Posted on 05/24/2023 9:31:24 AM PDT by Red Badger
White House Press Secretary Karine Jean-Pierre told reporters on Tuesday that President Joe Biden has reduced the deficit in a meaningful way since the start of his tenure, a claim which comes as House Republicans insist on broader spending reforms.
One reporter noted that House Speaker Kevin McCarthy (R-CA), with whom the commander-in-chief has been negotiating over moves to raise the debt ceiling and implement future spending caps, said Democratic officials refuse to decrease expenditures. When asked if she agrees that Democrats “have a spending problem,” Jean-Pierre at first answered with a simple “no” and later said Biden “believes in dealing with the deficit in a real way.”
“The President takes this very seriously,” she commented. “He has proposed reducing the deficit by eliminating tax breaks for carried interest loopholes, retirement for wealthy, real estate investors, and cryptocurrency.”
Jean-Pierre said that Biden had reduced the federal budget deficit, which refers to the shortfall between annual tax collections and spending, by some $1.7 trillion over the past two years. Other senior White House officials have repeatedly made similar statements, ostensibly referencing the decrease in deficits from $3.1 trillion in fiscal year 2020 to $1.4 trillion in fiscal year 2022, as recorded in data from the Office of Management and Budget.
The administration officials have failed to note, however, that the deficits in fiscal year 2020 and fiscal year 2021 are attributable to stimulus packages meant to increase economic activity amid the lockdown-induced recession, one of which Biden signed after the nation was no longer in a recession. The White House has also neglected to mention that the $1.4 trillion deficit in the last fiscal year is still larger than any other deficit before the lockdowns.
Beyond references to proposed tax increases for billionaires, more severe tax penalties on corporate stock buybacks, and reductions in subsidy expenditures, Jean-Pierre said that the budget framework introduced by the White House earlier this year would decrease deficits by $3.0 trillion over the next decade. House Republicans have meanwhile passed a bill that would cap spending at fiscal year 2022 levels, allow for 1% annual increases, and raise the debt ceiling until the start of the next fiscal year.
The debt ceiling, a statute established by lawmakers which prevents the government from spending beyond a predetermined national debt limit of $31.4 trillion, exceeded the threshold earlier this year. Treasury Secretary Janet Yellen and other officials have warned that continued negotiations may induce a failure to increase the debt ceiling before the first day of June and could cause a worldwide financial crisis as the nation defaults on obligations.
The national debt, on the other hand, now surpasses $31.7 trillion and serves as a continual damper on economic growth, while elevated interest rates have weighed on the budget as lawmakers are forced to devote more revenues toward servicing the debt.
McCarthy asked fellow Republicans in a closed-door meeting on Tuesday to “hang with me on the debt limit” since he and Biden are “nowhere near a deal yet” with respect to spending. Biden had characterized the most recent discussions as “productive” and affirmed that “the only way to move forward is in good faith toward a bipartisan agreement.”
The jokes just write themselves with these bunch of morons.
We’re ruled over by a moronic despot: King pedoPIG,The 1st!!!
How much federal money is spent on KJB’s wig?
They LIE because they KNOW their Pstupid constiuents don;t give a damn about their Lying!
To the Democrats, it’s my way or the highway. You can do that when the media acts as your PR firm and will lie for you.
Yeah, raise more taxes. Well, I guess Biden has the spokesperson he deserves. She’s got his lying, cheating, and stealing down quite nicely.
That c-word is paid to lie.
And I believe what the demented dictator finds in his diaper each morning is the source of his political prowess.
> “the only way to move forward is in good faith toward a bipartisan agreement.”
Can’t help but issue sardonic laughter on that one.
Biden has no idea what dealing with the Deficit in a Real Way, is.
It just never occurs to them that they spend too much, or that 80 percent of the bureaucracy are useless makework BS jobs.
You created the damn deficient. That is not dealing with anything. That’s doing what you want...never mind the people.
They are anything but moronic.
Leftists have put us on an immanent path to military, economic, and socialital destruction by 2030 via a clandestine coup to which now the average American is becoming aware of.
Their next move will violence on a never before seen scale in an attempt to cement their "New World Order".
She’s paid to read lies. She’s not clever enough to defend her boss on her own.
“I find it amazing that these people can say such idiotic things with a straight face...............”
Say what you will ... but these democrats are professionals.
Don’t try this at home.
Do I actually have to say it, Biden isn’t going to compromise and never was going to compromise in any significant way.
Collectivism. Adolescents with bullhorns.
Our economy and government is being propped up by massive deficit spending.
We have reached the end of decades long credit expansion. If we stop the spending we go into a deep recession. If we keep spending , we go into a sovereign debt crisis and inflationary depression
The Biden Agenda is destroying America at every level but there was several trillion dollars of Covid emergency funds to keep the Ponzi Scheme running until the 2024 election.
If the Democrats can keep things floating with borrowed money and win in 2024 then they will be able to crash the economy and take total control using emergency powers.
The core of this strategy is keep the deficit spending rolling for the next 18 months to keep the illusion of economic normalcy alive until they win in 2024.
I wonder if she ever really talks with the angry old white man, or if she just gets an email with the subject “Biden says”.
I wonder if she ever really talks with the angry old white man, or if she just gets an email with the subject “Biden says”.
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