"The days of the exploding federal deficits are over." President Biden, speaking at the tail end of a week in which his administration could boast a blowout set of jobs figures and the imminent passage of a $739 inflation reduction act, one of the most meaningful pieces of legislation on, among other things, climate change in recent history. At the White House, Biden took the opportunity to pledge to reduce the federal deficit and slammed his predecessor.
BIDEN: I've also made it a priority to bring down the federal deficit. After watching my predecessor every single year increase the debt, the federal deficit, every year for the four years he was in office, I said no more. The days of exploding federal deficits are over. And I've kept my word. Just take a look at the facts. The deficit is down a record of one point seven trillion dollars this year. That's right, 1.7 trillion with a ‘T”. And that's on top of 350 billion dollar reduction in the deficit, my first year in office.