The two parties’ conflicting visions for the federal budget will thenEconomists estimate that Congress must act by mid-August to lift the debt ceiling or the Treasury Department will run out of money.
The most recent year-over-year figure, 6.3%, is still far higher than the 1.4% Biden inherited when he was inaugurated, and higher than it was as recently as October 2021. However, if you measure the change in jobs by the percentage increase from the time a president took office, Biden rates in the middle of the pack among recent presidents.
"In my first two years in office, I brought down the deficit a record $1.7 trillion, more than any president has in American history."Biden’s administration presided over smaller deficits than were seen under the Trump administration. Between 2020 and 2022, the federal budget deficit — that is, revenues minus spending for the year —But there’s an important caveat: The deficit had risen because of a temporary phase of unusual federal spending during the coronavirus pandemic.
Also, a smaller deficit does not equal a shrinking federal debt. The federal debt is the sum of all past deficits . So, any deficit, even a smaller one than previously, adds to the debt., but it applies only to a small number of prescriptions. To arrive at either 3% or 8%, Biden used calculations for what he thinks billionaires should pay if they were subject to a wealth tax he’s proposing. Even though Biden said in his remarks that billionaires"pay" that rate of federal tax, they don’t; his wealth tax proposal is theoretical and doesn’t govern what billionaires actually pay today.
Your past history shows you to be generally unreliable
'Unsupported'