Just six months later, the Congressional Budget Office had stuck a pin into Biden’s budget balloon. On Sept. 11, CBO wrote in its August Monthly Budget Review: “the deficit is on track to double from $1.0 trillion in 2022 to $2.0 trillion in 2023.” So much for “delivering on his commitment to fiscal responsibility.”
Looking back, the administration’s braggadocio of six months ago seems the height of cynicism. The president’s estimators and spokespeople had to have known this was coming — that the evidence of fiscal failure was on the way, even as they raised a fanfare. It was tantamount to an obese person putting one foot on the scale and claiming to have lost weight. Yet when you know what a full measure will mean, you claim your victories whenever and however you can concoct them.
Biden’s abysmal deficit record is the result of his astronomical spending. It is even more remarkable in light of the enormous growth in federal revenues since 2020 — thanks in large part to Republicans’ pro-growth tax reform in 2017.
Looking back, the administration’s braggadocio of six months ago seems the height of cynicism. The president’s estimators and spokespeople had to have known this was coming — that the evidence of fiscal failure was on the way, even as they raised a fanfare. It was tantamount to an obese person putting one foot on the scale and claiming to have lost weight. Yet when you know what a full measure will mean, you claim your victories whenever and however you can concoct them.
Biden’s abysmal deficit record is the result of his astronomical spending. It is even more remarkable in light of the enormous growth in federal revenues since 2020 — thanks in large part to Republicans’ pro-growth tax reform in 2017.
White House Lauds Its 'Fiscal Responsibility' As Deficit Explodes
As the White House credits Biden for keeping his commitment to 'fiscal responsibility,' the federal deficit will rise to $2 trillion in 2023.
thefederalist.com