President Joe Biden repeated this claim about the debt in Virginia Beach this afternoon. We earlier rated it Half True.
• The Congressional Budget Office’s latest projection shows that the deficit is about $1.7 trillion lower now than it was in 2021.
• However, this large decrease is because of an unusual historical circumstance — the expiration of large, temporary programs related to coronavirus pandemic relief. • The federal debt is not lower today than it had been. Instead, it has not gone up as fast as it would have otherwise. During a Sept. 18 interview with CBS’"60 Minutes," President Joe Biden touted his administration’s efforts to rein in federal debt.
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