President Joe Biden touted sizable reductions in the federal deficit in the current fiscal year as part of his administration’s economic savvy.
While the Treasury Department estimates that this year’s budget deficit will decline by $1.5 trillion.
Washington — President Biden highlighted deficit reduction in remarks Wednesday at the White House, noting that the government will pay down the national debt this quarter for the first time in six years.
Mr. Biden emphasized how strong job gains have increased total incomes and led to additional tax revenues that have improved the government's balance sheet.
Besides the quarterly reduction in the national debt, the Treasury Department estimates that this fiscal year's budget deficit will decline $1.5 trillion. That decrease marks an improvement from initial forecasts and would likely put the annual deficit below $1.3 trillion.