11/24/2023 0 Comments Government budget surplus![]() And the Inflation Reduction Act that the President signed into law last year will reduce the deficit by more than $200 billion over the next decade, relative to deficit projections without that law.īuilding on that record of fiscal responsibility, the President’s Budget improves the fiscal outlook by reducing the deficit by nearly $3 trillion over the next decade. ![]() Because of the strength of the recovery and responsible winding down of emergency programs, the deficit fell by $1.7 trillion in the first two years of the Biden-Harris Administration compared to the year before the President took office. He enacted a bold agenda to rescue the economy and get the American people vaccinated. The President has taken a different, responsible approach. He also inherited a poorly managed pandemic response. The President took office after his predecessor signed into law a reckless and unpaid for tax cut that was skewed to the wealthy and large corporations, adding nearly $2 trillion to the deficit. And his Budgets have consistently paid for all of his investments and improved the Nation’s fiscal outlook. At the same time, President Biden believes that long-term investments in our Nation and its people should be paid for. Strong and shared growth that benefits all Americans isn’t just good for the economy it will also lead to better fiscal outcomes. President Biden believes that investing in America, growing the economy from the bottom up and middle out, lowering costs for families, and reforming our tax code to reward work and not wealth are economic and fiscal imperatives. Get Involved Show submenu for “Get Involved””.The White House Show submenu for “The White House””.Office of the United States Trade Representative.Office of Science and Technology Policy.Executive Offices Show submenu for “Executive Offices””.Administration Show submenu for “Administration””.
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