Did Joe Biden Increase — or Decrease — the Federal Deficit Since He Became President?

We crunched the numbers so you don't have to.

The last time the government had a surplus was in 2001, according to data from the U.S. Treasury Department., the"U.S. Deficit by Year" chart provided helpful data relevant to the claims made by Biden and McCarthy.

Note: Keep in mind that the fiscal year for the new federal budget begins each year on Oct. 1. Biden took office in January 2021. So, why did the deficit fall from $3.13 trillion when former U.S. President Donald Trump was in office in 2020 to $1.38 trillion under Biden in 2022?, the drop in the deficit can be credited to"shrinking or expiring COVID relief." The data also projected that some of the economic changes that helped reduce the deficit in 2022"will actually increase future deficits by over $1.5 trillion between 2023 and 2032.

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