When President Biden releases his fiscal 2024 budget this week, one of his more fantastic claims will be that he has cut federal deficits and is now a deficit hawk. This is as accurate as Donald Trump’s claim that he can end the war in Ukraine in “one day.”
Allow us to provide a reality check by reporting Mr. Biden’s contributions to record debt and deficits. As Mr. Biden took office, the Congressional Budget Office budget “baseline” released in February 2021 showed 10-year outlays of $61.23 trillion and cumulative deficits of $12.27 trillion from 2022-2031. That included the spending that Donald Trump agreed to during the pandemic and the impact of the 2017 Paul Ryan-Trump tax reform.
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