President Joe Biden speaks in the Roosevelt Room of the White House, Wednesday, May 4, 2022, in Washington. From left, Office of Management and Budget Director Shalanda Young, Biden, Cecilia Rouse, chair of the Council of Economic Advisers and Brian Deese, Assistant to the President and Director of the National Economic Council. (AP Photo/Evan Vucci)
Biden
WASHINGTON (AP) — President Joe Biden is highlighting new figures showing the government’s red ink will grow less than expected this year and the national debt will shrink this quarter as he tried to counter criticism of his economic leadership and growing dismay over inflation going into midterm elections that will decide control of Congress. The dip in the national debt is an achievement that eluded former President Donald Trump despite his promises to improve the federal balance sheet. Strong job gains over the past 16 months have increased total incomes and led to additional tax revenues. That means this fiscal year’s budget deficit will decline $1.5 trillion, better than initially forecast. Still, the long-term outlook is problematic.
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