US President Joe Biden is attempting to highlight the economic accomplishments of his administration, claiming that the reduction of the deficit to $1.4 trillion this year is the largest yearly fall in American history.
In a tweet on Twitter, Biden stated that “the deficit reduced to $1.4 trillion this year, which was the biggest annual decline in American history.”
This year, the deficit decreased by $1.4 trillion. The biggest one-year drop in American history is that.
In the meantime, Biden lambasted the Republican proposal in the US Congress, charging that they had purposefully cut taxes, leading to a “approximately 3 trillion dollar rise” in the debt.
The US Treasury already announced that this year’s budget deficit in the US dropped by half, to 1. 375 trillion US dollars versus $2 776 trillion in the prior year. According to the ministry’s report, government spending in the United States decreased for 9 percent to 6.
272 trillion dollars, with revenues rising by 21% on an annual basis to $ 4. 866.4 trillion.
Source: Novosti.
Biden: The state budget deficit has decreased.
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