Biden Calls GOP ‘Fiscally Demented.’ Here Are Some Facts.

President Joe Biden At Republicans On Monday, call them “fiscally demented” while speaking at the National Action Network’s annual Martin Luther King Jr. Day Breakfast.

“We’re making this progress at the same time, reduced the deficit,” Biden stated, according to a report From The Hill. “You know, we’re gonna talk about big-spending Democrats again? Guess what? I reduced the deficit last year $350 billion. And this year? The federal deficit’s down $1 trillion-plus dollars. That’s a fact. And there’s gonna be hundreds of billions reduced over the next decade. These guys are fiscally demented, I think. They don’t quite get it.”

Biden apparently meant a reduction in the deficit budget from $3.1 trillion in fiscal 2020 to $2.7 trillion for fiscal 2021. Then, he indicated that a further decrease of $1.4 trillion would be made in fiscal 2022. data From the Office of Management and Budget. The commander-in chief did not mention that deficit reductions had been initiated by legislative stimulus packages in response to the lockdown-induced depression; the latest $1.4 trillion budget deficit is substantially higher than the shortfalls of the years preceding the lockdowns.

Contrary to his claims, “hundreds of billions” Spending packages approved by Biden between 2021-2031 will add more than $4.8 trillion to the deficit. This is according to an analysis. analysis The Committee for a Responsible Federal Budget. Removing the effect of the American Rescue Plan, a stimulus package approved soon after Biden’s inauguration, implies $2.5 trillion of new deficits.

Biden repeatedly claims that his actions were in the best interests of taxpayers.

“On my watch, things have been different. The deficit has come down both years that I’ve been in office,” He commented Last year. “And I just signed legislation that’s going to reduce it even more in the decades to come. Now Republicans in Congress are doubling down on their commitment to explode the deficit again. Just this week, Republican leaders said if they get their way, they’re going to extend the Trump tax cuts, which are due to expire in a couple years.”

An analysis According to the Government Accountability Office, the fiscal year 2021 deficit was also the “second largest in history,” whereas the previous deficit was the greatest. “These historically large deficits were due primarily to the economic disruptions caused by COVID,” The auditing agency continued. “and the additional spending by the federal government in response to help the nation recover from the pandemic.”

In a, the Bipartisan policy Center also mentioned report Bipartisan Omnibus Spending bill (bipartisan), which increased discretionary spending approximately 10%, will have an impact on fiscal year 2023’s deficit. As interest rates rise, Federal Reserve efforts to reduce inflationary pressures will also be expected to increase the deficit.

Republican legislators now hold the House of Representatives and have committed to reexamine federal spending priorities. In a statement sent to The Daily Wire, Jason Smith (R-MO), Chairman of the House Ways and Means Committee, condemned the Biden administration’s deficit spending.

“Over the last two years, we have seen America’s debt crisis grow substantially as President Biden and his Democrat allies in Congress have increased federal spending by $10 trillion,” He made a comment. “I urge President Biden and Majority Leader Schumer to follow past precedent and work with House Republicans to find a commonsense, bipartisan path to putting America on a more sustainable fiscal trajectory and meet our debt obligations. The American people deserve a government that is accountable and an economy that is strong.”

This report was contributed by Ben Zeisloft

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