US President Joe Biden is trying to highlight his administration’s economic accomplishments by saying that cutting the deficit to $1.4 trillion this year is the biggest annual decline in American history.
“The deficit has narrowed to $1.4 trillion this year,” Biden tweeted. “It was the biggest annual decline in American history.”
The deficit narrowed by $1.4 trillion. year.
this is the biggest one-year drop in American history.
— President Biden (@POTUS) October 24, 2022
Meanwhile, Biden criticized the Republican proposal in the US Congress, accusing them of intending to cut taxes, which would increase the deficit “by about $3 trillion.”
And the US Treasury reported earlier that the US budget deficit has halved this year to $1.375 trillion from $2.776 trillion last year.
U.S. government spending fell 9 percent year-on-year to $6.272 trillion, while revenue rose 21 percent year-on-year to $4.896 trillion, according to a department report.
Source: RIA Novosti