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The Biden administration spared no time in making an attempt to shift blame towards Republicans over America’s national debt reaching a historic high of $34 trillion this week regardless of President Biden having been in workplace for practically three full years.
“If you look at that data, there’s a trickle down debt. If you think about it, Republican tax cuts are responsible for about 90% of it — of the increase in the debt as a share of the economy over the last two decades, excluding emergency spending,” White House press secretary Karine Jean-Pierre claimed throughout Wednesday’s press briefing.
Despite the brand new report high, Jean-Pierre argued Biden had taken motion to decrease the debt, together with signing the Inflation Reduction Act, which some consultants predicted would truly value the U.S. greater than initially projected, and “cracking down on wealthy tax cheats” by way of actions like rising the IRS.
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White House Press Secretary Karine Jean-Pierre within the Brady Press Briefing Room on the White House on on January 03, 2024 in Washington, DC. (Chip Somodevilla/Getty Images)
“His agenda would cut the deficit another $2.5 trillion by making the wealthy pay their fair share. So that is what the president has done. What we’ve seen on the other side is the complete opposite. What they’ve tried to do is continue to give a tax break to the millionaires and billionaires, and what they have actually put forward would add more than $3 trillion to the debt,” she added.
Fox Business reporter Edward Lawrence pressed Jean-Pierre on her claims, noting the size of time Biden had already been in workplace, as properly as that the U.S. had added $10 billion per day to the national debt and not using a discount. But she doubled down.
“Republican tax cuts are responsible for 90%, 90% of the increase in the debt. 90%. That is something that Republicans are responsible for,” she responded. “[The president] put forth legislation like lowering the deficit by $1 trillion, and that’s part of lowering prescription drug costs and cracking down on the wealthy tax cheats. That’s what he’s done,” she stated.
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President Joe Biden throughout a information convention with Volodymyr Zelenskiy, Ukraine’s president, not pictured, within the Indian Treaty Room on the White House advanced, in Washington, DC, US, on Tuesday, Dec. 12, 2023. (Yuri Gripas/Abaca/Bloomberg through Getty Images)
“And meanwhile, yeah, you know what? The GOP, congressional Republicans, what they want to do is they want to continue with their MAGAnomics. What they’ve proposed will add $3 trillion to the debt,” she added.
Last 12 months, Biden was scrutinized by a number of liberal fact-checkers for claiming his administration had lowered the funds deficit by $1.7 billion {dollars}, a vital step in reducing the national debt. Some referred to as the declare “misleading,” and “lacking context.”
Although Biden was right on the time that the annual federal deficit decreased from $3.1 trillion in fiscal 12 months 2020 to $1.4 trillion in fiscal 12 months 2022, translating to a $1.7 trillion drop, the fact-checkers famous Biden’s fiscal insurance policies have been hardly the lone or main think about driving down the deficit.
The U.S. Capitol is seen at daybreak, in Washington, Thursday, Jan. 6, 2022, one 12 months following the storming of the U.S. Capitol. (AP Photo/J. Scott Applewhite)
Biden repeated the identical declare on quite a few different events all through 2023.
In May, the nonpartisan Congressional Budget Office revealed that the federal authorities underneath Biden had run a near-$1 trillion federal deficit within the “first seven months of fiscal year 2023.” It discovered that in these months alone, the federal authorities had racked up $928,000,000,000.
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According to the Associated Press, the ballooning of the national debt lately was accelerated by heavy borrowing underneath each Biden’s administration and former President Donald Trump’s, adopted by the surge of inflation that pushed up rates of interest after the COVID-19 pandemic.
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