White House officials are touting a “record” decline in the federal budget deficit for 2022. The record merits a major asterisk: It’s that big because federal coronavirus relief programs are expiring.
By Louis Jacobson • July 5, 2022
This phenomenon — the passing of a temporarily expensive phase for the federal government — caused the record amount of deficit reduction. "While I welcome deficit reduction, the $1.5 trillion was off of enormous deficits," Ellis said."It lacks a certain context." The Treasury Department told PolitiFact that the expiration of pandemic spending programs, rather than their continuation, stems from policy successes by the Biden administration, so it’s not unreasonable to give the administration some credit for enabling that reduction.
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