President Joe Biden is attempting to paint his administration as “fiscally responsible” when it comes to reducing the deficit but still champions programs that would offset savings and relief.
Biden has been touting a $1.7 trillion drop in the deficit under his tenure and has said he wants to see further cuts as inflation still rages more than two years into his presidency.
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“My economic plan is working,” Biden said in a speech last week. “It’s reducing the deficit. It’s fiscally responsible.”
While Congressional Republicans talk about the deficit – we’ve been doing something about it.
House Republicans’ commitments would add $3 trillion to the deficit over the next decade.
Meanwhile, my budget would cut it by more than $2 trillion.
— President Biden (@POTUS) March 3, 2023
“While Congressional Republicans talk about the deficit — we’ve been doing something about it. House Republicans’ commitments would add $3 trillion to the deficit over the next decade. Meanwhile, my budget would cut it by more than $2 trillion,” Biden tweeted Friday.
Biden, 80, is branding himself as fiscally responsible ahead of his expected run for a second term in the White House. The rebranding comes as he still pushes his student loan relief plan, which is currently being looked at by the Supreme Court.
Analysts say if Biden’s student loan plan is implemented, it would wipe out any deficit reductions done by the Inflation Reduction Act, cutting against the president’s claims that he is cutting the deficit.
The Congressional Budget Office’s estimates for fiscal 2023 say the federal budget deficit will rise to $1.4 trillion, which is larger than previous projections and marks a reversal of the decline in deficits over the past several years.
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Republicans in the House have tried to use economic issues against Biden, setting the stage for a potential battle over the debt ceiling. House Speaker Kevin McCarthy (R-CA) is reportedly trying to unify the “five families” of the GOP conference as the national debt soars over $30 trillion.
