Biden Calls GOP ‘Fiscally Demented.’ Here Are Some Facts. | Eastern North Carolina Now

    Publisher's Note: This post appears here courtesy of the The Daily Wire. The author of this post is Hank Berrien.

    President Joe Biden lashed out at Republicans on Monday, calling them "fiscally demented" while speaking at the National Action Network's annual Martin Luther King Jr. Day Breakfast.

    "We're making this progress at the same time, reduced the deficit," Biden asserted, according to a report from The Hill. "You know, we're gonna talk about big-spending Democrats again? Guess what? I reduced the deficit last year $350 billion. And this year? The federal deficit's down $1 trillion-plus dollars. That's a fact. And there's gonna be hundreds of billions reduced over the next decade. These guys are fiscally demented, I think. They don't quite get it."

    Biden was apparently referencing a decline in the budget deficit from $3.1 trillion in fiscal year 2020 to $2.7 trillion in fiscal year 2021, followed by another decrease to $1.4 trillion in fiscal year 2022, as indicated by data from the Office of Management and Budget. The commander-in-chief nevertheless failed to mention that the deficit reductions followed stimulus packages greenlit by lawmakers in reaction to the lockdown-induced recession; the most recent $1.4 trillion budget deficit substantially exceeds shortfalls recorded in the years before the lockdowns.

    Contrary to his claim that "hundreds of billions" will be removed from the deficit over the next decade, spending packages approved by Biden will contribute more than $4.8 trillion in new deficit spending between 2021 and 2031, according to an analysis from the Committee for a Responsible Federal Budget. Removing the effect of the American Rescue Plan, a stimulus package approved soon after Biden's inauguration, implies $2.5 trillion of new deficits.

    Biden has repeatedly claimed that his actions have been beneficial to the taxpayer.

    "On my watch, things have been different. The deficit has come down both years that I've been in office," he commented last year. "And I just signed legislation that's going to reduce it even more in the decades to come. Now Republicans in Congress are doubling down on their commitment to explode the deficit again. Just this week, Republican leaders said if they get their way, they're going to extend the Trump tax cuts, which are due to expire in a couple years."

    An analysis from the Government Accountability Office likewise concluded that the fiscal year 2021 budget deficit was the "second largest in history," while the previous deficit was the largest. "These historically large deficits were due primarily to the economic disruptions caused by COVID," the auditing agency continued, "and the additional spending by the federal government in response to help the nation recover from the pandemic."

    The Bipartisan Policy Center also noted in a report that the fiscal year 2023 deficit would be impacted by the bipartisan omnibus spending bill, which increased discretionary spending by approximately 10%. Efforts from the Federal Reserve to decrease inflationary pressures are also expected to widen the deficit as interest rates increase.

    Republican lawmakers, who now control the House of Representatives, have promised to reconsider federal spending priorities. House Ways and Means Committee Chairman Jason Smith (R-MO) condemned deficit spending under the Biden administration in a recent statement provided to The Daily Wire.

    "Over the last two years, we have seen America's debt crisis grow substantially as President Biden and his Democrat allies in Congress have increased federal spending by $10 trillion," he remarked. "I urge President Biden and Majority Leader Schumer to follow past precedent and work with House Republicans to find a commonsense, bipartisan path to putting America on a more sustainable fiscal trajectory and meet our debt obligations. The American people deserve a government that is accountable and an economy that is strong."

    Ben Zeisloft contributed to this report.

poll#173
In the face of a known scandal finally being revealed by the corrupt Legacy Media regarding Joe Biden, his Mishandling of Classified Documents and his long history of Influence Peddling to our Foreign Adversaries for Personal and Familial Profit: What do you believe the outcome will be in America's Leftist practice of a Two Tiered Justice System?
  Nothing will happen since the Democratic Socialist Left is corrupt to the core, and their non patriot ambitions are only the control of power.
  Justice WILL be served, but NOT without a tremendous fight by those willing to save the Republic.
  Why can't everyone else understand that the Left is special because we care so much for our own, especially the well being of the president and his family, especially Hunter.
  What difference does it make; I am a product of a failed public education system.
469 total vote(s)     What's your Opinion?

Go Back


Leave a Guest Comment

Your Name or Alias
Your Email Address ( your email address will not be published)
Enter Your Comment ( no code or urls allowed, text only please )




TikTok Proposes $1.5 Billion Plan To U.S. Lawmakers Amid National Security Concerns Daily Wire, Guest Editorial, Editorials, Op-Ed & Politics WATCH: Biden Forgets Name Of MLK’s Daughter-In-Law While Singing ‘Happy Birthday’ To Her


HbAD0

Latest Op-Ed & Politics

President Joe Biden took direct aim at Supreme Court Justice Clarence Thomas during a recent interview, referring to him simply as “the guy who likes to spend a lot of time on yachts.”
The best way the county and city can help hold down inflation is to resist all tax increases
Pope Francis lambasted leftist gender ideology during an address this week, warning that it presented an extreme danger to mankind.
amnesty would just encourage more illegal aliens to storm our borders
The Christmas candy was barely off the shelves when the Valentine’s candy appeared. Red and pink hearts with caramel and nut-filled chocolate goodness caught our eye. We are reminded of how we love love. Young love, especially.

HbAD1

far left sugar daddy has also funded anti-Israel groups and politicians in US
Be careful what you wish for, you may get it
America needs to wake up and get its priorities right
Former President Donald Trump suggested this week that if he becomes president again, he might allow Prince Harry to be deported.
It's a New Year, which means it's time to make resolutions — even for prominent evangelical leaders. The Babylon Bee asked the following well-known figures in the faith what they hope to accomplish in 2024:
Vice President Kamala Harris will visit a Minnesota Planned Parenthood clinic, reportedly the first time a president or vice president has visited an abortion facility.

HbAD2

An eight-mile stretch of the Blue Ridge Parkway near Asheville has been temporarily closed due to a string of “human and bear interactions,” the National Parks Service announced.

HbAD3

 
Back to Top