President Joe Biden is annoyed. On Saturday, during a speech to the Congressional Black Caucus, he complained that "I'm so sick of Republicans saying we're the 'big spenders.' Give me a break. Give me a break." He all but said in one portion of the speech that he is spending a lot of money on special interests and yet "doing all of this while reducing the deficit—last year, $350 billion, and this year by $1 trillion." It's magic.
It's amazing to watch a speech in which so few fiscal facts are correct. First, the Committee for a Responsible Federal Budget estimates that "the Biden administration has enacted policies through legislation and executive actions that will add more than $4.8 trillion to deficits between 2021 and 2031." That's exclusively his administration, and these sums will be added to the trillions in debt accumulated by previous administrations.
