CNN fact-checker slams Biden’s claim he cut the federal deficit
CNN fact-checker Daniel Dale has pushed back against President Biden’s recent claim that his policies have helped reduce the federal deficit – revealing an expert told him the Democrat’s claim was ‘almost a weird world in his misrepresentation of the situation.
“Let me remind you again: I reduced the federal deficit,” Biden said in a speech last Wednesday. “All the deficit talk from my Republican friends, I love it. I cut $350 billion in my first year in office.
Biden made the claim while touting his administration’s economic track record – despite fierce criticism from Republican lawmakers who say his policies have contributed to runaway inflation and driven the US economy to the brink of a recession.
During a Monday appearance on CNN’s “New Day” and in a separate article, Dale noted that the federal deficit did indeed decline in fiscal year 2021. However, the decline in the deficit was originally expected to be even further. larger than the number Biden was referring to.
Dale added that economic pundits “still scoff at the idea that President Biden is personally responsible for cutting the deficit.”
“In fact, a proponent of deficit reduction, Marc Goldwein of the Committee for a Responsible Federal Budget, told me that this claim is almost a bizarre world, a reversal of reality,” Daniel said.
While the deficit shrunk by nearly $360 billion in fiscal year 2021 — a period that included Biden’s first eight months as president — the nonpartisan Congressional Budget Office initially projected down $870 billion. By this measure, he noted, the president fell short of expectations.
Dale noted that Biden-backed legislation, such as the $1.9 trillion “American Rescue Plan” COVID-19 stimulus package and the bipartisan infrastructure bill focused on physical projects, have helped the disparity.
“Whatever you think of all these policies, they all cost money,” Dale added.
Another expert, Dan White of Moody’s Analytics, told CNN that “administration and congressional actions have undoubtedly resulted in higher deficits, not smaller ones.”
“It is encouraging that the administration has proposed some initiatives to reduce the deficit, but so far none of these initiatives have been seriously considered,” White added.
Dale noted that much of the federal deficit reduction that has occurred could be attributed to the expiration of COVID-19 relief programs.
CNN’s fact-checker added that Biden was correct in his assertion that the deficit had grown under GOP leadership — noting that it grew every year under former President Donald Trump’s administration.