President Biden claimed Monday that his latest annual budget request dramatically reduces the federal deficit — despite the fact that Biden’s ask doesn’t include much of his social spending plans or acknowledge record-high outlays during the COVID-19 pandemic.“My Administration is on track to reduce the federal deficit by more than $1.3 trillion this year, cutting in half the deficit from the last year of the previous Administration and delivering the largest one-year reduction in the deficit in U.S. history,” Biden said in a statement.The federal budget deficit was about $2.8 trillion in fiscal 2021, when Democrats passed Biden’s $1.9 trillion American Rescue Plan Act without Republican support. The previous year, the deficit topped $3 trillion as a result of relief spending during the first months of the COVID-19 pandemic. In fiscal year 2019, the deficit was under $1 trillion, meaning unfunded spending would remain elevated amid four-decade-high inflation.
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