randydesoto\/\">  <\/a> <\/p>\n<div>\n<p><label for=\"summary-tab-radio-44657\">Summary<\/label><label for=\"more-info-tab-radio-44657\">More<span> Biographical Information<\/span><\/label><label for=\"posts-tab-radio-44657\">Recent<span> Posts<\/span><\/label><label for=\"contact-tab-radio-44657\" onclick=\"if( typeof grecaptcha=='undefined' ) { let cap_s=document.createElement( 'script' ); cap_s.src='https:\/\/www.google.com\/recaptcha\/api.js?render=6LeJFcsUAAAAAPsIEqvB1EebWbZfqRUe6ebMpGy7'; document.body.appendChild( cap_s ); }\">Contact<\/label><\/p>\n<div>\n<p>Randy DeSoto has written more than 3,000 articles for The Western Journal since he joined the company in 2015. He is a graduate of West Point and Regent University School of Law. He is the author of the book &#8220;We Hold These Truths&#8221; and screenwriter of the political documentary &#8220;I Want Your Money.&#8221;<\/p>\n<\/p><\/div>\n<div>\n<p>  Birthplace <\/p>\n<p>  Harrisburg, Pennsylvania <\/p>\n<p>  Nationality <\/p>\n<p>  American <\/p>\n<p>  Honors\/Awards <\/p>\n<p>  Graduated dean&#8217;s list from West Point <\/p>\n<p>  Education <\/p>\n<p>  United States Military Academy at West Point, Regent University School of Law <\/p>\n<p>  Books Written <\/p>\n<p>  We Hold These Truths <\/p>\n<p>  Professional Memberships <\/p>\n<p>  Virginia and Pennsylvania state bars <\/p>\n<p>  Location <\/p>\n<p>  Phoenix, Arizona <\/p>\n<p>  Languages Spoken <\/p>\n<p>  English <\/p>\n<p>  Topics of Expertise <\/p>\n<p>  Politics, Entertainment, Faith <\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/section>\n<p><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>On May 11, 2024, at 6:45 am, in an interview with CNN, President Biden falsely touted deficit reduction. A fact check swiftly debunks his claim. Amid advocating for taxing the affluent, Biden insists on deficit reduction<\/p>\n","protected":false},"author":662,"featured_media":2242382,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/www.westernjournal.com\/wp-content\/uploads\/2024\/05\/cash-on-hook.jpg","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-2242381","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"fifu_image_url":"https:\/\/www.westernjournal.com\/wp-content\/uploads\/2024\/05\/cash-on-hook.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2242381","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\/662"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2242381"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2242381\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2242382"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2242381"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2242381"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2242381"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}