- Biden also said during the address that he has presided over the “largest deficit reduction in American history.”
- Although Biden oversaw a decline in the deficit from $3.1 trillion in fiscal year 2020 and $2.8 trillion in fiscal year 2021 to $1.4 trillion in fiscal year 2022, according to data from the Office of Management and Budget, he neglected to mention that the record spending came as a result of stimulus measures passed to lessen fallout from the lockdown-induced recession.
- The deficit posted last year exceeds those witnessed in the years before the crisis.
