Biden Administration Cuts Republican Budget Deficit by 66%

The Biden Administration economic recovery – note the revenue increases as the year unfolds – continues in spite of Republican opposition. Employed people pay taxes, except if they are rich.

The federal budget deficit was only $259 billion in the first four months of fiscal year 2022, the Congressional Budget Office estimates in a report just released. This amount is less than the deficits recorded for the same period in the two prior years under profligate Republican rule that cut taxes on the wealthiest people. (AutoInformed: Trump on Track for Largest Deficits in U.S. History.)

Moreover, the shrinking Biden deficit is roughly one-third of the deficit recorded during the same period last year ($736 billion) under fiscally-irresponsible Republicans. It is also only about two-thirds of the shortfall recorded for the same period two years ago ($389 billion), right before the start of the coronavirus pandemic, which severally hurt the US economy under the do-nothing, document destroying Trump rule. (AutoInformed: Ten-Month US Budget Deficit Now at $867 billion. $Trillion Deficits Now Certain Under Current Economic Policies)

Revenues were $331 billion (or 28%) higher and outlays were $146 billion (or -8%) lower from October through January 2022 than during the same period last fiscal year. (AutoInformed: Trump’s Losing Trade Wars – Auto and Other Deficits Grow)