Biden's Budget Lies
"Show me your budget, and I'll tell you what you value."
When releasing his fiscal 2023 budget proposal on Monday, President Joe Biden said this was something his father had told him.
He then made a claim about a "value" his budget proposal purportedly advances.
"The first value is fiscal responsibility," Biden said.
That is a lie.
In his speech, Biden elaborated on this lie.
"The previous administration, as you all know, ran up record budget deficits. In fact, the deficit went up every year under my predecessor," he said.
"My administration is turning that around," Biden continued.
"Last year," he said, "we cut the deficit by more than $350 billion. This year, we're on track to cut the deficit by more than $1.3 trillion. $1.3 trillion. That would be the largest one-year reduction in the deficit in U.S. history."
But what do the Treasury's official numbers actually tell us about the recent history of federal spending and deficits?